MGT502 Assessment 1B: Facebook's Role in Business Success

This argumentative essay explores the benefits of Facebook for business, specifically focusing on its impact on financial performance. The introduction highlights the importance of understanding how Facebook influences a business's financial position. The argument section details how Facebook enhances digital communication, improves customer satisfaction, increases brand value, and fosters long-term customer relationships through transparency and user-friendly interfaces. It also discusses how Facebook helps businesses save on market research costs, improve product quality, and implement effective marketing strategies. Furthermore, the essay covers Facebook's role in attracting customers globally, providing secure payment options, and supporting corporate social responsibility. The conclusion reinforces the idea that Facebook improves product and service quality, aids innovation, and increases customer satisfaction, ultimately leading to improved financial performance. The essay is supported by academic references.

BUSINESS
COMMUNICATION
(PART B)

Table of Content
INTRODUCTION...........................................................................................................................1
ARGUMENT...................................................................................................................................1
CONCLUSION................................................................................................................................2
REFERENCES................................................................................................................................3

INTRODUCTION
This is argumentative essay on benefits of Facebook on business to develop effective
financial performances. Financial position of business organization have been impacted with the
introduction of Facebook and it is very essential to identify all the factors which help business to
gain more profits and increase productivity in market effectively.
ARGUMENT
Facebook has provided its significance in the digital world by proving effective services
in digital communication platforms to business firm of different sectors effectively. This has also
improved the financial position of businesses by rising the quality of activities and understanding
needs and wants of customers to satisfy them effectively (Chugh, & Ruhi, 2018). Facebook have
improved the communication of business and providing better perceived value of customers and
increase brand value in market. This has improved the brand equity to gain better product
premium. Facebook also helped to increase the long term relationship between customers and
business organization due to better transparency high customer satisfaction. Social media
platform like Facebook provides user-friendly interface to understand the information about
company in comfort zone. Growth of Facebook also increases the communication globally and
made the users more addicted to its gaining better revenues to businesses to grow economy
rapidly. Facebook proved better information base to its users to take effective decisions in
purchasing of goods and other useful criteria. Facebook is very effective in saving the cost of
market research for business and improving the quality of products by innovating and creativity
of ideas according to market trends. This also helps the business to motivate customers by
effective marketing strategies and techniques. Digital analytical tolls are successful in analysing
all the movements of customers on Website in digital marketing campaign (Yoon, G. & et. al.
2018). This also helps businesses to analyse the success rate of marketing strategies to increase
the prices and gain better revenues. Facebook is a centralized platform to attract customers from
all over the world with the help of internet and improve popularity of business organization in
market. Facebook also provides different features to businesses like marketplace feature where
burying and selling can easily take place with a secure payment protection. Facebook provides
effective support to business in performing corporate social responsibility by communicating its
customers and other users on the platform. This helps businesses to gain better customer base
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and expand in market and achieve core competency (Boarcăs, 2017). In the age of internet it is
very essential for business to increase its customer knowledge about social media to develop
effective e-commerce platforms and increase the standard of living of customers with higher
skills and level of education by business.
CONCLUSION
This essay concludes that Facebook has improved the quality of products and services of
business organizations in market. It also helped businesses to innovate by gaining better
information about different needs and wants of customers to increase profit margins. Customers
had also increased their satisfaction as Facebook helped business to target customers more
effectively by dividing them in different segments to increase their financial performance.
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REFERENCES
Books and Journal
Yoon, G. & et. al. (2018). Attracting comments: digital engagement metrics on Facebook and
financial performance. Journal of Advertising. 47(1). 24-37.
Chugh, R., & Ruhi, U. (2018). Social media in higher education: A literature review of
Facebook. Education and Information Technologies. 23(2). 605-616.
Boarcăs, c. (2017). Business communication in the internet age. Economics, management &
financial markets. 12(2).
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