2nd assessment Literature Review
2nd assessment Literature Review
Table of Contents
Title page..1
Table of Contents.2
Research Questions..3
Research Objectives.3
Discussion .3
Gap of literature..5
Conclusion..6
References...8
Evaluate the Uses and Benefits of social media in Modern Business Arena (Literature review)
Research Questions
1. What is the relationship between social media and modern businesses?
2. What is the impact of social media on the modern businesses areas relationship?
Research Objectives
1. To investigate the correlation between social media and modern businesses.
2. To investigate causality between social media and modern businesses.
Discussion
In 1989, the internet was globalized with the discovery of the WorldWide Web. In the modern era, the invention of social media has revolutionized and transformed the business landscape. Today the internet build how individual communicate these days. According to the recent report by Daniel, 2023, there are around 4.9 billion people using social media worldwide. Ward (2010) described social media as a form of online platform that promotes conversation, in contrast to the conventional means which delivers content but doesn't allow viewers, listeners and readers to engage in the content creation ADDIN ZOTERO_ITEM CSL_CITATION {"citationID":"Le2VcWMe","properties":{"formattedCitation":"(Hensel and Deis, 2010)","plainCitation":"(Hensel and Deis, 2010)","noteIndex":0},"citationItems":[{"id":11,"uris":["http://zotero.org/users/local/v7f61mA3/items/GY7RI93V"],"itemData":{"id":11,"type":"article-journal","container-title":"The Entrepreneurial Executive","note":"publisher: Jordan Whitney Enterprises, Inc","page":"87","source":"Google Scholar","title":"Using social media to increase advertising and improve marketing","volume":"15","author":[{"family":"Hensel","given":"Kyle"},{"family":"Deis","given":"Michael H."}],"issued":{"date-parts":[["2010"]]}}}],"schema":"https://github.com/citation-style-language/schema/raw/master/csl-citation.json"} (Hensel and Deis, 2010). Apart from becoming a way to socialize, social networking and digital marketing strategies offer multiple benefits across all market segments and industries. Among its various benefits, a leading benefit of social media is the low cost of complementing media spending to reach a broad yet better-targeted audience ADDIN ZOTERO_ITEM CSL_CITATION {"citationID":"NXE1GPWD","properties":{"formattedCitation":"(Malesev and Cherry, 2021)","plainCitation":"(Malesev and Cherry, 2021)","noteIndex":0},"citationItems":[{"id":5,"uris":["http://zotero.org/users/local/v7f61mA3/items/QVJ4GPWH"],"itemData":{"id":5,"type":"article-journal","container-title":"Construction Economics and Building","issue":"1","page":"6582","source":"Google Scholar","title":"Digital and social media marketing-growing market share for construction SMEs","volume":"21","author":[{"family":"Malesev","given":"Simon"},{"family":"Cherry","given":"Michael"}],"issued":{"date-parts":[["2021"]]}}}],"schema":"https://github.com/citation-style-language/schema/raw/master/csl-citation.json"} (Malesev and Cherry, 2021). Based on this people are shifting to social networking for the purpose of their business advertisement and marketing. A significant increase in digital marketing by 34% in the USA and it has been predicted to reach in 2014 by $3.1 billion ADDIN ZOTERO_ITEM CSL_CITATION {"citationID":"ndLkx2ik","properties":{"formattedCitation":"(Pentina, Koh and Le, 2012)","plainCitation":"(Pentina, Koh and Le, 2012)","noteIndex":0},"citationItems":[{"id":15,"uris":["http://zotero.org/users/local/v7f61mA3/items/C3BSRQ9L"],"itemData":{"id":15,"type":"article-journal","container-title":"International Journal of Internet Marketing and Advertising","issue":"1","note":"publisher: Inderscience Publishers Ltd","page":"6582","source":"Google Scholar","title":"Adoption of social networks marketing by SMEs: Exploring the role of social influences and experience in technology acceptance","title-short":"Adoption of social networks marketing by SMEs","volume":"7","author":[{"family":"Pentina","given":"Iryna"},{"family":"Koh","given":"Anthony C."},{"family":"Le","given":"Thuong T."}],"issued":{"date-parts":[["2012"]]}}}],"schema":"https://github.com/citation-style-language/schema/raw/master/csl-citation.json"} (Pentina, Koh and Le, 2012). Apart from of conventional recruitment methodologies such as newspapers, flyers and radio, social media offers an indispensable way to target more people in less time and cost ADDIN ZOTERO_ITEM CSL_CITATION {"citationID":"nXYZ9ciY","properties":{"formattedCitation":"(Steren, 2015)","plainCitation":"(Steren, 2015)","noteIndex":0},"citationItems":[{"id":8,"uris":["http://zotero.org/users/local/v7f61mA3/items/75BL3AIW"],"itemData":{"id":8,"type":"thesis","genre":"PhD Thesis","publisher":"University of Pittsburgh","source":"Google Scholar","title":"DanSa, a Dance Curriculum to Increase Physical Activity in a Newly Emerging Latino Community","author":[{"family":"Steren","given":"Karina Elisabet"}],"issued":{"date-parts":[["2015"]]}}}],"schema":"https://github.com/citation-style-language/schema/raw/master/csl-citation.json"} (Steren, 2015). Almost all industries have shifted their advertising strategies from traditional planning towards digital