ACC508Informatics and Financial ApplicationsAssignment 1Semester 2, 2018Submitted byPrabhat Kiran Nepal1120117 Submitted ToUniversity of the Sunshine Coast371583992204Social MediaSocial Media2223437646807DATADATAExecutive SummarySocial media is regarded as the modern technique of marketing. Social media has brought a revolution in the business marketing. The number of social media user is increasing day by day. People use Facebook, twitter, LinkedIn, YouTube etc. as per their preferences.
These type of social media contains the various information of the social media user. These social media contains the information like age, gender, geographic locations, taste and preferences, purchase habits etc. They also contains the feeling and experiences of the customer towards the product.The Social media might be used in various ways. Social media might be used in bringing cost effectiveness, increase customer, cover the mass geographic areas.
It might be also used in getting the quick responses and feedback over the product. Social media generates the valuable data for the business. These data are crucial in the decision support system. Since the social media user are increasing, Woolworths is making a strong presence on social media. Competitors like Aldi supermarket and Coles are focusing their marketing campaign on social Medias. People have a very busy schedule.
They don’t have a time for print media and broadcasting media. People use Facebook, twitter, LinkedIn etc. while travelling on the train, walking on the way etc. Information on social media travels faster than on other media.
So, Woolworths or any business should speed up their business activities on social media. Table of Contents TOC o “1-3” h z u Executive Summary PAGEREF _Toc522256121 h iTable of Figures PAGEREF _Toc522256122 h iii1. Introduction PAGEREF _Toc522256123 h 11.1 Purpose of the study PAGEREF _Toc522256124 h 11.2 Scope of the study PAGEREF _Toc522256125 h 12. Social Media and business PAGEREF _Toc522256126 h 13.
Data and Business PAGEREF _Toc522256127 h 24. Conclusion PAGEREF _Toc522256128 h 4Bibliography PAGEREF _Toc522256129 h 5Appendix A PAGEREF _Toc522256130 h 6Table of Figures TOC h z c “Figure” Figure 1 Number of Social Media users worldwide with projections until 2021 data PAGEREF _Toc522049732 h 2Figure 2 Social media followers of Woolworths PAGEREF _Toc522049733 h 31. Introduction In this 21st century, social media and data plays a vital role in decision support system and in shaping the business. Social media, data and business are interrelated to each other. The user data are analyzed by the business organization for making a customer centered decision and for forecasting the future market.
Nowadays most of the companies focuses their business activities in the Social media.1.1 Purpose of the studyThis report focuses on the social media, data and business.
The main purposes of the study areTo find out the importance so social media in the modern business.To find the opportunities that data might bring in the business.To find the relation between social media, data and business1.2 Scope of the studyThe findings from the report will be beneficial to the organizations who are willing to marketing their products and services through the social media. The report is based on the Woolworths.
It has chosen Woolworths as reference for the study.2. Social Media and businessTo question the power of social media in society is to question the importance of sunlight on earth. It’s no longer a want, but a need. Its significance to society cannot be ignored especially in the marketing world. The reach and influence of social media is a treasure in the business and trade industries, where the need to engage and persuade the market is of the top priority CITATION Ata18 l 1033 (Shaw, May 11, 2018).
The statistics that “An angry customer will tell up to 20 other people about a bad experience ……” that’s face to face. With the use of social media like blogs, twitter, and Facebook, those 20 people can quickly become 20,000 or even 2,00,000 CITATION Lon12 l 1033 (Safko, 2012). If we borrow the words from Safko we can say that anything on social media travels or reaches the customer faster than the print and broadcasting media.The social media user is increasing day by day and is expected to increase in the coming year (see REF _Ref522046362 h * MERGEFORMAT Figure 1). There are numerous followers of Woolworths on social media (see REF _Ref522046455 h * MERGEFORMAT Figure 2).
Woolworths can reach to the targeted customer easily. The social media can be used in different ways. Consumers will be more receptive to messages when marketing through social media. Marketing through social media can help increase brand recognition. Different social media can be used to increase the inbound traffic. The social media can be used to reach the specific audiences.
