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The impact of social media on businesses
The impact of social media on businesses
The impact of social media on businesses
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Introduction
Recently, co-creation is a new trend in business and product development. It allow consumer who partners in the creation of the value. Co-creation or collaboration and leads to innovation in products and services. The success in innovations or new product and services development is highly dependent on whether they take in consideration the needs and demands of potential users and consumers. However, innovation activities are not only created by solitary geniuses, but also products that generate succeed on collaboration, a free exchange of ideas and regular interactions with customers and other stakeholders.
The purpose in this report is to explain the innovation and growth, which is separated into two parts. Firstly, explaining the co-creation activities and then demonstrate through case study. Secondly, explaining the innovation performance in TORAY chemical industries and also shows the keys indicator that how TORAY chemical industries has been able to innovate to achieve sustained growth.
Question one: Co-creation activities
Co-creation activity refers to the emerged or co-operate as a business between company and end users. Customer or end users could be involved in the design and development of personalized product process, services, and experience (Marko Seppa and Stoyan Tanev, 2011). It is a form of business strategy that emphasizes the generation and ongoing realization of mutual firm-consumer value. Interacting with the customers in different function can be result in risks and benefits for innovation. Innovation is about the successful exploitation of new ideas. So, customers can supply the innovation in the business both tangible and intangible factors of production. They also can be direct and indi...
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...roduct brands for both good and bad experience to broadcast to the world. When firm understand the co-creation, and then adapted with social network to communicate with their consumers and tapping into the creativity of their biggest fan. For instant, Coca-Cola has created the campaign fan first interaction from approaching to problems with popular Facebook fan page created by two Coke fans. Coca-Cola Company had been encouraging their fans by created campaign ‘Share a Coke’. The fan that wins the prizes will receive a can of Coke with a friend’s name on it (Ekaterina Walter, 2012).
In addition, Smith’s, the chip brand has announced the campaign that asked public to vote for the new flavor of a shortlist of four. The winner will also win US$10,000. It shows the consumer can be generated marketing through co-creation with the chip’s brand (mumbrella.com, 2009).
To improve the engagement of customer and employee is another main objective. The co-op serve the better goods at a reasonable price to customer for gaining the highest engagement of
The world of web media is constantly changing. The online media industry has always been in a state of flux, and now with the rise of Web 2.0, social networking has taken the online advertising industry by storm. While traditional marketing has not witnessed a phenomena called social evolution' newer brands are taking advantage of this target market, and launching their brands in user generated content websites like Myspace to put themselves in front of America's youth today.
Share a Coke is a fantastic example of a business using crowdsourcing to attract a broader audience and to receive innovative ideas from the public. Crowdsourcing is a great opportunity for businesses to engage the public, generate new ideas, and ultimately connect with their consumers on a deeper level. Through its campaign, Coca-Cola showed consumers around the world that it is interested in their lives and ideas, which resulted in several outcomes. For example, Coca-Cola experienced an increase in sales and brand promotion. Besides that, #ShareACoke has become a popular hashtag on social media sites, an outcome that not only advertises the company, but also gives the business plenty of new content and ideas for future marketing campaigns.
Employees are companies’ wealth of ideas when it comes to innovation. Several companies have recognized the importance of including innovation within their business model. In fact Google allows employees to spend about 20% of their time to create, design and innovate. Hoarty, Gurram & Laurence, E. (2013) recognize that employees play an integral role in innovation. This is because innovation goes beyond new product or service creation; it is the ‘generation, acceptance and implementation of new ideas, processes, products or services Hoarty, Gurram & Laurence, E. (2013).’ Therefore, companies must strive to introduce innovation as part of their culture.
It is said that Coca-Cola Australia had originally called the campaign, “Project Connect” and it was also to get people to start talking about Coke again and having people consume the product. During the first summer that Share a Coke started, more than two hundred and fifty million bottles were sold due to the publicity that campaign was receiving in Australia alone. Statistics from that summer say that ninety six percent of social media posts were positive and that only the remaining four percent were negative. (www.coca-cola.com) In the advertisement, it is clear that the names on the label can bring people together at unexpected costs. It gives people a sense of hope that not every communication is on a handheld device but that it is face to face also. As it shows in this advertisement, the Share a Coke campaign has brought friends, family and even strangers at the pool
This work begins by firmly anchoring business innovation within our company structure as well as defining innovation focal points that are relevant to our customers and hold growth potential. The key is cultivating a structured network with internal and external experts. This approach forms the foundation of our innovation
Being fluid in creating ideas is deemed important but this is seen as futile if an organisation cannot take advantage of this commercially (Rothaermel, 2010). There are many various approaches that firms take when innovating. Miller and Olleros (2007) there are 7 key elements surrounding the logic of innovation strategies. Customised mass-production, innovation support and services, system engineering and consulting, platform orchestration, patent driven discovery, systems integration and cost based
For the sport industry, social media has enabled fans to have a closer relationship with sporting organisation operations while allowing their organisation to be strategic and more proficient with limited amount of capitals. This has helped sports to get involved in the business of “relationship marketing” (Grönroos 2004). This is mainly because social media enables the organisation platform to adopt a long term relationships with fans and continue to shape the idea of community once a game ends or season comes to close.
Experian’s digital and social campaign was a major success and exceeded all its intended goals. Some of the reasons it was so successful is because it involved consumers in the Band Search and made them feel like a vital part of the process. As a result of this the consumers became very invested in the band search idea and therefore drove more traffic to their website, “freecreditscore.com”. Once consumers were here they could vote for their favorite band and also could learn more about the company. Another positive result is the amount of exposure Experian got on different media platforms, their ads were played on MTV and NPR along with many other TV and Radio stations. This increase in exposure helped to not only fuel excitement for the band search but also got their message across to a larger target audience. Another brand that successfully utilized the idea of consumer interaction through social media to boost their sales was Coca Cola. Around 2011 Coke launched their Share a Coke campaign which involved customers by putting their names on Coke can and bottles. Coca Cola utilized their social media platforms to have the consumers interact and send in pictures with their Coke. This campaign was also a big success for Coke and increased their United States sales.
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If you asked 10 followers on Twitter if they prefer Coke or Pepsi, 9 out 10 would probably say Coke. This paper will explore the concepts of social media presence for The Coca-Cola Company. Why do people drink Coke? Why is Coke so popular? Questions such as these will be answered throughout this strategy recommendation project.
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Facebook for Coca Cola is one of their main social media’s. Their Facebook page is credible since it is run by the company and displays all the company information. Coke’s Facebook page mainly contains ads on their iconic symbols such as the polar bears, classic Coca-Cola pictures, sports with Coke, visual art with Coca-Cola, and pictures of people enjoying Coke (Facebook). For example the Facebook page has been actively promoting St. Patrick’s day. Such as advertising, sprite since its gree...
The first advantage of using social media in business is increasing brand awareness. Social media can help business to build their brand awareness by increasing interactions with a business brand. Brand awareness means the total percent of a target people who know the company exists and what the company offers of products or services. When the brand awareness is increased, the possibility of buying is increased. Thus, efforts should be made to make the brand a part of the consciousness of customers. For example, Coca- Cola is one of the best companies that enjoy unusual...