marketing using social media due to the evident benefits of social media. Using online platforms and networks enables people to produce and share ideas, plans and information of any sort among the audience. This generates more views and promotion in comparison with traditional marketing campaigns. So let's explore what more could social media do for the business arena ADDIN ZOTERO_ITEM CSL_CITATION {"citationID":"CV1ACjp3","properties":{"formattedCitation":"(Venkateswaran, Ugalde and Gutierrez, 2019)","plainCitation":"(Venkateswaran, Ugalde and Gutierrez, 2019)","noteIndex":0},"citationItems":[{"id":13,"uris":["http://zotero.org/users/local/v7f61mA3/items/FMNQYC94"],"itemData":{"id":13,"type":"article-journal","container-title":"International Journal of Computer Applications","issue":"8887","page":"510","source":"Google Scholar","title":"Impact of social media application in business organizations","volume":"975","author":[{"family":"Venkateswaran","given":"R."},{"family":"Ugalde","given":"Bernard"},{"family":"Gutierrez","given":"Rogelio T."}],"issued":{"date-parts":[["2019"]]}}}],"schema":"https://github.com/citation-style-language/schema/raw/master/csl-citation.json"} (Venkateswaran, Ugalde and Gutierrez, 2019). The specifically designed filters and logarithms enable social media users to watch content tailored to their taste. As a result, companies can reach wider yet more targeted audience. Marketing strategies have shifted from mass media to narrowly targeted approaches toward the synergistic integration of all business organizations. Social networking has been widely adopted by all cultures, ages and races by influencing their daily life and chores. The emerging trends become attractive to everyone despite of age and thus offer a prominent means to do marketing.
Using social networking has been proved advantageous specifically for small as well as medium-level enterprises or firms. The reasons lie in its low cost and flexible nature that can be easily adopted and modified for the introduction of new products in the market. Davis, 1989 proposed a technology acceptance model (TAM). According to this, the ideal decision-making policy depends on its ease of implementation, i.e perceived use (PU) and perceived ease of usefulness (PEU). So social media doesnt need technical training or skills. However, it requires the creation of attractive ads, maintaining customer relations, PR and conducting market research for decision-making and recruitment to survive in the business competition effectively. The TAM theory predicts that the use of information technology, spreadsheets, computers, E-business, mobile commerce and marketing will enhance business revenues. However, the social influences from customers, competitors and experts strongly affect the PEU and PU through direct or indirect means. Consequently, this influences the efficacy of adopting social media networking by small or medium-level firms. Thus, this offers a crucial determinant of marketing success in the targeted population ADDIN ZOTERO_ITEM CSL_CITATION {"citationID":"9QEkCPeI","properties":{"formattedCitation":"(Pentina, Koh and Le, 2012)","plainCitation":"(Pentina, Koh and Le, 2012)","noteIndex":0},"citationItems":[{"id":15,"uris":["http://zotero.org/users/local/v7f61mA3/items/C3BSRQ9L"],"itemData":{"id":15,"type":"article-journal","container-title":"International Journal of Internet Marketing and Advertising","issue":"1","note":"publisher: Inderscience Publishers Ltd","page":"6582","source":"Google Scholar","title":"Adoption of social networks marketing by SMEs: Exploring the role of social influences and experience in technology acceptance","title-short":"Adoption of social networks marketing by SMEs","volume":"7","author":[{"family":"Pentina","given":"Iryna"},{"family":"Koh","given":"Anthony C."},{"family":"Le","given":"Thuong T."}],"issued":{"date-parts":[["2012"]]}}}],"schema":"https://github.com/citation-style-language/schema/raw/master/csl-citation.json"} (Pentina, Koh and Le, 2012). Adopting e-business policies leads to data sharing among companies through extensive markup language (XML) or electronic data interchange (EDI). Both EDI or XML-based strategies have proved beneficial in the case of small e-business firms. However, in the case of large firms, companies should make a shift from EDI to XML-based strategies due to many reasons such as easy customization, scalability, internet friendly, low cost, easy implementation, broader reach and adoption ADDIN ZOTERO_ITEM CSL_CITATION {"citationID":"odIQBy4Z","properties":{"formattedCitation":"(Nurmilaakso, 2008)","plainCitation":"(Nurmilaakso, 2008)","noteIndex":0},"citationItems":[{"id":22,"uris":["http://zotero.org/users/local/v7f61mA3/items/DLXNWSNM"],"itemData":{"id":22,"type":"article-journal","container-title":"International Journal of production economics","issue":"2","note":"publisher: Elsevier","page":"721733","source":"Google Scholar","title":"Adoption of e-business functions and migration from EDI-based to XML-based e-business frameworks in supply chain integration","volume":"113","author":[{"family":"Nurmilaakso","given":"Juha-Miikka"}],"issued":{"date-parts":[["2008"]]}}}],"schema":"https://github.com/citation-style-language/schema/raw/master/csl-citation.json"} (Nurmilaakso, 2008).
