Write a four-page paper (four body pages, title page and reference page do not count) that addresses the content requirements of Assignments 1 and 2. Combine your responses to Assignments 1 and 2 into a single document. Integrate the suggestions that you received in the feedback provided to you in Assignments 1 and 2. Organize the content of your paper so that it is cohesive and well organized.Follow APA version 7 format and submit your document in Microsoft Word format to the Assignment submission link.For document formatting use: Times New Roman 12; Double spacing; margin 1” top, bottom, left, and right.
BUSINESS STRATEGY 1 BUSINESS STRATEGY 4 BENEFITS OF USING SOCIAL MEDIA PLATFORM FOR GROWTH IN BUSINESS Table of Contents Recommendations3 Conclusion5 References6 Recommendations Twenty first century has witnessed a huge leap in technological advancement. The increased use of internet and manufacturing of a number of gadgets had made life of people very much easier. Garcia-Morales et al. (2018) have discussed that with the advancement of internet, the social media presence of people has increased in many folds. This social media platform has now turned in to an effective platform for the companies to connect with their customers. MVMT Watches Inc. has its presence in the market from 2013, developing and designing affordable and stylish watches. The company uses the social media platform for their promotion and sales of their products, and that had led to their presence globally. MVMT uses E-Commerce platform instead of retailers for the sales of their product (MVMT, 2021). It is important to understand the benefits of social media platform used by the company for sales and promotion, because it helps the company to connect with the customer easily and this also helps in increasing awareness about their brand. Figure: 1 (Source: Marketing Insider Group) This is a survey conducted by Marketing Insider Group (2021), which clearly shows that the top most valuable social media platforms are: Facebook (89 percent), LinkedIn (83 percent), YouTube (81 percent), Twitter (80 percent) and Instagram (56 percent). Around 52 percent of the social media marketers believe that a company’s social media presence influence their revenue and sales. Vinerean (2017) has further discussed that social media helps in getting attention and building awareness for the companies. MVMT requires to increase their social media presence to boosts their visibility among their potential customers, and it helps in reaching to a wider audience by using a large amount of time and effort. It is important to use written articles followed by video and images to showcase their products along with the description of products in various platforms such as Facebook, Twitter, Instagram and many more platforms. MVMT should work more on authenticity in their post regarding the products, because customers are not interested in dry business presentation, rather they are interested in how much the company is polite and empathetic to them. A right tone with the authentic message about the products will be a successful step for the company to create their awareness among the masses. Providing customer support is essential, because it helps in developing reputation by becoming responsive, caring brand by offering a number of support system through social media. A system for tracking customer comments, question and the complaints on social media is important. Based on the feedback quick response must be provided to the concern customer by the responsive team. This will help the company to create a long-lasting impression among the customer mind. Conclusion Social media platform is the easiest way to connect through the potential customers. There are many leading watch makers such as Tissot, Tag Huer, Rolex and many more, therefore a stylish watch, which is affordable. Therefore, to create a sustainable presence and long-lasting business growth in coming years, it is important by MVMT to properly utilize their social media presence. References Garcia-Morales, V. J., Martín-Rojas, R., & Lardón-López, M. E. (2018) Influence of social media technologies on organizational performance through knowledge and innovation. Baltic Journal of Management Marketing Insider Group, (2021) Webpage July 2019 data for social media usage Retrieved from https://marketinginsidergroup.com/wp-content/uploads/2018/08/mau-social-media.png MVMT, (2021) About MVMT Watches Retrieved from https://www.mvmt.com/accessibility/ Vinerean, S. (2017) Importance of strategic social media marketing 2 RUNNING HEAD: BUSINESS ASSIGNMENT THE APPLICATION OF SOCIAL MEDIA AND BUSINESSES Table of Contents Introduction3 Business and Social Media3 Conclusion4 References5 Introduction The approach of modern business world has expanded from physical promotion of sales and marketing to the virtual world and the social media platforms have revolutionized this process (Ilavarasan, Kar & Gupta, 2018). In fact, social media gives access to a wide range of users that can globally view and participate in the process of promoting a particular product. However, there are pros and cons of using social media for business purposes. On the one hand, if it gives freedom to approach a wide variety of consumers online, it also poses threats of violations of privacy of the users having social media accounts. Business and Social Media At first, it is significant to note here that social media platforms grant freedom to new and old both types of businesses to have access to enormous number of