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The impact of social media on business performance
The impact of social media on business performance
The role of social media in business communication pdf
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This assignment summarizes the following chapter: Digital Platforms; Digital Marketing and Advertising and, Digital Payment System.
In the first chapter, Digital Platforms are website platform for offering content in Internet from suppliers to consumers and third parties. It has two aspects: users of the platform and direct communication between the characters to negotiate. Digital platforms are divided into: Business to Consumer (B2C) platforms, Business to Business (B2B) platforms, Consumer to Consumer (C2C) platforms, Peer to Peer (P2P) platforms and Social Media platforms.
Social media are applications to create form of expression including share information, ideas via networks. There are two categories: two perspectives of self-presentation/self-disclosure
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They can have revenue by advertising, selling, shopping products and services but also using Big Data and global expansion.
Another important aspect is content because it has to be innovative, engage internal and external knowledge resources and share creative content. A last critical is understand user diversity. To succeed, it’s necessary: community engagement, understanding of customers and content development, however, it’s really hard to develop it.
Main obstacles are engaged suppliers and consumers to join the platform, solve conflicting interests, uncertainties regarding services and products and, the reliability of the users’ comments.
The second chapter is Digital Marketing and Advertising. To do it, it’s important to understand consumers by researching, contacting them and investigating markets. The consumer’s enroll is divided into:
Pre-purchase activities: investigate optimal products and survey alternatives. Customers use digital technologies to search the suitable items or services.
Buy activities: contains all the purchasing actions that users can do.
Post-purchase activities: involves all the experience after the investment. Users evaluate and review merchandises through
Driving site traffic will be the biggest hurdle for this business model. Getting sellers to populate the site and buyers to browse will require marketing both on and offline. Though a marketing mix designed for the target audience and eventually the general public will be able to escape this hurdle.
Customers tend to spend less time on item’s they buy every day or week unlike big ticket items like appliances. Customers spend a longer decision making process when spending a substantial amount of money as they compare features, quality, brands etc. During my observation, the customers were spending a substantial amount of time in the big ticket aisles and engaging the store service men and women before making the decision to purchase the item. Some of the customers I spoke to mentioned they visited other stores, researched and talked to family and friends
The eMarketing space consists of new Internet companies that have emerged as the Internet has developed, as well as those pre-existing companies that now employ eMarketing approaches as part of their overall marketing plan. For some companies the Internet is an additional channel that enhances or replaces their traditional channel(s). For others the Internet has provided the opportunity for a new online company.
From buying a hamburger to buying a house people use a process in order to make a decision on what to buy. (book cite) describes this as the consumer decision process (pg.175). Utilizing a consumer decision process model, marketers are able to better understand how consumers are purchasing products and services. The five step consumer decision process model includes need recognition, information search, alternative evaluation, purchase, and post purchase. Not all purchases require following all five steps to a T, but consumers, whether they know it or not, follow a version of this model when making a purchase. Companies also use this model in order to effectively market their products and services. A company
Digital marketers must keep up-to-date with the consumers preference, trends and needs, in order to meet these needs and to be able to remain competitive in the market . The connectivity created by digital media leads to enhanced product benefits such as online games and applications (Pride & Ferell, 2014). However, the use of the internet to sell products could be a disadvantage to the business since the goods being sold are intangible, the consumer could research and find reviews describing a product as low quality which could result in sale losses (Brand Driven Digital, 2013).
In the advancement in today’s technology, businesses are taking the opportunity from changing from manual to digital. With so many changes involving the digital economy, it has been one of the ultimate reinforcements towards the digital renovation. What is the digital economy? The digital economy is said to be an economic activity which is the consequences from billions of everyday online connections among people, businesses, devices, data, and processes (Deloitte, 2017). Nevertheless, the digital economy is basically not only about the poignant of the business contacts from face to face to online but it's about renovating the many facets of business interactions and transactions and also enabling economic innovations (Tech Target,
Digital marketing is a growing field that “promotes products or brands via one or more forms of electronic media.” Examples of “advertising mediums that might be used as part of the digital marketing strategy of a business could include promotional efforts made via the Internet, social media, mobile phones and electronic billboards, as well as via digital and television and radio channels” (businessdictionary.com) This method of advertisement makes a digital marketing analyst necessary to help navigate a company through the proper marketing channels.
