The Impact of Social Media on Marketing - Coursework Example

Blogs Posts The Impact of Social Media on Marketing Introduction The rise of various social media sites such as Facebook, Twitter, and Instagram among others have revolutionized the way people communicates. Furthermore, it has established a link where people across the globe can communicate freely at a short period. However social media has played a crucial role in impacting the people way of life especially due to the ease of communication. Furthermore, the evolution of mobile phones has also played a critical role in enabling people across the globe to easily access the social media through their phones as well as through their computers. Even though social media provides a platform for the social interaction process, it has also provided companies opportunities to market their products to their consumers across the globe. Literature Review Consumers can now interact with the consumers across the social media especially in cases where the platforms provide an opportunity for the companies to avail their products to the consumers and at the same time gather customers feedback. However, marketers must be able to identify the customer's needs through the social media platform by collecting the right data and in making sure that they can meet those needs (Friedman, 2015). Conversely, the marketers have responsibilities of evaluating the customers feedback through the social media and subsequently come up with ways top structure their advertisement. The social media platform has provided marketers with an ability to gather information from the individual activities and through this determine their needs and at the same time monitor the changes in taste and preferences which are a major issue in marketing. Social media has however given the consumers immense power given that their opinion across the online platform may affect the customers purchasing behavior (Albano-Davis, 2016). Marketers know have the ability to monitor the impact of their adverts based on the views across the YouTube platform, downloads, likes, and dislikes, retweets, as well as comments that customers make across the social media platform. In this case, the social media platform gives the customers the power to comment on individual products, and through this, the company or the marketers can instantly respond to the customers' requests or inquiries. Social media inspires customers to talk about products or adverts in the market, and at as a result they may recommend, share follow or even like the products which the company can use to determine its effectiveness. With this in mind, the social media platform also helps in raising the awareness and thus creating a scenario where the adverts may have a prolonged impact on the market which is a benefit to the marketers (Hays, Page, & Buhalis, 2013). Conclusion The social media interaction is also another form of word of mouth based adverts which has a longer impact on the success of the company in the long run. However, the brand image may also be negatively affected across the social media platform, due to the ability to spread the information given that this may create a negative reputation for the company. Therefore, marketers across the Australia must come up with ways to mitigate against the adverse effects of social media and at the same time capitalize on the opportunities that the social media provides to the company due to the global exposure the social media gives. References Hays, S., Page, S. J., & Buhalis, D. (2013). Social media as a destination marketing tool: its use by national tourism organizations. Current Issues In Tourism, 16(3), 211-239. doi:10.1080/13683500.2012.662215 Friedman, A. (2015). Does social media really work? Ask customers. Las Vegas Business Press (10712186), 32(21), P6. Albano-Davis, M. (2016). Which social media fits you? Before you budget your next campaign, consider where your message would have the biggest impact. New Hampshire Business Review, 38(5), 19. Impact of Customers Reviews on Marketing Introduction Customers review helps in providing the insight in regards to how they view the products. In this case, the customer reviews is a part of the client feedback process and have different impacts depending on whether they are positive or negative reviews. Positive reviews are beneficial to the company and the marketers since they help in identifying the strengths of the company and this can be used as marketing initiatives. However, negative impacts may have devastating effects on the business if it is not handled in the right manner. However, they can be used to help in the improvement of the products or services offered by the company. Literature Review Customer's feedback is one of the most significant marketing platforms that can be used by an organization in identifying the strengths and weaknesses of its products of various processes. According to Chun-Chi, Yu-San, and Yu-Lun, (2017) customer reviews aids the customer's decision-making process where customers have a tendency of reading the reviews before making a purchase or making an order. However, the decision made may depend on the online customer's reviews on whether they have a negative or the positive impact to the business. Furthermore, customers reviews