Why Social Media Is Important for Marketing - Assignment Example

? Why social media is important for marketing Table of Contents Table of Contents 2 Literature Review 3 Research Question 7 Research objectives 8 Research Methodology 9 Data Analysis 11 Findings and Conclusion 12 Reference 13 Literature Review It is important to mention that in today’s date, the social media has gathered a tremendous amount of importance in the recent times. Because of the high technology friendly nature of the consumers of the young as well as the middle age, who are located in both the developing as well as the developed markets, it can be said that the social media which promotes social networking among the masses has become a very important form and medium of communication. Talking about the social networking sites, it can be said that the growth of the social networking sites has been largely augmented by the tremendous favoring of the growth prospects of the United States. Like as witnessed in the case of dotcom bubble of the late 1990’s, the mere presence of the social networking sites in the virtual web space does not help in any way in the process of generating revenue. Every social networking site needs to operate on the basis of a business model, which will help in generating revenue for the online business. It is of significant and utmost importance to mention that the business models that are applicable in the case of social networking sites should not only focus on the process of generating monetary value, but also on the lines value creation, identification of the core competencies of the online business as well as proper value communication to the right target audience. Considerable amount of interest also needs to be given on the lines of creating competitive edge for the online business. It is of considerable importance to mention that an online business is built on four key model components. The first one is the value creation, which distinguishingly addresses the value that will be provided to the customers. The second factor is the issue of target market, which necessarily takes into account the factor of the desired target audience. The third aspect talks about the factor of core competencies which will help in leveraging maximum advantage in regards to the process of generating the business model’s potential strengths and opportunities in the market. The final aspect talks about the revenue prospects that need to be idealized for the purpose of developing the potential business aspects of the online business model (Albarran, 2013, p. 62- 63). It is important to mention that in most cases, though the online media provides free access and use of its online web 2.0 concepts, yet it can be said that the revenue is generated through the process of cost per impression (CPI), cost per contact (CPC), advertising, lead generation and even licensing deals. However, it is of considerable importance to mention that the technological devices are riding the wave of innovation and are increasingly transforming themselves in regards to shape and size. The bulky laptop and PC has paved the way for tablets and smart phones, thereby playing a major role in regards to device space and capacity. Business models of the online nature in order to keep their connect with the tech savvy masses increasingly are concentrating on the process of adopting their visual offerings of their online products and services. Due to the changing requirements of today’s technological gadget altering masses, the business models are being designed in the platforms of open source (Hinchcliffe and Kim, 2012, p. 8). It needs to be highlighted that the literature review forms a very essential and vital part of the entire research proposal. It can be said that while considering the process of moving ahead with the literature review area, a considerable amount of focus needs to be given on the research work that has been done by the past researchers on the same lines. While discussing about literature review, it can be said that the literature review might have been presented from various perspectives of the authors. Literature review might be based on primary research of empirical nature as well as theories and concept based reviews. In most cases, the literature reviews form the main platform for introducing or promoting the main research question or the relevant objectives of research (Jesson and et.al, 2011, p. 17). Now talking in regards to the impact of social media on the marketing environment, it is of tremendous importance to mention that the normal marketing environment is largely based on the variables of four Ps like product, place, promotion and price. Talking in a more elaborate manner, it can be said that the product is the process of value creation, while place talks about value distribution. The factors of promotion talks about value communication while price talks about the issues of value capture. The social media has gained tremendous acceptance among the masses all over the world. The fast emergence of various technological gadgets along with the process of smooth integration of the high speed internet in the lives of the masses of the world over has resulted in a period of prolonger connectivity of the masses in the virtual medium. Due to the easy connectivity to the virtual world, through the usage of smart natured gadgets, it can be said that the masses in both the developed as well as the developing regions are increasingly staying connected with each other. This has increasingly transformed the world into a single connected entity, where the boundaries separating the various regional geographies increasingly disappear. It is important to mention that because of this connectivity powered global economy, the trends of globalization triggers new business opportunities with every single day. Hence, the companies which are increasingly focusing on gathering information for entering the new markets or cementing their foothold in the emerging markets are taking the help of social media to gather vital consumer related information. It is very interesting to mention that the social media has played a tremendous value in regards to the process of integrating itself in the process of value communication for products and services. Because of the tremendous focus on the social media, it can be highlighted that the traditional forms of advertising and marketing a product or services has been