Business Research
Introduction
This study will shed light on the objectives of the project. Scopes for the project will be evaluated in the study. In this study, a discussion will be done on the social networking and its impact on the business. Evaluation will be done on the overview of social network on business. This study will make a discussion on what effects social networking has on the businesses in Australia. In this study theories related to the social network in business will be presented on the basis of macro and micro theories. Advantages will be evaluated on the use of the social network as the medium of marketing in any business. This study will also present the disadvantages of using the social network in the branding of the organization in the market.
Project Objective
To identify the advantages of a social network in a business
To find out the disadvantages of the social networking system in business
To critically evaluate the role of social network in a business
To figure out the drawbacks of the social networking for running a successful business
To mitigate the challenges of social networking in different business.
Project Scope
The present study would address the advantages and disadvantages of social networking in various types of business. The use of social network to promote or expand a business is becoming a trend these days. Hence there is the number of people accessing the social media through the social network every day. The study would evaluate the disadvantage of using the social network in different business along with that some strategies to overcome the problems. This can help to run the business successfully for the future. The present study would also include the several positive effects of using the social network for starting or continuing any type of small to medium business.
Literature Review
Overview of a Social network in a business
The social networks allow an individual to share, create or interact with each other by the use of the internet. According to the increased demand for the use of internet every day, the users of social media for a different purpose are also enhancing. It has helped to promote different types of business by the use of internet or indirectly by the social network. As stated by Okazaki and Taylor (2013), the different part of the world has shown a maximum 8 hours of internet use per day for the different purpose, mainly the surfing of different social media. The global data of Internet world Penetration has shown that the use of social media for different purposes in North America is 95%, in Europe 85%, in Australia and Ocenia 68.9%, and Asia 48% or Middle East 64.4% and so on in 2017 (build.export.gov, 2018). The use of social media is done by the business owners as within a less time they can promote more business to among a huge number of people. Through the social network, a particular business organization can make a review quickly of their customers to find out the quality of service which they are providing is good enough for the customers or not. According to Burt (2017), this social network can also help to promote a particular brand of a specific organization which can create a uniqueness of that particular business organization in the competitive market. It also helps to evaluate the customers thinking about a particular business organization. According to Burt et al. (2013), the earning of a good number of loyal customers through a quality service can help to get more new customers.
This is helpful to build a good customer organizer relation through the social media. There are several types of social media like Facebook, Instagram, and the other which can help to spread not only the existing business but also for starting a new business. The user of Facebook including the business owners and also the buyers is almost 2167 million in the world and for Instagram, the general users are almost 800 million and for what it is 980 million in the world at the end of 2017 (build.export.gov, 2018). According to the global social media statistics, Facebook has increased 60% penetration among the small to medium chain business. Along with that, it is proven that Facebook is the largest social media accessed by the developed and developing countries. According to Kim and Sherraden (2014), this data is helpful to identify the target population for spreading a business.
Overview of a social network in the business of Australia
The current trend of increased use of internet in the world is also followed by the Australians. According to the demographic data of Australia, almost 8-10 new social media users are increasing every day. The national statistics of Australian data has confirmed that the users are being on the social network for more than 5 times a day. This is very helpful for a start-up business and also for an existing one to reach to a huge number of people with their business products. As stated by Scott (2017), the use of social media helps to make the export and import very easy by reducing the custom cost. This influence number of people to buy products through the use of local Australian websites and also the Australians can get an easy access to any foreign products easily. As mentioned by Carpenter and Jiang (2012), such type of globalization becomes possible for the maximum use of a social network by a huge number of people. The national data of Australia has shown that the age group of 18-29 are having the maximum use of social media access with a 10-12 hour check-in into any one social network. 89% users check their favorite social network for every day. The checking of different feedback is 72-80% by the users (digital360.com.au, 2018). This is a positive side of the use of different social media for a business purpose. This kind of feedback facility helps to get an instant reaction of the customers about the products of the different business organization. This can help to rectify any mistake if committed by the business company. It also helps to adopt a different business strategy to make a perfect business plan for the future. As stated by Tiago and Veríssimo (2014), the results of profits and losses about the different large organization, displayed in different social media help to implement the effective strategy by the new organization for their betterment.
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Unit 1 Business and The Business Environment
Unit 1 Business and The Business Environment
Unit 1 Business and The Business Environment ,This assignment explores the case of H&M. Hennes and Mauritzis the largest fashion retailer in Europe at the present. Like ZARA, fashionable designs, high quality, affordable prices and its distribution system are keys to its success and rapid expansion worldwide. However, fast fashions, the most important factor of ZARA’s success, is not the one to make H&M more thriving in the market