can be compared to the personal recommendations given that they are made by the customers who have accessed various products or services, and the reviews are based on their personal opinion regarding the products. Besides customers are more likely to favor increased spending especially in the cases where the company in question have positive customers reviews given that this amounts to customer satisfaction. Besides, this may help in achieving customers loyalty given that consumers are likely to make the repeat purchase in regards to the products involved. According to Elwalda, and Lu, (2016) more than 85% of the individuals who usually access the customer reviews tend to form the same level of trust when compared to the personal recommendation which is important when making buyers decisions. This information is relevant to the marketers in the long run given that the information posted by the customer's aid in the decision-making process (Fagerstrøm, Ghinea, & Sydnes, 2016). Conclusion Improved online ranking benefits are further facilitated by the presence of customers reviews. Better ranking across the online platform can be used as a marketing strategy which is essential for the company long term performances. Over 90% of the customers have a tendency of making customers of relying on the number of stars that are used during the rating processes. Furthermore, customers often form the level of trust based on the reviews that the customers have made in respect to the business. Even though the customer's reviews are fundamental to the decision-making process, they may hamper the business operations given that over 80% of the customers will always be hesitant before making a purchase in cases where the negative customer's reviews are involved. The marketers must have a responsibility of acting based on the number and the type of reviews that has been posted. Through this, the marketers across Australia must have the tendency of directly responding to the negative reviews and should formulate ways to help in the correction of the inaccuracies. This will helps the marketers in responding to various reviews which may turn into long term success in the long run. References Chun-Chi, L., Yu-San, T., & Yu-Lun, H. (2017). The Impact Of Mobile Hotel Booking By Customer Reviews And Experience. International Journal Of Organizational Innovation, 9(4), 171-184. Elwalda, A., & Lu, K. (2016). The impact of online customer reviews (OCRs) on customers' purchase decisions: An exploration of the main dimensions of OCRs. Journal Of Customer Behaviour, 15(2), 123-152. doi:10.1362/147539216X14594362873695 Fagerstrøm, A., Ghinea, G., & Sydnes, L. (2016). Understanding the Impact of Online Reviews on Customer Choice: A Probability Discounting Approach. Psychology & Marketing, 33(2), 125-134. doi:10.1002/mar.20859 The impact of Brand value on marketing Introduction Brand value has become an important notion in the current business environment especially with the increase in competition in various sectors of the economy. The brand is important to the customers and can be used by the companies as a marketing strategy in the long run. However, the company brand may negatively be affected by the actions across the social media and other online platforms. Negative impact on the brand reputation means that the company progress in the market is likely to be limited thereby affecting its sales in the long run. However, the marketers have the responsibility of safeguarding the brand reputation by making sure that all the business operations are carried out in the right manner. Furthermore, brand reputation can be used as a way to manage the public relations and the way the customers interact with others in the market. Literature Review The brand value helps in forming the right link with the consumers and through this formulate ways to achieve customers loyalty. Furthermore, consumers in the marketer place are likely to make a purchase to the companies whose brand has not been compromised by various activities that the business engages in. A company can use the social media platform to create a culture that is likely to improve the company's brand since it helps in cultivating the customer's trusts and at the same time ensure that there is the element of authenticity in the process (Hyejung, & Jihoon, 2016). However, to build the positive reputation, a company must make sure that it can produce quality products and at the same time focus on achieving the customer's satisfaction. Through this, the marketers must provide solutions to the problems facing the customers but still must reserve the ability to ensure that the company participates in corporate social responsibility programs. This helps in building company's reputation which helps in improving the company brand value. Safeguarding the company brand reputation is important to a business given that it helps to them to achieve the loyalty that is required for the company to succeed in the long run (Selvanayagam, & Ragel, 2015). Company's relationship with the customers forms the basis for the company success, and it is upon the stakeholders involved to ensure that the brand value helps in stimulating the right response where the customers are involved. The company marketing initiatives can be supported by the