overshadowed by the online social media marketing tactics. Talking in a more detailed manner, it can be said that the traditional media often helps in broadcasting the value of the products or services in a one way manner. It represents a monotonous and repetitive one way traffic. However, by engaging in the social media marketing, the marketer opens up a series of avenues for himself as well as the intended target audience for his or her product or service. The social media often and normally comprises of blogging sites, new and general discussion forums, and general media sharing sites as well as social bookmarking sites (Zarrella, 2010, p. 3). The target audience for the marketer can feel free to communicate with their respective peers in any of the online media forums, thereby giving the online marketer the area to pitch the relevant product or service without creating much dissonance. It can be said that the online media provides the platform for smooth integration of the value communication process to the consumers, and thereby can help in the process of creating an interesting two way channel for creating of marketing noise and buzz for the consumers. It also has to be mentioned that in the arena of marketing through the usage of the four variables like product, place, promotion and price, the marketer intends to focus on the AIDA model. The AIDA model basically talks about the communicating the values of a product or service on the borders of awareness, interest, desire and action. By opting for the action, a consumer successfully shifts from the process of awareness and consideration to usage as well as formation of individual own opinions. Source: Evans and Mckee, 2010, fig. 1.1 It is very important to mention that while the social marketing tactic and strategy can help in the process of creating a desire among the consumers to purchase the product it will also pave the route to receiving inputs to the marketers in regards to the satisfaction level as well as the perception developed by the consumers in regards to usage of the product or service. Hence, it can be said that while focusing on the process of involving the social media in the marketing process for a product or service, the marketers needs to keep an active and watchful eye over the quality of their offering rather than the quantity (Meyerson, 2010, p. 34). Research Question It needs to be mentioned that in the case of a research proposal, it is very important to focus on a research question. The act of choosing and deciding on a probable research question needs to be largely followed by the researcher’s exhaustive study of a literature review for the research topic. It needs to be acknowledged in this case that the research question often acts as the potential backbone that will provide a framework and acts guidance in finding the answer to the topic of the research. While choosing and framing a research question, it has to be kept in mind that the research question is just focused on the topic itself and is answerable in nature (Andrews, 2003, p.2). Choosing a complicated and difficult research question does not solve the very purpose for which a research question needs to be framed and it’s simply increases the complexity of the entire research process. The process of choosing a research question should be guided by a clear vision in mind. A good research question is one that is largely narrow and specific in nature. It needs to be mentioned that a research question is well chosen only if there are enough chances of backing its up by providing a substantiating amount of research (Rubin and Babbie, 2011, p. 78). Another key attribute that is often associated with determining the right and appropriate research question is the factor of feasibility. Discussing on these lines, it can be said that the feasibility of the research question is largely dependent on the factors of time based constraints, costs related to the conduction of the research as well as cooperation of the respondents. It is important to mention that in this particular academic oriented research assignment, the focus of the research question is to determine whether the social media is having a positive or negative influence in the arena of marketing. Research objectives It needs to be mentioned that the process of designing the associated research objectives comes after framing the relevant and right research question. The research objectives will further help in the process of finding relevant answers in regards to the research question that has been taken up for effective handling of the research assignment. It is utterly relevant to mention that in the case of a research question, the issues are largely broad in nature and it always paves the scope for carrying significant amount of research in a very diverse manner. However, it is very natural for a researcher who is conducting the research to face a constraint on the lines of research related resources, time as well as financial sponsorship. Hence, as a process of limiting the time frame as well as for better management of the diversified inputs for the specified research, it can be said that the research objectives plays a very important role (Polonsky & Valler, 2011, p. 92). The research objective helps the researcher to simply concentrate on the more important and relevant issues that is more centrally associated with the theme of the research. In a more simple statement, it can be said that the research objective is often based on the lines of SMART features, thereby making them simple and measurable in nature (Calmorin & Calmorin, 2007, p. 30). Talking in regards to research objectives for this particular research assignment, it needs to be mentioned that the objectives are multi fold in nature. The primary objective is to identify the amount of influence that the social media has in regards to the overall marketing scenario of today’s modern day society. The secondary objective is to focus on providing the necessary insight that will help in determining whether the influence of the social media on the marketing environment is positive or negative in nature. Research Methodology Research methodology is a very important part of the entire research proposal. The purpose of conducting a research methodology is mainly because of the fact that it helps in a great way to gather hidden insights and knowledge about the main causes and issues of the research problem that