Social media’s growth in society has changed the way people interact, collaborate and create opportunities for themselves and businesses. The growth of the platform has created more opportunities for business to create stronger competitive advantage in the market of digial advertising and promotions (Koohang, Nord, & Paliszkiewicz, 2014). This Literature review will focus on three key topics that are; the positive and negative impact of social media on business and the competitive advantages and opportunities the platform creates for businesses. From the information gained from the literature review we could conclude that mojority of the research conducted on social media is based on the positive factors and only minority of the reasearch
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The articles states that online shoppers coonect with retailers more through social plateforms like facebook, Linkinden and twitter, and retailers use these data to create a stronger competitive edge. The artciles outlines that more than 93% of marketers use different socia media platform to connect with consumers, however customers takes time to interact on sites. Achieving to popularity on these platforms can be difficult however ones customers connect it become a positive effect and becomes visible for businesses and customers to see.
Social media is also free of charge for majoirty of usage, for business it can be more efficient, gaining more audiences and can be useful to conduct promotional surveys or gain feedback from customers of the brand or products. Business can also promote products online without any cost barrier. Consumers would also be able to access information in sufficeint time, being a visible site it allows consumers to gain notifications of business promotions which is a advantage for the business as it would have a wider reach (Rapp, Beitelspacher, Grewal, & Hughes, …show more content…
Companies reputation can be easily harmed through negative publicity turning the platform from a positive source into a negative platform. Social media being such global network makes forums and blog visibles despite being positive or negative, businesses using the platform need to be aware of the repuation risk that is linked with the visibility. A search conductued by DEI Worldwide hows that 70% of consumers visit social sites to gain company and product detail and 49% of the consumrs users the data provided on website to make purchase decisions; 60% of these consumers stated that they are more likely to pass the data they have gained on the social site to other online users and 45% of users would interact with other users through word of mouth (Kim & Ko, 2012). This data shows that the value of one comsumers opinion can impact a busineses reputation
The articles states that online shoppers coonect with retailers more through social plateforms like facebook, Linkinden and twitter, and retailers use these data to create a stronger competitive edge. The artciles outlines that more than 93% of marketers use different socia media platform to connect with consumers, however customers takes time to interact on sites. Achieving to popularity on these platforms can be difficult however ones customers connect it become a positive effect and becomes visible for businesses and customers to see.
Social media is also free of charge for majoirty of usage, for business it can be more efficient, gaining more audiences and can be useful to conduct promotional surveys or gain feedback from customers of the brand or products. Business can also promote products online without any cost barrier. Consumers would also be able to access information in sufficeint time, being a visible site it allows consumers to gain notifications of business promotions which is a advantage for the business as it would have a wider reach (Rapp, Beitelspacher, Grewal, & Hughes, …show more content…
Companies reputation can be easily harmed through negative publicity turning the platform from a positive source into a negative platform. Social media being such global network makes forums and blog visibles despite being positive or negative, businesses using the platform need to be aware of the repuation risk that is linked with the visibility. A search conductued by DEI Worldwide hows that 70% of consumers visit social sites to gain company and product detail and 49% of the consumrs users the data provided on website to make purchase decisions; 60% of these consumers stated that they are more likely to pass the data they have gained on the social site to other online users and 45% of users would interact with other users through word of mouth (Kim & Ko, 2012). This data shows that the value of one comsumers opinion can impact a busineses reputation