Social Network in Business Practices-Free-Samples-Myassignmenthelp

Question: Discuss about the Advantages and Disadvantages of Using Social Networks in Business. Answer: Introduction The social media system incorporates the web-based communication technology which could be implemented by a company to share the facts and figures and communicate with other. In the current business situation, there are different social network techniques which could be exercised by a company such as Instagram, Pinterest, Facebook, Snapchat, Twitter, and WhatsApp. It is evaluated that more than 46 billion people use social networking system to interact with others and share their opinion through online channels. Wesfarmers Limited uses Facebook as a social networking system because more than 1.86 million of customers exercise this channel at world level. In the current scenario, a large number of the person who uses social networking system is young people particularly the scholar of college (Scott, 2017). In the current scenario, social networking plays an imperative role in the business function. Through this channel, Wesfarmers Limited can influence a large number of people and deal with business processes. It could be used to generate awareness regarding products and services amid customers. As a result, social networking system can gain the profitability in minimum cost and time. The literature review of this part entails the critical reviews, discussion, and detail of research topic is opined by different authors. This research highlights on the pros and cons of using the social network in Wesfarmers limited, Australia (Xu, et. al., 2016). Project objectives The main aim of this research is to analyze the advantages and disadvantages of using the social network in business practices in the context of Wesfarmers limited, Australia. Following objectives would be used to meet the main aim of this research: To identify the meaning and concept of social network To address the pros of using social network in business To evaluate the cons of using social network in business Project Scope The project scope is wider for the readers because social networking topic is recently highly used in business. The literature review is described by assessing different articles, journals, textbooks and online publication as it could be significant for business to create knowledge of using the social network in business. The project has also scope for retailers as it is significant for them to understand pros of using the social network in business. It could be also prominent for companies to gain the understanding of cons of using the social network in business (See-To and Ho, 2014). Literature review Meaning and concept of social network Rienties et al. (2013) stated that the social network is a website which facilitates people with homogeneous interest to come together and share their ideas, videos, and photos. The social network is a driving force in the current business practices. Social networking is a buzzword which could be implemented by a corporation to increase the awareness about the business and to gain the publicity of company. Hence, the social network plays an effective role in business to grow in long-term. It is sort of media which connects the readers and viewers through social media channels like YouTube, Facebook, and Twitters. In the existing business practices, a social networking system is executed to interact with current and prospect consumers. It also enables the business to create the awareness with regards to products and services in the targeted areas. Consequently, the company can hire the right person in the right place. In contrast to this, Rienties and Nolan (2014) discussed that social network helps to interact with the bulk of customer in across the Australian market. It also facilitates the Wesfarmers limited to expand their business by endorsing their products and services. There are different sort of business which dealt with the online channel. In the global market, the corporation may face complexities in terms of promotion and marketing of different products and services. Hence, the company should create a social network as it could be effective to obtain favorable feedback from current and prospective customers. In opposition to this, Wamba and Carter (2016) described that traditional sale technique could be effective to increase the revenue of a company because social networking is expensive and not reliable. In addition, people may visit via promotion and advertisement because it could not be ignored by a customer. Social networking may reduce the goodwill of a corporation in case customer gives their negative feedback on social sites as it can negatively influence the other customers. Advantages of using social network in business In the view of Stieglitz et al. (2014), the social network generates the awareness about the products and services between customers along with, it aids them to make their own judgment. Social networking is beneficial for a business to improve the relationship with the customers. It is analyzed that a large number of users has gained their online presence as it facilitates the opportunities to expand the business in all over the world. It is also evaluated that online communication is a rapid and comprehensive process which allows a company to build liaison with their customers. In favor to this, Dai et al. (2017) evaluated that social networking is effective strategy to enhance the ranking of search engine of a company as it could be effective to improve their goodwill at the workplace. The search engine optimization could be effective to attain the higher ranking and pull the attention of bulk of customers towards their business websites. It is assessed that there are about 58% of company who have improved their search engine ranking via social network. Moreover, a company can shift and create positive feedback for the company. In contrast to this, Malone and Kinnear (2015) exemplified that