...The effects of social media in modern business Introduction Thesis statement: Social media affects modern business positively and negatively. Social media alludes to web-based applications that facilitate interactions in which people exchange information in virtual networks and communities. It requires Internet and mobile technologies to develop interactive platforms that allow users to generate, modify, discuss, and share content. Reach, immediacy, frequency, and permanence are some of the features that distinguish social media from traditional media. Social media technologies have many forms, including Internet forums, social blogs, vlogs, weblogs, wikis, podcasts, social networks, microblogs, and videos/pictures/photographs. Popular social media platforms include YouTube (for video-sharing), Twitter (for microblogging), WordPress and Blogger (for blog hosting), Flickr and Photbucket (for photo-sharing). LinkedIn, MySpace, and Facebook (social networks), Digg (a social news site), eHow (an article directory), and Wikipedia (a collaborative project and wiki-based encyclopedia). Others are content communities, such as DailyMotion, virtual social worlds (Second Life), and virtual game-worlds (World of Warcraft) (Kaplan 129-130). The present paper will discuss the positive and adverse impacts of social media on modern business. Positive effects Social media outlets have broadened the channels that companies can use to market their products/services. Businesses no longer...
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...customer relationship management which is a company-wide business strategy designed to reduce costs and increase profitability by solidifying customer loyalty and explores it in context to e- business. It goes ahead to relate social networking revolution and its implication to business both positively and negatively and its impact on electronic Customer Relationship Management. Index Terms - Customer Relationship Management, Electronic-business, Electronic Customer Relationship Management INTRODUCTION The effective management of the customer has become the dominant objective for firms seeking to sustain leadership in their markets and industries. With their expectations set by world class companies and interactive technologies, today’s customers are demanding to be treated as unique individuals and requiring their supply chains to consistently provide high-quality, configurable combinations of products, services, and information that are capable of evolving as their needs change. Companies know that unless they can structure agile infrastructures and supply chains that can guarantee personalization, quick-response delivery, and the ability to provide unique sources of marketplace value their customers will quickly migrate to alternative suppliers. At the start of the second decade of the twenty-first century, the power of the customer has grown dramatically and has morphed into new dimensions amplified by the Internet and social networking revolution. The ubiquitous presence...
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...MARKETING REPORT Group: Phan Xuan Linh (77139428) Shyam Mallan (77140430) Christian Andrea (77142477) Prakash Pothina (77144112) Shrey Sugla (77144256) CONTENTS INTRODUCTION 4 LITERATURE REVIEW 4 L'ORÉAL MARKETING PLAN AND CONSUMER BEHAVIOUR 6 Cultural factors: 6 Social factors 7 Psychological factors 8 CONCLUSION 10 APPDENDICES 10 REFERENCES 11 REPORT ON THE EFFECTS OF CONSUMER BEHAVIOUR ON L'ORÉAL MARKETING PLANS ABSTRACT: Consumer behaviour strongly affect the consumer buying process, hence marketers always want to know what is actually happening inside customer's mind in order to provide additional values of products to users to satisfy their needs and wants. However, it is mainly influenced by three key factors - cultural factors, social factors and psychological factors - that are vital conditions for every marketing strategy to be considered before launching in the market. In cosmetic industry, although L'Oréal is the leader of the market, it is necessarily for the company to concern these factors in its marketing plan, so as to gain the market shares and remain its position above rivals such as P&G and Unilever. The report will try to find out the role of consumer behaviour in marketing strategy planning and discover the process of how L'Oreal adapt the three factors to their marketing plans order to achieve success. INTRODUCTION The term consumer behaviour is defined as "the study of how individuals, groups and organisations...
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...0 Definition 1.0.1 Social Media Social media is a platform where people can communicate and share things such as videos, music, news, advertisements, and information (Burke, 2013). People are often unable to differentiate social media, mass media, and social networks. Basically, according to Burke (2013), social network is a place for users to communicate and have discussion, while mass media is a place for exchanging and uploading media such as video, music, news, advertisement, and information, social media is the combination of social network and mass media. The typical example for social network, mass media, and social media are Skype, online newspapers, and Facebook respectively. We notice that three of them are different in terms of their functions where Skype connects people around the world, online newspapers shares information and news, and Facebook can carry both of the social network and mass media’s functions at the same time. It allows people to conduct their interaction such as exchanging information, sharing ideas, holding discussions, forwarding and watching video and music in a virtual environment. In short, social media nowadays are getting more diversified. It just like the example of radio and camera, stepping to a new era of technology has let us witness the combination of them into a smart phone. 1.0.2 Marketing Strategy Marketing strategy is a technique to increase an organization’s sales and their competitive advantage. It can be developed in short-term...
