BM565 - Digital Business & New Technologies: A Detailed Report

This report explores the importance of digital business and new technologies, focusing on digital and social media's impact on business strategies and consumer behavior. It discusses the evolution of the internet from Web 1.0 to Web 2.0 and the rise of social media as a marketing tool. The repo...Read More

DIGITAL BUSINESS AND NEW
TECHNOLOGIES

TABLE OF CONTENTS
INTRODUCTION...........................................................................................................................3
MAIN BODY..................................................................................................................................3
Presenting the importance of digital and social media................................................................3
Describing the newly and old emerging theories of business and management....................5
CONCLUSION................................................................................................................................6
REFERENCES................................................................................................................................1

INTRODUCTION
Digital business can be defined as the process of using technology in the business in
order to make innovative products as well as to improve customer experience. On the other
social media marketing allows the organization to promote the products through various
platforms. Moreover, digital technology helps the company in increasing the productivity of the
firm. The present report will discuss on importance of this topic as well as the software and
technology used in digital and social media marketing. Lastly, study will throw light on nature
and relationship between old and new theories in the management.
MAIN BODY
Presenting the importance of digital and social media
This topic is important as it has given the business new platforms to enhance their profit as
well as changed the process of conducting business. Moreover, it has also affected the consumer
behaviour that has affected the marketing strategy of the company. It has also changed the
human interaction and there is high growth in the usage of this technology (Bala and Verma,
2018). On the hand, social media is important as it allows to reach and interact with targeted
customer and identify the needs of the targeted customer. That has contributed in increasing the
sales of the firm in the competitive market.
Before 1999 the internet use shares static content such as graphic and text. Moreover,
Web 2.0 has played the crucial role for developing and enhancing the internet technology.
However, with the web 2.0 has contributed in developing social media that has resulted in
interacting and collaborating with the various individuals. Addition to this, it has given
experience as well as dynamic content and relevant information that has led in enhancing the
knowledge (Buchanan and et.al., 2018). Whereas, digital technology has changed the
environment of the world form 2000 it has contributed in developing the business and has
contributed increasing the growth.
Technology that has been used in the digital marketing is social media that has provide
the organization with various sites for advertising the products in the global market. This
technology has contributed in increasing the quality of the marketing and resulted in better
output such as higher profit. Social media has allowed the organization in increasing the brand
image in the competitive market. It helps company in producing relevant content in order to

attract more and more customer so to increase the overall sales of business (Busca and
Bertrandias, 2020). Along with this, it is very cost-effective technology that has developed
middle and small business that has contributed in saving the operational cost of the SME’s
companies.
Furthermore, the technological platform can be described as the digital environment that
help in running application and system in order to gather information for various sites. The
platform of digital technology is social media that is used for advertising the products and
services in the market in order to connect with customer that contributes in enhancing the overall
business (De Pelsmacker, Van Tilburg and Holthof, 2018). In addition to this, it has helped
business in getting the feedback form the customer as well as share the experience in the firm.
Whereas, the software used in social media is buffer that helps in manging and increasing the
engagement with the customer. Additionally, another software is Hoot suit that able to manage
multiple account and connect with other social media account and with social media posts.
However, every organizational can make use of social media whether small or large. The
basic feature of this platforms is available at free. That can be used by small organization in
order to expand their business at national level (Herhausen and et.al., 2020). Along with this,
there are some paid feature that can be afforded by medium and large business such as Facebook
targeted ads that allows the organization to narrow down the consumer on the baize of interest
and demographics. In addition to this, the business account of Instagram helps the company in
finding the insights of the market and taste and demands of their audience. Thus, it can be used
by every type of organization small, large, local or international.
Social media aim was to connect with the people to enjoy their life and share their
memories with their family and friends. But from last 5 - 10 years it has been used as a
business opportunity by the companies. Most of the social media has allowed to share the
connect world-wide that has contributed increasing the sales of small and local firm. It is one of
the most effective tools as it allows organization to communicate with the customer and add
value to the company (Lies, 2019). Social media has given business with various advantage
such as it increases the brand value, cost effective social media campaign as well as improve the
customer insights. Thus, it is one of the most effective tools for all type of business
organization.

Describing the newly and old emerging theories of business and management
Technology is business necessity that has provided company with various platform so foe
expanding and growing the company. Business has been existed form barter system but it has
changes because of the advance technology (López García and et.al., 2019). Moreover, the role
of present technology is IT has helped the organization in collecting the information of the
market very easily and has contributed in increasing the capacity of the business and has
maintains the completive edge. There are various elements of the technology that has
increased the growth of the company such as it has improved the communication. Moreover,
the importance of technology has changed the global business. Likewise, it has allowed the
organization to communicate with the customer that has contributed in sharing about the
products and services to them and helped in developing the brand image (Saura, 2021).
Along with this, it has helped in increasing the security by allowing the business to store the
details in cloud. As well as the business has to use strict measure in order to protect the
personnel detail of consumer as well as intellectual property of the firm. In addition to this, it
has increased the efficiency of the organization by managing the data flow of employees and
production of business. The most important aspect of digital technology is that it is very cost
effective it has benefited the organization by giving more in low cost. It has given various low-
cost platform that has allowed the organization to share the information about the company as
well as to know the market insights. That has resulted in increasing the market share of the
frim. Furthermore, the advance technology has provided business with many opportunities
that has leads in increasing the brand reputation as well a revenue of the firm (Vieira and et.al.,
2019). In addition to this, it has also helped small business to improve the performance in the
competitive market. Moreover, the technology has benefited the business in miniating the
workflow, culture and process. It has enhanced the collection of the data that has contributed in
knowing the taste and preference of the targeted customer. This has allowed the organisation in
knowing the amount of the audience vesting the official website. Along with this, finance
tools such has cost flow management helps the organization in identify the accurate balance
of the company. Thus, the data collection helps organisation in knowing the customer, markets
and business insights. Beside this it helps the company in bring all the resources with the help
of advance tools and software that contributes in increasing the productivity of the business in
external environment (Zhu and Gao, 2019). Also, it enhances the functional unit of the