presence of positive brand reputation while negative brand reputation may hamper the operations of the marketers thus affecting the business progress (Skard, & Thorbjørnsen, 2014). Conclusion Marketers across Australia has the responsibility of safeguarding the business reputation and the failure to do this may lead to negative impacts on the firm operations. In a competitive environment, brand reputation is important given that it helps a company in gaining a competitive advantage in the market. Furthermore, company revenues are directly related to the business reputations given that the consumers always have an urge to be associated with the most successful brands in the long run. Companies with positive brand reputation have a tendency of manufacturing high-quality products and efficient processes, and hence the marketers must make sure that brand reputation is well protected. References Hyejung, C., & Jihoon, L. (2016). The Effects of the Price Discounts Types on Consumers' Brand Choice: Focusing on Brand Reputation and Consumers' Regulatory Focus. Journal Of Marketing Thought, 3(1), 27-32. doi:10.15577/jmt.2016.03.01.4 Selvanayagam, J. E., & Ragel, V. R. (2015). Consumer Acceptability of Brand Extensions: The Role of Brand Reputation and Perceived Similarity. IUP Journal Of Brand Management, 12(3), 18-29. Skard, S., & Thorbjørnsen, H. (2014). Is Publicity Always Better than Advertising? The Role of Brand Reputation in Communicating Corporate Social Responsibility. Journal Of Business Ethics, 124(1), 149-160. doi:10.1007/s10551-013-1863-3 Privacy and security Introduction Privacy and security are the necessary part of any business initiatives. With the evolution of the internet and the use of electronic devices, personal information has become vulnerable to hacks especially in cases where customers information is not protected in the right manner. Issues with privacy and securing have become a major consent in the 21st century which has made consumers more reluctant to conduct various transactions across the online platform due to the fear that the third parties may access their individual information. There have been cases where the privacy of information has become a major issue and as a result, have affected the company's transactions in the long run. Customers usually entrust various businesses with their private information which has in a way affected their long-term operations of a given company. Literature Review The privacy act in Australia helps in safeguarding the customer's rights, especially when accessing certain information across the online platform. However, there are still significant flaws in the online privacy regulation in Australia especially due to the issues involved, and this makes it difficult for the various stakeholders to manage privacy and the security of individual information across the online platform. The complexity of managing the information that is shared through the online platform makes it difficult to ensure that there is effective management of the information that is shared across various platforms (Peppet, 2014). Marketers have the ability to collect data on the online platform even without obtaining the necessary consent from the consumers. However, during the data collection process, it is important for the marketers to observe ethics when laid down the fundamental marketing objectives. The data is available on the online platform which makes it possible for the marketers to access it but is how they use which determines the ethics in the marketing process (Hartzog, 2013). Employees information must be safeguarded ion the right manner by the marketers to ensure that it does not make the customer's information vulnerable to the third parties. Information's collected helps the marketers in the decision making process and formulating the right strategies to make sure that they have the ability to succeed in the long run in their day to day activities. The use of internet and social media has led to the increase in cases of theft of information which has contributed to the fraudulent activities in the long run, and this is the major challenge for the marketers. Even though the consumer's information is available on the online platform, the use of such information's should raise moral issues especially if they are not applied in the right manner (Miller, & Washington, 2012). Conclusion Marketers across Australia must ensure that privacy issues are addressed while structuring marketing campaigns. Customers often have a habit of displaying certain information across the online platform which may be accessed by various parties across. However, moral and ethical principles should provide the right guidance to the marketers to make the right marketing decisions and ensure that the information is not used in an unethical manner and is not accessed by other parties in the process. References Peppet, S. R. (2014). Regulating the Internet of Things: First Steps Toward Managing Discrimination, Privacy, Security, and Consent. Texas Law Review, 93(1), 85-178. Hartzog, W. (2013). The Fight To Frame Privacy. Michigan Law Review, 111(6), 1021-1043. Miller, R. K., & Washington, K. (2012). CHAPTER 18: PRIVACY & SECURITY CONCERNS. In , Consumer Behavior (pp. 99-102). Richard K. Miller & Associates. Read More