The current project is formulated to ensure proper knowledge and understanding of key factors of social media tools and approaches that impact on business activities
- Provide an evaluation of social media tool as a core competency for gaining competitive advantage for Amazon
- Critical evaluation of social media platform for using effective internet marketing tool for Amazon
- Analyze the impact of social media on achieving profit for Amazon
- Critique the future of social media and its impact on Amazon for the next 5 years.
INTRODUCTION
There is a great impact of social media and its platform on businesses and life of people which helps to connect people with their other family members and help business to increase their sales. The report will demonstrate the social media as a core competence for competitive advantage in business associated and supported with industry examples. In addition to this, key social media platforms as effective internet marketing tools for businesses in the UK by providing some examples to support position will be discussed in this report. It is stated in this report that social media is a emerging platform for both customers and businesses. In respect to this, the impact of social media on the profit margin of Amazon in the last three years and the future of social media and its implications for business in the next five years will be discussed and supported with relevant examples.
The social media as a core competence for competitive advantage in business
The social media as a core competence for competitive advantage in business
It can be said that social media is a competitive advantage for business that it helps to promote operational activities and products and services in order to increase profitability and production. The internet created a broad range of network for businesses that helps to achieve effective competitive advantage (Wirtz, Ullrich and Göttel, 2016). It can be said that social media plays a major role in business plan which helps to bring customers and company both together in innovative ways effectively. Social media advantage will also help towards effective use of available resources. It is a powerful tool which provides success chance for business. In respect to this, there are so many advantages and benefits of social media advertising and promotion. Some of them are discussed below:
Market your business: Social media services will help business to drive their message out to the local and international public. This will also help customers to take information regarding business products and services. It can be said that it is a important aspect of every brand that how will they provide better services as compared to any other. Accounts such as Facebook, Twitter, Instagram, LinkedIn and Bingo will help business to promote their products in front of everyone easily and effectively.
Engage customer: Social media is a place where business can easily interact with their customers that helps to increase customer satisfaction and loyalty (Schaltegger, Hansen and Lüdeke-Freund,2016). This will help to create a sense of community to consumers in the market. Regular connection and interaction with customers will also help to engage them with brand and new offers as well as policies. Social media is also a platform for companies to promote their incentives and sales to customers that helps to attract new consumers in the market which lead towards production and profitability.
Attract quality staff: The firms are able to promote their success and also winning place by working on promotional activities. Social media accounts will help to create a positive image of business towards customers. Effective quality staff would be acquired by business by creating job opportunities. A fast solution not only wins you a loyal customer, it also serves as evidence of your winning customer service for other people, who see the way you handle the situation before their eyes.
Real time response: It can be analysed that social media activities take place in real time. The 2012 London Olympics were dubbed the first social media Olympics ever, because before each sporting event was over the social networks were buzzing with commentary, reports and opinion. The businesses are able to provide rapid social media services in order to achieve strong competitive advantage from customers in the market effectively and efficiently.
For an example, There are many popular brands such as Nike, provides sports items shoes, clothing and other accessories that it is famous on Myntra and Amazon App by promoting social media services (Ward, 2016). This will help loyal customers of Nike to get information regarding discounts and other activities. Nike is able to increase its sales and profitability which helps to achieve desired goals and objectives as well as competitive advantage.
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Social media platforms as effective internet marketing tools for businesses
Social media platform are very effective towards marketing tool for business that helps to drive sales and profitability which leads to achieve success by accomplishing goals and objectives. Social media platform is a unique environment and base for companies to gain competitive advantage making them aware of products and services as well as discounts and policies. Different social media sites such as Facebook, Twitter, Instagram, LinkedIn and Bingo will help business to promote their products in front of everyone easily and effectively.
Facebook for social media marketing: Facebook environment requires some effective strategy such as friendly environment, followings and casual Facebook in order to take advantage of promotional activities. Facebook is one of the biggest social media platform that helps to manage a account of yours or your business in order to provide information to customers. It is a large platform and also free to use.
Google for social media marketing: Google is very famous now a days that business is able to manage their online website that helps to provide information regarding business products and service offered in the market towards customers effectively (Macaulay, 2018). Google is one of the most famous internet service provider website that there are unacceptable things we can find on google. This will help organisation to make their clear picture in front of customers.
LinkedIn for social media marketing: LinkedIn is a business and employment-oriented service that operates via websites and mobile app. It can be described as a community that helps to provide services regarding business reports, news, pictures and much more beyond the imagination of a consumer. This will help businesses to create their account n LinkedIn which helps to delieve their products and services marketing to customers in the market that helps to increase sales and profitability.
YouTube for social media marketing: YouTube is social media platform which shares videos. This is also a effective method for businesses that helps to promote their products and services through video and voice presentation, YouTube is also a trending social media platform that helps to enhance productivity and profitability by increasing advertising and promotional activities (Xi, Filser and Kellermanns, 2015).
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For an example, Emerging companies such as HRX, John Players, Levie's, and many other brands from every sector promoting their activities on social media platforms that helps to increase profitability and production which also helps to achieve desired goals and objectives effectively and efficiently. Social media platform work as a effective marketing tool for business which helps to enhance productivity and market share by attracting cu
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