Social Media: Benefits and Risks

This assignment examines the multifaceted nature of social media. It delves into both the advantages and disadvantages of these platforms, considering their influence on businesses, the risks associated with cybersecurity, and their broader societal effects. The analysis draws upon various sources to provide a comprehensive understanding of social media's complexities.

SOCIAL NETWORING IN BUISNESS
ADVANTAGES AND DISADVANTAGES
STUDENT NAME

LITERATURE REVIEW: ADVANTAGES AND DISADVANTAGES OF USING SOCIAL NETWORK IN BUISNESS
INTRODUCTION
Social networking has become one of the major topics for discussion among researchers
which provides business firms with a platform to get connected digitally with its customers,
subsidiary units, suppliers, dealers, and business colleagues. It allows sharing of information,
activities, photos, and scope for group discussions. It has become an important tool for
managers and employees of business organisation whether small or big to establish and run
the business with ease (Elison, 2007). Though there are many who do not consider it as an
efficient way and are more inclined to its disadvantages as it may sometimes result in an
unexpected failure (Popova, n.d.). Others consider it as a useful and cost effective way which
enables to carry on business in diverse areas without the need of going there physically.
There are many social sites used by managers like Twitter, Face- book, Google+, LinkedIn,
etc. These sites provide assistance to billion’s of business owners which is why social
networking is gaining popularity and has become an inevitable part in business. Before
making social networking as an integrated function in business for advertising or
communicating, its consequences must also be considered or else may become the reason for
fallback. In this research paper, the pros and cons of social networking will be reviewed on
the basis of discussions made by authors and researchers who have observed its implications,
culture, customs and importance which can provide assistance for employers to make
decision regarding implementing social networking in their business (Claywell, n.d.).
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LITERATURE REVIEW: ADVANTAGES AND DISADVANTAGES OF USING SOCIAL NETWORK IN BUISNESS
SCOPE OF SOCIAL NETWORKING IN BUISNESS
The scope of social networking (SNS) identified in literature depends largely on factors like
the kind of people involved and the amount of involvement required connecting socially with
targeted people to fulfil the ultimate goal. In bigger companies where brand recognition plays
an important part like food and beverage industry, electronic appliances, mobile phones,
Construction Company, etc. social networking proves very effective and fast way in which
customers are made aware about the products and services (AT&T Intellectual Property,
2008). On other hand it can also be said as an effective and time saving means of
advertisement. Introduction and testing of new products seems easier with customer feedback
and response which ultimately saves time and reduces costs of campaigning. In big
organisations, social networking enables the employees and management to connect and
exchange information digitally which also is saved for further references. Earlier people used
to communicate with the help of letters and faxes which required physical storage and were
accessible in place where they were kept or sent. Social networking plays an important role
here as the requirement of physical storage is relieved and can be accessed simultaneously by
many people as required in businesses like share trading, group discussions, online training,
blog sharing, etc (Philippa Collin, 2011).
OBJECTIVES OF SOCIAL NETWORKING IN BUISNESS
The reasons to adopt social networking in business is not limited to marketing or sharing
information, but also connecting with the customers in a positive way who provides influence
to the business. Advertising by mediums of televisions or magazines and Emailing has
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LITERATURE REVIEW: ADVANTAGES AND DISADVANTAGES OF USING SOCIAL NETWORK IN BUISNESS
become a traditional way of marketing as it does not connect directly with person associated.
In business where developing relationship with customer is essential, social networking
provides evidence of smooth functioning like in online shopping; IT enabled services,
website designing firms, customer service agencies, etc (Fernando, 2012). It also allows
interacting people within the firm or with outsiders and thus enables prompt answering
during conversation (Bank, 2014). Where visual interactions are required and considered
beneficial, like project discussions with visual presentation to clients in distant areas, or
selecting brand campaigning ideas with graphic demonstrations among employees, social
networking again becomes essential.
ADVANTAGES OF SOCIAL NETWORKING IN BUISNESS
Advantages of SNS are various and can be taken as an inevitable part in today’s business
where the idea of business owners have changed and does not limits to provide with product
or service only but to gain sustainability with brand recognition. The advantage of sharing
knowledge and information among group of people can be spontaneous as SNS enables quick
questioning and feedbacks. While discussing, time and energy of travelling is saved while the
quality of meetings is not reduced and allows visualizing things in broader ways. SNS is one
of the cheapest modes of interaction within the organisation which requires only a digital
device and internet connections and thus has gained much prominence in growing nature of
organisations. The ability of reaching targeted customers and suppliers without wasting much
time and energy is another important role of SNS in business. According to a recent survey
made by Forbes, 94% of corporate industries use Social Networking Medias in their business
to give exposure to their effort (DeMers, 2014). Brand recognition is another factor which
attracts firms to get involved in SNS as it provides one of the finest tools for branding of
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LITERATURE REVIEW: ADVANTAGES AND DISADVANTAGES OF USING SOCIAL NETWORK IN BUISNESS
products and services. More people are getting attached to SNS and prefer them to identify
different brands with comparison while making purchases. Social Medias presents comments
and discussions about the product or service which helps customers to make decisions for
buying them. On the basis of their selection they make further recommendations on social
website and the circle goes on. This in return also provides information to the firms relating
customer demands and drawbacks of their products along with knowledge about areas that
require to be considered (DeMers, 2014).
In business there are times when information sharing becomes important especially in
partnership firms, joint ventures, subsidiaries, and others who are associated and require
