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The Use of Recent Advancements in Technology, Research Paper Example

Pages: 8

Words: 2316

Research Paper

Executive summary

This report is about the use of recent advancements in technology to improve the marketing aspect of the business. This report also seeks to give out guidelines on business plan, the future goals of the business and new strategies for business growth. The form of doing business is changing very fast because information technology is advancing. However, there is tremendous improvement from technologies like PDAs, smart phones and tablet computers to other sophisticated software networks. In the world, the work force is becoming a matter of concern creating the need of accessing information technology across the globe. Therefore, this report will give information based on the analysis of profits and financial status of the business entity. Apparently, it will critically examine IT tools that help in aspects like quality assurance, sales, marketing and accounting. Furthermore, the report will define major weaknesses and strengths of the business while explaining any changes experienced. The report will also make a comment on the future prospects of the company and recommend necessary measures.

In this report the use of the recently emerged social media advertising as a technological tool to improve the marketing aspect of the business is discussed. This forms a basis of integrated market communication as a plan for the various organizations. Organizations are placed in a better position to create and exchange information commonly refereed to as user generated content about its current or future plans. This is a tool that provides great opportunity for business enterprises to improve on the manner in which they do business i.e. by increasing revenues and/or by reducing the expenses resulting from the current state of operation (Gleick, 1987).

Introduction

The world is experiencing a new major revolution as a result of the recent technological developments. This has changed the manner in which people carry out their daily activities. Businesses have not been spared by these changes and have therefore been forced to respond to these changes in a manner that favors them. Those that are not ready to appreciate the technological developments are likely to find themselves in an awkward position, trailing behind their competitors who reacted early (Yang, 2001).

Social networking sites such as LinkedIn, Twitter, Facebook, You-tube and Blogs among others, provide great opportunity to business enterprises to target the million of followers on these sites who are the potential customers. Social media advertising therefore, which serves as an extra channel for the support of customers, can be used to gain a competitive insight of new customers or business partners. Social media marketing which is alternatively and commonly referred to as Social Media Optimization (SMO) is a potential source of some extra benefits to individuals and/or organizations in the sense that it helps them to manage there reputation online (Shafer & Byrd, 2000).

The success of any given SMO tool is dependent on several key factors which includes the answers to the questions, ‘How strong is the foundation upon which it is built?’ and ‘How valuable is the service provided?’ when the foundation is strong, the platform created is the best for any given business organization or individual to centralize the information it has and to direct its customers on the developments made recently.

Social media marketing strategy:  Accessibility to information by customers

The social media advertising as a marketing strategy is aimed at addressing the various factors that will in turn affect positively the marketing aspect of the business.

The social networking sites are visited by millions of people everyday and these therefore is an implication of the fact that, any advert placed in homepage of such sites is likely to attract attention from many would-be customers (Shafer & Byrd, 2000). In the social networking sites there develops interaction between people and this results into a certain relationship being formed.

A company or product that joins such a network site becomes a part of the relationship in the sense that the people start interacting with it. In addition, some sites like Twitter and Blogs have provisions that allow individuals connected to repost comments/message. If the message repeated belongs to a product in promotion, it will be seen by all of the individuals connected to the one that reposted it. This therefore results into a lot more people getting the information and hence more traffic being brought to that particular product or company. This is the reason many a people believe that social networking sites act like ‘word of mouth’ for information is repetitively put across (Rysman, 2004).

Most business entities have witnessed a lot of short comings when it comes to marketing its product and service. It has therefore been imperative for the strategies in marketing to be critically examined in an attempt to identify new information technologies like social networks. These social networks are intended to incorporate new ideas to make it clear to customers’ needs, expectations as well as want. Social networks like tweeter put them in a better position for their voices to be heard by the business itself and other customers. For instance when customer finds a product to be of poor quality, he can easily find a channel to complain using tweeter, blogs in addition to you tube (Shafer & Byrd, 2000). Marketing on social network has the advantages to the business. It is therefore advisable for all campaigns to march the main objectives of the business. Marketing on social network also encourages interaction with the business.

A unique feeling of loyalty

An individual who initiates the reposting of comments or messages about a particular product or company feels to be part of the company’s marketing strategy in the sense that, through him/her the company or the product and the services offered by the company found new customers. In addition, products/services or companies can initiate conversations and interactions with certain individual followers through these social networking sites. This develops a personal interaction between the company or product and the customers and/or potential customers which instills a feeling of loyalty. The products/service have gain available options to help them choose whom to follow, a fact that enables them to reach a target audience as narrow as possible (Shafer & Byrd, 2000).

Most corporate social media sites also give those who access its websites a chance to voluntarily be part of the company or products by clicking certain tabs or joining and creating their own personal accounts. An example of such is the Face book’s ‘like’ tab

Cost of advertisement

It has been found, beyond any reasonable doubt, that the cost of advertisement in social media sites is extremely low as compared to any other sites or forms of media such as newspapers or televisions. This is mainly because most of the marketing is what can be termed as indirect marketing resulting from the continuous repetition of a certain message voluntarily by individuals connected to a given social network site. Such marketing is not chargeable and this therefore is very advantageous to the product/services or the company involved (Shafer & Byrd, 2000).

