Business Relationships Of Technology Firms -Myassignmenthelp.Com

Question: Discuss About The Business Relationships Of Technology Firms? Answer: Introduction: The report discusses the impact of social media in the business communication both internet and externally. Social media has been gaining attention and importance in the business world including the communication with the consumers. Business have now begun to find the values in investing in the social media. The focus therefore is shifting from the use pf traditional media advertisements to the emerging social media. The next generation consumers have been executing the new consumer behaviours where they are most accustomed with the change of technology and adapting the new trends more quickly (Hinz, Schulze and Takac 2014, p. 2840). These people are not at all ready to accept the forced information rather have become more aware about what they are going to buy. For convincing these consumers, social media has a huge potential that decreases distance between the buyer and seller. Through social media, the business gets opportunity to allow their target customers to pick and choose pr oducts and create news of their own that helps the companies to gain brand awareness, engagement and immediate feedback of their products. Definition of social media: Media communication enables the people around the connect to the news and follow them. It is the fastest way to spread information and from a business perspective, it has become the most valued mode of advertising information. Social media, among the communities who gather and share information, is one of the chief mode of activities, practices as well as behaviour (Ho and Vogel 2014, p.31). According to the researchers, social media create and easily transmit the contents in forms of words, video, audio and pictures that build ideologies as well as control trends all over the world. It creates incredibly dynamic environment with various kinds of activities to which the users are interested. It can be said that social media has become a part of everyday life which is constantly changing and growing. It is not getting affected by the geographical distances anymore. The internet has connected individuals with the world but social media has connected individuals to one another. Therefore, it can be said that people connected with the social media networks have more knowledge about the utility of any brands which they convey to others (Hajli 2014 p. 20). For this reason, the entrepreneurs are avoiding traditional method of advertising and exploring social media to increase their business. Platforms: As mentioned before, the social media has become an efficient platform for communicating among the organizations and their targeted customers. According to Jin, Liu and Austin (2014, p.78), the impact of social media has overshot the popularity of internet. To them, it has transformed internet from the podium of information to the podium of influence. Social media can be categorised in several types such as for collaborative projects, content communities, blogs, social networking sites, virtual social worlds and virtual gaming world (Iturrioz, Aragn and Narvaiza 2015, p. 105). Among these there are three most popular social media platforms namely Facebook, Twitter and You tube and WhatsApp. These help the companies in both internal and external communication. Facebook helps to connect with people both known and unknown where they share personal experiences in their wall through pictures, videos and audios. It allows to make groups where the news is shared via newsfeeds that aggregates all activities of the Facebook friends. Most importantly the friends or interested individuals can comment on the activities and share their views on that particular topic. The companies can take advantages greatly by posting gather events or bands in this site in order to get involved with their customers and enhance brand reputation. Some of the companies have utilised WhatsApp as the chief media for communicating with their employees by creating groups and provide instructions. Through these they do not need the physical representation yet connect them through video calling, chatting and sending any documents. Impact of social media in business: Social media has large effect on the consumer behaviour. It has proved to be a new and revolutionary tend that must be fully utilised by the companies while operating in the online space as well as other spaces now a day. It can be used as the most necessary marketing tool that has a strong appeal to the customers. Social media adds value to the brands of the companies (Jussila, Krkkinen Aramo-Immonen 2014, p.609). Despite the fact that social media is not mend just for marketing, ABC company can use it to support any other business functions connected to marketing. The management must utilise them in internal communication. The researchers have found out that companies like Dell Computer and Comcast have successfully internalised the social media in their customer service operations (Georgescu Popescul 2015, p.279). It has helped them to gain competitive advantage in the international markets. The companies can use social media in their product development as well as innovation based on the inputs provided by the customers. Social media help the organizations in their market research so that the firms understand the current demands of the customers. They gain information therefore identify the factors affecting their brands. It is the most serious way for ABC company to reach the masses especially the niche group. Issues faced by ABC company: ABC company has been suffering from lack of advantages in the marketing area. It lacks strong marketing strategies that has affected the company greatly in making authentic connection with the audience. Social media marketing strategies helps to make a particular plan so that ABC company stop experimenting and reach the goal easily. The company has faced a dramatic drop in the organic reach therefore cannot reach the target market despite of having consistently good content. The company is losing competitive advantage than its competitor as it has failed to promote or share the service to huge number of audience in limited time. ABC company has failed to track data within the corporation therefore there has been a communication gap between the various sectors of the company. Strategies: According to the researchers, the success in the social media platform does neither happen in overnight nor they happen by accident rather the companies need to engineer them as the survey reveals that the influence of social media is not add-on rather an integrated part in the overall strategy of the companies. Therefore, the organizations need a comprehensive approach to ensure the reliable customer experience, study content, creation proper data governance finally adequate regulatory compliance. The companies need to develop comprehensive strategies to avoid uncertainty and worst consumed by social media (Lin, Fan Chau 2014, p. 595). A systematic social media strategies integrated in the entire company will provide the firms with detailed as well as instant feedback from the customers with valuable market knowledge (Maier et al. 2015). Social Media strategies of a company must start with outlining overall business strategies, tactics, objectives and targets of any the organization. A completely organized Social Media strategy with a fully cohesive communication mechanism can reinforce the effect of each function in the association by leveraging the supremacy of human networks via social networking platforms (Fernndez-Prez et al. 2015, p.43). The companies need to strategize for each and every single case instead of following a ready-made model. Therefore, the companies will be getting a clear guide for generating their Social Media strategies based on the chief four targets: namely people, objectives, strategy and technology (POST). People: through the platform of social networks the companies will be able to identify their specific audience and develop further steps to determine strategies. They identify the people with whom the company will be communicating, identify their requirements as well as their interest. Through social media the companies will be getting responses from diverse population qualities for example age, sex, level of engagements with the media and preferences (Ngai, Tao Moon 2015, p.43). It acts as a both way response. The companies make estimates based on their feedbacks and people understand utility of new products according to their requirements. Objectives: listening, talking, energizing, supporting and embracing the customers are their main objectives of the companies. Based on these factors the companies set goals and objectives. Setting proper goals with accordance to the feedbacks of the target audience improve the products and services of the companies. Strategy: strategy focuses on identifying the proper ways to execute the engagement with the customers. The steps to create brand awareness, product engagement and effectiveness of word of mouth in reaching more customers are to be judged. Technology: after considering three mentioned factors, the companies need to make itself acquaint with the most upgraded technologies or tools so that it can reach more customers as well as gain more market penetration (Schoonjans et al. 2013, p.70). Blogs, video channels, content communities, social networks with other approaches need to be regularly undated. Conclusion: Therefore, it can be concluded that communication strategies are required to be corrected and changed regularly as the world is fast changing. The trend and preferences of the consumers are changing fast therefore the companies must change their strategies according to the demands and be consistent in all channels to avoid confusion. Social media has become the most valued mode of communication for ABC company both internally and externally. References: Fernndez-Prez, V, Alonso-Galicia, PE, Rodrquez-Ariza, L del Mar Fuentes-Fuentes, M 2015. Professional and personal social networks: A bridge to entrepreneurship for academics?.European Management Journal,vol.33, no.1, pp.37-47. Georgescu, M Popescul, D 2015, Social Mediathe new paradigm of collaboration and communication for business environment,Procedia Economics and Finance,vol.20, pp.277-282. 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