sharing day to day information and services. Getting connected is another problem faced by
large organisations whose divisions are spread or whose work is related to outside
connections. Having a broad network of people to make contacts at the time of urgent and
quick decisions, SNS plays fair and helps in reducing risks which could otherwise happened
in absence of on the time connectivity (Lianxi Zhou, 2007). Promoting product or service in
social media is another advantage that helps in getting poignant carrier, prolific initialisation
of new product and introducing new associate to the firm (Copp, 2016). It assists in
dispersing good information about products of organisation or associated people which in
return leads to develop career opportunities and advancement of the firm. Thus not only
material growth is established but people related opportunities are also enhanced. There are
many online discussion groups and websites to which organisations are attached which helps
them to select people. They can make contacts with them later and can introduce them to
their firms with the help of SNS and thus reduces the initial process of human resource
management (RANJAY GULATI, 2000). Thus after analysing positive facts of social
networking, it can be measured as an important tool for increasing exposure and
interconnectivity in any business.
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LITERATURE REVIEW: ADVANTAGES AND DISADVANTAGES OF USING SOCIAL NETWORK IN BUISNESS
DISADVANTAGES OF SOCIAL NETWORING IN BUISNESS
While reviewing social networking impacts on business, many disadvantages had also been
identified that are associated with it and can devastate the target behind social networking.
There are several online websites and individual who specialises in committing theft and
fraud. While uploading data online, exchange of it requires cyber permissions and links
which are copied and formatted by scammers and can lead the company towards wrong
direction or even loss of significant details. Many companies have faced such problems
which had also led to their bankruptcy for example in case of Sony Cyber Failure where the
company had to bear a large amount of data breach (The Sileo Group, 2017). There are many
banks like Lloyds bank and Oschad Bank in Ukraine which have experienced cyber attacks
recently (SecureUrLife, 2017). The social networking can occasionally become time
consuming method as the two way interaction, which is its prime target, can sometimes take
lots of time. The changes in market and business environment are focussed in building long
term relations with customers who can bring in more sales to the company. As it is a long
process and does not develop in few days, time investment is required by the company so as
to procure more data in longer period for healthier change (Kumar, 2017). Other
disadvantage noticed in literature is SNS invites outsiders to get hold of internal management
data under the name of account maintenance, data analysis, planning and other important
discussions. In daily routine these are few important works which are sometimes outsourced
to different agencies via social networking sites. Although there are many trusted websites
who performs the work genuinely, but few of them takes advantage of the situation and
makes improper use of data and also sells them to their business competitors. Thus it
becomes very important on the management part to ensure privacy and data security
(Takahashi, 2011).
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LITERATURE REVIEW: ADVANTAGES AND DISADVANTAGES OF USING SOCIAL NETWORK IN BUISNESS
Since online promotion of products does not enables customers to touch or feel the product, it
becomes difficult for the customer’s part to make decisions regarding any new product which
in turn has a negative impact on the business. Also the threat among customers regarding
false products listed online can become an issue as internet marketing is considered
unreliable and unsafe to some extent. Company trademark and copyrights are also at a risk
while promoting brands on social media. Many false companies exploit the intellectual
properties of famous brands and can facilitate information regarding trademarks and
copyright. They misuse the data and sell their products under namesake of other brands and
while customers get cheated, it results in losing brand image (Yazdanifard, n.d.). It is very
necessary on the company’s part to make proper look out of their trademark and copyright
and monitor the same on regular basis. Organisations must make their agreement with social
sites that can help in safeguarding company’s data by making certain rules and regulations to
specify the proper use of intellectual properties so as third parties are unable to misuse them.
Other issues of SNS are loss of customers due to negative feedback of product or services.
While launching any product, not every customer is satisfied or happy and can give negative
feedback on social sites. This in return leaves bad impression on other customers and makes
them rethink to buy that product and hence the ultimate goal of business is hampered. Thus
after analysing it can be said that social networking if not utilised with proper care and
caution, can result in adverse affect in business.
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LITERATURE REVIEW: ADVANTAGES AND DISADVANTAGES OF USING SOCIAL NETWORK IN BUISNESS
CONCLUSION
With fast and increasing accessibility over technology and internet, social networking has
become topic of consideration by business owners, marketers, advertiser’s, and online data
creator’s. Today not only customers get benefitted with social marketing but also the business
employees gains over it by promoting themselves for job application or promotion. The
effects of social networking although is risk oriented but at the same time has become an
inevitable part in business. The above literature review about advantages and disadvantages
concludes in the advancement of online technology in business units in which the firm’s
shares information within and outside its unit. On an average not every organisation
understands the pitfalls of SNS and requires of understand the pros and cons about it. A
successful organisation is the one which comprehend the basic ideology and strategy of
utilising social media and uses the same in an effective and improved way. If recognised
properly it might be fruitful in achieving customer engagement, brand promotion,
interconnection within the organisation etc (RANJAY GULATI, 2000). Thus the key result
of social networking in business can be said as an element to provide boost up to the business
along with making relationship within and outside business environment.
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LITERATURE REVIEW: ADVANTAGES AND DISADVANTAGES OF USING SOCIAL NETWORK IN BUISNESS
REFERENCES
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LITERATURE REVIEW: ADVANTAGES AND DISADVANTAGES OF USING SOCIAL NETWORK IN BUISNESS
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