Conclusion Companies are better able to market their products to consumers if they have a good Understanding of the consumers and the basic purchase decision process. By understanding the consumer and the type of purchasing behavior associated with different products, marketers are more likely to create a marketing campaign that positively impacts the consumer’s purchasing decision.
Significant innovations have occurred across the business or intermediate services sectors and the domestic or consumer service sectors, across the fields of entertainment, communication, and information sharing and the website that I am using for my case study is one of them. Imeem.com is a unique file sharing social networking site where individuals pool their time, experience, wisdom, resources, and creativity to form new information, knowledge, and cultural goods. Drawing from Henry Jenkins work I will focus on how the website is redesigning the digital economy, renegotiating relations between producers and consumers and reengaging the citizens.
Nature of doing business, over a period of time has changed with the development in the information technology. It was believed that the reduced cost of transactions done electronically will lead to decrease or disappearance of the traditional intermediaries which will reflect a change in the electronic value chain. The effect of electronic business will restructure the traditional market – Disintermediation where the traditional intermediaries will lose its existence; Re-Intermediation where they will be forced to set apart and will re-develop in the electronic business; and Cybermediation where entirely new markets will be formed for the intermediaries.
Business today is inextricably intertwined with technology, from the smallest home office, to a multinational corporation with multiple monolithic legacy application. It is impossible to be in business today without confronting the issues of technology. The way we do business today is different than 30 years ago. Technology has evolved around the areas of telecommunication, travel, stock market, shipping even around our daily lives. E-commerce a system by which people can buy, sell and deal without even seeing the person on the other side has taken a front seat in improving the economy of countries around the world. Technology today has made it possible for monetary institutions to help locate the customers resources and help solve their problems at any given time through online banking. The Internet, a boon to all business, is playing a part of a catalyst; it links millions of customers to its suppliers and vice versa due to this, manufactures are able to cut the role of middlemen and are able to deal with the customers, giving them the ability for direct input from the customers about their choices and views of their product. The busi...
Social media is a form of online communication channels devoted to society input, intercommunication, and cooperation. In social media, people can talk and interact without restriction, exchange and debate information with each other about their lives by using many different combinations of the words, personal multimedia, photos, and videos. Also, in social media, individulsa and groups can create, edit, comment on, and engage in personal conversations. There are numerous types of social media, for example, wikis, blogs, social network site, micro blogging services, and sites sharing media. At the beginning, social media was limited to a few networks sites, for instance, Bulletin Board System that allows people to communicate with each other and post a comment. Today, social media has transformed from ineffective sites to more useful and effective websites, for example, Facebook, and MySpace. Some companies are using social media to achieve their goals which is attracting more customers to company website. Three advantages of using social media in business are: raising brand consciousness, building customer relationships, and increasing performance measurements.
According to a study by Dr. Kirthi Kalyanam, who obtained his doctorate in Business Administration, “88% of consumers are researching items online and then buying in a physical store.” (Kalyanam) This signifies that a big measure of consumers use the data that they have obtained online, largely triggered by advertisements, when they undergo the decision making process when buying a product/service in a store. Since the consumer has already explored the product online, the decision making process is cut down significantly and the consumer almost always buys the merchandise that they have already searched. This research that they conduct is mostly sparked by an online advertisement which the consumer sees about the product. The advertisement usually doubles as a hyperlink to the product’s website, making it simple and easy for consumers to find more about the
There can be many things that might factor into the want to buy something. There are many steps that a customer takes before actually buying a product.
In the end, social media provide a way of keeping in relations with friends, also allow many companies to reach a large number of costumers and to be more productivity. At the same time, media are changing the ways in which we communicate and interact with others. Social media is a very interesting thing in our life. It was made for the free exchange of lots of information all around the world without boundaries but we have to know well how and why to use these media.