Social Media

Social media is one of the biggest industries of the world that is continuously growing, showing no sign of slowing down. Earlier we used to think that social media is only for young generations but now it has become popular in all age demographics. In today’s technological era, social media has become animportant marketing tool as both small and large businesses are using it to aware customers regarding their products. (Jae-Hwa Shin, 2013)

Description of current technological trends

Since theinternet has become a way for companies to communicate with their target market, Facebook has become an essential tool for them. At the end of the fiscal year 2012, Facebook had one billion users. The growth of Facebook is not limited to personal users, but it has become important for many organizations as they see Facebook as an opportunity to target as many people as they want. (Goldman, 2012)

The influence of business environment

Social media has brought a revolutionary change in the business environment as through social media businesses can advertise their new products and validate the existing ones. Radio, TV advertisement and print ads are demanding thousands of dollars but social media only demands time and energy.Through social media a business can target its customers free of cost or by paying asmall amount of money. Advertising channels other than social mediahavenow become completely obsolete. In this technological era, social media has improved the consumer insights as businesses are getting information regarding their target market, what target market thinks of their product, what type of need and want they want to satisfy with their products.

Social Media Harvard Case Solution & Analysis

Consumer insights help the businesses to produce the product according to the needs of theconsumer.  (Promotion, 2007)

Social media allows consumers to ask any question and concern instantly. Customers want to ensure that they must be receiving help very quickly.

Social media allows businesses to look at the changing preferences, trends, and lifestyle in the market, as some of the companies have failed in theirindustries because they did not follow the changing trends and preferences of their target market. Especially for the new business, it has become necessary to use the social media so that it can be aware of the target market of its products. About half of Americans use social media or go online with smartphonesor laptops to participate in online communications.

Business adaptation strategy concerning the technology

Companies can use social mediafor advertising their products. The benefit of using Facebook as an advertising tool is that it encourages open communication. Abusiness can directly communicate with target customers and itwill be able to identify the consumer’s needs and produce theproduct accordingly. The social media platform is used by people for theinformation sharing moreover, customers can directly communicate with the management of thecompany. However, thecompanies can use social media as their marketing strategy as this implies very low cost as compared to other marketing tools.

Pros and cons of social media

The benefits of social marketing are many but the key benefits of social media are considered to be the following which give the highest benefit to the companies and individuals who can take the benefit in this way and they can use the social media..............

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