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ADVANTAGES AND DISADVANTAGES OF USING SOCIAL NETWORKS IN BUSINESS

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ADVANTAGES AND DISADVANTAGES OF USING SOCIAL NETWORKS IN BUSINESS

 ADVANTAGES AND DISADVANTAGES OF USING SOCIAL NETWORKS IN BUSINESS

Introduction

In the modern world the new innovations and advancement of the technologies has led the companies to enhance their services through the internet. The promotion through the internet mainly involves the proper use of the Social Networks for marketing purposes. However, like any other aspects of technology, the Social Network possesses both negative and positive impact over a company. The evaluation of both the negative and positive factors is essential in order to initiate a proper application of Social Network in business. This assignment will provide analysis on the evaluation of the advantages and disadvantages of indulging Social Network on business in order to justify its proper application, with special emphasis to be given on the impact of social network on McLaren Technology Group. 

Project Objectives

Aims

The foremost aim of this assignment is to evaluate the positive as well as the negative influences of the Social Network on the business.

Objectives

       To highlight the concept of the Social Network and its impact on the business.

       To analyse the theories related to the application of Social Network strategy by the companies.

       To shed lights on the challenges faced by the companies due to the application of the Social Network.

Project Scope

In the current world, it is important to understand the impact of the Social Network on the business in order to withstand its effects and overcome challenges. This assignment will focus on the both positive and the negative influences of the Social Network and will provide theories for the proper application of it. Thus, this project will create scopes for the industries and the organisation to understand the possible outcome of the Social Networks. This will help the organisation in enhancing their strategies for using Social Network as a key business factor. This project will also create scope for the future generation to control the Social Network through the application of various theories.

Background of the Company

McLaren Technology Group is a technology-based organisation in the UK. The McLaren Technology Group is widely popular for its excellence in its automotive as well as technology sectors (McLAREN GROUP, 2018). Every business areas of McLaren Group possess an excellent reputation among the service users. Since the foundation of McLaren Racing in 1963, they have been delivering an outstanding performance in enhancing and innovation the world of Formula 1. The goal and the objective of McLaren Group are simple and singular that is they exist to win in everything they do (McLAREN GROUP, 2018).

Literature Review

The Concept of Social Network

The Concept of Social Network first came into existence with the rise in technology particular the internet. According to Buettner (2016), the development of the internet in the houses, schools, and offices made it easy for the people to access the Social Network. The Social Networking is a strategy that helps in expanding the business or the contacts by connecting individuals through several Social Networking Sites like Twitter, Facebook, and Google Plus etc. The Social Network has gain popularity as it develops a communication among the people. As per Davies and Perini (2016), the Social Network has enabled the business organisations to enhance their customer services by connecting the organisations with their customers. The Social Network in recent time has gained major popularity in the business sectors due to its popularity among the people. The Social Network is a website that enables the people to share thoughts, news, updates, knowledge, information, and videos with just a single click. Thus, Social Network is a platform that has made life easier than before and connecting the people stands as its main objective. On the contrary as stated by Ebrahim et al. (2014), besides enhancing the customer services the Social Network also improves the marketing strategy of the company. Hence, many people use the Social Network not only for personal purposes but also for enhancing the business purposes.

Positive Impacts of Social Media on the Business

Social Media possesses a number of positive impacts over the companies. According to Gibbs and Boyraz (2015), there are several impacts Social Media on the Business, the most essential of all is the Customer Service. The Social Media allows the companies to maintain a strong bond with their customers. The McLaren Technology Group has been able to maintain a strong and an effective customer services with all its customers all around the world by the help of Social Networks (McLAREN GROUP, 2018). Social Network is a platform that mainly deals with the communication and networking thus creating a chain of network among the people. In order to achieve the highest level of development all the companies tend to enhance their customer satisfaction policies. According to Gurung and Prater (2017), the Social Network allows the customers to share their thoughts and the reviews regarding a particular company or products. Social Network works as a voice for the companies; it promotes the product launches and enhances the advertisement of the company. The Social Network also allows the companies to be more attentive towards the customers all around the world. The Social Network also provides Higher Conversion Values of the company by increasing its visibility among the people. As per Hajli (2015), the Social Network increases the visibility of the company by representing it on the timelines and thus opens up more opportunities for the company. The videos, blogs, news and pictures post by the companies on the Social Network increases their visibility among the users. Another essential advantage of the Social Network on the business is that it Increases the Search Engine Rank of the companies.