possible customers. Physical promotions do not provide such freedom, therefore; it is evident that the application of social media as platform for promotion and increasing sales is now universally acceptable (Ilavarasan, Kar & Gupta, 2018). Companies think of tactful ways to deal with online users; various techniques and online promotions are applied and processed well. However, there is a thin line of distinction is drawn between the promotions and the violation of the privacy of the users. The small and large business owners, in the name of gaining competitive advantage, at times violate the basic principles of using sensitive information shared by the users with them (Ghosh, 2021). The concern mentioned above is given for government guidelines, regulating the business interactions over social media platforms (Pourkhani et al, 2019). These guidelines vary from nation to nation, depending upon the local governance structure. At the same time, the norms of applying business promotion strategies by the businesses should align their objectives with these given guidelines. If not done so, penalty are likely to occur and the same could happen in Indian context when over fifty Chinese apps were recently banned by Indian government stating that they violated the principles of privacy of the online users using the social media apps (Pourkhani et al, 2019). One of the main reasons why these challenges are so difficult to untangle is that social media varies radically from conventional media (i.e. newspapers, radio, and television networks) and traditional regulatory methods have mostly fallen short (Pourkhani et al, 2019). There are a few key dimensions worth considering: First, restricted bandwidth determines conventional cable news (and, to a lesser degree, other traditional news media). A small number of news media networks and a limited number of primetime windows and headline slots are available to reach an audience as broadly as possible. Conclusion Summing up the above, with democracy at stake, the future of democratic debate will be decided by how businesses and regulators behave today. More generally, social media sites and tech companies must all now make a crucial decision: do they continue to engage all users without restriction and risk strict regulatory interference, or do they preemptively curb extremism by more active self-moderation. There are no simple solutions, but recent events have shown that the status quo will not survive in one way or another. References Ghosh D. 2021. Are we Entering a New Era of Social Media regulation? Harvard Business review. https://hbr.org/2021/01/are-we-entering-a-new-era-of-social-media-regulation Digital.Gov. 2020.Guidelines for the Use of Social Media. United States Government. https://digital.gov/resources/guidelines-for-secure-use-of-social-media/?dg Pourkhani, A., Abdipour, K. H., Baher, B., & Moslehpour, M. 2019. The impact of social media in business growth and performance: A scientometrics analysis. International Journal of Data and Network Science, 3(3), 223-244. Ilavarasan, V., Kar, A., & Gupta, M. P. 2018. Social media and business practices in emerging markets: still unexplored. Journal of Advances in Management Research. 1 7 Place the Title of The Paper, Full Title, Here in Bold Print Name of the Writer Stevenson University Professor Pumphrey January 4, 2021 Place the Title of The Paper, Full Title, Here in Bold Print Begin typing the body of the paper here. Indent one tab stop for each paragraph. Place one space after punctuation marks that end sentences. APA Style™ does not require a minimum paragraph length, such as three sentences. However, “single-sentence paragraphs are abrupt and should be used infrequently. Paragraphs that are too long risk losing readers’ attention” (American Psychological Association, 2020, p. 115). Be sure to use consistent verb tenses in your writing. It is preferable to use the past tense. i.e., McKee demonstrated (2012) or present perfect tense, Young and Blue (2013) have shown in their research that… in your writing. Use this template to write an APA 7th Edition Style paper. The format includes the correct margins, double spacing, centering, headings, etc., per APA.. To use this template, highlight and then type over or delete sections of the text included here. When deciding how many sentences to include in your paragraph, APA guidelines recommend including one main idea per paragraph. When you begin discussing a new topic or the second step in a process, you are at a good place to start a new paragraph. You may be asking why the university requires students to use the APA writing style. Carpenter and Anderson (2012) said that APA format provides a standard for how a document should look. “APA gives students models or examples for creating their papers and also provides professors with a structure for grading papers” (Carpenter & Anderson, 2012, p. 80). APA instructions for in-text citations help students avoid plagiarism, and having an APA reference allows a reader to locate a source quickly (Butler, 2010). Level Two APA Heading APA 7th Edition Style™ uses Level Two headings after the introductory paragraphs. To transform a line of text into a Level Two heading, click Heading 2 in Microsoft Word’s Style area of the Home ribbon. When you have a Level Two heading in APA, use Word’s Heading 2 Style. Align Level Two headings, or place Level Two headings flush with, the left margin. In Level Two headings, capitalize all major words. 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