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HI6008 - Business Research Methodology

   

Added on  2020-03-04

15 Pages3201 Words53 Views
Professional Development
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BUSINESS RESEARCH METHODOLOGY (ADVANTAGES AND DISADVANTAGES OF USING SOCIALNETWORKS IN BUSINESS)Table of Content1
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1. Introduction..................................................................................................................................32. Project objective..........................................................................................................................33. Project scope................................................................................................................................34. Literature review..........................................................................................................................45. Conclusion.................................................................................................................................10Appendix........................................................................................................................................142
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1. IntroductionUsing social networks is considered as the most advanced and effective mode of marketing. Ithelps a business to grow significantly at a minimal cost. Therefore, business firms have becomeinclined toward developing their presence in social networks like Facebook, Twitter, LinkedInand much more for establishing a strong relationship with their existing and potentialcustomers[ CITATION Tra14 \l 1033 ]. Therefore, to understand the advantages and disadvantages of social networks in business, anumber of literature on the pros and cons of social networks are analysed in this assignment. Thecritical analysis of the use of social networks in business would help to gain a betterunderstanding of the research topic. 2. Project objectiveThe main objectives of the research are:To understand the use of social networks in business To identify the advantages of social networks in businessTo identify the disadvantages of social network in businessTo provide some recommendations to improve the use social networks in business3. Project scopeAt the present day, most of the companies are likely to use social networks to make theircustomer base stronger by tracking their buying behavior and changing preferences through theironline activities. Social networks provide a wide opportunity to the businesses to enhance theirvisibility among customers and promote their products successfully[ CITATION Fan14 \l 1033 ].3
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However, before using social networks, it is also important to consider its drawbacks (forexample, it requires huge time to use social media for navigating and organising the intricacies ofevery medium) so that effective strategies for using social networks can bedeveloped[ CITATION Hin14 \l 1033 ]. It proves that there is a huge scope of the present studyin the future, as it may solve the problems of so many companies, which use social networks intheir businesses. 4. Literature reviewUse of social networks in businessSocial networks refer to the way of being connected with friends, families, customers andbusiness partners through the internet using social media programs. Initially social networkswere used for social purposes[ CITATION Zag13 \l 1033 ]. However, with time, marketersexplored the use of social media in businesses by opening a business page on social mediaplatforms like Facebook, Twitter and much more. Brand communities entrenched in socialnetworks. Brand communities show highly significant marketing, CRM (customer relationshipmanagement) tools and innovation management. However, implementing fruitful marketingstrategies currentlyand in the coming future indicates the discovering and grasping theexceptional opportunities of social networks[ CITATION Bus172 \l 1033 ].Social media has replaced the conventional mode of marketing significantly. Even today, this is acommon argument in business organisations, specifically in traditional industrial firms, thatsocial network is only beneficial for the business-to-customer sector. In terms of business-to-business companies, social media is not as helpful as business-to-consumer companiesare[ CITATION Jus14 \l 1033 ]. 4
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