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More handpicked essays just for you.
Positive and negative effects of social media on business
Influence of social media on business profitability
Impact of social media on business performance
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Cameron’s Coffee has turned itself into a $40 million dollar business that continues to grow, adapt, and push boundaries. Social media, big data, and cloud computing have only recently become an integral part of businesses. Consumer relations and maximizing revenue are two vital factors that benefit when those three different methods are used. This white paper will provide recommendations that will boost the company in customer relations and profits.
Summarize perceived technology needs
Although Cameron’s Coffee is a $40 million dollar business it could benefit on the technological side of things, which would add additional revenue. The social media presence for the company is null paralyzing a portion of consumers that would expand
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A consistent media presence is vital in staying successful so three people running three different accounts can really put the company out there for others to see. Twitter, Facebook, and Reddit are great tools that can be used to reach all types of consumers. Consumers will feel more connected and like they have a voice, which will only boost sales and the popularity of the company. The reach of social media is endless so this could bring us customers from all over the world. Also, following our competitors on social media will give us the chance to keep tabs on them and see how they’re using social media. If something works for them then maybe we could put our own spin to it and use it. I think it gives us somewhat of an advantage as well because we could benefit if something doesn’t work or if they have backlash. We’d be able to jump in and use that as an opportunity for our company. Social media will broaden our consumer base and give us valuable insight as to how our consumers think, what they want, and how to serve them better. Cameron’s Coffee could use social media before the launch of a flavor to see how it’d be received by consumers then adjust their strategy from there. Big data is an immense amount of unstructured, semi-structured, and unstructured data that exceeds the processing capacity of conventional data systems. The data can then analyzed and used to spot trends and improve processes. Businesses are using big data to collect data on how consumers use their products and then using that to reveal how to improve those products. Big data is helping businesses tremendously on the consumer front by not only remembering customers, but also their preferences and
Until about 1990, coffee was traded in a managed market, where both consuming and producing countries agreed on pre-determined coffee supply levels through export quotas for the producing country. This managed market was regulated by the International Coffee Agreement (ICA). But in 1990, disagreements broke out among the countries and the ICA was broke down. This, along with market liberalization, created an increase in the global coffee production. The increase in coffee supply brought on a rise in inventories in consumer countries along with a poor demand. One of the consequences of this shift was a change in power to the roasting and retailing industries and created a decrease in the prices that were paid to producers. This whole scenario is known as the coffee crisis.
The larger serving size of Great Cups of Coffee is perhaps the most apparent gage that will improve appeal for the company’s customers. Receiving extra of a proportionately quality product for a comparable price obviously works as an enticement for customers to prefer Great Cups more than the opposition. While customers identify with a better quality and superior taste with fresher coffee, Great Cups supports its effective model of serving coffee that has been roasted no more 72 hours ago and that is blended and ground right at the store. Great Cups also provides as an unintended marketing method community bulletin boards and assists with book club gatherings as well as
...rces of Big Data . This huge amount of data possible for researchers to know the consumer behavior of customers , thereby refining the Internet of Things devices more suitable , we began serving daily lives of us more effectively . It can also be used for the production , thereby reducing human involvement . In the words of Daniel Kaufman predicted it " will do little more human " by Big Data .
Many organizations have had to change the way they operate because social media has become such a powerhouse that has to be implemented in their marketing and communication strategies.
There are also many added values and strengths of social media. One of them is that it establishes connections between the business and consumer and between the business to other businesses. This in return would increase in sales as well as a stable network of consumers and businesses. Another strength of social media is that it increases the exposure of the business. For most businesses, the more marketing that there is, the better it is for the business. An additional strength and added value of social media is that it establishes a more effective two-way communication. It allows the communication between the businesses and the consumers to be smoother and more efficient.
