Online business and online business

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Mount Kenya University *

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MISC

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Business

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Nov 24, 2024

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docx

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Uploaded by ConstableCrownSparrow8

RUNNING HEAD: SOCIAL MEDIA AND ONLINE BUSINESS 1 Social Media and Online Business Name Institution Instructor Date Abstract

SOCIAL MEDIA AND ONLINE BUSINESS 2 This paper will explore social media's theoretical and practical aspects and online business. The purpose is to analyze how social media impacts businesses and vice versa, which has societal implications. The research will examine how social media has become a major business tool that helps companies to build their brands. It will explore how businesses can use social media to improve marketing and sales. Still, it will also discuss the potential risks businesses face from using this technology. The findings from this study will be used to conclude that if businesses embrace social media and online marketing, the benefits can be great for them. Keywords: Social Media, Online business, Branding, Advertising Social Media and Online Business Social media has developed at a rate beyond what was originally predicted by its founders, who are said to have thought that it would boom and bust in three years. Social media is now a worldwide phenomenon that millions of users around the globe can access. Sites such as Facebook and Twitter have become household names and are often referred to by their users as the "online world". These sites have grown at an alarming rate, with Facebook becoming known as a global phenomenon in just five years (Kaplan, 2015) . Social media has changed how the business communicates with customers and vice versa. Social media is a communication and marketing tool, and businesses can use this to communicate with their customers effectively. Businesses can build rapport with customers by using social media tools to communicate how they feel about their brand. Given that social media has developed into a crucial marketing and communications channel for enterprises, organizations, and institutions of all kinds, including those in the political realm, it is crucial to think about the future of social media in the context of consumer behaviour and marketing.

SOCIAL MEDIA AND ONLINE BUSINESS 3 Social media is also culturally significant since it has grown to be the major platform for many people to access a wealth of information, share material and elements of their life with others, and learn about the outside world (Kaplan, 2015) . To thrive in 2021, marketers will need to be skilled at social media marketing. There are currently many innovative strategies for using social media like Instagram and snap chat to increase brand recognition creatively. Methodology Different data collection methods that include; surveys, interviews, questionnaires, observation and documentary studies were used in collecting data with the help of a research questionnaire, interview schedules with key informants and researchers, and observation tools to enhance the study. All these methods were used to collect relevant information for this research paper. These methods will give a clear illustration and implication of how social media has changed whole business transactions. Participants Participants in this research paper are comprised of employees from companies and non- employees from other professionals such as business owners, community leaders, and students. Participants were chosen based on their profession, age and gender to have a diverse group of participants to get lots of data. The sample size is determined based on the number of participants in the study, their demographic information, and the desired statistical power level. The sample size is 60 due to its reasonable selection criteria, which is more than the minimum required number. Materials The research materials needed to be collected from the participants. The research questionnaire, interview schedules, observation tools and other research tools are needed.

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SOCIAL MEDIA AND ONLINE BUSINESS 4 Questionnaires contained five questions designed to explore different aspects of social media and online business. They include; 1. How do you use social media in business? 2. What are the benefits of using social media in business? 3. How do you think social media impacts businesses and vice versa? 4. What are the risks involved with using this type of technology? 5. Do you think social media has become a major business tool that helps companies to build their brands? The interview schedules have been used to interview key informants who understand what social media is and how it has impacted businesses today. These interview schedules are used to collect info on the business users' views on social media and the benefits and risks it brings to businesses. The interviews were conducted in person as well as via telephone interviews. Questions that were asked in interviews included; 1. What are the advantages of using social media 2. The main problems that businesses face The observation tool collected necessary data from participants, such as their age, gender and occupation. This method ensures that the data collected was valid and appropriate. Results There were significant results from the research paper, which were as follows; Based On the Questionnaires 1. How do you use social media in business? 80% of the respondents use social media to share and send information or updates about their business.

SOCIAL MEDIA AND ONLINE BUSINESS 5 2. What are the benefits of using social media in business? Participants had different views about this question; some stated that its beneficial for advertising, promotion and public relations, whilst others thought it was good for customer service, relationship building and branding. 3. How do you think social media impacts businesses and vice versa? Marketers use social media for advertising their businesses or brands; their main goal is to be seen as a competent business (Nascimento & Da Silveira, 2017) . Consumers also use social media online and offline to show how they feel about their current or upcoming products. Social media has greatly impacted the customer's relationship with their brands by improving product sales and service. 4. What are the risks involved with using this type of technology? The main risk that consumers are worried about is the security issues involved with using social media, such as hacking and data leaks. 5. Do you think social media has become a major business tool that helps companies to build their brands? 75% of the respondents answered yes; however, 25% said it does not affect building brands. Based On the Interviews 1. What are the advantages of using social media in business? According to the respondents, different advantages are provided by social media for business;  Manage their business activities and communication with customers.  It provides information about other sales, promotional offers and discounts that can attract more customers to their businesses.

