HI6008 : Assignment Requirements
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Holmes Institute Sydney
HI6008 Business Research (HI6008)
Added on 2019-10-31
HI6008 : Assignment Requirements
Holmes Institute Sydney
HI6008 Business Research (HI6008)
Added on 2019-10-31
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Merits and demerits of utilizing social networks in business
Table of Contents1. Introduction.......................................................................................................................................22. Project Objective...............................................................................................................................23. Project Scope.....................................................................................................................................24. Literature Review..............................................................................................................................3Summary of the Literature Review....................................................................................................3Problem Statement.............................................................................................................................4Research Gap.....................................................................................................................................55. Research Questions...........................................................................................................................5Primary Question...............................................................................................................................5Secondary Questions.........................................................................................................................56. Research Design and Methodology...................................................................................................6Qualitative Research..........................................................................................................................6Reliability and Validity of Secondary data........................................................................................6Sampling and Sample Size................................................................................................................6Data Collection Method.....................................................................................................................7Variables Specifications....................................................................................................................77. Research Limitations.........................................................................................................................78. Time Schedule (Research Plan).........................................................................................................89. Conclusion.........................................................................................................................................810. Reference List..................................................................................................................................91 | Page
1. IntroductionAs per the studies conducted by Aral et al., (2013), it can be said that with the emergence ofWeb 2.0 and specifically social media content generated by the users has experienced animmense growth. This is because social media provides an opportunity to share opinionsthrough micro blogging, blogging, photo and video sharing sites, social networks, rating sitesand others. These social media tools provide an opportunity to the users to share, search andcontribute to huge variety of content in a collaborative manner and also influence the otherweb users. Thus, Edosomwan et al., (2011) has put forward the fact that social media hastransformed the ways in whichbusiness enterprises used tocommunicate with the consumersand vice versa. Qualman, (2010) opined that social media is used by the business enterprisesmore than a company’s website. In this context, the report published by Kietzmann et al.,(2011) has made evident the fact that social media has emerged an important tool for thebusiness organizations to understand the consumers, engage them and communicate withthem. Thus, taking into consideration the above aspects in context to the use of social networkingsites by business enterprises, the researcher in the present study would strive towardsanalyzing the merits and demerits of using social by business organizations.2. Project Objective The study would strive towards analyzing and investigating the merits and demerits of usingsocial media by business organizations and thus the entire study would be observed to berevolving around the following research objectives:To analyze the advantages of making use of the social media tools by businessorganizations.To analyze the challenges of using social media tools by the business organizations.To provide recommendations for adopting successful social media strategy for thebusiness organizations.3. Project ScopeSocial media networking sites like Twitter, Facebok, YouTube and LinkedIn has emerged astool that is used to connect with people and thus it proves to be beneficial for the business2 | Page
organizations to conduct their business operations in a new way through multiple interactionsthat facilitates them in promoting their products and services in an effective and efficientmanner (Qualman, 2010). Thus, the present study would emphasize upon gaining anenhanced understanding the benefits of social media sites by the business organizations andanalyzing the merits and demerits of using social media by the business organizations whileconducting their business endeavours. The researcher in the present study would strive towards making an effective use of thesecondary data that would be obtained from journals, articles, books, and companies’websites and research papers available in the library to analyze the merits and demerits ofthesocial media techniques that are used by the business organizations to achieve success in theirbusiness.4. Literature Review Summary of the Literature ReviewThe studies conducted by Heller Baird & Parasnis, (2011) has revealed that with the passageof time more and more people are making use of the social forums and so this has encouragedthe business organizations to adopt social media in order to accommodate the growth trendfor gaining business values like driving customer traffic, achieving enhanced customerloyalty, enhanced customer retention and customer satisfaction together with increased salesrevenue, brand awareness and brand reputation. Moreover, the studies conducted by Trainoret al., (2014) has put forward the fact that social media has emerged as a tool that is used bythe business organizations as an additional customer service and communication tool in orderto understand the specific needs, wants, behaviour and concerns of the customers so that thecustomers can be facilitated with interesting, fun relevant and up to date campaigns. Thus, itcan be said that more time is spent by people on Facebook and Twitter and social forums forfeeling entertained and relaxed and thus the marketers should utilize the opportunity not topile products and services on the consumer laps rather make them feel entertained andrelaxed and keep them up to date of the organizational happenings. In addition to the above proposed and discussed merits of social media tools and techniquesfor the business organisations, Treem & Leonardi, (2013) opined that the businessorganizations tend to face several challenges while developing and designing social mediastrategy. The challenges include the involving the customers, facilitating the consumers with3 | Page
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