In order to adapt to the new era of business, teaching policies need to be changed. To become a successful businessman or entrepreneur, students must learn new models and communication methods through digital means. By using digital networks, companies can generate innovative ideas, services, and products, which can be translated into better business adaptability. ADDIN ZOTERO_ITEM CSL_CITATION {"citationID":"79Wqnkm5","properties":{"formattedCitation":"(Thomas et al., 2011)","plainCitation":"(Thomas et al., 2011)","dontUpdate":true,"noteIndex":0},"citationItems":[{"id":20,"uris":["http://zotero.org/users/local/v7f61mA3/items/SRS5HYRH"],"itemData":{"id":20,"type":"chapter","container-title":"Work-Integrated Learning in Engineering, Built Environment and Technology: Diversity of Practice in Practice","page":"221244","publisher":"IGI Global","source":"Google Scholar","title":"Work Integrated Learning and Construction Project Management: A Case Study of an Industry-Academia partnership in Ireland","title-short":"Work Integrated Learning and Construction Project Management","author":[{"family":"Thomas","given":"Ken"},{"family":"Wall","given":"John"},{"family":"Graham","given":"Brian"},{"family":"Troy","given":"Patrick"},{"family":"Crowe","given":"David"},{"family":"OConnell","given":"Aidan"}],"issued":{"date-parts":[["2011"]]}}}],"schema":"https://github.com/citation-style-language/schema/raw/master/csl-citation.json"} Reinhard and Singh, (2011) proposed that work-integrated learning programs offer efficient and organized plans. These provide hands-on understanding for the students, leading towards indispensable skill sets for the present-day business competition. This shows the role of digital learning in developing a virtual firm and transforming it into a successful business model. One such example of a virtual firm is the stopsimply.com created by Dr Satow to help people to quit smoking with students assistance using social media. The success of stopsimply.com proved how the non-profit firm can become a successful business model. In this case, digital marketing ensured a successful marketing firm that enabled people to write their views and suggestions in the form of feedback, tweets and blogs. This caused stopsimply.com to progress by engaging funding groups like wer-kennt-wen. This created a direct link between practice and learning. This caused the emergence of evolutionary design based on social media to allow participation from different individuals, focus on a goal, assurance of private and public space, and value addition, leading to successful business firms ADDIN ZOTERO_ITEM CSL_CITATION {"citationID":"e6SzPpEA","properties":{"formattedCitation":"(Reinhard, Satow and Fadil, 2012)","plainCitation":"(Reinhard, Satow and Fadil, 2012)","noteIndex":0},"citationItems":[{"id":18,"uris":["http://zotero.org/users/local/v7f61mA3/items/PW2WH2WY"],"itemData":{"id":18,"type":"article-journal","container-title":"International Journal of Work-Integrated Learning","issue":"1","note":"publisher: Citeseer","page":"39","source":"Google Scholar","title":"Assessing the power of social media marketing: A cooperative educational learning experience","title-short":"Assessing the power of social media marketing","volume":"13","author":[{"family":"Reinhard","given":"Karin"},{"family":"Satow","given":"Lars"},{"family":"Fadil","given":"Paul"}],"issued":{"date-parts":[["2012"]]}}}],"schema":"https://github.com/citation-style-language/schema/raw/master/csl-citation.json"} (Reinhard, Satow and Fadil, 2012).
Participating marketing through the internet offers an efficient means to sharpen the business firm. Our knowledge, experiences, and opinions are integrated into social networks by the internet. The information about a product is extended online through firms such as Amazon where it is possible to get information about its beliefs, social commitments, and the experiences of other customers. A greater awareness of consumer experiences and opinions will underpin the measures taken by businesses to maintain brand identity and reputation ADDIN ZOTERO_ITEM CSL_CITATION {"citationID":"hwoMahsW","properties":{"formattedCitation":"(Jara, Parra and Skarmeta, 2014)","plainCitation":"(Jara, Parra and Skarmeta, 2014)","noteIndex":0},"citationItems":[{"id":28,"uris":["http://zotero.org/users/local/v7f61mA3/items/32FTS3NA"],"itemData":{"id":28,"type":"article-journal","container-title":"Personal and ubiquitous computing","note":"publisher: Springer","page":"9971011","source":"Google Scholar","title":"Participative marketing: extending social media marketing through the identification and interaction capabilities from the Internet of things","title-short":"Participative marketing","volume":"18","author":[{"family":"Jara","given":"Antonio J."},{"family":"Parra","given":"Mara Concepcin"},{"family":"Skarmeta","given":"Antonio F."}],"issued":{"date-parts":[["2014"]]}}}],"schema":"https://github.com/citation-style-language/schema/raw/master/csl-citation.json"} (Jara, Parra and Skarmeta, 2014).