Social media might be used to target and retarget ideal consumers. Business might prefer marketing through Social media as it is cost effectiveness. Modern business might use the social media to gain new customer insights CITATION ker18 l 1033 (Smith, 2018). In the same way Woolworths might use Social media to increase brand recognition, inbound traffic and to bring cost effectiveness in the business.
Woolworths might use social media to reach the targeted customers and cover all the geographic area. Figure SEQ Figure * ARABIC 1 Number of Social Media users worldwide with projections until 2021 dataSource: CITATION Sta17 l 1033 (Anon., july 2017)Figure: Number of Social Media users worldwide with projections until 2021 data3. Data and BusinessWith the advent and popularity of free internet access, social media has become part of nearly everyone’s daily routine. We are all connected, all the time. All the status updates, pictures and videos posted by the people on their social media contains information about their demographics their likes and dislikes etc.
This information, i.e. user data, can be analyzed and its applications are numerous CITATION Row181 l 1033 (Rowena, 2018).
Social media contains the user information such as age, gender, geographic locations, taste and preferences, and their shopping habits etc. These data are very important in targeting the customer and designing the products. For example, Social media can be analyzed to reveal the proportion of social media users that enjoy a particular flavor of ice cream at a particular ice cream parlour at any given time of the day. The ice cream parlour can then identify which of his ice creams are best sellers, and which times of the day CITATION Row182 l 1033 (Rowena, 2018). Data can bring lots of opportunities in the business.
Woolworths can have many opportunities from the data in shaping the business. Woolworths cannot reach to the house of individual informing about the products and services and asking their taste and preferences, age etc. Woolworths have many followers on Social media like Facebook, YouTube, Instagram, Twitter and LinkedIn etc. These social media contains all the personal information which helps Woolworths to analyze the data and act accordingly. Customer share their feelings and experience of a product on Social media. The opportunities that data bring cannot be ignored.
Data will enable companies to collect better market and customer intelligence. It will improve internal efficiency and operations. Data will allow companies to improve the customer experience and build big data into their product offering CITATION Berp8 l 1033 (Marr, 2015, Sep 8). These type of data saves the cost and time of the organization. Data plays a significant role in the research and development. So, these are the opportunities that data might bring in the business.
Figure SEQ Figure * ARABIC 2 Social media followers of Woolworths Source: CITATION Fac18 l 1033 (Anon., 2018)Figure: Social media followers of WoolworthsThe above figure shows the Woolworths follower in the Social media. Most of the people are engaged in any one of the social media. So the Woolworths should make its presence in all of the Social media to reach the maximum customer.4.
ConclusionIn Conclusion Social media, data and business are interrelated with each other. In this competitive age any business organization that wants to succeed should implement social media strategy. There are many competitors of the Woolworths. Coles, Aldi supermarkets etc. are the major competitors of the Woolworths.
Woolworth’s competitors are aggressively focusing their marketing on social media. The Social Media users are increasing day by day. Out of the World’s total population half of the people are already in social media.
Companies cannot reach to all the population. Social media can be the best option to bring cost effectiveness, build brand awareness, increase customers etc.Different companies adopt different marketing policy based on the products, market size and investment. Door to door selling may be possible for niche marketing. For the big organization with numerous customers and greater geographic location it is impossible to reach the every individual.
So social media be the great platform for the business to grow bigger and prosperous.Furthermore data is very important in the organization to predict the future sales, revenue, customers etc. The data can be collected by a research which takes longer period of time to extract data. But social media is the one where we can extract the necessary data in a less time. These data helps in the decision support system. Thus social media, data and business are interrelated and are very important in the modern business.
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forbes.com/sites/forbescommunicationscouncil/2018/05/11/how-social-media-can-move-your-business-forward/#257485694cf2Accessed 13 August 2018.Smith, k., 2018. Lyfe Marketing.
Online Available at: https://www.lyfemarketing.com/blog/marketing-through-social-media/Accessed 13 August 2018.Appendix ASlide 1: Slide 2Slide 3 : Social media and businessSlide 4 : Data and BusinessSlide 5 : Summary