The key strategy implementation efforts at Amazon all surround the use of “big data”. Big data is the growth and availability of large volumes of structured/unstructured data. The use of big data has allowed decision making based upon data and analysis instead of past experience and intuition. Big data has directed organizational change in allowing Amazon to expand from an online book store to an internet giant. Revolutionary application of big data has allowed Amazon to create superior service quality while motivating employees by providing real time information to solve customer issues. Big data has strengthened Amazon’s competitive capabilities by pioneering the application of big data and charging a monthly fee to smaller businesses
Big data enable companies to understand and to analyze their customers and help make better business decisions in the most industries. In this paper we focus on Walmart. They use big data to get a real-time view of the workflow in its distribution centers, pharmacy, physical stores and online stores. Big data are essential for corporate strategies, and Walmart is analyzing and utilizing big data amazingly.
You may ask what big data analytics is. Well according to SAS, the leading company in business analytics software and services describes big data analytics as “the process of examining big data to uncover hidden patterns, unknown correlations and other useful information that can be used to make better decisions.” As the goal of many companies which is to seek insights into the massive amount of structured, unstructured, and binary data at their disposal to improve business decisions and outcomes, it is evident why big data analytics is a big deal. “Big data differs from traditional data gathering due to that it captures, manages, and processes the data with low-latency. It also one or more of the listed characteristics: high volume, high velocity, or high variety. Big data comes from sensors, devices, video/audio, networks, log files, web, and social media which much of it is generated in real time and in a very large scale.”(IBM) In other words, companies moving towards big data analytics are able to see faster results but it continues to reach exceptional levels moving faster than the average person can maintain.
Effectively, big data provides the companies with the opportunity to know and understand their customers. With Big Data, a company holds a lot of information about their customers, such as their habits, what is the product they prefer, the time they make purchases, how many products they buy and what kind of promotion their prefer. Then they can make a relation with who the person is, age, gender. Thus they can adapt their offer to the customer. If you are a good client, you can have private discount, or more discount. The objective is to know personally your customer to make them feeling unique.
Coca-Cola could use its social media network to introduce its products. This could be beneficial to the company, increase awareness of other products and increase revenue. Threats – The ever changing health-consciousness attitudes of the market could have a serious impact on Coca-Cola. This is a dominant threat because people are constantly trying to change their eating and drinking habits. Social media could exploit the unhealthy side of Coca-Cola’s products and could potentially threaten the status and success of sales (Tanner, 2013).
Today 's generation is all about social media. It is the new way to have instant connection to thousands all over the world. Today 's company are now doing less traditional television, radio, and print advertisement and more promotion via Twitter, Facebook and/or Instagram. Companies are invested in getting famous people to post pictures or tweet about their products, knowing that, one person can connect with millions with just one post. Over half of the world has access to social media, making them great consumers. Social media benefit marketing by giving the companies the opportunity to learn their audience/consumers, having access to instant feedback and bring awareness to here product.
The first advantage of using social media in business is increasing brand awareness. Social media can help business to build their brand awareness by increasing interactions with a business brand. Brand awareness means the total percent of a target people who know the company exists and what the company offers of products or services. When the brand awareness is increased, the possibility of buying is increased. Thus, efforts should be made to make the brand a part of the consciousness of customers. For example, Coca- Cola is one of the best companies that enjoy unusual...
Big data originated with web search companies that encountered problems with querying large amounts of both structured and unstructured data. With regard to its background, “big data came into being when web search companies developed ways to perform distributed computing on large data sets on computer clusters” Floyer (2014: 1). Big data then spread to enterprises due to their adoption of developing, processing and dissemination of data.
4. Big Data is the ever growing revolutionary step forward for bigger marketing . It means analyzed, competent, variety of huge data that has been stored for implying it for bigger decisions in the market. The Marketing companies which are achieved to collect large amount of data they used to go into a deeper analysis of that data in a more richer way to represent and inputting unstructured to structured one and used it as strategic decisions for bigger market value. While doing this analysis of the big data, it comes up with some disadvantages: they are overloading and creating
From a public relations standpoint social media is a very powerful tool. It allows a company to instantly reach out to the public and receive feedback just as quickly. This can be useful when addressing customer complaints. In an article about social media and business: “Several companies have used Twitter as a fast way to solve problems. Hotels, airlines, and airports are using it to pitch services, travel updates, and respond to travelers needs.” (Burrus, 2010) Social media proved beneficial to these companies because customers not only appreciate that their problems are being addressed, but they also appreciate the speed at which the complaints were