Marketers must seek out authentic brand communities, and coordinate them to develop unique initiatives and resources that will empower both current and future community members while rewarding current customers and inspiring potential customers to alter their behavior ADDIN ZOTERO_ITEM CSL_CITATION {"citationID":"Ax3pgQuR","properties":{"formattedCitation":"(Miller and Lammas, 2010)","plainCitation":"(Miller and Lammas, 2010)","noteIndex":0},"citationItems":[{"id":24,"uris":["http://zotero.org/users/local/v7f61mA3/items/SUGJPLL7"],"itemData":{"id":24,"type":"article-journal","container-title":"Asia Pacific Public Relations Journal","issue":"1","page":"19","source":"Google Scholar","title":"Social media and its implications for viral marketing","volume":"11","author":[{"family":"Miller","given":"Rohan"},{"family":"Lammas","given":"Natalie"}],"issued":{"date-parts":[["2010"]]}}}],"schema":"https://github.com/citation-style-language/schema/raw/master/csl-citation.json"} (Miller and Lammas, 2010). Word of mouth (WOM) plays a significant role in the business arena. Over traditional advertising strategies, referrals from friends, family, or coworkers tend to be more trusted. Social media stimulates WOM among customers leading towards a mature corporative network. However, using social media to engage customers will not be successful if marketing efforts are sporadic ADDIN ZOTERO_ITEM CSL_CITATION {"citationID":"VkyWARpf","properties":{"formattedCitation":"(Kimmel and Kitchen, 2016)","plainCitation":"(Kimmel and Kitchen, 2016)","noteIndex":0},"citationItems":[{"id":26,"uris":["http://zotero.org/users/local/v7f61mA3/items/SCS7LLYW"],"itemData":{"id":26,"type":"chapter","container-title":"Word of Mouth and Social Media","page":"419","publisher":"Routledge","source":"Google Scholar","title":"WOM and social media: Presaging future directions for research and practice","title-short":"WOM and social media","author":[{"family":"Kimmel","given":"Allan J."},{"family":"Kitchen","given":"Philip J."}],"issued":{"date-parts":[["2016"]]}}}],"schema":"https://github.com/citation-style-language/schema/raw/master/csl-citation.json"} (Kimmel and Kitchen, 2016).
Gap of literature
Despite of unlimited benefits associated with the use of social media in boosting business and sales. There are various literature gaps that need to be addressed. This causes the risk of unexpected negative viral spread affecting the company's position and reputation. (Internet Advertising Bureau, 2010). Most of the studies targeting the benefits of social media investigate only short-term impacts of social media on the business arena. The effects could be different in different companies and business firms ADDIN ZOTERO_ITEM CSL_CITATION {"citationID":"VEvyjCyM","properties":{"formattedCitation":"(Dwivedi et al., 2021)","plainCitation":"(Dwivedi et al., 2021)","noteIndex":0},"citationItems":[{"id":32,"uris":["http://zotero.org/users/local/v7f61mA3/items/C8XERUQY"],"itemData":{"id":32,"type":"article-journal","container-title":"International Journal of Information Management","note":"publisher: Elsevier","page":"102168","source":"Google Scholar","title":"Setting the future of digital and social media marketing research: Perspectives and research propositions","title-short":"Setting the future of digital and social media marketing research","volume":"59","author":[{"family":"Dwivedi","given":"Yogesh K."},{"family":"Ismagilova","given":"Elvira"},{"family":"Hughes","given":"D. Laurie"},{"family":"Carlson","given":"Jamie"},{"family":"Filieri","given":"Raffaele"},{"family":"Jacobson","given":"Jenna"},{"family":"Jain","given":"Varsha"},{"family":"Karjaluoto","given":"Heikki"},{"family":"Kefi","given":"Hajer"},{"family":"Krishen","given":"Anjala S."}],"issued":{"date-parts":[["2021"]]}}}],"schema":"https://github.com/citation-style-language/schema/raw/master/csl-citation.json"} (Dwivedi et al., 2021). There comes a need to explore more about the benefits exhibited by the social media in the case of both large business firms as well as small and medium business firms. No globalized information is present in the literature. Most of the countries target only Western countries. There is also a lack of knowledge to address the real investment return based on digital efforts. Anjala S. Krishen's point of view covered a variety of human-centered issues as well as cultural dimensions of digital marketing, citing eWOM in the context of our capacity to comprehend and engage with many cultures and societies. The multi-platform social media era's inherent complexity and enormous prospects provide a paradox to marketers. Digital and social media marketers who are building brand awareness must constantly be aware of how crucial it is to respond to unfavorable comments by swiftly communicating with customers directly ADDIN ZOTERO_ITEM CSL_CITATION {"citationID":"rPZu9qJP","properties":{"formattedCitation":"(Dwivedi et al., 2021)","plainCitation":"(Dwivedi et al., 2021)","noteIndex":0},"citationItems":[{"id":32,"uris":["http://zotero.org/users/local/v7f61mA3/items/C8XERUQY"],"itemData":{"id":32,"type":"article-journal","container-title":"International Journal of Information Management","note":"publisher: Elsevier","page":"102168","source":"Google Scholar","title":"Setting the future of digital and social media marketing research: Perspectives and research propositions","title-short":"Setting the future of digital and social media marketing research","volume":"59","author":[{"family":"Dwivedi","given":"Yogesh K."