Social Media and Alternative Dispute Resolution - Essay Example

? Social Media Discuss the four (4) components of a legally astute social media marketingmanager who utilizes social media outlets for consumer transactions and how each component can mitigate the risk involved in doing business in cyberspace. The rapid rise in the globalization and the race between different companies to outgrow their rivals have made it mandatory for the people from different organizations to adopt practices that make them prominent in their businesses. The rise of competition has also made social media as a very prominent and crucial source of advertising. The costs of advertising through social media are quite less and the effects far reaching. This is the reason that it has become the most preferred source of marketing for the companies today. Today, the marketers have to devise new marketing strategies to fulfill the need of modern media. Earlier they used to spend millions in their marketing budget so as to make sure that their product is the one that is recognized. The strategies today focus more on being customer centric. The organizations today have to keep in mind the needs of customers and say goodbye to their “I” attitude. Nowadays there is an increased awareness of social media among the public and this is the major driving force behind the change of the focus of the companies which are using it now in mainstream. The cost effectiveness and satisfaction of the customer today is more important than just selling the product. The use of general advertisement in order to attract people towards a product has now become outdated as many new ways have been evolved. List and analyze methods of alternative dispute resolution and determine which would be most effective in resolving genuine disputes that arise with consumers who may make purchases from businesses that provide links via social media. The marketers today can benefit from the subliminal effect to employ innovative and ideas of advertisements with an element of fun in between radio programs or the programs most watched by the public. Facebook and other similar social sites have become quite popular among the general masses and hence their use as the new marketing medium. Such a strategy may be helpful in making a customer think about buying a product more rigorously. Even, the credibility of a product is enhanced if the products are being featured in between some famous shows. The knowledge of a product will also be increased through sending out promotional offers on people’s cell phones. In this way, a large population can be targeted at limited cost. The product can also turn out to be a frontline commodity through advertisement campaigns on Facebook, Twitter or My Space. Presently, the QUALITY is not sufficient as it was in the previous years. BUZZ is the only thing that is of importance today and can bring the product to the frontline (O'Guinn, 2005). Examine the three (3) branches of government and discuss which can effectuate the most significant impact on regulating consumer transactions via social media outlets. Support your decision. If a product has to succeed in the market the most important thing to be kept in mind for the sale of product is the marketing channel. Marketing organization is an independent organization that works in collaboration to provide benefit to the producer which could not be gained by the producer if he is working alone. To target the market directly is a critical task for the producer to achieve; moreover it increases the price of the product. Therefore, there arises a need of market intermediaries which facilitate the reduction of cost of pulling the customers towards a product. The choice of marketing channel is affected by a number of factors such as pricing, advertising and distribution channel. Efficiency can be achieved through use of effective marketing channels. They enable the appearance of the products as “tailor made” for the consumers and the new product takes a customer oriented outlook. The strategy would fail if in any case a conflict of any kind may arise in the marketing channel. The benefits that can be achieved through marketing channels are: New customers can be made and recruiting is enabled the advertisement campaigns can be facilitated The agreement between the producer and the consumer can be reached. The costs of the channel communication can also be financed through them The delivery of goods can also be aided. Explain the agency relationship that exists on social media sites between the social media provider and businesses that utilize the site for advertising. The real essence of integrity is to develop consistency in one’s work or whatever one is doing. It is highly recommended that every work has a sense of integrity. This ensures the development of sound basis of all actions that are performed by an individual or by a business. Integrity also demands a constant outlook of actions being performed, preservation and maintenance of values, implementation of principles, and development of expectations while a task is being under action and lastly the consequences of an action (Martin, Vaught, Solomon, 2010). Ethics is a field of study that deals with practice of honesty. Integrity in terms of business can be defined as being honest or truthful. If a product is being sold by a trader, his integrity can be judged on the fact that whether he describes both the benefits and limitations of the products or he focuses on the positive aspects of the product only. Integrity and hypocrisy are analogous of each other. Integrity demands that a person remains honest, fair and consistent in his dealings and his actions are entirely ethical. It is quite agreeable that if a person lies or deceive, he will lose the confidence and trust that the others have in him. Same is the case with business where the significance of integrity is in delivering the promise that is being made with the customers. It is also important that all the rules and regulations laid down by the government are abided by the business. The business have to bear the consequences in case the rules are not followed and in this way, the business has to pay more than the cost which is required to deliver the product as per the promise being made. It is also essential that a business should only claim for a product that they can deliver with high reliability. Globalization has brought paradigm shift in the business practices and the authority of market players. The forces of international trade have reduced the power of government to manage the business practices. In the modern world where globalization has empowered organizations, corporate governance has provided guidelines to establish the relationships among business entities in the market. As international trade is on rise, the need for transparency, integrity and accountability is rightly identified in the business sector. These factors determine the social structure and the standard behavior to be followed by business entities (Martin, Vaught, Solomon, 2010). It is one of the reasons that business organizations have adopted command in the market and role of government is automatically discouraged. The power enjoyed by organizations is likely to increase as globalization strengthens itself and promotes international trade. In the same context, the role of stakeholders needs to be redefined. Since consumer transactions on social media can occur across state lines, determine how the federal government can best control these transactions. Companies market their products on the social media and create pages for their products. The pages are then liked by the probable consumers. It has also been seen that the offers and the other things when placed on the social media have more chances of becoming viral. Social media interaction between the customers and the companies has also made it easy for the different companies to maintain the customer relations. The customer care service provision has greatly improved for many of the companies after the increased interaction of the social media. The downside of the increased social media is that the companies have more chances to be liable to the customers. The down side of using social media as a source of marketing is that it already is a very cluttered field and hence the noise that the numerous advertisements create in the minds of the consumers make them averse to the usage and hence proves to be a downside for the organizations. The clutter that is created eludes the to-be-consumer from the product and fails to establish the strong impact in their minds. The organizations should be considerate as to what they offer to the consumers as there are legalities involved as well. References Martin, C. W., Vaught, W., & Solomon, R. C. (2010). Ethics across the professions: A reader for professional ethics. New York: Oxford University Press. O'Guinn, et al. (2005). Advertising and integrating brand promotion: Cincinnati: University Press of Florida Kotler Philip, Armstrong Gary. (2005) Principles of Marketing. 12th Edition. Prentice Hall. Read More