social networking is an essential strategy which has to boost its recognition in existing globalization period. In addition, social networking marketing is presented by the company for endorsing the products and services. As a result, it could be beneficial for a company to expand the precious information in minimum time to their customers. Social networking system provides the business connectivity at the international level. Moreover, social networking facilitates the people to interact with people and share their opinions and ideas. Therefore, it could be effective to construct the final buying judgment. Target advertisement could be implemented by business via online social networks at the workplace. It is an effective strategy to present the company data in front of the bulk of customers. This social networking system could be used by 24*7 hours by the business as it would be beneficial to persuade the customers tow ards their products and services. According to Dai et al. (2017), advertising strategy should be used by the company to endorse their products and services. There are different fee-based options which provide content to the company to target those customers who give preference to their products and services. It also facilitates the company to arrive at the bulk of customer and improve their image in the customers mind. Social networking could be beneficial to spread the news and facts associated with products and services. In the existing situation, Wesfarmers limited uses social networking sites to collect and broaden the data about their products and services (Ray, 2014). It is analyzed that utilization of internet and smartphones have been increasing in Australia as it could be an effective source for business to attract the customers through their products and services. In opposition to this, Ainin, et al. (2015) discussed that social networking enhances the relationship between users and company and helps to obtain business growth. It is assessed that number of people, who uses highly social media is gaining in Australia. Consequently, it would be beneficial to gain the publicity and supports the company to boost their revenue and business growth. From the different study, it is evaluated that approximately 53% Australian are loyal with respect to the brand because they follow the company on social media channels. Hence, it could be stated that social networking increases the loyalty of customers towards the particular brand. It is also studied that there are over 3 million of social media users in which about 2 million of users have active for more time on social media account (Chung, and Tung, 2013). Therefore, it is a significant alternative which helps to gain their valuable perception amid bulk of customers. Talukder et al. (2014) described that social media could be beneficial to attain the customers needs as it enables the business to frequently assess the customers desires and needs. Through the social media, the company can build their identical image in the customers mind by frequently respond to unfavorable comment and feedbacks. Furthermore, social networking could be imperative to enhance the satisfaction level. Social networking system is also implemented by business to pull the attention of customers towards their products and services as it could be beneficial to improve the effectiveness of long-term. The company should be aware while consumer gives their feedback and posts on their page. As a result, they can influence customers by resolving the issues rapidly. Disadvantages of using social network in business Kwon and Adler (2014) evaluated that using social media could be disadvantageous for business because it takes more time and efforts. It is analyzed that updating the new data and replacing the old information may take long duration. In addition, social media could lead to reducing the number of followers for a particular business. It could create different risks within a business because there is lack of personal with an emotional risk between the customers and business. In opposed to this, Palmer (2014) discussed that social networking has required legal consideration in business as it could be expensive for business practices. Moreover, effects of social media could be for shorter time and moved out after sometimes as it creates complexities for business to survive the business in long-term. It may destroy the goodwill of business because users can give their negative comment on the companys websites. But, at the same time, social networking builds competencies among business to reach at the bulk of customer. It also influences the customers to become a truthful user and influences the companys image. Turner and Shah (2014)stated that social networking creates fraud risk and theft issues in terms of advertising and marketing of the company. Mismanagement of social media may have a negative impact on the goal and objectives of the company. Business and legal risk could occur in case of company advertising through social media. Another risk could be related to loss of brand image and trustworthiness of company because deceptive information about the company can negatively influence the customers. Conclusion As per the above interpretation, it could be summarized that social networking system is essential for business when it wants to add a mechanism in existing globalization situation. In addition, a social networking system is exercised to improve the capabilities of business and to communicate with people. It could be concluded that different mode of social networking system could be used by business to reach at the existing and potential customers. It could be evaluated that legal and business risk could be faced by a business when using the social network in a business function. Moreover, it can be concluded that social network creates the different opportunity for a company as it would be beneficial to grow the business. 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