},{"family":"Ismagilova","given":"Elvira"},{"family":"Hughes","given":"D. Laurie"},{"family":"Carlson","given":"Jamie"},{"family":"Filieri","given":"Raffaele"},{"family":"Jacobson","given":"Jenna"},{"family":"Jain","given":"Varsha"},{"family":"Karjaluoto","given":"Heikki"},{"family":"Kefi","given":"Hajer"},{"family":"Krishen","given":"Anjala S."}],"issued":{"date-parts":[["2021"]]}}}],"schema":"https://github.com/citation-style-language/schema/raw/master/csl-citation.json"} (Dwivedi, 2021). As per the report generated by Internet Advertising Bureau (2010), the major gap includes the demonstrable results and investment return (74% of respondents), and the unavailability of reliable metrics for risk assessment (64% of respondents). To overcome this, it is mandatory to create effective business models and statistical metrics. Another gap noted in most studies is the inaccuracy of results, especially during conducting a survey. For example, it may have been another person instead of that participant who noticed the advertisement and provided the information on behalf of the participant ADDIN ZOTERO_ITEM CSL_CITATION {"citationID":"DRXc21RF","properties":{"formattedCitation":"(Lockett, 2018)","plainCitation":"(Lockett, 2018)","noteIndex":0},"citationItems":[{"id":34,"uris":["http://zotero.org/users/local/v7f61mA3/items/LBCG5LVH"],"itemData":{"id":34,"type":"thesis","genre":"PhD Thesis","publisher":"Walden University","source":"Google Scholar","title":"Online marketing strategies for increasing sales revenues of small retail businesses","author":[{"family":"Lockett","given":"Asia"}],"issued":{"date-parts":[["2018"]]}}}],"schema":"https://github.com/citation-style-language/schema/raw/master/csl-citation.json"} (Lockett, 2018). Virtual firms offer computer-based communication where one can communicate with anyone anonymously. This can occasionally prove problematic, though, as it can be used to disseminate false information for nefarious purposes. There needs a pivot study to observe and analyze data. Social media enables to assessment of data which could be used to learn, investigate the analyze further to do efficient marketing, create quality products and satisfy the audience. The effects of social media also need to be tracked and adjusted from time to time as technology advances in order to stay up with the pace of life. Therefore, continued research into the benefits of social media on all commercial platforms is necessary ADDIN ZOTERO_ITEM CSL_CITATION {"citationID":"UMkvPY39","properties":{"formattedCitation":"(Kraus et al., 2019)","plainCitation":"(Kraus et al., 2019)","noteIndex":0},"citationItems":[{"id":37,"uris":["http://zotero.org/users/local/v7f61mA3/items/IBHYP83L"],"itemData":{"id":37,"type":"article-journal","container-title":"International Journal of Entrepreneurial Behavior & Research","issue":"2","note":"publisher: Emerald Publishing Limited","page":"353375","source":"Google Scholar","title":"Digital entrepreneurship: A research agenda on new business models for the twenty-first century","title-short":"Digital entrepreneurship","volume":"25","author":[{"family":"Kraus","given":"Sascha"},{"family":"Palmer","given":"Carolin"},{"family":"Kailer","given":"Norbert"},{"family":"Kallinger","given":"Friedrich Lukas"},{"family":"Spitzer","given":"Jonathan"}],"issued":{"date-parts":[["2019"]]}}}],"schema":"https://github.com/citation-style-language/schema/raw/master/csl-citation.json"} (Kraus et al., 2019). The use of digital networks such as Facebook, Twiter and Linkedin have provided good platforms to extract data from the public in order to build professional productconsumer linkages. It is also recommended to run cooperative digital projects to investigate interoperable associated data, and to do social mining and semantic techniques. This results in the generation of broader data exploits ensuring a gathered data based on multiple participative marketing firms. To address the literature gap, we need collective contributions from computer experts and mathematicians. This would lead to the prediction and assessment of upcoming economic, political and social queries ADDIN ZOTERO_ITEM CSL_CITATION {"citationID":"FKApuyKR","properties":{"formattedCitation":"(Jara, Parra and Skarmeta, 2014)","plainCitation":"(Jara, Parra and Skarmeta, 2014)","noteIndex":0},"citationItems":[{"id":28,"uris":["http://zotero.org/users/local/v7f61mA3/items/32FTS3NA"],"itemData":{"id":28,"type":"article-journal","container-title":"Personal and ubiquitous computing","note":"publisher: Springer","page":"9971011","source":"Google Scholar","title":"Participative marketing: extending social media marketing through the identification and interaction capabilities from the Internet of things","title-short":"Participative marketing","volume":"18","author":[{"family":"Jara","given":"Antonio J."},{"family":"Parra","given":"Mara Concepcin"},{"family":"Skarmeta","given":"Antonio F."}],"issued":{"date-parts":[["2014"]]}}}],"schema":"https://github.com/citation-style-language/schema/raw/master/csl-citation.json"} (Jara, Parra and Skarmeta, 2014).