A higher Search Engine Rank is important for the company in order to increase the traffics of the company’s website (Rittinghouse and Ransome, 2016). In current world everyone uses Google in search of updates and a high Search Engine Rank allows the company to stay in the first page of the Google search. The Social Network is responsible to Increase the Brand Awareness among the people. As stated by He et al. (2015), Social Network is one of the most advanced and cost-effective marketing strategy in today's world in order to increase the popularity of the company. All around the world, 91% of all businessmen stated that by only investing few they are able to enhance their marketing strategy and increase their visibility among the service users. Thus, there is no doubt that having a page on the Social Network is likely to benefit the company in gathering more audiences and customers to it. The Social Network provides the Brand Loyalty by developing the relationship between the company and the customers. Social Network allows the customers to communicate directly with the enterprise thus it develop a sense of loyal among them. As per Hu et al. (2015), research has shown that from 2000 to 2015 around 62% of customers have developed a sense of loyalty for the brand as they are able to communicate with the companies directly. One of the most important factors of Social Network is that it is a Cost-Effective process of advertising and marketing. Creating a profile or signing in is free for most of the Social Networks. According to Trainor et al. (2014), the Cost-Effective is of major importance as it needs only a little investment and creates profits of big amount. Thus, it can be said that in current world the impact of the Social Network on the companies has created a lot of opportunities for them to enhance themselves among the customers.

 

Theories of Social Network

The importance of the Social Network in the companies has led them to undertake several theories for the application of a proper Social Networking Program. Several studies and research has made to determine the perfect theories for the application of the Social Network. As per Kim et al. (2014), the perfect theory of Social Network lies within the way the companies use it. Thus, there are several theories for the Social Network that work without a flaw but the impact of the theories depend upon the way the companies apply those theories. There are mainly three theories that stand apart from other in creating a positive impact on the company. The theories are Social Behaviour Theory, Mass Communication Theory and Personal Behaviour Theory. The Social Behaviour Theory mainly deals with the behaviour of the group; it determines the behaviour and involvement of group in the social activities. According to McCoy (2016), the Social Behaviour Theory is important for the companies as it enable them to find the key factors of the service users through the social platform. The Social Behaviour Theory allows the companies to know about the preferences and the satisfaction devices of their customers. The companies enhance the Social Behaviour Theory through three steps that includes the social capital theory that the companies use to conduct research on Social Network. The next step social cognitive theory suggests that people learn behaviour by observing, thus the Social Network provides a platform for the companies to let the customers know about the new products. The third step social power suggests that the companies can create an impression of their own through the Social Network. Social power allows the companies to enhance their influencing power through the Social Network. Thus, the Social Behaviour Theory is a mixture of power, networks and cognitive theory that enhances the quality of the organisation.

 

Challenges of Social Network in Business Purposes

The Social Network is probably the most advanced and useful innovation in today’s world. However, apart for its usefulness and advantages there are some challenges of using Social Network for business purposes. According to Bryman and Bell (2015), the main challenge of the Social Network is the time taken to manage the details of every medium. The Social Networking is Time Consuming, the current world is full of competition the time has become a major factors in the development and the growth of the companies. However, in case of Social Media someone has to be there always to answer the issues and the reply to the comments of the customers. The business without managing this issue will find it difficult to compete. The Marketing in Social Network is Annoying to a lot of users, the companies often meet offensive and bitter responses from the user for the marketing efforts. The Inefficient Feedback Control also degrades the marketing strategy of the company. According to Bryman (2015), the unsatisfied customers always tend to get involved in the marketing posts of the companies and damage their reputation among the other customers. The companies do not possess enough authority to stop the degradation. The Social Network has users from all around the world thus in some cases the local business ends up getting Distant Audience. The distance audience does not provide enough business to the local enterprises hence their Social Networking strategy goes on vain. The Social Networking has No Proper Marketing Strategy as a result it may lead to the negative benefits of the company. As per Burns (2016), the marketing through the Social Network needs applications of proper strategies in order to derive positive result of it. There are Risks of Unwanted Behaviour associated with the company website that can create a negative reputation among the customers. Another major problem related to the application of the Social Network is the fear of Getting Expos (Hair et al. 2015).

Literature Gap

Various studies and researches have been made in order to understand the impacts of the Social Network on the business. However, most of the previous research has failed to point out the actual impact of the Social Network. It has not been properly concluded that the Social Network is beneficial or harmful for the business organisation. It is because no proper evaluation had been achieved regarding the theories of the Social Network application. The company never realised the impact due to the failure of the research. Hence, proper research needs to adopt in order to provide the companies with better strategies. This assignment has evaluated the concept of Social Network and presented each of its advantages as well as the limitation thus, made it easier for the companies to understand the flaw.

Conclusion

The Social Network in today’s world has acquired a large portion of the market hence it is important to evaluate all the possible outcomes of it. The evaluation will allow the companies to adopt the strategies according to their need in order to minimize the risks and maximize the profits. This assignment has observed the impact of the Social Network on the business and it has observed the concept and the nature of Social Network. The assignment has also concluded the positive impacts of Social Network on the business. The evaluation of the theories of Social Network has also been focused on through this assignment. Lastly, the assignment has also shed lights on the challenges related to the use of Social Network for business purposes.



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