Benefits And Challenges Of Social Media Research Assignment - 275 Words

Benefits And Challenges Of Social Media Research Assignment (Essay Sample) Content: BENEFITS AND CHALLENGES OF SOCIAL MEDIACourseProfessorInstitutionDateBenefits And Challenges Of Social MediaModern technology has drastically changed the business world. The business world has adapted to the changes to connect and stay in touch with customers from different places. Social media is on of platform which the business use to advertise and get direct feedback from the customers. The social media was not created for business but majority of the business use the platform for communication and marketing Goodman and Hirsch (2010).Over the last two decades we have seen business world transforming .Supplier and buyers can now transact without direct meeting. The technology has provided a platform where suppliers can exchange money and send good in direct parts of the world. Technology has given the business world a major facelift over the last year. Some of the changes that have occurred in the last 20 years include the internet, Point of sales systems and mobil e applications Chang (2011).20 years ago the internet has evolved since the few business that used the internet was for sending emails creating websites and learning new ideas Some companies like Amazon and Google were vying for control of the online market place Facebook later joined them. This companies have boosted the modern business in the digital market. They have led to the growth of digital traffic generations, search engine optimization, social bookmarking and social networking. All this channels have are been adapted by business to increase their online sales volume. The other avenues that are used to market to the masses of customers include the email list with autoresponders, blogs, websites, and affiliate programs. All of this did not exist 2o years ago. The internet has led to more billions of sales and profits for the suppliers due to the increased number of online business transaction. The traditional ways of advertising by printing advertisement has been replaced wi th websites and social media. The social media is a platform used for interaction of people from different places. The supplier are using the platform to market and direct communicate with the consumers through video call and text though the platforms. The business are using social media to demonstrate their products .The customer give their feedback to the business about the products. The internet is still revolving and the search of producing new ways of doing business and getting the untapped online traffic still continues Lee (2013).Point of sales systemsPoint of sales systems are used during online transactions for consumers and the business. The clients can pay for the goods ordered form the suppliers site and have them delivered without any movement. The point of sales system have given the modern business and advantage in optimizing their sales volume. Twenty years ago the mobile payments did not exist. The systems have given the business a major advantage in terms of saving cost. The customers are now given a variety of payment options which they can use to pay for the good. The point of sales systems has made tracking and ordering of inventory easy for both the customers and the suppliers. The systems have made the business world more efficient and reliable. Mobile payment are been developed although they exist they are not that widespread. This will be the next step in online business.CryptocurrenciesTechnology has come up with new currencies which can be used to safely transact online. These currencies include the bitcoin which has changed the modern art of business online. Bitcoins were introduced by Satoshi Nakamoto in 2008 which has changed the online business related transactions. The bitcoins have not been adapted by many online business but they are been used as a method of payment in some private companies. PayPal has also provide an online electronic transaction which has been adapted by many retail business all over the world. In fact PayP al exist in more than 180 countries worldwide hence it has been adapted as an online payment method.Mobile applications.Mobile application have transformed the business world in both social and the business world. The first smart phone was introduced to the market in 1996 by Nokia which was the Nokia 9000 communicator. This led to the growth and development of other smartphones. Today we have more than enough smartphone in the market. Smartphones have become part of our livelihood and this has led to the development of mobile application which are used by the retailers to communicate and market their good. The smartphone have provide us with apps that display the companys products and provide numerous payment methods.Challenges of social media on business marketOnline replication of goodThe social media has its challenges despite making the online transaction easy. The market is full of fake agents and fake website used to divert the attention of the customers. They display the good for the customer and when the customer make pay for the goods they do not deliver the products. There numerous scam website which have made money out of corning the innocent consumers. This lead to customer lack of trust in the online markets.Future uncertainty about the trends and behavior of consumers.Technology cannot predict the future trends of the customers and market trends this is a major challenge to the business since they have to incur cost in researching trying to read and predict the future market. This is due to the rapid change in the business environment as well as technology.TechnologyTechnology is another major factor which is affecting technology. The companies have to incur cost in system upgrades. Most companies which started decades ago will have to hire consultants to take them through the new technology like mobile application and development and cloud computing. The companies that do not invest in technology they are left behind by their rivals by a big mar gin.Increase in unprocessed data in the organization.In the last Five years data mining and analysis has been a major boost for organization to increase performance of the company. However, the increased data has led to the increase of certain problems of managing, storing and securing the data. The information is crucial to their rivals hence have to secure the data. The increasing data has to be handles by professionals who end up increasing the companies cost in labor.Maintaining the companys reputation.Social media which has provided the company with an online voice to communicate and increase their customer base. The company has to maintain their good reputation online to increase and maintain their market. Most dissatisfied clients will air their views inline publicly and loudly foe other customers to see. The company is forced to maintain a good reputation which is hard since you cannot control the customers decision and views about your product. This can be a major problem t o the company if they get negative feedback. This can lead to decreased sales and shares in the market.Benefits and limitation of technology to Apple LimitedApple is one of the leading giants in the mobile market. Their product have revolutionized according to the changes in technology. The company is the best in both software and hardware components of the phones. The company began with iPhone 1 the first generation up to now they have iPhone 7.The company has studied the market and they have continued to provide the best products. The products can demonstrate the revelation. The 1 st generation did not have many feature as the technology was still evolving. Through the years they have made change to their phones including the latest technology and latest social medial application. Most people pr...