Conclusion
Studies have shown the significant effects of social media marketing in generating business avenues. It is an essential component to depict business run, and sell their goods and services by interacting with consumers and managing brands. However, the success of a business doesn't entirely depend on social media. There is a need to work on in-depth market analysis, decision-making policies, statistical metrics and promotion. Media offers a great platform for retailers to target a specific audience to increase their brand reputation. Assessing online data shared with different companies help to improve key metrics, leading to the creation of better business policies. Social media enables consumers to share their opinions and demands, which leads towards the better creation of retailers' policies. As huge business firms introduce their products into the market, they use both conventional and unconventional media to position their product advertisement. However, the studies targeting small firms need to explore more in order to address their perspective regarding the consumers feedback. Social media impacts new and modern business areas by providing a wider yet targeted audience, immediate consumer interaction, brand reputation, monitoring competitors, ensuring global reach and trend spotting. However, the ethical concern and issues regarding data privacy needs to be considered while adopting social media marketing. Additionally, research should explore how the retailers must make alterations to keep themselves in the spotlight of the consumers. So further study is required to investigate the chance of benefits imparted to everyone including marketers, retailers and consumers. The causality associated with social media and modern businesses offers a reciprocal linkage. This means that both influences each other. Social media can drive business policies. It can boost business growth and development. The causality between business and the digital world is not unidirectional. It varies with the ways the retailers use digital marketing. This leads to a broad range of outcomes and influences.
References
ADDIN ZOTERO_BIBL {"uncited":[],"omitted":[],"custom":[]} CSL_BIBLIOGRAPHY Dwivedi, Y.K., Ismagilova, E., Hughes, D.L., Carlson, J., Filieri, R., Jacobson, J., Jain, V., Karjaluoto, H., Kefi, H. and Krishen, A.S., 2021. Setting the future of digital and social media marketing research: Perspectives and research propositions. International Journal of Information Management, 59, p.102168.
Hensel, K. and Deis, M.H., 2010. Using social media to increase advertising and improve marketing. The Entrepreneurial Executive, 15, p.87.
Jara, A.J., Parra, M.C. and Skarmeta, A.F., 2014. Participative marketing: extending social media marketing through the identification and interaction capabilities from the Internet of things. Personal and ubiquitous computing, 18, pp.9971011.
Kimmel, A.J. and Kitchen, P.J., 2016. WOM and social media: Presaging future directions for research and practice. In: Word of Mouth and Social Media. Routledge. pp.419.
Kraus, S., Palmer, C., Kailer, N., Kallinger, F.L. and Spitzer, J., 2019. Digital entrepreneurship: A research agenda on new business models for the twenty-first century. International Journal of Entrepreneurial Behavior & Research, 25(2), pp.353375.
Lockett, A., 2018. Online marketing strategies for increasing sales revenues of small retail businesses. PhD Thesis. Walden University.
Malesev, S. and Cherry, M., 2021. Digital and social media marketing-growing market share for construction SMEs. Construction Economics and Building, 21(1), pp.6582.
Miller, R. and Lammas, N., 2010. Social media and its implications for viral marketing. Asia Pacific Public Relations Journal, 11(1), pp.19.
Nurmilaakso, J.-M., 2008. Adoption of e-business functions and migration from EDI-based to XML-based e-business frameworks in supply chain integration. International Journal of production economics, 113(2), pp.721733.
Pentina, I., Koh, A.C. and Le, T.T., 2012. Adoption of social networks marketing by SMEs: Exploring the role of social influences and experience in technology acceptance. International Journal of Internet Marketing and Advertising, 7(1), pp.6582.
Reinhard, K., Satow, L. and Fadil, P., 2012. Assessing the power of social media marketing: A cooperative educational learning experience. International Journal of Work-Integrated Learning, 13(1), p.39.
