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Discuss The Impact Of Social Media On Business

Powerful Essays
Name: Tebogo Mokoena

Student Number: 201414924

Lecture: Sithembiso Khumalo

Due Date: 11 March 2016

TOPIC: “Discuss the impact social media has on the global economy as far as business-related interaction is concerned”

Introduction
This report is about the impacts that social media on retail businesses. It will start by defining what social media is, it will also discuss in broad the nature of social media. It will follow by defining customer in relation in business perspective together with discussing the management of customer relations in a business retail. This research report will conclude by discussing the impacts that social media has on marketing, reputation, profitability and customer relation of the business, it is
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Social media allows businesses to interact or to reach a number of people whether they actual or potential customers. It is affordable for businesses to promote their products and services on social media as they also build relationship with their customers. Businesses get instant feedback from their customers when using social media platforms. Social media provides businesses access to their potential customers which will lead their customers to be loyal.
Customers use social media to know more about business companies they know little about. Social media provides improved customer service for businesses. Using social media platforms benefits businesses by creating efficiencies within the enterprise and creating innovation as well as creating new services that did not previously exist within the business enterprise. Engaging in social media will help strengthen the brand experience which will support brand building. Through the use of social media, a business becomes attractive to its customers. Social media will help in building good reputation for the business retail. Through the use of social media, the company can repeatedly reinforce the brand name. Customers experience a brand privilege while using a product and also when interacting with the
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There are five principal risks that businesses has in regard to social media. The first challenge is a perceived loss in staff productivity, data leaking from staff gossiping freely in an open environment, damage a business’ reputation. Posting on social media is vulnerable to cyber criminals’ activities by disseminating wrong information that can cause embarrassment to the business. Employers worry that staff are wasting time on social media during working hours, weakening productivity and increasing risks to the business retail company by sharing data externally. Employees who spend time on social media such as Facebook and twitter has resulted in employers banning the use of social media during working
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