Advantages Disadvantages Using Social Networks Business

Acknowledgement

The success and final outcome of this project required a lot of guidance and assistance from many people and I am extremely privileged to have got this all along the completion of my project. All that I have done is only due to such supervision and assistance and I would not forget to thank them.

Introduction

Social networks in the businesses are growing at a rapid pace for connecting with the target audience that spends their time in the popular social network sites. When businesses are linked to social media networks they generate more revenue and they are able to connect with the customers for serving them better. As stated by Turban et al (2017), the social network in the business places helps with the online marketing that is essential for the growth and development of the company. Businesses should use networks like Facebook, Twitter and LinkedIn for keeping up with the growing pace of competition. According to the present reports, 2 million business use Facebook advertising for promoting their services and products. The social media platforms are able to provide data to the businesses about their customers and it is an easy way to reach the customers. As stated by Borgatti et al. (2018), the businesses can benefit from the social media sites by getting valuable information about their customers increases the loyalty and the brand awareness of the customers, helps in targeting the right audience, helps in the generation of high converting leads and provides rich experiences to the customers. On the other hand, the disadvantages of the social media in businesse

Project Objective


In this project, we are going to discuss about the literature of social network used in businesses.
To understand the several advantages and the disadvantages related with the social networks used in businesses.
To understand the target audience and how they impact the business
To understand the challenges in business
To recommend solutions to the challenges

Project Scope


In this project, the different functions of social network in businesses will be discussed in details along with the advantages and disadvantages of using social networks in businesses. It is a part of the project planning that deals with determining the deliverables and goals of the project.

Literature Review

The role and importance of web based technologies are rapidly growing in the business environment and it is widely accepted by the academics and practitioners. As stated by Scott (2017), social media can be regarded as one of the most recently emerged web based technologies. Therefore, social media can be defined as the platform, media and online applications which aim to facilitate collaborations, sharing of content and interactions. Social media can also be used as the term “Web 2.0” and the following categories help in the identification of the social media:

Blogs
This includes the online journals of the enterprises combined with video or audio podcasts.
Social network- This can be termed as the application that helps the users to build personal websites that are used for the purpose of exchanging content.
Content communities
This can be termed as the websites that shares and organizes content of certain particular types.
Forums
This can be termed as the sites which exchanges ideas of special types of interests.

Content aggregators- This can be termed as the application that allows the users to customize fully the web content according to their wish.
As stated by Turban et al (2015), the importance of social media is largely dependent upon the communication between people and in the facilitation of immediate, asynchronous, interactive and low cost communications. Social network sites can be considered as the central main thing of the network resource of the organizations that is linked with the business performance and strategic value. As stated by Arregle et al (2015), the social network sites help the individuals to form a profile of public or semi-public nature in a system which is bounded. In these sites, the users share a connection with the other users for viewing the list of connections. In case of large social network sites, the individuals do not want to meet new people but to manage the relationships with the old friends. Thus, social network sites can be termed as the alternative communication tools that help to support the existing activities and relationships in a fun way that deepens the experiences of the users. As stated by Arregle et al (2015), new social media network sites have emerged that attracts especial groups which are based on demographics and form communities that comprises of people with the same thinking.

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