Benefits and drawbacks of utilizing social networking in the business of Wesfarmers limited

This report explores the benefits and drawbacks of utilizing social networking in the Wesfarmers limited, an Australian conglomerate. It includes initial relevant literature, research problem, research question, and conclusion. The research problem is issues of security as well as privacy as this might impact the brand image of the company in the marketplace.

Business Research Project

CONTENTS
INTRODUCTION......................................................................................................................1
RESEARCH TITLE...................................................................................................................1
TOPIC RATIONALE AND DISCUSSION..............................................................................1
INITIAL RELEVANT LITERATURE.....................................................................................1
RESEARCH PROBLEM...........................................................................................................2
RESEARCH QUESTION..........................................................................................................3
CONCLUSION..........................................................................................................................3
REFERENCES...........................................................................................................................5

INTRODUCTION
The present report is being commissioned to explore the benefits and drawbacks of
utilizing social networking in the Wesfarmers limited, which is an Australian conglomerate.
The company deals in retail, chemical, fertiliser, manufacturing as well as security
merchandises. The research project will throw light on the marketing strategies through
utilizing social networking and the way it influences the Wesfarmers. The further part of the
paper will involve initial relevant literature related to the topic and will explore welfares and
downsides of utilizing social networking. The last part will provide details about the research
problem and main question of the research.
RESEARCH TITLE
The title of the current research work is “Benefits and drawbacks of utilizing social
networking in the business of “Wesfarmers limited”.
TOPIC RATIONALE AND DISCUSSION
All across the world, social networks have now taken a special place in both personal
as well as professional life of most of the people. Numerous studies have acknowledged that
social network will going to influence people in near future. Furthermore, the most crucial
thing to point out is the influence of social networking in the areas of business through social
media marketing strategy (Chang, Shen and Liu, 2016). These days through actively
behaving as a stepping stone, social media marketing strategy is gaining more advantages
such as publicity, promotion, building of associations, brands and so forth. Thus, this topic is
being chosen as it offers end number of opportunities to the business. However, social
networking also impose many negative impacts on the business. This is quite interesting topic
to deal with and thus, this has been selected for further research. The topic will encompass
both benefits and drawbacks of utilizing social network in Wesfarmers limited.
INITIAL RELEVANT LITERATURE
As per Hill & Moran (2016), social networking has now became one of the most
determined as well as widespread marketing strategy. People these days spend most of the
time on social networks. This has actually abridged different blockades concerning to the
business. It has augmented the level of business and supported the employers to develop
extra-ordinarily. Other than this, due to enhancement of social media in announcement,
ample of opportunity and wide audience, there has been intensification of the market value all
across the world. As stated by Andrews (2013), there are some disadvantages of utilizing
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social media networking strategy to the business. He also mentioned that social media has
different types of people throughout the globe and thus, it often involves risk of getting into
some problematic situation and immoral individuals. The present report deals with the
drawbacks that has come across by the Wesfarmers Company by using social media
networking. The firm has faced the problem of hacking over social media and because of this
there has been some seepage or outflow of diverse significant data concerning the company
and its clients. Other than this, by utilizing networking there are number of online scams
happening these days in business and is now being regarded as an indiscriminate activity
(Lacka and Chong, 2016). The major issue with the social media in terms of business is
depletion of valuable time. Sometimes incorrect data are also passed on to the clients or
people who are not related to the firm. This might result into creation of another problem that
is sampling issues. All this can impact or destroy the company fundamentally.
Different articles have also suggested that with the appearance of the social media
these days, there has been increase in the amount of cybercrimes and it has been widespread
in such a level that it cannot be overlooked. The young generation are more likely to be
impacted by these crimes as they spent most of their time on the networking sites. Because of
the non-appearance of effective and adequate guidelines, people easily get trapped into this.
In the present times, there are end number of companies and businesses which are earning
millions and billions of dollars through selling their products and services via online means.
Furthermore, because of the online marketing campaigns, there has been widening of
opportunities for the business houses to overview themselves as a brand (Wallace and
Sheldon, 2015). Seeking help from doing marketing magazines, newspaper as well as
advertisement offers a great direction to the business to have brand awareness to the local
people or the target market which they want to focus on. However, criminals are present to
exploit their helplessness in the electronic commerce step-up. Consequently, it can be said
that the social media marketing strategy has without any doubt altered the whole business
scenario and has connected people all across the world. Nevertheless, it has its dark side as
well which is both unimaginable as well as inconsiderable.
RESEARCH PROBLEM
Today, one out of four people are making use of social media network all throughout
the globe. With the passing of years, social networking dispersed tremendously. Each and
every one became an integral section of it. There are numerous sites available such as
Facebook, Twitter and Instagram which are offering online social platforms wherein
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individuals are free to spread their activities, actions, pictures and status in order to make
people recognise what they are doing or will do in the coming future. Around the time, when
Myspace and Facebook were launched, social networking marketing has gained a lot of
attention. Because of these social platforms, it became quite easy for the businesses and
companies to communicate with large group of people and share their ideas (Serrat, 2017).
They even aware public about their new product launch through advertising as per their taste
and preference. Nonetheless, there are some serious problems of hacking and cyber-crimes
over social media and because of this there has been some seepage or outflow of diverse
significant data concerning the company and its clients. The research problem on the basis of
social networking in the Wesfarmers Business Company of Australia are majorly online
crimes like cybercrime and hacking. Because of this, there has been increase in the threat
related to dissemination of information of the company. Due to this, there has been huge
amount of monetary harm to the business which might influence different departments of the
business (Raider and Krackhardt, 2017). In addition to this, cyber bullying is being done in
varied forms in dissimilar branches through creation of counterfeit account. Besides, this
result into dissemination of numerous types of rumours to the clients of the Wesfarmers. The
impulsive utilization of social network in the business division might result into scams as
well as cheats in several cases. Thus, it can be said that the major research problem
concerning the business is issues of security as well as privacy as this might impacts the
brand image of the company in the marketplace.
RESEARCH QUESTION
Talking in relation with the research problem, it is being referred as the main and
principle section which supports in reviewing, evaluating as well as recording the project
consequently. This is the chief component that takes into account bot quantitative as well as
qualitative process of study concerning to benefits and drawbacks of utilizing social network
in the business of Wesfarmers. Furthermore, this will also going to support in ascertaining the
comprehensive data about the benefits and drawbacks of utilizing social network in the
business of Wesfarmers. The research question encompasses different research thoughts and
theoretical data of the problems concerning the business arising out of social networking
marketing strategy. The main research question is “What are the benefits as well as
drawbacks Wesfarmers comes across through utilizing social networking?
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CONCLUSION
Thus, to conclude it can be said that the current topic has included many data about
the research study and assistance will be taken for resolving varied issues being faced by the
company due to social networking in the further research. Further, the report has also
determined different benefits and drawbacks of the social networks.
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REFERENCES
Books and journals
Chang, S.E., Shen, W.C. and Liu, A.Y., 2016. Why mobile users trust smartphone social
networking services? A PLS-SEM approach. Journal of Business Research, 69(11),
pp.4890-4895.
Lacka, E. and Chong, A., 2016. Usability perspective on social media sites’ adoption in the
B2B context. Industrial Marketing Management, 54, pp.80-91.
Raider, H. and Krackhardt, D.J., 2017. Intra-organizational networks. The Blackwell
companion to organizations. Sage publishing.
Serrat, O., 2017. Social network analysis. In Knowledge solutions. Springer, Singapore.
Wallace, M. and Sheldon, N., 2015. Business research ethics: Participant observer
perspectives. Journal of Business Ethics, 128(2), pp.267-277.
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