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...Geico: Successful Marketing Case Study Miranda Furstoss MBA-FP6012 – Integrated Global Marketing Assessment 5 June 29, 2015 Geico: Successful Marketing Case Study Abstract Geico is an insurance company who writes multiple lines of insurance, yet focuses on the auto insurance segment of the industry. They excel in marketing to their target audience which is what makes them an excellent organization for a marketing case study. Their marketing efforts propeled them from the small direct-marketing company they began as to one of the leading auto premium writers in the United States today. By reviewing the marketing system and efforts of Geico, it is easily seen how the right marketing tools and strategies in place can prove successful for any organization. Company Overview Geico is an insurance company founded by Leo Goodwin in 1936 that began as a carrier for the select market of military and government personnel, but later expanded to offer services to everyone (Geico, n.d.a). Goodwin had a vision to create a successful auto insurance business by targeting such a specific group, and he certainly succeeded. Since ending their first year with 3,700 auto policies, they now have more than 13 million policies in force and are still going strong (Geico, n.d.a). In fact, the growth from its meager beginning to now has risen it to the second position of persinal auto insurers in the United States, a nice position in such a competitive market (Das, 2014). They are well-known...
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...CHAPTER 1 AN INTRODUCTION TO THE STUDY OF CONSUMER BEHAVIOUR Consumer behaviour has changed dramatically in the past few decades. Today, consumers can order online many customised products ranging from trainers to computers. Many have replaced their daily newspapers with customised, online editions of these media and are increasingly receiving information from online sources. Students choosing a university no longer rely on receiving prospectuses through the post; instead, they have online access to all the pertinent information about a university’s courses and teaching staff and, in some cases, can visit, virtually, actual classes. People wanting to sell their old computers or grandmother’s antique table no longer need to advertise in the local newspaper or rely on a pricey auctioneer; instead, they can sell these items via online auctions or their own personalised online advertisement. Consumers who want out-of-print books no longer have to visit out-of-the-way shops with hundreds of poorly organised dusty shelves, and those who wish to purchase a book published in another country no longer have to call foreign publishers or deal with the bureaucratic nightmare of overseas delivery; instead, they can visit online stores where they can easily locate and place orders for the books they seek. Television viewers can now avoid the advertisement breaks by using the ‘skip’ feature of their recorders and order on demand previously shown television programmes as well as films. All...
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...the re-launch of the company. The report will address questions which may be raised regarding financial resources; such as how to avoid problematic cash flow difficulties and how to increase the profitability of the business. Secondly, I will consider the best ways to market the Baggers brand both with and without the use of electronic platforms such as social media and the internet in order to drive sales, to create an increased awareness of the brand and place the company at the forefront of the customers mind. Additionally, the final two considerations will relate to the operational aspects of the business including the staffing and managerial procedures, as well as the analysis of which key areas of the business should be particularly focused upon in terms of the future growth of the company. Financial resources refer to the ‘money available to a business for spending in the form of cash’, securities such as shares and credit facilities such as a bank overdraft. Sound management of these financial resources is a necessity in order to ensure the long term viability of the business. When deciding which procedure is best to follow regarding the raising of finance, SME’s (Small/Medium sized Enterprises) such as Baggers Ltd. should always look to a number of different sources. Less than 10% of business start-ups in the UK receive funding from banking institutions, and further research shows that one-third of small, European firms do not borrow at all from banks (Burns and Whitehouse...
