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Table of Contents

• Introduction
• Project Objective
• Project Scope
• Literature Review
• Significance of social networking side in business
• Advantages of social networking
• Disadvantages of social networking
• Impact of social networking promotion in business
• Previous researches
• Gap of literature
• Conclusion
• References

Introduction

The study is based on the advantages and disadvantages of the social networking side in business. In a current scenario it is found that huge number people connected with the social media. In earlier days’ radio takes 38 years to reach 50 million people and in recently the Facebook takes just four years to reach 100 million people. Moreover, in social media Facebook is not only one of popular side there are many more site which is have huge number of fan following like Instagram, YouTube and many more. Therefore, it is great platform for the business organization to promote their product or service in social media (Kasemsap, 2014). Moreover, it is also helps the business organization to take review from the customers about their product or service as if there any negative review about the product or service that helps the company to make the product and service better (Merchant et al. 2014). The study is also focused on that what opportunities and scope that social media can bring for the company or organization.

Project Objective

Objectives of this study are:

• To develop an understanding on the significance of social media in business.
• To identify the advantages and disadvantages of social media for business.
• To evaluate the applicability of social networking sites and its impact on business promotion.
• To spot the loopholes in current promotion mechanism and develop potential social media platform to resolve the problem accordingly.

Project Scope

In earlier stage when the social networking site are not so popular among the people that time the business organization promoting their product or service in electronic media or in print media in which the outcomes are not sure. Moreover, promoting business product in traditional way is very costly. However, promoting product in social media is very reasonable which is save the huge cost of the companies. The companies also can make a clear data that how many people can aware from their service or product. The Social media brings number of scope to the business organization and make a suitable marketing in social media platform. The organizations can make page or site any social media site and encouraging the users to sign up with the site rather than direct selling. The business organization also can do the page promotion that site or shares post of the product or videos on the page. The organization also paid the social networking site for promoting their pages and the advertisement. However, there are still few boundaries that marketing in social media has as if there is any negative feedback occurs in social media than that might become a whole negative image about the product. Moreover, it is forced the company to stop promoting the product.

Literature Review

Introduction

The current study emphasizes on the pros and cons of the social media sites in case the same is implemented in the business. The literature is conducted to identify the benefits of the social media so that the same would be availed by the companies to gain competitive advantage while struggling with intense rivalry. Moreover, the section also delivers an account of previous studies on the same area of discussion to spot the gap, identified in terms of literature.

Significance of Social Networking Side in Business

This section of the study tries to show the importance of social media and advertisement, which affects the marketing of the business. There are several key points of discussion:

Social media helps word out easy:

This hugely helps the business to be reaching to the world. The involvement of social media results to expand the business by enlarging the customer base. For example, after a customer is satisfied it becomes but obvious that the positive review would be surely shared with friends and family (Henderson et al. 2017).

Enhances popularity in a wider scale:

A company is able to reach out to larger quantity of consumers, which creates favorable profitable situation for an organization. There are very less business firms which have not gained desired goals by having existence on social media (Valentini & Kruckeberg, 2016).

Maximum ages and demographics are possible to be reached:

There is ample advancement which has been seen upon the use of digital media. The recent times have witnessed significant increase of posts among ages 25-60 and above. This already included younger generation; hence age bar is not the concern any more. No matter the desired target consumer is juvenile or elderly, the product and services which is offered would surely reach in recognition.

Two-way conveyance is met:

Getting involved into social media is the better way to understand a customer, as this gives personalized idea regarding the same. With the extensive sharing of thoughts, views and ideas of public in general gives a company far better knowledge to diversify the approach (Henderson et al. 2017). This is a very significant way an organization could deal with the existing market.

Advantages of Social Networking

In today’s busy high-tech world, approximately 90% of merchants are trusting social networking to enhance their existing business. Social media have gained huge importance whenever cost-effective trade is desired. Marketing in Social media platform has proved as the most potential essence of business growth. Most trusted social media sites are linkedin, facebook, twitter, and google+. Some of the core advantages of involving social media in business are discussed below:

Recognition and visibility of the company increases distinctly:

Marketing with digital platform gives a greater increase in brand awareness. There are several ways where a company could create a profile and begin the journey towards huge success. Most of the world is linked with social media, which gives insight to the company in bulk (Valentini & Kruckeberg, 2016). Thus, an organization spending few hours daily could expect far better acknowledgement in very short time.

Increased inbound traffic:

Without proper marketing in social stage, there is very less chance that a company would increase existing customer count. Use of social media as a marketing strategy, an organization could vividly increase the existing customers, as prospect customers could be highly targeted.

