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Social media and its impact on business
Social media as a marketing tool
Social media and its impact on business
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Introduction
The purpose of this report is to provide information about Radian6's social media monitoring software and the use of their software to manage marketing information. The primary focus of this report is to analyse key issues that face marketing researchers in relation to the use of Radian6's software, and to provide recommendations to marketers who are considering using the software to gather marketing information and engage customers.
This report is made up of four key issues: choosing the right tools to gather primary data, ensuring relevance of netnographic data, gaining insight into data and using market data to help manage customer relationships .
Radian6 offers cloud-based software which gathers people's posts or comments (reactions) from online social media channels [see Appendix D].
Case Issues
Choosing the Right Tools to Gather Primary Data
The gathering of primary data is the key issue in this case because the enormous amount of data available makes it hard to collect data in an economical fashion and segment it appropriately and choosing the right tools for data gathering can make a big difference in effectiveness and efficiency.
Radian6's research approach is a form of ethnographic research known as netnography, a term coined by Kozinets (1998 ) and later defined by Kozinets (200 2, p. 1) as " ethnography adapted to the study of online communities."
This netnographic approach employed by Radian6 means that marketers can gain insights into customer opinions without bias caused by traditional contact methods and without invasion of the customer's privacy. Langer and Beckman (2005 ) found that cosmetic surgery consumers freely offered experiences and opinions via internet discussion boards due to the ...
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...vangelists, viewed 30 June 2011, http://www.radian6.com/wp-content/uploads/2010/12/R6_FindYourBrandEvangelists.pdf
Radian6 (2010b) Radian6 Playbook, viewed 28 June 2011, http://www.radian6.com/wp-content/uploads/2010/07/Radian6_PlayBook.pdf
Radian6 (2011) Radian6 Insights Overview, video recording, viewed 29 June 2011, http://www.youtube.com/watch?v=GgshLf8HaDU&feature=player_detailpage#t=29s
Rouholamini, M. and Venkatesh, S. (2011) International Journal of Information Technology and Knowledge Management, 4, 2, pp. 723-729, viewed 30 June 2011, http://www.csjournals.com/IJITKM/PDF%204-2/Article_71.pdf
van Herk, H., Poortinga, Y.H., Verhallen, T.M.M. (2005) Equivalence of survey data: relevance for international marketing European Journal of Marketing, 39, 3/4, pp. 351-364, viewed 01 July 2011, http://iba8010kelly.alliant.wikispaces.net/file/view/equivalence.pdf
The marketing industry is rapidly changing, advancing, and adapting to the technology. The industry will continue to be refined as we move from traditional to nontraditional strategies. RPZ Social Media Analytics and Genaflek have experienced these changes first hand, which in turn opened a window of opportunity for RPZ Social Media Analytics to purchase Genaflek Marketing. Since the purchase, RPZ Marketing has had to face many new exciting challenges and obstacles. RPZ struggles with a lack of qualified resources, as the employees from Genaflek used traditional marketing strategies. How will RPZ Marketing continue to be a leading marketing firm offering cutting-edge, innovative solutions specializing in diverse media applications?
...6. Fisher Center for Information Technology & Management, University of California in Berkeley. June 1995
Marketing is a core pillar of an organization and contribute significantly in its prosperity through attaining the laid down targets as well as scope of development. The position of an organization is hugely based on its competitiveness and capacity to capture a significant portion of the market in relation to the prevailing needs of consumers. Interaction of the organization with the consumers and the potential consumer in the market arena is attained through the marketing wing of the organization (Ferrell& Hartline, 2012). The preferences of the consumer and avenues of satisfaction are aligned to the established marketing frameworks. However, the success of organization marketing is highly inclined to the marketing strategies formulated and adapted towards coping with competition and eventually enhancing firm competitiveness.
These issues could have been resolved if a proper market analysis was done. The outcome of this research could have suggested that it best suits highly populated areas. The objective of this research is to help a company or an entrepreneur understand the business environment better as well as customers’ needs and, therefore, make better business decisions. Once the market research data is compiled, it is then evaluated upon which recommendations and conclusions are drawn.
Social media have gained popularity in recent years as an advertising tool; businesses nowadays use social media to advertise their brands and products. Red Bull promotes on social media a particular life style concentrated on energy, sports and performance rather than their own product (Carlier, 2013). Red Bull has integrated different types of social media to reach out to their targeted market. It will be discovered later on what different types of social media tools and which media is the least effective for Red Bull to use.
Extant data analysis: documents and records such as sales reports, customer surveys, safety reports and concentrating on performance outcomes.
Social media is an imperative public relations tool for companies to utilize in their business practices. Social media cannot be regulated so anyone can say what they please about the company, whether it is good, bad or ugly. Social media is developing rapidly and there are new platforms
Among the billions of social media users, there is a percentage dedicated to businesses who use social media as part of their marketing strategy. The sheer number of people who use services like Facebook and Instagram on a daily
Zeleny, M (ed.) 2000, The IEBM handbook of information technology in business, Thomson Learning, London.
...beneficial to study the customer perception of social media structures and observe the real impact of the system that carries on customer devotion and commitment. “Face-to-face contact is being used less often by salespeople to build and maintain client relationships” (Marshall, Moncrief, Rudd, & Lee, 2012, p. 353). Additional exploration is vital to offer useful instruction as well as creating theory on the subjects that may be presented during operation. Andzulis, Panagopoulos, and Rapp posit that social media will provide ample research in the future and that it will be able to mold not only future sales and marketing strategies but also corporate philosophies for the foreseeable future (Andzulis et al., 2012, p. 315).
Social media in marketing is used as an apparatus that builds an identity for a brand and gives awareness that they thought they could have. It does not only respect buyers, but also customer allegiance. Social media is widely-ranged so it can be used in whatever way that best conforms to the strategy and wants of the business. In accordance to the social media marketing report of 2014, a considerable (64%) of marketers use social media for at least 6 hours or more and 41% for 11 hours or more weekly, more importantly nearly (19%) of marketers use up to 20 hours each week on Facebook, Twitter, LinkedIn, Instagram and many more. The report also showed 7 social media platforms that led in 2014 which are Facebook, Twitter, LinkedIn, Google+, Youtube, Pinterest and Instagram.
Since social media users grow larger and larger, many companies take the opportunities of using social media marketing to reach more customers. Companies use social media marketing in order to achieve marketing communication and branding goals. Social media allows companies to see what prospects are saying about their brands and competitors. It also allows companies to build deeper relationships with existing customers that drives them to purchase again and again. Not only it can help them generate new leads, but it allows them to build deeper relationships with existing clients that drives them to purchase again and again. It has become common for businesses to branch out and experiment with multiple networks with the aim of reaching the maximum amount of costumers.
Paige B., Brian D. and Cameron W. (2012). Business Driven Information Systems, 3rd Canadian Ed. 300 Water St, Whitby, ON L1N 9B6, McGraw Hill Ryerson Ltd
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