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...Marketing Research Carbonated Drink Industry: How does advertising outlay affect the profitability and sales. Mid-Review Submitted By: 1. Disha Hooda 2. Akshay Sharma - 168 - 145 3. Ankur Jhunjhunwala -77 4. Raunak Khetan - 199 Background and Motivation Various writers have viewed advertising from different perspectives. Advertising is a tool of marketing for communicating ideas and information about goods and services to an identified group, which employs paid space or time in the media or uses another communication vehicle to carry its message. It openly identifies the advertiser and his relationship to the sales effort (Wanoff, 1997). Advertising is a non-personal communication paid for by an identified sponsor who is relayed through various media with the aim of influencing people’s behavior towards the advertiser’s products and services at the lowest possible cost. (APCON, 2002). Frank (2005) defined advertising as the aim to persuade people to buy. Advertising is the dissemination of information concerning an idea, service or product to compel action in accordance with the intent of the advertiser. Advertising is any paid form of non-personal communication about an organization, product, service, or idea by an identified sponsor, (Alexander, 1965:9). The economic importance of advertising can’t be over emphasized. Advertising and promotions are an integral part of our social and economic system, evolving into a vital communications system that gives businesses...
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...References 20 Customer Centrality Part A Introduction The roots of customer centricity can be traced all the way back to the late 1960s, when a relatively obscure ad agency executive by the name of Lester Wunderman gave birth to the idea that we know today as direct marketing. Many of the concepts you'll read about in this book, including the basic overarching notion that businesses would be well served to know absolutely everything about their best customers, are derived in some way from the ideas of Wunderman, who understood long before anyone else the value of keeping records (frighteningly detailed records, actually) about customer buying habits. What is new, however, is the competitive landscape and the incredibly demanding world in which you and your company are doing business. Today, more than ever before, many companies need customer centricity. They need it to compete in the short term and thrive in the long term. Discussion Companies that will enjoy the most success in the years and decades to come will be the companies that dedicate the resources necessary to not only understand their most loyal and committed customers, but also make the effort to then serve these valuable customers-and serve them in a way that will not only make them feel special but also maximize their value to the company....
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...MARKETING (WH) {MKTG} L/R 101. Introduction to Marketing. (C) Niedermeier. The objective of this course is to introduce students to the concepts, analyses, and activities that comprise marketing management, and to provide practice in assessing and solving marketing problems. The course is also a foundation for advanced electives in Marketing as well as other business/social disciplines. Topics include marketing strategy, customer behavior, segmentation, market research, product management, pricing, promotion, sales force management and competitive analysis. 211. (MKTG773) Consumer Behavior. (C) Cutright, Reed. Prerequisite(s): MKTG 101. This course is concerned with how and why people behave as consumers. Its goals are to: (1) provide conceptual understanding of consumer behavior, (2) provide experience in the application of buyer behavior concepts to marketing management decisions and social policy decision-making; and (3) to develop analytical capability in using behavioral research. 212. (MKTG756) Marketing Research. (C) Shen, Eliashberg. Prerequisite(s): MKTG 101, STAT 101. Students are highly encouraged to take statistics in the semester immediately preceding this course. This course examines the role of marketing research in the formulation and solution of marketing problems, and the development of the student's basic skills in conducting and evaluating marketing research projects. Special emphasis is placed on problem formulation, research design, alternative methods...
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...use of Y. Chen, 2014. JULY–AUGUST 2014 REPRINT R1407E SPOTLIGHT ON THE NEW MARKETING ORGANIZATION Unlock the Mysteries of Your Customer Relationships Are you connecting with consumers the way they want you to? by Jill Avery, Susan Fournier, and John Wittenbraker This document is authorized for use only by Yin-Hao Chen in MARK-570_CONSUMER BEHAVIOR.SPRING.2015 taught by Rebecca Hamilton, at University of Maryland from December 2014 to June 2015. For the exclusive use of Y. Chen, 2014. SPOTLIGHT ON THE NEW MARKETING ORGANIZATION Spotlight ARTWORK Markus Linnenbrink SAMMYDAVISJRKEEJOO ANDPETERLAWFORD 2010, c-print, epoxy resin on wood, 24" x 31" Unlock the Mysteries of Your Customer Relationships Are you connecting with consumers the way they want you to? by Jill Avery, Susan Fournier, and John Wittenbraker C onsumers have always had relationships with brands, but sophisticated tools for analyzing customer data are finally allowing marketing organizations to personalize and manage those relationships. With this new power comes a new challenge: People now expect companies to understand what type of relationships they want and to respond appropriately—they want firms to hold up their end of the bargain. Unfortunately, many brands don’t meet those expectations. Despite the “R” in CRM and the $11 billion spent on CRM software annually, many companies don’t understand customer relationships at all. They lack 2 Harvard Business...