Enhanced search engine position:

Once a diversified business website is created, next step towards success depends on the search engine rankings. In the existing world mostly every single human being visits several search engines namely Google and Yahoo, to enquire about any aspect of life. This includes both products required for daily usage and services needed to achieve most of the requirements (Henderson et al. 2017). Hence, a company gains ratings on the respective social website, which in return supports the health of the business.

Personalized customer satisfaction:

By the help of a social website a company could target extensive customer satisfaction, as people tend to get personalized reply on the comments raised by the same. This is highly advantageous in order to gain consumer trust and belief upon the organization.

Best cost-effective measure:

The most satisfactory stage of any business is the achievement of desired profitability. With involvement of social media, advertising becomes successfully possible with very less capital investment (Ngai, Tao & Moon, 2015). This helps to meet demand and supply situations of the market, as price quote of the product or services offered could be kept lower than that of the competitors.

Disadvantages of Social Networking

The online territory creates not only opportunities, but also obstacles and challenges towards the marketing process incurred on social media. The lucidity of the web makes online information available to people in general. These results into difficulty faced in the execution of any planning, enactment which helps in controlling the online marketing world (Valentini & Kruckeberg, 2016). There are some important disadvantages that need to be considered regarding social media marketing, which are listed below:

Results towards trademarks and copyright infringement:

According to Roberts & Piller (2016), the most important concern of any company is to protect self-owned trademarks and copyrights, when brands and products are promoted on the social media. Any organization depends on their brand’s value which is totally similar to an intellectual property for the same. Hence, with excessive dependence on digital media, there are higher chances of intellectual property rights contravention.

Irrevocable damage upon brand image:

Another very key drawback of usage of social media profile could be observed as this often held directly against the goodwill of the company. Hence the organization commenting on social media which actually a demographic impression, could result into a negative response that affects the fame of company.

Piracy, trust and confidential data security issue:

Advertisement on social media or its promotion involves large confidential information that becomes available. Companies often tend to post such private secrets on the digital media in order that in return, harshly affect the sustainability of the same. Excessive implementation of data aiming product promotion could raise a situation of duplicity.

Situation of UGC (User-Generated Content):

People are seen spending more time sharing thoughts, information and opinions very easily on internet since last few years. Newer ways of communicating and content generation have come up on internet (Calefato, Lanubile & Novielli, 2015). Whether it is in form of a photo or video shared on any website or messages that is uploaded on a site by users, company could suffer misguided brand image.

Impact of Social Networking Promotion in Business

In this area of discussion impact of social media and digital world on the current market would be considered. There are some points which needs to be examined are as follows:

Loyal customer base:

The excessive use of social media has helped companies to gain successful consumer base. This base has proved loyal, as the desired consumers have a habit of constantly posting on the website (Roberts, Piller & Lüttgens, 2016). If an organization keeps updating on the social media website on a regular basis consumer would gain faithfulness.

Company can operate up to international levels:

Social media like facebook, twitter, and google involves searchers from all over the world.  With involvement of the social media a company can not only aim national limits but also international levels.

Easy promotion:

Promotion on social media very easy compared to practical approach. Many companies tend to target large audience by promotional activities. These do not really reach the vivid quantity of people compared to advertisement done on social media (Ali-Hassan, Nevo & Wade, 2015). Hence, an organization can target mass communication by promotional activity done on social network.

Previous Researches

There are several researches done since last 4 to 5 years. All these reports aim on some specific areas of study, that deficiates some most essential aspects. These have a core role on the current business. Some similar studies are enlisted below:

According to Jussila, Kärkkäinen & Aramo-Immonen (2014), contribution, social media is seen useful entirely for business to business (B2B) aspect. This study showed a very narrow approach as there was very less data grasped upon the consumers. Similarly, Parveen, Jaafar & Ainin (2015) stated that social media approaches strictly on the online public. In the study, report showed individual perspective aimed by promotion done on social network. Another research submitted by Jin, Liu & Austin (2014), implies on psychological aspect of consumers. The study supports community reliance, where the research shows the effect more one.

Gap of Literature

Based on the above discussions and few previous research analysis, it has been identified that the negative aspects of social networking sites have been overlooked that in turn would be vulnerable in future in terms of using the same. Therefore, this can be derived as the key gap in literature that is yet to serve wider knowledge and understanding on the pros and cons of social network while keeping the implementation of those sites in mind.

Conclusion

Above this research on that what are the advantages and disadvantages of social media in business. in regarding this study is also focused on that what is the project scope and objective of the social media in business market. In this research it is also concluded that there are number positive aspects which is provide high advantages to the business organization to promoting their product and services. However, there are few negative aspects also present in doing business in social media. After this research it is also concluded that as there are huge number of people are connected with the internet and with the social networking site so it is always providing the huge platform the business organization to promote their product and service.

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