Steren, K.E., 2015. DanSa, a Dance Curriculum to Increase Physical Activity in a Newly Emerging Latino Community. PhD Thesis. University of Pittsburgh.
Thomas, K., Wall, J., Graham, B., Troy, P., Crowe, D. and OConnell, A., 2011. Work Integrated Learning and Construction Project Management: A Case Study of an Industry-Academia partnership in Ireland. In: Work-Integrated Learning in Engineering, Built Environment and Technology: Diversity of Practice in Practice. IGI Global. pp.221244.
Venkateswaran, R., Ugalde, B. and Gutierrez, R.T., 2019. Impact of social media application in business organizations. International Journal of Computer Applications, 975(8887), pp.510.
1st assessment research plan
TABLE OF CONTENTS
TITLE PAGE1
TABLE OF CONTENTS....2
Research Overview and Justification.3
Research gap.3
Research Questions and Research Objectives...4
Initial Literature Review.................................................................................................................4
Significant Contribution of the Research......5
REFERENCES...6
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Evaluate the Uses and Benefits of social media in Modern Business Arena
Research Overview and Justification:
Everyone is aware of social media's influence and power over customers in the modern digital era. Marketers no longer use conventional marketing methods and resources. In the modern digital world, everything is just a click away. The practice of modern marketers using social media to advertise their goods or services is known as social media marketing (SMM). In order to connect with users, who are increasingly turning into simple targets for marketers due to their constant access to online information and capacity to learn anything about the goods or brands they want to purchase, they share their content on websites like Facebook, Twitter, YouTube, LinkedIn, Pinterest, Instagram, Snapchat, and others.
.
According to a 2018 Bloomberg Report, 32% of the world's population, or those born between 1995 and 2010, belongs to Generation Z. This generation grew up entirely in a digital environment. In a more enlightened perspective, social media has demonstrated itself as a cost-effective channel for sharing information, accessible to a wide range of individuals and entities including consumers, businesses, organizations, governments, and more. It serves as a platform for learning, educating, sharing, creating, marketing, advertising, and enhancing the core concept being disseminated.
Social media marketing (SMM), now extending its influence beyond the realm of social media, has emerged as the primary avenue for technology strategists. At the heart of this marketing approach lies digital word-of-mouth communication. Hensel and Deis (2010) assert that there are benefits and drawbacks to using social media. They are in favor of maintaining an active social media presence to inform business owners and entrepreneurs completely. They also encourage companies to keep an eye on this to learn more about their clients.
Research gap:
While it is generally agreed that young people use social media more regularly, some of these studies indicate that it might be difficult to reach a representative sample of people from various age groups. The study highlighted how SMM's inability to target a particular clientele base may be a major drawback (Reinhard et al., 2012).
Data from many different countries are required to fully understand how SMM functions. Future research could look at this information to determine whether and how culture can affect SMM and its spread. Future research in this area may raise SMM's adoption across many different industries and improve its propensity for prediction. More research in the before mentioned fields and industries would be helpful for this area of SMM research.
Research Questions
1. What is the relationship between social media and modern businesses?
2. What is the impact of social media on the modern businesses areas relationship?
3. What are the uses and benefits of social media toward modern businesses?
Research Objectives
1. To investigate is the relationship between social media and modern businesses.
2. To investigate the impact of social media on the modern businesses areas relationship.
3. To investigate the uses and benefits of social media toward modern businesses.
Initial Literature Review
Contemporary literature presents various emerging interpretations of social media marketing (SMM). As outlined by Pentina and Koh (2012), social media marketing (SMM) promotes viral interactions among consumers within online communities, interactions with brand and fan pages, and the dissemination of promotional content by enterprises and organizations on widely used networking platforms such as Twitter, Facebook, and similar platforms. According to Jara, Parra, and Skarmeta (2014), SMM represents an innovative marketing approach that harnesses the potential of social networks to amplify consumer engagement and capture their focus.
The study shows that, at a time when traditional media is growing more expensive and less effective, particularly among younger and male audiences, advertisers are using social media much more frequently. As reported by Nielsen, social networks and blogs were utilized by 46.6 million individuals in Japan, 31 million in Brazil, and 142.1 million in the United States in December 2009 (WARC 2010a). In Australia, over 70% of Internet users engage with social networks, with Facebook boasting more than 6 million registered members and Twitter amassing 800,000 registered followers, as indicated by comScore (2009). Furthermore, findings from the McCann Tracker Study conducted in 2008 revealed a significant rise in the percentage of active blog readers, surging from 54% to 77% within a span of just two years.
Most customers surveyed, according to EDI (2008) research, depended on various social media websites as much as company websites to learn about products and brands, and over half of those made a purchase choice based on what they discovered. This implies that social media is also making a case for how it can affect consumer behavior. Despite the fact that social media programs are user-managed, the information's sources and consumers are still unknown (Thackeray et al. 2008, p. 341).
