Analyzing the Influence of Social Media on Business: A Detailed Report

This report comprehensively analyzes the influence of social media on businesses across various industries. It begins with an introduction highlighting the growing importance of social media in marketing and the need to understand its advantages and disadvantages. The report's objective is to assess the overall impact of social media on organizational reputation and brand image, covering the scope of its influence on consumer behavior and profit generation. A thorough literature review outlines the advantages, such as cost-effectiveness and wide reach, and disadvantages, including time investment and potential risks to brand reputation. The research employs both quantitative and qualitative methodologies, including surveys and questionnaires, to gather data from organizations in Australia, with a focus on answering primary and secondary research questions regarding the role and impact of social media. The report also acknowledges research limitations and presents a time schedule for the project's completion, culminating in a conclusion that emphasizes the necessity of a well-considered social media strategy. The report references several academic sources to support its findings.

Report
Student Name
Institute Name

Contents
Introduction......................................................................................................................................3
Project Objective.............................................................................................................................3
Project Scope...................................................................................................................................3
Literature Review............................................................................................................................3
Advantages...................................................................................................................................3
Disadvantages..............................................................................................................................4
Research Questions..........................................................................................................................5
Primary Question.........................................................................................................................5
Secondary Questions....................................................................................................................5
Research Design and Methodology.................................................................................................5
Quantitative research....................................................................................................................5
Qualitative research......................................................................................................................6
Research Limitations.......................................................................................................................6
Time Schedule.................................................................................................................................7
Conclusion.......................................................................................................................................7
Reference.........................................................................................................................................8

Introduction
The role of social media or network is slowly becoming a new base for the businesses which
helps in executing the different marketing strategies. The barrier to entry is low and there are
number of platforms to use and social media can provide unmatchable options for the
organization so that it reaches the consumers and set right kind of awareness for the brand. But
overall usage of such platforms in full potential is not always very simple and it also carries a
distinct set of challenges (Scott, 2017). It provides low costs with huge audience base; it is
usually simple to get carried away easily while using social media in the business. It is also wise
to take careful steps and be more aware of the advantages and disadvantages before starting
(Freeman, 2017).
Project Objective
The objective of the report is to recognize the overall influence of social media on the
organization within varied industries (Grabber et al., 2017). It will also test the pros and cons of
social network and assess the influence of social network on increasing the reputation of brand
and its overall image.
Project Scope
The overall scope of the report is large since social network are influential techniques for
increasing the brand name and overall image. It also attracts more consumers which also impact
the buying behavior as well (Lim et al., 2016). This will also permit the organization develop a

big amount of profit in the business. There are many aspects of social media are very effective
and it can also develop a better scope for performing the business research in coming future.
Literature Review
Advantages
Following are the advantages of social network in business: -
The biggest advantage of social media marketing is cost oriented. There is major amount of
social media platform that are free for access and one can make a profit and use the platform for
posting information (Chen et al., 2016). The biggest benefit of reaching the target market for
some or sometimes no case related investment is major and audience wants the information
willfully joins or sometimes follows the audience. There are number of opportunities where pay
per click advertisements can be posed like Facebook are targeted as per the specific division to
reach the right set of audience (Verduyn et al., 2017). The nature of the social network can get
viral which also means that every individual who can read the posts can spread the news ahead
within the specific network with data reaching large audience in no time (Glowacki et al., 2016).
Disadvantages
Following are disadvantages of social network in business:
To update the accounts at social media, take a lot of time as well as efforts. A senior member
with right knowledge is related with the company as well as products that must be handled in
presence of social media as well as at the cost of time which means the media should be
completely free (Elman et al., 2016). The work is continuous by nature because the motive is to

find new sides about the product in constantly and post as well as re-post data. The data can only
be visible for short amount of time before new posts are replaced. Moreover, publishing the
advertisements and their copy is often not acceptable in social media time. Therefore, it is
important to present the data through interaction or business may lose the followers (Abraham et
al., 2016). Business on social network comes with number of risks and it is important to check
these accounts many times in a day with number of disgruntled consumers as well as workforce
that can anytime publish negative comments that cannot be removed easily. For instance, each
post of social network like Facebook and Twitter is based public and one has no control on what
people perceive about the product (Villanustre et al., 2016). There can be bad news that can
immediately go viral simply and can harm business with irreparable consequences.
Research Questions
Primary Question
What are the advantages and disadvantages of social network in business?
Secondary Questions
1. What is the role of social network in society?
2. How social network impacts the psychology of the consumers?
Research Design and Methodology
Quantitative research

The data produced in qualitative research are numerical by nature and are evaluated using many
mathematical and statistics based methods. Some elements become the part of quantitative
analysis since they can be presented by numbers. For instance, changes in accomplishing at so
many stages of education or the rise in number of senior managers hold management degrees.
The report will carry statistical analysis of the view point based on group of people about a
specific challenge of the lives of people and the report will cover the relative agreement with
positive or negative impact of social network on lives of people (Latkin et al., 2017). The
research will have done in questionnaire form and sample size will cover small and big
organizations in Australia. The total sample size will be hundred organizations.
Qualitative research
Qualitative research is any kind of research that does not consist of numerical data. It usually
consists of language or words, but can also utilize the picture and observations. Any kind of
element can be evaluated in qualitative manner and it is usually a preferred way of evaluating in
countries like UK and the rest of the Europe. Countries like US and Australia tends to use
quantitative methods but the level of distinction is by no means complete. The analysis of
qualitative outcomes in rich information that provides an in-depth knowledge and it is
specifically right for exploring how and why things can happen. At the same time, there are some
disadvantages to qualitative research as well like when the respondents do not see any kind of
importance in the research since they can provide a lot of false data (Li et al., 2016). People can
say what people perceive the thoughts what researchers wish to think. The concept of qualitative
research requires taking some time out which helps in building relationship with the research
based subjects and be more aware of the overall potential.

Research Limitations
All the important aspects of the business research are tested and analyzed here and still there
some gaps that can be found in the research. One of the biggest gaps in the research is that pros
and cons of using social media in business have been explained and still have the need to search
for some secondary sources to collect important data in a detailed manner. There are some
websites, articles, researches and journals that were not real which leads to conducting the
research in a much better manner and it will be crucial for deciding the overall authenticity of the
information and the data available in researches is right wrong.
Time Schedule
Conclusion
A business can simply establish a presence on so many social media platform, but none of this
platform will assist them gain consumers without any kind of investment associated efforts and

time. An unattended social network handle can make a bad image on prospective consumers and
cause the business to lose the followers. The organization must consider the resources before
creating a social media strategy to make sure that they can give attention on communication
required to embrace social media in effective manner.
Reference
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