When it comes to introducing new products to the market, social network is preferred because it is cheaper and even more convenient. It is a potential source of information to the customers on new arrivals and helps in the spread of this information very fast. The targeted group can be reached within a short period of time without spending a lot of resources (Varley, 1991).

Advertisement in the social networking sites as a form of marketing strategy is a very flexible venture for it allows the product/company to comfortably change the orientation of a given advert, be it a slogan, picture or any other form of advertisement. Some social sites such as Twitter and Facebook have developed tools that help different companies or products to follow and identify how many times their adverts have been accessed. This helps in calculating the Rate of Investment (ROI) in a particular social media site (MacFadyen, 2006).

Another importance of marketing online, social networks allows participation in the many forums about the product. For instance, a customer base on to the discussion and it is possible to know the performance of the business and make good judgment afterwards. There are many chances of reaching a wide range of consumers, including geographical boundaries. Marketing through LinkedIn, which consist of professionals, gives people an opportunity for the choice of discussions as well as reading (Ross, 1991). On the other hand it cut down on unnecessary emails and messages that are used instantly by the co workers. Blogs also act as a good source of marketing a product or a service of a particular company. It creates room for the company to post a long description of the product. The description can also include testimony of the service or product. Most of the social network cites such as for example, blogs and twitter can be interlink thus giving a wide range of target. The frequent update of the blogs enables customers to be loyal since they can have new information in good time (Greene, 1997).

The main reason for any business enterprise to venture in any given field is to make profits. This can be achieved when the revenues from sale outweigh the expenses incurred during the running of the business. The need for maximum attainable profits, and not just profits, is the main driving force in most business enterprises. In order for this to be realized the sales have to be maintained as high as possible while the expenses are to be maintained as low as possible (Shafer & Byrd, 2000). With this in mind, it is imperative to recommend the management to embrace the integrated market communication strategy for it will not only increase the popularity of the company and its products but also reduce the costs of running the business operations. The best approach that will facilitate the achievement of this goal is by reducing the amount of money that would otherwise be used in other marketing channels such as the newspapers/magazines, radio station and television (Ross, 1991).

Social networks play a very significant role with respect to engagement with customers. Social networks like LinkedIn, allow business entities to be in contact with customers along with employees at the same time. On the other hand, each customer is able to access information online and improve on the coverage within a very short time. Engagement with customers is a factor that creates significant benefits to the business. The customers are is able to gain confidence in the business which in turn is capable of retaining its customers and acquire new clients. This is a potential building block of a sustainable competitive advantage (Schroeder, 1989).

Ability to get feedback is also an important aspect of social networks. The backbone of any business is to get feedback from the customers. It helps the customers to get products as per their requirements. Consequently, when the needs of the clientele are met, the business is likely to get more returns from gaining the confidence of its clients.

Through the use of social networks, search engine rankings can be influenced and manipulated for the benefit of the business (Ross, 1991). The relevance of any search engine is important in generating website. Better social media bring excellent results to the business. Additionally, benefits of these social networks enable employees to own and acquire new gadgets like laptops and PDAs. Such devices provide an opportunity of accessing constant information. Of course, this business can acquire new ideas like, video conferencing that can include many members in decision making. It also allows employees to be more flexible in work schedule because they no longer need to be at a specific place to perform duties (Weinberg, 1990).

Conclusion

With reference to the above findings, it is imperative for any organization with an aim to succeed in the today’s world of business to embrace the technological storm being experienced. It is only by doing this that business will remain relevant and also be able to face the ever escalating competition. The behavior of potential customers has changed due to the advancements in technology and it would therefore be more logical for the companies they believe in to change as well especially the manner in which these companies do their work (Ross, 1991).

Social media is first becoming a platform for many business entities to use as s medium of advertisement .Advancement in technology has led to improvement of services and product offered in the markets. Introduction of many channels of social media ranging from blogs to twitter, barrier of accessing information on the internet has been cut down drastically. Additionally, social media give a business and individuals a lot of benefits to improve on the reputation. On the other hand social net works any new brand of a product can reach many people because it acts as a word of mouth. Feedback can be acquired on time to enable the company to make any chance for consumer satisfaction. Communities in social network can easily click a mouse to get the best services. The services create an avenue for more opportunities around the globe. Many businesses that use social network increase chance of getting goodwill and earn a lot of trust from clients. Many renowned firms have made credible performance from better branding on social networks

References

Gleick, J., (1987). Chaos: Making a new science. N Y: Penguin.

Greene, H., (1997). “Econometric Analysis. 3rd Ed. NJ: Prentice Hall.

MacFadyen, L. P. (2006). The Culture(s) of Cyberspace. Hershey: Idea Group Reference.

Ross, A., (1991). “Getting the Future we Deserve.” Socialist Review, 21, 1 125-150.

Rysman, M., (2004). Competition between networks: A study of the market for yellow pages. Review of Economic Studies 71(2)

Shafer, M., & Byrd, A. (2000). “A framework for measuring efficiency of organizational investments information technology using data envelopment analysis.” Omega. London.

Schroeder, M., (1989).  “Computers You Control with a Wave of your Hand.” Business Week 142-43.

Varley, P., (1991). “Electronic Democracy.” Technology Review 43-51.

Weinberg, N., (1990). Computers in the Information Society. Boulder: West view press.

Yang, D. L., (2001). The Great Net of China. Harvard International Review 22(4): 64-69

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