Significant Contribution of the Research:
Utilizing social media to identify and connect with influential consumers can be a powerful strategy for building brand advocates and fostering viral campaigns. However, establishing and upholding trust is crucial to address potential customer hesitations and to cultivate online WOM promotion. The "old-school" methods of website advertising must be abandoned in favor of relationship marketing concepts, which call for the creation of virtual spaces where users may interact and exchange pertinent knowledge. One strategy for brands to be successful is to embrace "co-creation" rather than the hard-sell approach. Social media marketers have the capacity to change customer behavior by influencing a brand community using of existing online social networks or by building new ones.
In the evolving landscape of digital media, marketers are tasked with discovering or cultivating genuine brand communities. They should actively engage with these communities, tailoring unique solutions and initiatives that empower both prospective and existing members. This involves recognizing the value of current customers, motivating potential ones, and driving transformative behavior. Leveraging such opportunities could enhance the impact of advertising in the swiftly digitizing domain of television and other visual and auditory platforms. This can be achieved by employing collaborative approaches that synergistically integrate multiple niches for co-creation. The bulk of the 71 retrieved studies listed Facebook, Twitter, YouTube, and LinkedIn as the platforms used most frequently to engage with the target audience. These websites have become the Web 2.0 regulatory hubs via which all SMM is carried out as a result of people's love for them.
Due to the rise of social media platforms., numerous companies increased the scope of their service offerings to include social media. According to industry sources, 80% of businesses intended to use social media for customer service by the end of 2012. Customer service on social media will probably alter how companies interact with their customers. In contrast to "old media," which refers to more conventional media like magazines, newspapers, and websites, "new media" refers to social media. Supporters of social media assert that its robust style and interactive character can be an effective tool for strengthening bonds between businesses and their clients.
References
Alexanyan, K., 2009. Social networking on Runet: The view from a moving train.Digital Icons: Studies in Russian, Eurasian and Central European New Media,1(2), pp.1-12.
Frandsen, M., Walters, J., & Ferguson, S.G. (2014). Exploring the viability of using online social media advertising as a recruitment method for smoking cessation clinical trials. Nicotine and Tobacco Research, 16(2), 247-251. doi: 10.1093/ntr/ ntt157
Hensel, K. and Deis, M.H., 2010. Using social media to increase advertising and improve marketing.The Entrepreneurial Executive,15, p.87.
Jara, A.J., Parra, M.C. and Skarmeta, A.F., 2014. Participative marketing: extending social media marketing through the identification and interaction capabilities from the Internet of things.Personal and ubiquitous computing,18, pp.997-1011.
Kimmel, A.J. and Kitchen, P.J., 2014. WOM and social media: Presaging future directions for research and practice.Journal of Marketing Communications,20(1-2), pp.5-20.
Miller, R. and Lammas, N., 2010. Social media and its implications for viral marketing.Asia Pacific Public Relations Journal,11(1), pp.1-9.
Nurmilaakso, J.M., 2008. Adoption of e-business functions and migration from EDI-based to XML-based e-business frameworks in supply chain integration.International Journal of production economics,113(2), pp.721-733.
Pentina, I., Koh, A.C. and Le, T.T., 2012. Adoption of social networks marketing by SMEs: Exploring the role of social influences and experience in technology acceptance.International Journal of Internet Marketing and Advertising,7(1), pp.65-82.
Reinhard, K., Satow, L., & Fadil, P. (2012). Assessing the power of social media marketing: A cooperative educational learning experience. Asia-Pacific Journal of Cooperative Education, 13(1), 39-53.
Assessment topic: Evaluate the Uses and Benefits of social media in Modern Business Arena
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Assessment type:Report Individual. Methodology Plan and Ethical Consideration approximately 3,000words
Submission:Written Proposal upload a soft copy Word .doc or .docx to Moodle and Turnitin via linksin Moodle.
This number 3 assignment is based on my previous 2 assignment that I have done the research question and research objectives and topic for all 3 assignments is same
Research Questions
1. What is the relationship between social media and modern businesses?
2. What is the impact of social media on the modern businesses areas relationship?
Research Objectives
1. To investigate the correlation between social media and modern businesses.
2. To investigate causality between social media and modern businesses.
(I AM ALSO sharing my previous 2 assessments that I have do on this topic 1st one research plan and 2nd one literature review)
Format (Methodology Plan and Ethical Consideration)
COVER PAGE
TITLE PAGE
TABLE OF CONTENTS
1. Descriptive Summary
2. Research Questions Research Objectives
2.1: Research Questions.
2.2: Research Objectives
3. Alternative Methodology 1
3.1: Research Approach ....
3.2: Type of Data.
3.3: Sampling Plan..3.4: Data Collection Plan..3.5. Data Analysis Plan .......
4.6. Advantages & Limitations
4.7: Ethical Consideration
5. Recommendation
REFERENCES
