Final Assessment
Impact of Social Media on Business
Abel Ofoe-Osabutey
R1805D5344438
Induction Module (16629)
Anneta Benzar
23 May 2020
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The Impact of Social Media on Business: Communication, Marketing, and Recruitment, Assignments of Business Strategy
The significant influence of social media on businesses, focusing on communication, marketing, and recruitment. Social media platforms enable immediate feedback from customers, transforming transactional marketing into relationships. They also serve as effective marketing tools, enhancing purchasing decision factors and reaching targeted consumers. Lastly, social media is increasingly used for talent acquisition due to its cost-saving advantage.
What you will learn
- How does social media impact business communication?
- What role does social media play in marketing?
- How is social media used for talent acquisition?
Typology: Assignments
2019/2020
1 / 5
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Final Assessment Impact of Social Media on Business Abel Ofoe-Osabutey R1805D Induction Module (16629) Anneta Benzar 23 May 2020
Social media as defined by Merriam Webster Dictionary (2020) can be seen as online communities created to encourage the sharing of content for the consumption of members in an online community. These communities include social networking and microblogging platforms that are used by individuals, groups or companies to engage in internet based communications for the purpose of circulating various content including personal messages, videos and ideas. These platforms over time have gained prominence due to the elimination of physical proximity resulting from its virtual nature (Jones, Borgman and Ulusoy, 2015). Grewal and Levy (2013) suggest that the existence of social media has changed how we communicate. Consequently, businesses have seen a difference in the way they conduct their operations due to the age of social media (Bell and Loane,2010). The aim of this paper as such is to discuss the impact that social media has had on businesses. According to Rodriguez, Subramanian and Parrott (2017), the existence of social media platforms provides an opportunity for customers to openly express their opinions and feelings about items they have bought. Andzulis, Panagopouos and Rapp (2012) indicate that “customers want to be heard, understood, and appreciated. Social media not only allows that to happen, but at its core, it promotes and encourages listening. Social media, when properly adopted, makes the concept of transactional marketing obsolete. By definition, there is now a relationship”. Platforms such as Facebook and Twitter have been used by consumers severally to carry on these messages to various service providers and production companies. Companies are as such able to get immediate feedback on their product through social media platforms with some customers even recommending new products to the business. Thus social media provides businesses with response and criticism on their products or services while enhancing consumer power and engagement in the production and marketing phase of a product or service. Additionally, Siddiqui and Singh (2016) indicate that social media serves as an important marketing tool for businesses as it provides an easier way to reach out to targeted markets online. In a 2016 research conducted by Iblasi, Bader and Al-Qreini (2016) into the impact of social media on the purchasing decision of consumers, it was found that consumers were affected by information found on social media platforms as they enhance purchasing decision factors including need recognition and alternatives evaluation. This is further supported by Ramanathan, Subramanian and Parrott (2017) who suggests that consumers in recent times are being informed on their decision to
References: Andzulis, J.M., Panagopoulos, N.G. and Rapp, A. (2012) ‘A review of social media and implications for the sales process’ , Journal of Personal Selling & Sales Management , 32 (3), pp. 305-316. Bell, J. and Loane, S. (2010) ‘New wave global firms: web 2.0 and sme internationalisation’, Journal of Marketing Management, 26(3-4), pp. 213-229. Broughton, A., Foley, B., Ledermaier, S., & Cox, A. (2013) The use of social media in the recruitment process. Research paper no. 03/13. Acas. Available at: http://www.acas.org.uk/media/pdf/0/b/The-use-of- social-media-in-therecruitment-process.pdf (Accessed: 20 May 2020). Grewal, D. and Levy, M. (2013) Marketing. New York : McGraw-Hill Publishing. Hanna, R., Rohm, A. and Crittenden, V.L. (2011) ‘We’re all connected: The power of the social media ecosystem’, Business Horizons , 54 (3), pp. 265-273. Iblasi, W.N., Bader, D.M. and Al-Qreini, S.A. (2016) ‘The impact of social media as a marketing tool on purchasing decisions (Case study on SAMSUNG for electrical home appliances)’, International Journal of Managerial Studies and Research , 4 (1), pp. 14-28. Jones, N., Borgman, R. and Ulusoy, E. (2015) ‘Impact of social media on small businesses’, Journal of Small Business and Enterprise Development. 22(4), pp. 611-632. Koch, T., Gerber, C. and De Klerk, J.J. (2018) ‘The impact of social media on recruitment: Are you LinkedIn?’, SA Journal of Human Resource Management , 16 (1), pp. 1-14. Kumar, V. and Mirchandani, R. (2012) ‘Increasing the ROI of social media marketing’, MIT Sloan Management Review , 54 (1), p. 55-61.
Merriam Webster Dictionary (2020) Social media. Available at: https://www.merriam-webster.com/dictionary/social%20media (Accessed: 20 May 2020). Ramanathan, U., Subramanian, N., Parrott, G. (2017) ‘Role of social media in retail network operations and marketing to enhance customer satisfaction’, International Journal of Operations & Production Management , 37(1), pp. 105-123. Rodriguez, M., Peterson, R.M. and Krishnan, V. (2012) ‘Social media’s influence on business-to-business sales performance’, Journal of Personal Selling & Sales Management , 32 (3), pp. 365-378. Siddiqui, S. and Singh, T. (2016) ‘Social media its impact with positive and negative aspects’, International Journal of Computer Applications Technology and Research , 5 (2), pp. 71-75. Singh, K. and Sharma, S. (2014) ‘Effective use of social media for talent acquisition and recruitment’, International Journal of Intercultural Information Management , 4 (4), pp. 228-237.