company that improves in increasing the performance of each department. In addition to
this, it builds the digital culture in the business organization that motivates employees to learn
new skills so that it can work more efficacity and effectively and build collaboration (Saura,
Palos-Sánchez and Cerdá Suárez, 2017). It contributes in increasing the profit of the firm that
helps the organization to invest in the new venture as well as increase the market share more
compare to traditional method of marketing. Moreover, its h helps the company in developing
the marketing strategies by providing the insights as well as give the details about the
competitors.
However, there are many threats of the technological that can harm the brand reputation as
well as such challenges can lead in loss. The major cause that organization can face is cyber
security that is increasing day by day and hackers can take the details of intellectual property and
customer details. Also, the firm can face financial lose that cannot be afford by the business.
Thus, it is hard for the manger to keep an eye on every threat. The manger can make use of
advance technology such as SIEM to prevent the organization form future threat and breach.
Another, issues are lack of skill in the staff that has led in lower productivity, sales and lack of
innovation in the company. So, the manager has to find the skilled labour with the technical
knowledge as it will contribute in increasing the productivity of the firm. Along with this any
negative comment on the website of the company can result in harming the brand image of
the frim in the competitive market (THE CHALLENGE OF MANAGING INFORMATION
TECHNOLOGY, 2021). As well as firm can lose the potential customer. The manager of the
firm has to check the official site in order to check the insight of the audience in order to fulfil
the needs of them. That will contribute in increasing the sales of the firm. Moreover, the
manager of the company has to maintain the cash flow as it contributes in rapid growth of the
enterprise. So, for sustaining in the environment the manger has to remain flexible as well as
information regarding the technology. However, the manger has to make a marketing budget
in order to know the amount required for digital marketing.
CONCLUSION
From the above report it has been concluded that digital marketing has negative and
positive aspect on the business. It has also helped small business in enhancing their business
at very low cost. Furthermore, the study has summarized about the tools that is beneficial for the

film in order to improve their performance such as social media. That has contributed in
interacting with the customers and identifying the needs and demands and fulling their
satisfaction. Lastly, the report has thrown light on the challenges and the benefits that
business has by adopting the advance technology.

REFERENCES
Books and journals
Bala, M. and Verma, D., 2018. A critical review of digital marketing. M. Bala, D. Verma
(2018). A Critical Review of Digital Marketing. International Journal of Management, IT &
Engineering. 8(10). pp.321-339.
Buchanan, L. and et.al., 2018. The effects of digital marketing of unhealthy commodities on
young people: a systematic review. Nutrients, 10(2), p.148.
Busca, L. and Bertrandias, L., 2020. A framework for digital marketing research:
Investigating the four cultural eras of digital marketing. Journal of Interactive Marketing. 49.
pp.1-19.
De Pelsmacker, P., Van Tilburg, S. and Holthof, C., 2018. Digital marketing strategies,
online reviews and hotel performance. International Journal of Hospitality Management. 72.
pp.47-55.
driven strategies: Reviewing the current state of research. Journal of Small Business
Management, pp.1-36.
Herhausen, D. and et.al., 2020. The digital marketing capabilities gap. Industrial Marketing
Management 90. pp.276-290.
Lies, J., 2019. Marketing Intelligence and Big Data: Digital Marketing Techniques on their
Way to Becoming Social Engineering Techniques in Marketing. International Journal of
Interactive Multimedia & Artificial Intelligence, 5(5).
López García, J. J. and et.al., 2019. Digital marketing actions that achieve a better attraction
and loyalty of users: An analytical study. Future Internet. 11(6). p.130.
Saura, J. R., 2021. Using data sciences in digital marketing: Framework, methods, and
performance metrics. Journal of Innovation & Knowledge. 6(2). pp.92-102.
Saura, J. R., Palos-Sánchez, P. and Cerdá Suárez, L. M., 2017. Understanding the digital
marketing environment with KPIs and web analytics. Future Internet. 9(4). p.76.
Vieira, V. A. and et.al., 2019. In pursuit of an effective B2B digital marketing strategy in an
emerging market. Journal of the Academy of Marketing Science 47(6). pp.1085-1108.
Zhu, G. and Gao, X., 2019. Precision retail marketing strategy based on digital marketing
model. Science Journal of Business and Management. 7(1). pp.33-37.
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Online
THE CHALLENGE OF MANAGING INFORMATION TECHNOLOGY, 2021. [Online].
Available through <https://iveybusinessjournal.com/publication/rapid-growth-firms-the-
challenge-of-managing-information-technology/>
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