Question
Find below list of the potential business research topics that you can focus on when you doing your research topics decisions for your assignments.
Challenges of Accounting in Global Organizations
Challenges Managing Global Teams
Advantages and Disadvantages of Cloud Computing for Businesses
Opportunities Making Business with Mobile Computing
Advantages and Disadvantages of Outsourcing Business Functions
Advantages and Disadvantages of Using Social Networks in Business
Opportunities and Problems of Social Electronic Commerce
Uses of Big Data in Business Organizations
Use of Ubiquitous Media Systems in Business Organizations
Business Innovation Through Open Data
Challenges in Cyber Security for Business
Answer:
Advantages and Disadvantages of Using Social Networks in Business
The diversity that has been experienced in businesses today has called for better and more informed measures that can instigate more profits for the business. The social networks such as Facebook, Twitter, and the YouTube have been used as avenues for the marketing of a wide range of products, seeking competent employees and in carrying out research about how customers take their products (Zaglia, 2013).Most of the consumers are time averse and have thus embraced technology fully. The platforms are used for interactions and thus a precise place to reach a large number of potential consumers within a very short period (Kramarz, F.,&Thesmar, D., 2013). It is imperative to note that businesses have experienced both the positive and the negative impacts of using social networks in their operations.
Advantages of using Social Networks in Business
Insightful data from potential customers
Social networks have accelerated the accessibility of information to the business. Through millions and millions of tweets and comments, a business can identify how customers are viewing their products (Stelzner, 2014). In the case that the products need improvements, then the business reacts so quickly to the developments. The platform has also made it easier for business to make more informed decisions in the light of the suggestions that are raised by the customers. For example, improvements such as those of customizing a product are made known to the company through the influence of social networks.
Closer relationships with the customers
Ideal relationships are majorly formed between the customers and the business through the interactions that are created through the networks. The opportunity that is given to the customers to be able to enquire any concerns has created brand loyalty that has made products of business to report high sales throughout its life cycle (Rothaermel, 2015). Also, a business can carry out statistics on the customers that follow their brands on social media so that they can identify the level of acceptability in the market.
Efficient Advertisements
The social networks offer a platform that a business can carry out advertisements that are cost effective. Through the media, the business can advertise its products and receive first-hand feedback. Unlike other platforms that one can wait for a very long period before the results of the advertisement are gathered (Kwon, S.W.,& Adler, P.S., 2014). It’s because of the one on one interaction that businesses are more efficient conducting advertisements. The effectiveness of the advertisements also aids in research and development of the business.
Reporting to higher Sales
The social networks have enabled businesses to increase their sales through the product awareness that the media creates. Moreover, the media has enabled the online selling strategy where customers from various geographical locations can order products through the social page of the company, and the products are delivered to the customer within the shortest period possible (Kiesler, 2014). It is imperative to note that more sales have been associated with the social networks because of the ease of shopping that it creates. For instance, one can see the products through the uploaded videos and pictures and orders for the item without necessarily having to go to the stores of the company.
Reinforcement of Ethical standards
Through the association of the employees of the businesses with the customers, via the social media, Employees are pushed to abide by every bit of the ethical requirements that appertains to the way businesses are supposed to carry out their operations. The adherence to the ethical standards is made organizations to earn the trust of the customers. Customers at all times want to be treated with dignity, and if they earn it, then the company is assured of brand loyalty.
Availing of Total Customer Experience
Customers are a major priority for any business. Thus a business must do everything in its power to always make sure that the needs of the consumer are always brought first in the decisions that are made (Zhou, L., Zhang, P.,& Zimmermann, H.D., 2013). It is imperative to note that total customer experience can be created through relationship marketing. The social network creates an avenue where customers can be listened to, and their concerns looked into. When customers are assured of a good experience with the company, then they tend to be attached and associated with the products of the business.
Preference in the search Engines
When a business does its marketing through the social networks, it is certain that it is going to pool a large number of customers towards its site in the bid of acquiring more information about the company (Tiago, M.T.P.M.B.& Verissimo, J.M.C, 2014). The customers from time to time can search information about the company from the website. It is through this that companies such as Google; prioritize such businesses in the case that their site is amongst those that are majorly searched by most of the customers. When the business is prioritized, most of the Google searchers will find it amongst the top results; it is significant because most of the customers will be visiting the site and thus it will become known to many.
Acquire Information about the competitors
The social network creates a platform where various businesses take their goods. It is at this point that businesses can acquire vital information about the competitors. The social networks are free and thus a business from time to time can check on the products that the competitors are providing in the market and the take of the customers on the product. Through the information acquired, businesses can come up with strategies that can counter the strategies that are being made by the rival businesses (Aral, S., Dellarocas, C.,&Godes, D., 2013). It is imperative to identify that knowing what the competitor is doing can take an organization a long way through the competitive advantage that it creates through the ready opportunities that it pops up.
