Reflection Report: MGMT 524 - Instagram's Impact on Business

This reflection report, prepared for MGMT 524, explores the use of Instagram for marketing and its impact on career advancement and business growth. The report discusses the benefits of Instagram as a marketing tool, including its large user base, ability to enhance product visibility, and customer engagement. The student reflects on how Instagram can aid in entrepreneurial ventures, emphasizing its potential for cost reduction, market expansion, and strategic planning. The report highlights the application of business strategies, such as direct cost reduction and diversification, and explains how Instagram can assist in tactical and operational planning to maximize profits and minimize costs. The report concludes that Instagram is a valuable tool for career advancement and business development, supported by relevant literature.

Running head: Reflection Report
Management Science

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Contents
Introduction.................................................................................................................................................1
Overview.....................................................................................................................................................1
Conclusion...................................................................................................................................................2
Bibliography................................................................................................................................................3

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Introduction
The reflection report is prepared on the ‘Use of Instagram for marketing’. It involves the
basic information I have learned through its usage. The report comprises the role of Instagram
for my career advancement. Further, it includes the factors that can benefit the business growth.
Overview
Recently, I have learned about the ‘Use of Instagram for marketing’. According to my
perspective, it is the marketing of products and services on Instagram to increase the Brand’s
profit. It is used as a marketing tool because it has large number of users, assists in enhancing
product visibility, increases customers, less time consuming, helps in engaging the customers
and helps in developing better customer’s relations. Its usage as a marketing tool initiated in
October 2013. It is global network and used as a platform for the marketing in various countries
with United Stated, Brazil and India as its top users (Watch, 2019).
After I gain knowledge about its usage, I have learnt that its usage can further help in my
future career growth in Entrepreneurship. It provides a great potential to my career as it assist in
gaining multiple benefits with reduce cost. It is an economical social network with 800 million
monthly users. It provides me with a platform to establish my business by providing me with an
access to reach out to the customers globally. Further, I would benefit me in generating the
demand for my entrepreneurial service with the help of Instagram tools (Hub, 2018). One of the
major topics I have studied in management science is Business strategy. According to my
knowledge, framing effective business strategy through Instagram is the best way to avail profit.
This could be done by framing strategies like
 Direct cost reduction
 Diversification of product line
 Discover new market (Queensland, 2019).
It provides the opportunity of minimizing cost as it provides a platform to establish a
business. In the initial stage of business, Instagram eliminates the need of physical outlet as it can
be operated through this channel also. It further helps in introducing new product line. With the
help of Instagram, I can estimate the need of new product within customers. This could be
determined with the help number of users likes, comments and share on a new product. This will
assist in knowing the response of potential customers towards the new product. Through this
estimate need of the new product can be determined prior to its launch in the market (Phillips,
2017).
Instagram helps in profit maximization as it provides a wide market to conduct
entrepreneurial services. New market and potential customers can be targeted without having

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physical access to them. Increase in online visibility will generate more customers that ultimately
results in enhanced profit.
Further, it helps in framing strategic planning. Strategic planning involves current
information about the environment to know the possible impact of a plan. Instagram assists in
gaining knowledge about the trends prevailing in the external environment by keeping me
updated (Steam, 2014). Tactical planning involves framing short-term plans. Instagram provides
the tools to achieve the short-term plan. These plans can be achieved by highlighting the product
and service on stories, direct message and IGTV. It provides the tactics to directly contact with
the customers (Forbes, 2018). Operational planning involves a detailed plan for the achievement
of business goal. Instagram usage can assist in developing operational plan. It can be used in
doing market survey and gaining potential customers. Through this step, estimate sales can be
determined.
Conclusion
From the reflection report, I conclude that Instagram usage can highly benefit in career
advancement as well as in potential business growth as it is a widely growing global network.

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Bibliography
Forbes. (2018, July 9). Five Instagram Marketing Tactics That Build Your Brand And Generate
Sales. Retrieved from Forbes:
https://www.forbes.com/sites/forbesagencycouncil/2018/07/09/five-instagram-
marketing-tactics-that-build-your-brand-and-generate-sales/#33f5595823df
Hub, I. M. (2018, October 24). 15 Mind Blowing Instagram Statistics You Don’t Know.
Retrieved from Influencer Marketing Hub:
https://influencermarketinghub.com/15-instagram-influencer-statistics/
Phillips, K. W. (2017). Ultimate Guide to Instagram for Business. United States: Entrepreneur
Press.
Queensland, B. (2019, June 28). Strategies to improve profit. Retrieved from Business
Queensland: https://www.business.qld.gov.au/running-business/finances-cash-
flow/managing-money/more-profit/strategies
Steam, A. (2014). Make Instagram Work for Your Business. South Carolina: Createspace
Independent Pub.
Watch, B. (2019, June 28). 49 Incredible Instagram Statistics. Retrieved from Brand Watch:
https://www.brandwatch.com/blog/instagram-stats/