is the main centre of focus for the research study. Research methodology, especially in the domain of management often overlaps with the arena of market research, as it is the real time environment as well as the previously conducted researches on past environments helps the researcher to identify the main factors that have a significant influence with the considered and under discussion problem of the research assignment. It needs to be mentioned that research can be primary as well as secondary in nature. While secondary research is conducted by the usage of secondary data sources, the primary research is conducted by the usage of various live data collection techniques, like the usage of a survey instrument or questionnaire. Talking about the category of research, it can be said that research can be exploratory, descriptive or causal in nature. Exploratory research is the research where the focus is on finding additional information by the researcher in regards to the main research question. The exploratory research helps in providing supporting evidence in regards to the original hypothesis (Nargundkar, 2003, p. 24). In case of descriptive research, it needs to be mentioned that the focus is more on attaining descriptive details of the main research question or area of research. The causal research focuses more on the issues of finding a relevant insight in regards to the cause and effect relationship that exists for the main research question (Malhotra & Dash, 2009, p. 81) Talking in regards to this particular research based assignment, it can be said that the focus is more on conducting an exploratory kind of a research methodology. Also, it has to be mentioned to the readers of the research assignment that the data from the respondents will be collected using a survey instrument like a questionnaire. Sampling Design It needs to be mentioned that the sampling design is a part of the research methodology. While concentrating on sampling design, various factors like the target population, sampling frame, sampling size, sampling technique needs to be taken into consideration (Malhotra and Dash, 2009, p. 336). Discussing in regards to this particular case, it can be said that the target population are the students who are studying in the various schools of the university. Talking about the sampling frame, it needs to be mentioned that in this particular case, the sampling frame comprises of various schools of the university. It needs to be mentioned that the desired sample size for the conduction of the primary research in this case is limited to 50 students who are studying in the various schools of the university. Finally talking about the sampling technique that needs to be implemented, it can be said that the focus is largely on conducting the research on the lines of the simple random sampling technique. It can be said that in the case of a simple random sampling, each and every element in the population has an equal chance of getting selected. Talking on this note, it can be said that by using the simple random sampling technique, the researcher provides an equal chance to all the students who are studying in various schools of the University for becoming a respondents to the survey. Data Analysis It needs to be mentioned that the data analysis part is the next important step in regards to the process of research methodology. In this particular section, the data that is being collected is being thoroughly analyzed for the purpose of finding new insights. After collecting the data from the respondents, who are mainly students of the various schools of the University, the next most important step is related to the proper analysis of the data collected through the primary research. As an important fact, it needs to be remembered that the goal of the data analysis is to provide considerable amount of insights that was previously not available with the secondary data source. Hence, it can be said that for the purpose of analysis of the data, various techniques like the usage of pie charts, bar graphs and histograms will be used. It is important to note that while focusing on the process of analysis of the primary data, considerable amount of care will be given to the process so as to avoid forging or tampering of data. Findings and Conclusion It needs to be mentioned that the proper analysis of the data that has been collected from the respondents who are mostly students of the various schools of the University will reveal some very interesting and previously undisclosed insights in regards to the social media. Also, it can be expected that the findings will help in a great way in determining whether the social media is having a positive or negative influence in the line of marketing. However, talking on the line of anticipating the outcome of the results and findings of the data analysis, it can be said that the social media can be believed to have a positive impact on the marketing field. It is also of tremendous importance to consider that since the social media is a channel that promotes two way communications, creating a compromise on the factors like listening to the needs and demands of the consumers might also result in potential negative impacts. Reference Malhotra, N.K. and Dash, S., 2009. Marketing Research: An Applied Orientation, 5/E. India: Dorling Kindersley Pvt. Ltd. Calmorin, L.P., and Calmorin, M.A., 2007. Research Methods and Thesis Writing' 2007 Ed. Manila: Rex Book Store. Nargundkar, R., 2003. Marketing Research-Text & Cases 2E. New Delhi: Tata McGraw Hill Education Polonsky, M.J. & Valler, D.S., 2011. Designing and Managing a Research Project: A Business Student's Guide. USA: Sage Publications. Rubin, A. and Babbie, E., 2011. Essential Research Methods for Social Work. USA: Cengage Learning. Meyerson, M., 2010. Success Secrets of Social Media Marketing Superstars. Canada: Entrepreneur Press. Andrews, R., 2003. Research Questions. London: Continuum Books. Jesson, J.K., and et.al, 2011. Doing Your Literature Review: Traditional and Systematic Techniques. London: Sage Publications. Evans, D. and Mckee, J., 2010. Social Media Marketing: The Next Generation of Business Engagement. USA: John Wiley and Sons. Zarrella, D., 2010. The Social Media Marketing Book. Canada: Oreilly Media. Hinchcliffe, D. and Kim, P., 2012. Social Business By Design: Transformative Social Media Strategies for the Connected Company. UK: John Wiley and Sons. Read More