SOCIAL MEDIA AND ONLINE BUSINESS 6  Manage and improve customer service, which is useful when complaints or feedback occur.  To use social media as a way of branding the business products or services. 1. The main problems that businesses face? The main problems businesses face are the risk of a data leak and security and privacy issues with social media. Based On Observation 1. Age and Gender of participants: The respondents were aged between 21-40 with a mix of males and females. The male and female ratio is 50%-50%. 2. Occupation of the participants: The respondents were all working in online business, which can be classified as an e-commerce or social media-based business. 95% of the participants were web designers, information technology professionals, internet marketing consultants or other similar professions for social media. 3. Number of years using social media: Almost all the respondents used social media for two years or more from when they started using it. Discussion The main findings from this social media research paper are summarized in 4 points that are; Uses Of social media In Online Business After analyzing the participants' responses, what they had explained, and the findings found through the research tool, it is concluded that 80% of the respondents use social media to share information or updates about their business (Soegoto & Eliana, 2018) . They use social media in different forms such as email marketing, webinars, podcasts and blogs to communicate with customers.

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SOCIAL MEDIA AND ONLINE BUSINESS 7 Online businesses are focusing more on using social media to promote their brands and inform their customers. It means they have to create a follow-up system, which can improve customer relationship management and customer service. Social media has become an essential tool for online business services; it allows them to understand their customer's needs, provide feedback and promote their business or brands. Impact Of social media On Businesses Businesses use social media to manage their business activities and communicate with customers. They can gain more business opportunities and promote themselves through social media platforms such as LinkedIn, Twitter, Instagram and Facebook. Social media has also become a useful tool for businesses to engage in conversations with their customers and build a strong relationship between them and the brands they are promoting. The main goal of online businesses is to advertise their products or brands through social media platforms. Hence, they use different marketing strategies to promote their services. They create a social media presence to create a positive business image (Ioanas 2020) . The main value of social media for businesses is its ability to show and promote business services effectively. Challenges Faced by Online Business Marketers must always consider security issues related to using this type of technology when managing or monitoring social media platforms. Social media is considered high risk because it can impact badly on the reputation of organizations and businesses. However, most organizations have not yet been fully prepared for the security issues associated with social media, which should enable organizations to keep up with the pace of technological advancements.

SOCIAL MEDIA AND ONLINE BUSINESS 8 • Data leak. The risk of data leak is a crucial issue when using social media platforms such as Facebook and Twitter, as they can affect badly on reputation and brand image of businesses. • Hacking. Attacks and intrusions are made by hacking the business websites that share information and updates about their products (Efriana, 2021) . It can also be done on other social media sites such as Facebook and Twitter, as they share information with different users, thus creating a higher chance of security issues. • Interference Of social media By Government Agencies. Most government agencies have been using social media platforms to monitor online users and website activity, thus getting into issues related to privacy policies. • Hidden Websites. Social media platforms are used to promote products and services in different ways. Thus, they can be seen as a duplication of some official websites. It is a difficult issue that organizations must consider when building their brands through social media. The Best Way to Use social media Social media is a way of using the internet to promote your business and gain new customers, but it is also used incorrectly. Organizations must take into account its potential uses and dangers that are involved with it to match their brand image. It helps them use this technology better and learn more about their customers. Where To Use social media The best way to use social media is to use it on different platforms that can effectively promote the brands (Coles, 2017) . Social media is a cost-effective platform that helps organizations effectively promote their brands. It is done through;

SOCIAL MEDIA AND ONLINE BUSINESS 9 • Blogging platforms such as WordPress and Blogger allow users to share information about their products or services online. • Website design companies such as Magento allow users to promote their products and services on website pages. • Video marketing platforms such as YouTube and LinkedIn allow users to help customers learn more about the business services. Social media is a useful tool for online businesses looking for new customers; this means that organizations can use all social media platforms to promote their brand, gain reputation and create customer loyalty through online customer relationship management. A strong social media presence can also help organizations establish new customer relationships through different platforms such as Facebook, Twitter, LinkedIn and Pinterest. Furthermore, the best way to use social media is to use all the platforms effectively. By doing this, organizations can successfully use these tools to establish their brand image and gain more customer trust.

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SOCIAL MEDIA AND ONLINE BUSINESS 10 References Kaplan, A. M. (2015). Social media, the digital revolution, and the business of media. International Journal on Media Management , 17 (4), 197-199. Nascimento, A. M., & Da Silveira, D. S. (2017). A systematic mapping study on using social media for business process improvement. Computers in Human Behavior , 73 , 670-675. Soegoto, E. S., & Eliana, E. (2018). E-Commerce and business social media today. In IOP Conference Series: Materials Science and Engineering (Vol. 407, No. 1, p. 012034). IOP Publishing. Ioanas, E. (2020). Social media and its impact on consumers behavior. Jurnal Analisa Kesehatan , 1 (1), 1-1. Efriana, L. (2021). Problems of online learning during COVID-19 pandemic in EFL classroom and the solution. JELITA , 38-47. Coles, L. (2017). Social media for business: foolproof tips to help you promote your business or your brand . John Wiley & Sons.

Online business and online business

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