Research Plan Assignment

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.

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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.

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