Learning Experience
The research is conducted on the topic ‘Social media networks in Business’. I have gained a lot of knowledge by conducting this research. It was because I had a very interactive sessions with lot of people during this research which let me learn many new concepts and experiences. The research learning experience was useful to me because if we look at the present era of technology, social media has become the primary tool for establishing connection between the business and the customers. Right from the leading organizations to the small startups, everyone is using this tool in order to spread information and awareness about their business and to keep their business at global platform (Moro, Rita and Vala, 2016). Social networking has become an essential for the human society without which it is almost impossible to live on modern society (Tiago and Veríssimo, 2014). The project was taken up with an objective to analyses the effectiveness of social media on the business practices and to throw a light upon the advantages and disadvantages of business. The scope of the project is wide which is why I selected this topic because there is a lot to learn about this topic which will also help me in future because of its growing importance.
The learning experience will add up a value to me as it will enhance my scope of learning and knowledge. A conceptual model is shared in the review of literature of this project which clearly shows the points need to be discussed in the research. I also found that every author or reviewer have different opinion about the usefulness of social media. Some are of the opinion that social media is the best tool in the present time to promote the business while some of them suggest that not all the customers are present at this platform which make it non accessed for those who do not use social media or internet. Even the poor connectivity of internet is one of the disadvantage which makes no point of using the social media by business (Zolkepli and Kamarulzaman, 2015).
This learning process will be useful as I will be able to apply these insights learned in future. This can be applied during my coursework, in my project report and also in my professional life. This can help me in designing the advertisements which could help business in growing and in moving forward by accessing more customers than before. I have gone through various real cases which showed that the birth of Myspace, Facebook or Instagram has change the face of promotion and advertising by the businesses. The percentage of social media users have also increased drastically in the last decade which helps company to ease the connectivity with the customer (Cardon and Marshall, 2015). The products and services are delivered timely and the payments are also derived timely which smoothen the transactions of business (Ali-Hassan, Nevo and Wade, 2015).
Advantages of Social Media Networks in Business
I visited libraries and also surfed internet to gain information about the topic. I have used various models in the literature review to explain the significance of social networks in business. These models include virtual goods model, subscription model, advertising model, social media and communication theory and social media integration theory model. I have read that to have better impact of the social networks in business, the business policies should be reformed. I also learned to use different research methods and tools in order to develop and conduct the research and to take out the conclusion out of it. I have experienced that the investments made on using social media are much lower than the investments done on other business promotion tools. Social media networks have huge benefits like larger audience size, increase in the brand loyalty, better research of market and better customer service which lead to higher customer satisfaction (Mangold and Faulds, 2009). On the other side, I have come through different opinions of people where they are of the view that social networks adds up cost to the business and do not convert high number of potential customers into the actual ones.
I observed that the research needs both the qualitative and quantitative information for coming to a conclusion. I realized the importance of time and deadlines because of which I prepared an action plan so that every activity of the research could be completed on time. Social media is revolution for the business and this was confirmed when the people engaged in this industry were interviewed. I observed that social media does not only provide a boom to the business but also helps in people in interacting with each other within their social circle. It helps them in connecting with each other and develop smooth relationships among them. I can see that this research will help me in setting up my own business and in promoting it by using social networks in future. I have also learned how to well communicate with people and it increased much confidence in me. I have learned how to manage time and deadline which will help me in completing my projects during the course and in future either in my job or business. I have also learned about various data analysis techniques which would further help in sorting and analyzing the data collected for the purpose of meeting the objectives of the research or data collection. I have also learned that like every single thing have some positive and negative points, this research also have some limitations. These limitations include the shortage of time and resource because of which the research is conducted at a short scale.
Disadvantages of Social Media Networks in Business
The questions of the research were developed after framing proper motive of conducting research in mind. The questions were focused to gain the insights for advantages and disadvantages of social media in business. For this purpose, two assignments were prepared in which one was only for explaining the data collected through secondary data and the second one was done for the purpose of explaining the research methods which are used in conducting the data. Qualitative and quantitative research methods are used for conducting the research in which data is collected through primary and secondary data sources. The instruments used for collecting data are interviews, survey questionnaire and secondary sources like books, journals, newspaper articles, websites and more. It is done so as to make the research process clear and understood by all.
This learning will surely be applied in future. I think there will be a time when the businesses will operate fully online and offline businesses will be just a formality. In that case, social networks will be highly suitable for online business models. It can be used by the large scale businesses and also by small scale businesses or start ups (Hajli, 2014). It is because the cost of investment and maintenances not high and the access to customers is more (Baruah, 2012). The platforms like Facebook, twitter, You Tube, LinkedIn have changed the role of social media in business and has increased the user participation at next level which ultimately benefits the business and the final customer (Bowers, 2017).
But it depends on the use of social networks. If these networks are not used fairly or are not maintained regularly, it can lead to negative consequences. The negative publicity can be done by the competitors which disrupt the success of the business and degrade the reputation of the business in the society and industry (Marlow, et al., 2015). I would definitely take up personal coaching and lessons in this field to enhance the level of my knowledge about the use of social media. This would help me in future for applying my learning in a much better way.
References
Ali-Hassan, H., Nevo, D. and Wade, M. 2015. Linking dimensions of social media use to job performance: The role of social capital. The Journal of Strategic Information Systems, 24(2), pp.65-89.
Baruah, T. D., 2012. Effectiveness of social media as a tool of communication and its potential for technology enables connections: A micro-study. International Journal of Scientific and Research Publications, Vol. 2, no. 5, pp. 1-10.
Bowers, J., 2017. Social Media for Business: A Marketer’s Guide. Business News Daily.
Cardon, P.W. and Marshall, B., 2015. The hype and reality of social media use for work collaboration and team communication. International Journal of Business Communication, 52(3), pp.273-293.
Hajli, M. N., 2014. A study of the impact of social media on consumers. International Journal of Market Research. Vol. 56 Issue 3.
Mangold, W G, and Faulds, D.J., 2009. Social media: The new hybrid element of the promotion mix. Business Horizons, vol. 52, no. 4, pp. 357-63.
Marlow, C., Davis, M., Sample, N., Curtis, M., Kennedy, R., Krishnappa, Y., Wroblewski, L., Boerries, M. and Hayashi, J., Yahoo! Inc, 2015. Identifying and employing social network relationships. U.S. Patent 8,954,500.
Moro, S., Rita, P. and Vala, B., 2016. Predicting social media performance metrics and evaluation of the impact on brand building: A data mining approach. Journal of Business Research, 69(9), pp.3341-3351.
Tiago, M.T.P.M.B. and Veríssimo, J.M.C., 2014. Digital marketing and social media: Why bother?. Business Horizons, 57(6), pp.703-708.
Zolkepli, I.A. and Kamarulzaman, Y., 2015. Social media adoption: The role of media needs and innovation characteristics. Computers in Human Behavior, 43, pp.189-209.
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