Impact of Social Media Marketing for Enhancing the Profitability of Business
Added on 2020-01-23
13 Pages2334 Words328 Views
RESEARCH PROJECT
Table of ContentsTask 1...............................................................................................................................................31.1 Project outline specification..................................................................................................31.2 Factors that contribute to the process of research project.....................................................31.3 Literature review...................................................................................................................41.4 Design methodology............................................................................................................51.5 Gantt chart.............................................................................................................................5Task 2...............................................................................................................................................62.1 Questionnaire........................................................................................................................62.2 Research investigation..........................................................................................................72.3 Record and relevant data.......................................................................................................7Task 3...............................................................................................................................................93.1 Research evaluation techniques............................................................................................93.2 Analysis and interpretation.................................................................................................123.3 Recommendation.................................................................................................................13References......................................................................................................................................14
Task 11.1 Project outline specificationTopic: To analyse the impact of social media marketing for enhancing the profitability ofbusiness- A study on Marks and SpencerBackground of studyPurpose of every organization is to earn profit and gain market share for this it need toused to different promotional technique for increasing the profitability of business (Scott, 2015).There are different type of marketing activities among all of them social media marketing is oneof the best marketing. In the present study, Impact of social media marketing on profitability ofMarks and Spencer is analysed. There are different social media marketing techniques on whichM&S need to adopt for enhancing sale. Aims: To analyse the impact of social media marketing for enhancing the profitability ofbusiness- A study on Marks and SpencerObjectivesTo understand the importance of social media marketing for enhancing profitability ofbusinessTo analyse the link between social medial marketing and business profitTo recommend social media marketing strategy for enhancing the business profit.Research question Explain the importance of social media marketing for enhancing profitability of business?Identify the link between social media marketing strategy for enhancing the businessprofit?1.2 Factors that contribute to the process of research projectIn the present study the selected topic impact of social media marketing for increasing theprofit of business. Social media marketing help in creating awareness of product and servicesamong consumer in all over the worlds. Further marketing help in increasing the sale of businessbecause many people came to know M&S product and services. If people came to knowcompany product and services then they will prefer to buy it instead of switching to other brandproducts. In this study, there are different social media marketing tools and techniques which isidentified for enhancing the sale and profit.
1.3 Literature reviewImportance of social media marketing for enhancing profitability of businessAccording to the view of Kumar, Bhaskaran and Shah (2013) social media marketingplay significant role for enhancing the business profit. Through social media marketingorganization can promote its product and services. Online marketing and advertising help infinding out the potential customer and who can buy their company product. Further it help inexpanding the number of potential customer. Along with this, through the help of social mediafirm can communicate with its customer and can take feedback related to its company productand services. As per view of Ashley and Tuten (2015) now a days people get more familiar withdifferent social networking sites such as facebook, twitter etc. there are people all over the worldwho daily use this sites, so company can promotes its product on this websites which help inincreasing awareness of product. Along with this social media post used to drive targets traffic.Online marketing help in grabbing the attention of people. Further it also help in creating longterm relationship with customer which support in retaining customer for longer period of time.Firm can send email to its customer for promotional offers it help customer in taking decisionwhich type of product they need to buy.Link between social medial marketing and business profitaccording to the view of Tuten, and Solomon (2014) social media marketing helpbusiness in increasing sale and enhancing its overall profit. There are various social mediamarketing techniques which help in grabbing the attention of customer and encourage them tobuy product of particular organization. Firm can send promotion mail to its subscribed customerthis help in informing them about company new product and its offer. Through social mediamarketing firm can easily provide detail information of company product and services. This helpcustomer in choosing right product and service for fulfilling their needs and wants. If peoplecame to know their company product and services then they will buy it by seeing its attractiveadvertisement. Further, at the time of advertising product and services firm can also make awarepeople about its discounted product and other services. This help in increasing sale which lead toincrease in overall profit of organization Stelzner (2013) explained that social media help peoplein making aware of company new product and their discounted strategy. Further it helps insharing and experience of buying product this help firm in modifying its product according to theneeds of customer.
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