Reaching the target audience
Initially, it proved to be extremely difficult for businesses to reach the specific target audiences when they wanted to market their products. Businesses today through the evolution of social networking now can be able to customize information to a specific segment at a particular time. Marketing has been made more strategies through the employing of more effective strategies that are aligned with the objectives of the organization.
Recruitment
Recruitment is a basic process in a business and thus from time to time businesses are involved with it. It is of the essence to note that recruitment has been made more successful through the incorporation of social networks. It is through this medium that businesses can advertise for the vacancies. It is due to the large number of the social network users that businesses can acquire a very large number of interested candidates. With this number, organizations are in a position to select the very best to aid in the achieving of the objectives of the organization.
Disadvantages of using Social Networks in Business
Time consumption
For the thriving of the objectives of the business, then more time should be dedicated to the writing of articles about the business and in responding to every single comment from the users (Tomse, D.,&Snoj, B., 2014). The business must dedicate its time to the social network so that no customer is frustrated in any way. Businesses may seek alternative ways marketing their products more so if they are unable to keep up with the demands that are accompanied with social networks.
Limited Poling of new consumers
It is difficult for new users at times to develop an interest in the products of the company. The users may be seeing the products, but they may not be pushed into consuming them. There is still that element of persuasion that lacks in the marketing of products through social networks (Bott, E.,& Spillus, E.B., 2014). In the long run, the business loses its resources when it is unable to achieve the target sales through the online strategy.
Encroaching on the private life of the customers
Through the social interaction, organizations may be seeking to acquire information about the values, needs and the expectation of the customers; the information may be used by the company to come up with more viable products that will suit the requirements of the market. It is also vital to note that some of the social media users have the attitude that personal sharing details on the media platforms are not safe. The users may thus hide or conceal some information that they may perceive as confidential (Borgatti, S.P., Everett, M.G.,& Johnson, J.C, 2013). The concealed information could have helped the company is a great way.
Subject to victimization
There are no much regulations on what one should post or what can be restrained. Market players that are concerned about tarnishing the brands of a specific business can post offensive information on the website of the company that can damage the reputation of the company in the face of its potential customers (Kasemsap, K., 2014). There are also customers that may write discrediting information that may push away some of the customers. The lack of regulation has been a major challenge for most businesses.
Wrong use of the platform
It can also occur that the employee who was given the responsibility of updating the website of the company is not performing his or her responsibilities as required. The employee may be engaged in social media interactions which do not add value to the business (Bharadwaj, A., El Sawy, O.A., Pavlou, P.A.,& Venkatraman, N.V, 2013). In such occurrences where employees misuse the limited resources of the company, it is certain that the productivity levels of the company will decline. Businesses should thus embrace policies that will ensure that employee’s performance is always monitored.
Exposed to Risks
Through the social network, businesses are exposed to risks. When the employees are busy interacting with the customers, they can share with the customer’s information that the competitors can use in fighting them back. Businesses thus have to take extra caution when performing any duties on the social networks. The closing of information is the cost that is incurred by businesses in the push to attract and retain more customers through the social networks.
Costly to administer
Carrying out business activities through the social networks can lead to the use of more resources. More expenses are created through the need always to avail information to the customers and keeping up with the strategies of the competitors (Vasquez, G.A.N.,& Escamilla, E.M., 2014). Also, the business has to make sure that the information flow is continuous and thus there are more engagements in research and development. The added costs make the cost of production to be expensive, and it is transmitted to the prices of products. The added cost makes the products of the company to be unattractive.
Negative Feedback due to poor strategies
To be guaranteed of continued success, the company should be conversant with the best strategic marketing techniques that will make the products of the company to stand out. If the company is unable to use the best strategies, then the benefits that will result from the social networking will be minimal. It is thus important to first analyze the best way to go about it before dedicating the resources of the company towards it.
Inefficiencies to nonusers of social networks
If a business majorly has diversified market segments, then it cannot rely on only the social networks in getting in touch with the customers. There may be a group of customers that cannot afford gadgets that support Internet services, and thus they may be left out. Information about new products in the market may not thus reach such a group which could have boosted the sales of the company. It is also crucial to note that at times social networks cannot be implemented alone but with another strategy. It is thus imperative to identify that at this point the business will be required to allocate more funds to facilitate this.
Fraud
Social networks are inflicted with the vice of fraud most of the time. Fraud is majorly showcased in avenues where an individual can pose as an employee of the firm and may post information that is not authorized by the management. The information can be used in acquiring of money say by promising the customers that he will deliver the products. Fraud has in most of the cases tarnished the name of the company (Fracassi, 2016). When fraud occurs, most of the customers develop an attitude towards the company for they now view it as unethical. It is difficult to change the perspective that people have on the image of the company. The business at this point may be surpassed by its competitors who will take advantage of the shortcomings that have occurred.
Bibliography
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