Answer To: First you need to read tutor comments and start make assignment.You can only use secondary data. No...
Akansha answered on Jun 03 2021
IMPACT OF SOCIAL MEDIA USAGES ON BRAND IMAGE (ANZ BANK AND COMMONWEALTH BANK AUSTRALIA)
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Contents
1. Introduction 3
1.1 Problem Statement 3
1.2 Research Aim and Research Questions 4
2. Literature Review 5
2.1 Social Media usage impacts the brand image 5
2.2 Social Media as a Strategic Tool for Organizational Marketing 6
2.3. Creating Brand Image through Traditional Marketing vs. Social Media Marketing 7
3. Methodology 8
3.1 Research Approach 8
3.2 Research Design and Philosophy 8
3.3 Data Collection 8
3.4 Data Analysis 9
4. Findings and Analysis 9
4.1 Qualitative Data Analysis 9
5. Discussion 13
6. Conclusions 14
6.1 Recommendations 14
6.2 Limitations 14
7. References 15
1. Introduction
Social media has incited an insurgency in promoting correspondence over the last few years, offering new potential outcomes for client and brand cooperation. This association has incredible significance for brands as interpersonal clients of organizations depend on the exhortation they receive from different clients, and this correspondence affects the process of basic leadership. The viral spread of data through internet-based life among the general population is much more engaging than mainstream media, such as television, radio, and print commercials. Customer item audits via web-based networking media can create a positive or negative brand buzz and the messages on these virtual stages affect shopper buying choices (ElAydi, 2018). Thus the researcher has conducted a research to find the impact of the usage of social media on brand image of ANZ bank and Commonwealth Bank of Australia. The data for the research has been collected from the secondary sources like websites of the banks, government articles, annual reports of both the banks, and few analytical sites. The report also includes the critical literature review of some scholarly articles. The research report is thus supported with some findings, analysis and conclusion provided at the end summarizing the complete report.
1.1 Problem Statement
In the recent times the social media is considered to be the most important and effective platform to advertise any brand. Social media in itself consists of various sub platforms which either could be some social networking sites, blogs, and ratings etc. Thus the research focuses on an issue that how social media is impacting the brand image in positive form or in negative form. Social media has many advantages but with them it brings many disadvantages as well. Social media could promote any brand in a positive way or negative depending upon the likings of the brand by some group of people. Information shared on social media goes viral in a fraction of time. Mainly this research would help the two banks ANZ and Commonwealth Bank in understanding that whether social media is helping them in enhancing their brand image or if not then what steps can be taken to improvise their brand image. The research will also help the two banks in understanding the way of advertising and the content for the same on the social media. This research thus allows the two banks to understand that whether the impact of using social media in the brand image of the two is positive or negative.
1.2 Research Aim and Research Questions
The primary aim of this research is to understand the various impacts of the use of social media on the Commonwealth Bank and ANZ’s brand image.
Research Questions:
1. To what level does the use of social media affect ANZ and the Commonwealth Bank's image?
2. Do social media act as a strategic tool in ANZ and the Common Wealth Bank for organizational marketing?
3. Is social media is a better platform to build a brand image rather than the traditional marketing concept for both the banks?
2. Literature Review
2.1 Social Media usage impacts the brand image
Competition in business through social media is getting harder. It tends to be seen from the rising number of social media client. This advancement can be seen from the ascent of social media client in a moderately brief timeframe. The procedure of branding through social media starts to manufacture attention to the organization's items to clients and afterward it will offer effect agreeable to clients and build up clients' dedication to the organization (Wang, Wu & Dong, 2019). The job of social media as another pattern in advertising is investigated all the more profoundly to raise the brand image of an organization. There are many companies which use social media in enhancing their brand image in the market but it is also true that not all companies are successful in marketing their products on enhance their brand image on social media as they are able to provide the content to customers in which they are interested, this could also result in the negative impact on brand image of the company (Tarigan & Tritama, 2016). Despite knowing that companies scrutinize changes in the corporate image, they ignore the rapid spread of social media and the increasing number of clients in social media. The utilization of social media, in the advanced education establishments can make and improve its image picture and along these lines lead to draw in clients (Mucan & Özeltürkay, 2014). Be that as it may, advertisers must remember that the Social media is an extraordinary instrument that impacts brand picture as social media is two way specialized strategies. While the viral promoting data is appear to be trusted by clients, advertisers ought to organize and actualize them in their publicizing procedure (Wijesundara & Thilakarathne, 2017).
There are two ways of communicating the information about the brand, one is traditional communication and other is via social media. The evaluation shows that both traditional marketing strategies and interchanges between social media have a huge impact on brand image. Whereas mainstream media have a strong impact on brand awareness, social media communications has a clear impact on the image of the brand (Bruhn, Schoenmueller & Schafer, 2012). Corporate internet based life correspondence seems to significantly affect the utilitarian brand picture, while client created online life correspondence notably affects the image of the brand (Schivinski & Dabrowski, 2014). The brand image can be impacted by the online reviews that are posted on the social media. Though online client reviews have minimal convincing impact on purchaser buy choices. Finding awareness impact for online customer reviews is amazing as online reviews are presented on a similar site under examination and are not expected to increase awareness of items. The impact to online client reviews is viewed as a marker of the power of hidden informal exchange that assumes an overwhelming job in driving the brand picture of the item (Duana, Gu & Whinston, 2008). Web based life displaying exercises seen by clients is amazing for all drivers of client esteem, including gratefulness esteem, relationship esteem, and brand esteem. The three drivers of client esteem demonstrate no beneficial outcome on client esteem. The three client value drivers have noteworthy positive effect on buy expectation. Buy expectation has a positive critical effect on client value (Kim & Ko 2012).
2.2 Social Media as a Strategic Tool for Organizational Marketing
Social media has now slithered into the gathering rooms of business affiliations and just like the web; it has changed the selling and acquiring shapes. Regardless of the way that internet based life is a progressing wonder; it has exhibited to be comparably as effective as or altogether more feasible than ordinary promotion (Severi, Ling & Nasermoadeli, 2014). A couple of affiliations by and by fight to have closeness in the web in order to interface with customers far and close. In addition, the usage of online networking by specific affiliations starts with essential exhibiting and the creation of care about their...