Using Social Media for Market Investigation - Assignment Example

Public Relations Name: Institution: Course: Date: With the increasing levels of globalization resulting from liberalization of markets efficient flow of information and improved technology, the level of competition in the market has increased tremendously. However, social media has become an important tool for marketing (Hundekar 2010). This has been supported by the increased access of the internet through various electronic gadgets such as phones, tablets, etc. Market research has become an important component towards the success of any business. In order for the business to penetrate a new market, it must have adequate information on the market segment being targeted. Social media has come in to close this gap by enabling the businesses to collect the views of the customers through, an aspect that has reduced the cost of expanding business operations. Social media enables the customer to review various experiences of other consumers who have used the product. This is crucial in enabling them to select the most appropriate product to purchase. On the other hand, increased competition in the market has raised the cost of marketing in audio, visual, and print media. This aspect has been accelerated by the entry of multinational companies in the market. However, social media provides an alternative whereby a firm can advertise its products. With the largest market segment comprising of the youth, the platform enables a company to reach this target market (Hundekar 2010). This is crucial in enabling a product to segment the market, position its products strategically in the market, and attract customer loyalty towards the products. This improves the overall performance of the business. One of the major challenges that have been posed by the social media is lack of regulation. As a result, information obtained by a practitioner through the platform cannot be verified. This is unlike information obtained from conducting market research in a physical market. Competitors have been using this strategy to mislead other businesses concerning their market share. Moreover, social media has been used by the competitors to tarnish the reputation of the business in the market. This is through spreading of propaganda concerning the products or services being offered by the company (Hundekar 2010). This has forced some company to use huge amounts of money in restoring the reputation through participating in corporate social responsibility. Social media is a global platform that is used by customers who are located in different parts of the world. As a result, it is hard for modern public relation practitioner to segment specific group. As a result, the platform is best suited for a global business which targets the customers that emanates from different parts of the world. Unlike other marketing tools, social media provides a platform where the company can interact with the customers (Hundekar 2010). This is crucial in understanding their interests. In addition, this aspect enables the company to identify any changes in the customers’ purchasing behavior that might affect their consumption. On the other hand, the customers are able to air their concerns and provide the feedback to the company. This enables a company to produce products that will satisfy the interest of the target market. People are currently using social network to book hotels and search restaurants in a specific area. One of such a restaurant which has upheld social media is Comodo which is a small restaurant in Latin America (Practical ecommerce, 2009). The restaurant uses instragram to share photos of their meals to their potential customers. As a result, the restaurant is able to increase the target market and create loyalty to already existing customers. In addition, it also uses the site to give its patrons a new and better way of browsing the menu. Research indicates that the restaurant encourages the customers to post photos of their food in their site. This gives information to the restaurant about the changing consumption behavior of the customers (Practical ecommerce, 2009). The restaurant uses social media to advertise its products and rich menu in order to attract more customers towards its products. With many people using facebook, twitter and other social Medias to learn more about their destination, Comodo has taken this opportunity to advertise in some of these Medias an aspect that has increased the number of visitors who are visiting the restaurant. In addition, the hotel is using social media to gain responses about the services and products being offered in the hotel. As a result, the hotel has been able to improve the quality of products and services being offered in the restaurant. As a result, the restaurant is able to satisfy the interests of the customers, an aspect that positions the restaurant strategically in the market (Practical ecommerce, 2009). References Hundekar, S G. 2010 Principles of Marketing. Mumbai: Himalaya Pub. House. Practical ecommerce 2009. Quick Query: Comodo CEO on Hiring a Social Media Officer | Practical eCommerce. Retrieved from http://www.practicalecommerce.com/articles/1060-Quick-Query-Comodo-CEO-on-Hiring-a-Social-Media-Officer Question 2 Celebrity image is created through involving a celeb in an advert. Celebrities have a large following. For instance, musicians have many young people who look up on them as their idols or role models. On the other hand, some people are attracted to their lifestyle or their music. Therefore, when incorporated in the ad, their followers associate the product with the musician. As a result, they will purchase the product as a result of the influence that emanates from the inclusion of the celeb in the advertisement. Celebrity image is created through involving a celeb in the advertising campaign. Many companies prefer to interact with the customers in order to understand the customers’ perceptions towards the company’s products or services. Furthermore, this strategy enables the business to know different factors that affect the consumption behavior of the target market. During this process, a firm can use the celeb to attract the customers towards the campaign. This plays a significant role in creating a perception that the celeb uses the product. This can change the customers buying behavior and start purchasing the product. Moreover, the use of a celeb is very important in attracting a specific market segment. For instance, hip hop artists are used to attract the young generation which forms the largest market segment. On the other hand, country music is for an older generation in the society (Ellison & Shulze 2007). As a result, use of a specific celebrity creates an image on the minds of a specific market. Celebrities’ image on an advertisement changes the public’s buying behavior. Currently, the level of competition in the market has increased tremendously. This is through the entry of multinational companies in the market. These companies have a huge financial base to segment the market, position their products strategically in the market, and attract customer loyalty towards their products or services. Therefore, the use of celebrities in ads changes the customers’ attention from other substitutes available in the market. Celebrities in advertisement build brand awareness faster than any other traditional type of marketing. This plays a significant role in enabling a business to penetrate a new market. Moreover, it increases the overall sales. Moreover, it attracts the attention of the public towards the firm, an aspect that makes them understand what the company offers (Ellison & Shulze 2007). Lastly, the use of celebrities attracts new users of the products or services. This increases the company’s revenue. Brand with a celebrity can take the form of a sponsorship. This is common is sports. Ford has signed up Wayne Rooney to drive their ‘Sport Ka’ model. This vehicle is widely perceived to be a vehicle for women. The outspending performance of Rooney in Portugal and the signing up with Manchester united caused Ford to offer him a 1.5 million pounds deal. The company has also incorporated celebrity testimonials in a wide range of ways. These include the use of photography, television and live appearances. The use of celebrity voiceover has been cost-effective and productive for companies (Ellison & Shulze 2007). In some instances, a company offers to hire celebrities as employees. This strategy is becoming institutionalized in the top culture in organization (Van Looy 2008). The use of celebrities is targeted at attracting their clout through the endorsements that they make. Celebrities are said to have control tastes and decisions of some of their supporters. There are instances where celebrities choose to be customers to their favorite brands (Van Looy 2008). This is considered to be a form of indirect endorsement of the product. Companies are depending on celebrity placement to facilitate effective marketing (Reid 2005). Fujitsu Company has selected television as its most effective communication medium to reach the targeted audience. The company believes that using TV and radio presenters creates a bigger impact and attention which makes it easier to get the message across to the target groups (Van Looy 2008). The company believes that using ambassador for the brand alters the image of the brand impacts the marketing communication positively. The purpose of this use of this personality images is to increases the respectability of the product and attracts the confidence of the target group. References Ellison, C. E., & Shulze, E. H. 2007. Methods of advertising. United States: Kessinger Publishing. Pickton, D., & Broderick, A. 2001. Integrated marketing communications. Harlow: Financial Times Prentice Hall. Reid, R. 2005. Globalizing tobacco control: Anti-smoking campaigns in California, France, and Japan. Bloomington, IN: Indiana University Press. Van Looy, E. 2008. Ethics and Advertising. Katholieke Hogeschool Kempen. Read More