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...Theories of Marketing Week 1 – lecture 1 History of marketing 1. Production : supplying markets 2. Selling: convince people that what the organization happen to have is what they need. 3. marketing : let’s ask people what they want and then produce it. What can I make that will serve my customers better? It needs to be something relevant, innovative or unique MKG definition it’s all about sales and market share : it doesn’t say anything about relationship NOW : how can I create value so I will be able to sale more, it’s the only way to survive. To stay alive you need to have a lot of capabilities and tools to survive What is marketing? Marketing includes more than just needs, it’s concerned with providing the right product to the right person at the right moment. That way it creates value. This way it also incorporates innovation. Functions & processes/activities are the things we do to deliver customer value. These can be strategic and tactical. History of marketing thought - philosophy * Production orientation, huge production lines trying to find bigger markets. Its all about efficient distribution. Demand is huge, supply was very small, they didn’t care about colour for example. Marketing was all about getting your product efficiently to the consumer. Marketing is a very contextual science, how do we deal with circumstances, and how do we become successful in these circumstances. * Selling orientation, extra activities...
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...inpatient or outpatient are measured by HCAHPS. (The Hospital Consumer Assessment of Healthcare Providers and Systems) The survey is a great tool to measure patient outcomes and level of quality provided by hospital staff members. The disadvantage is the data is collected weeks, to months afterwards and the feedback is not being addressed in a timely manner. The “Quality Survey Server” is a new opportunity, a new and immediate way to collect and make data-driven decisions. The QSS is a service that hospitals can use to acquire their patient experience outcomes. The survey questions will measure patient’s experience either before their appointment or after. The development of the survey will be based on management choices. Data will be collected and put onto a survey poll report that the manager or leader of the department can view real-time. The Quality Survey Server has other modules available for purchase. The QSS dashboard is a service which aggregates the data and delivers a comprehensive quality metrics dashboard. The dashboard will provide detailed analysis and graphics providing leadership with their chosen metrics which they can analyze and deliberate with staff. The additional modules can be patient safety, hand washing, risk, and patient experience. The QSS dashboard is an opportunity for leaders to review their hospital quality in a snap shot or detailed drill down. Feasibility and Profitability The Quality Survey Server provides healthcare organizations...
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...Marketing Concepts MKT/571 Marketing Concepts Marketing a product can involve a complexity of ideas, strategies, concepts, and plan implementation. To successfully launch a product and get people to want that product, marketing has the entire job of making this product visible and enticing. The position for a marketer to take is to get the product out there and make a consumer want to purchase it. Before a marketer can begin to launch a product, they have to know the basics behind marketing. These involve that the marketer know their customer and establish a brand and loyalty base, understanding of the marketing conditions, market communication and management, and direct and interactive marketing concepts. Brand and Loyalty Chapter five describes different ways to improve customer value, satisfaction and loyalty. To build a strong customer loyalty is the full understanding of the target customer. Business trends, excellent products, an enjoyable atmosphere with great people are the perfect combination to earn a loyal customer. Provide a way for the customer to enjoy the overall experience and the service provided allows for complete customer satisfaction. Loyalty is gaining a repeat customer in addition to them bringing in their families and friends. Management influences the business in a critical manner; they influence employees, and employees influence customer satisfaction and loyalty. A strong brand involves engagement to promote customer loyalty...
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...Take-off of online marketing: casting the next generation strategies Amalesh Sharma Amalesh Sharma is a Teaching Associate based at the Indian School of Business, Hyderabad, India. Introduction The purpose of the old module of marketing was to dictate a message to the mass market. With changes in time, requirements, technology and expectations of the customers, the field of marketing itself has experienced significant changes. It is noteworthy to mention that marketing dynamics shifted from ‘‘farm centric’’ to ‘‘consumer centric’’ perspectives. With evolution in the market dynamics, it is becoming a difficult issue to choose the correct channel to reach the consumer within a specific target group. The ‘‘dotcom era’’ in the history of marketing will probably be remembered exclusively for its contribution towards innovation based marketing. The development of internet technology has impacted us by changing our behavior, decision making process, relation with one another and the way of doing business. The internet has decreased the distance between places, crossing geographical borders and allowing us to build and bring all the necessary things we require, and discarding all the old communication techniques. Highly intense information based market is forcing marketers to look at the world with new perspectives at the new opportunities. Diverse culture, social restrictions are no longer able to hinder the information flow. At this transitional phase as the world is moving towards...
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