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HI6008: Business Research on Social Network

   

Added on  2020-03-07

13 Pages3426 Words185 Views
INSTITUTIONCOURSE UNITSTUDENTS NAMESTUDENTS ID NUMBERTASKMerits and demerits of utilizing social networks in businessDATE

IntroductionSocial networking refers to the action of using social networks for various purposes. Social networks, on the other hand, are websites and platforms that are used to share ideas and unite people of the same interest [ CITATION Edo16 \l 1033 ]. They are also called virtual community or social media. Examples of these social networks include; Facebook, Twitter, LinkedIn, My Space, Bebo, Instagram, among many others. Most of the successful businesses in the world make use of social media. This is because most of the people can be easily reached, via social networks. When used wisely, businesses accrue more profits. The vice versa is also true. Social networks are platforms which need good marketing strategies for businesses to thrive well. According to [ CITATION Jus14 \l 1033 ], about 1.3 million businesses in the make use social networks to market their products. Appended to this report is an analysis of the usage of social networks in contents and subcontinents of the world. This justifies that social networks are essential tools to be studied as far as the success of businesses is concerned. There are many advantages which result from the utilization of these platforms. However, there are also some disadvantages of using the. The following are the project objectives of this project report.Project objectivesObjectives set the main focus of any research paper. This report has its base on the following specific, attainable and measurable, objectives.i.To identify the advantages of making the use of social networks in business.ii.To state and explain the disadvantages of utilizing social networks in business.iii.To give suggestions on what should be done for businesses to effectively use social networks in business.

Project scope The project studies the major advantages and disadvantages of using social platforms in business. It entirely covers a literature review the merits of using social media in the business organization. The disadvantages of the same are still explained in detail below. The project report makes use of secondary data, obtained from articles, books, and journals. However, some sources which seem to be unreliable have been ignored in this report. Only those sources which have relevant and reliable information have been used. The report is specifically on merits, demerits, and some relevant suggestions on social media usage in business, and not social networking in general. A detailed literature review is as portrayed below.Literature reviewMany researchers, scholars, and marketers have researched, analyzed data and published widely on social networks. Some have even gone further to make an analysis of the advantages and disadvantages of utilizing social media in business. According to [ CITATION Ste14 \l 1033 ], there are more than 1 million books, articles, and journals published about these merits and demerits. Some of these have been used to compile this report.There are several advantages which result from utilization of social networks in business.To start with, social networks serve as very important tools for promotion. Promotion includes all aspects which aim at making more sales and maximizing profits. Promotion is mainly done through advertising. Marketers are able to advertise in real time, through the use of today's socialplatforms. This enables them to get first hand and reliable data for market analysis[ CITATION Tia14 \l 1033 ]. Ads are also commonly used in social networks as promotion tools. Ads are shortly designed adverts which are clear on the information they communicate. Most business

organizations include links on their ads. These links are very useful since they guide a potential and interested customer, to the business website where more information about the ad is found. Businesses can, therefore, opt to advertise social networks if they intend to make more profits.Secondly, social networks help businesses to gather customer insights and experiences [ CITATIONWhi13 \l 1033 ][ CITATION Kap13 \l 1033 ]. Customers usually have their own views on a company'sproduct. Others have already used products of certain companies, and have an experience of using such products. These kinds of customers, therefore, carry important information with them,which is very important to manufacturers and business enterprises. For any business to evaluate its performance, it has to put customer experiences and insights into consideration. Through social networks, businesses collect information, analyze it and make relevant suggestions on where improvements should be made. Such networks, therefore, tend to be very advantageous to businesses.Thirdly, the utilization of social networks helps to build awareness of a brand and make customers loyal to that particular brand. For any business organization to become successful in the entire labor market, it has to have a brand name. This is a name that is fixed on the products of a certain company and which enables a business organization to market its products. The brand name may also bear the brand logo. To make more sales, businesses first make their brands known to the public, for example through advertising. This action of making a brand name popular and known to the public is referred to as creating ‘brand awareness[ CITATION Dij15 \l 1033 ].’ When potential customers become aware of a certain brand, they are more likely to purchase from that brand, this accrues the target company notable increase in profits. If the customers feel comfortable and satisfied with the products after experiencing them, they are likely to purchase even more, from the same brand. Additionally, they may even invite their

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