Role Of Social Media In Marketing

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The landscape of marketing has changed drastically over the years, and the biggest change in the last decade has been the emergence of social media and how it’s usage has led firms to completely revamp their marketing strategies, and how they make their marketing decisions. In this paper, I am going to highlight the importance of finance in marketing decisions, how important it is to implement a marketing budget, and analyze the role of social media in marketing and how it also impacts marketing decisions.
The use of financial planning is a very important aspect of marketing. From determing the number of personal that will work in the marketing department, to allocatimg funds for the marketing budget, marketing promotions, and the product launch, without good financuals,
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Since 2000, the emergence of websites such as: Facebook, Twitter, Instagram, and Snapchat just to name a few, have completely changed how marketing is directly, especially towards the younger generation, and gave wave to a new trend in marketing called, social media marketing. More and more firms are allocating a larger percentage of their budgets to spend on social media, in some cases even 20%, but more and more research is showing that that spending on social media is not worth it. Social media does not gurantee a return on investment, and in many cases customer social information is not integreaded with other customer information. “Companies are not integrating customer information from purchasing, social media, and other communication channels, this means companies do not yet have the critical 360 that could help them increase customer acquisition and retention” (Christine Moorman, 2016, Forbes, pg 1). All of these factors have led to firm’s failure to drive the much needed financial performace connection between their social media contributions and a failure to acquire consumers and retain

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