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Assignment based on Marketing Management
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Introduction:-
Innocent Drinks produce smoothies, juices and veg pots which are sold across the UK. They sell over 2 million smoothies per week and are 90% owned by The Coca-Cola Company, so they’re a pretty big deal. In today's scenario, the internet plays a wide role. The Internet is a combination of several interlinked networks which relating to the academic, government, business and even most of the small networks. So, the internet is known as the network of all other networks. All these networks force the internet to be used for various other important functions. In this essay, we will study how social media is considered an important marketing tool by various business houses.
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Social media: A marketing tool:-
Social media is the important tool of the internet which is used widely by most of the peoples. Social media is considered as the future of the communication system in the whole world. Social media enhance and increase the sharing of information in among peoples. The new form of the media makes the transfer of audio, video, text, photos, and various other important information. Social media is not only beneficial for regular internet users but as well as for business also. Social networks are a combination of various types of social media like Facebook, YouTube, and LinkedIn, etc. Today, social media is widely used by the business houses for marketing of their products. There are more than 700 million Facebook user, 50 million numbers of Twitter users, 200 million of tweets are sending per day, and more than 2 billion unique users worldwide visit YouTube every month (Simmons,2007). Various people at various time interact through social media because it doesn't have involved any distance barrier, and it is considered as the best communication tool. Social media makes the marketing function of the business houses very easy. Advanced technology made the whole world as one village so most of the people in the world on social media. It is very important to study how social media helps the business houses in the promotion of their product.
As per a study conducted on social media, it is concluded that different politicians and the politics activities brought social media into the limelight. They have expected that social media play a huge role in the coming general elections in a large manner. This fact was supported by a study which was propounded by IRIS Knowledge Foundation and by the Internet and Mobile Association of India (Bashar,2012). Social media will be considered as a real game changer with political leaders. Due to the social media if someone is connected with the one person then that person can connect with various other persons through their friend list. Today social media and the business houses are inseparable. For the most of the entrepreneurs, social media is used as a marketing medium, which is proving very beneficial for the business. Social media considered as a marketing tool because it provides the following benefits to the organization.
First, and the most important role of the social media as a marketing tool is that it helps the business organizations in increasing their brand image in the market. An organization should focus on every opportunity available in the market through which it can expand its business. Social media helps the brand image of the organizations by showing the various features of the organizations to different persons at a single time. This is considered important in enhancing the brand image because it simultaneously makes the business organization easier and more accessible to new customers. Social media also helps the consumers in becoming more familiar with the various business organizations. For example, a new user can access to organization information for the first time only after stumbling upon it in a newsfeed. Marketing of their products by various business houses becomes difficult when they use the various physical methods of marketing their product in the market like magazines, newspapers, etc. these are the methods which involve large time, and they cannot be able to attract large peoples in a limited time period. Second, the role of the social media as a marketing tool is that it improved the brand loyalty of the various business houses. As per a report which is published by the Texas Tech University, all the brands which done promotion of their brands through social media enjoying huge loyalty from their customers.
As per the suggestion of this report, it is important for the business houses that they should take advantage of the social media in promotion of their product, through which it can connect with a large number of peoples and can show their product ability to wide customers in a limited time period. A strategic and open social media plan could prove influential for the business houses in encouraging customers into being brand loyal. As per a research, it is concluded that in America only more than 53% of Americans follow brands in social and more loyal to those brands (Castronovo,2012). Attain loyalty of customers a very complex task for the organizations but this can be done easily with the use of social media. Social media is an effective tool for establishing loyalty of a brand in the mind of the consumers. Third, the important role of the social media as a marketing tool is a higher brand authority. If the organization is interacting with its potential customers regularly, it shows a good faith for customers towards the organization. When people go to brag or compliment about a service or a product, they turn towards social media. As the more and more people talking about the product of an organization on social media, the more valuable and authoritative brand of an organization will seem to new users. If any organization can interact the major influencers on any social networking site, organization authority reach will skyrocket. Fourth, the main important and critical role of the social media towards marketing is it decreases the cost of the marketing. While any businessman launches their product in the market, then they spent a huge amount on marketing their product in the market so that they can enhance its sale. In the marketing of their products, they spent a huge amount. But now, all business organizations can easily market their product at low cost. All this is possible just because of availability of social media. Social media sharing the important information regarding any product or service with a large number of peoples in a limited time. Advertising through social media is quite cheap and easy than another method of the marketing. Proper attention to the marketing of the products by the businessman’s, leads higher the sale of the products and services which ultimately raises the level of profit of the organization.
Social media also enables the organization to gain valuable information about the needs and demands of the consumers. This helps the organization in developing the products as per the needs of the consumers which provide the high sale of the product by satisfying their target peoples. For example, the organization can measure the comments of the users to know what people are thinking about their organization. Social media marketing, if performed in a right manner, can lead to huge customers, more conversations, and more traffic.
As per a case of innocent drink, it is described that the organization was suffering from outdated proofing system. Before adopted social media as a marketing tool it had faced struggle to manage multiple labels for dozens of products. Due to this, whole management gave answers to different reviewers. After following the social media as a marketing tool, the organization didn't face any more problem. Organizational approaches were become sustainable and they able to provide better customer experience.
Importance of social media:-
If the Innocent organization wants to establish its business effectively in Sri Lanka than social media helps the organization in fulfilling this objective. The reasons behind it are various. First, and the main reason behind choosing the social media is its size. Today social media is using by every person Facebook has been used by the more than 250 million peoples globally (Mitic,2012). This popularity of the social media proves profitable for the various business houses because it makes the marketing function very easy and also helps the organization in attracting more potential customers in Sri Lanka. Second, the main reason behind choosing the social media by the various organization is its transparency. No cheat code is involved in the social media. Everything that happens in the landscape of the social networking is fool proof which build an image in the mind of the customers. Last and the final important reason behind choosing social media as a marketing tool is globally reach. Due to the social media, it is an essay for the business houses to reach to global customers in a single time without investing any extra time in it.
Conclusion:-
After studying all this, it can conclude that social media play an important role as a marketing tool. Today, it is impossible to separate social media from the online world. Social media today is taking place in small businesses, homes, health sectors and the corporate boardrooms. Blogging can have a very positive effect on the branding and growth of the organization. It is imperative to understand that today, social media have enough potential. Because of technology, the whole the world is considered one village (Simmons,2007). Various smartphones and mobile internet have kept people in the touch of the social media. Peoples can use logon to social media only by sitting at a single place. Many marketing types of research can get huge information about their potential customers around the world. Through social media, marketing researchers easily can do market targeting, segmentation, and positioning by focusing on the whole world market. It is also beneficial for the marketers because it is aware the marketers about different brands. Thus, it can be said that Social media is the evolution of marketing tool.
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Simmons, J. & Simmons, M. (2007). Great Brand Stories: Arsenal Winning together: the story of the Arsenal brand. International Journal Of Sports Marketing And Sponsorship, 8(2), 84-85. http://dx.doi.org/10.1108/ijsms-08-02-2007-b008
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Simmons, J. (2011). Innocent. London: Marshall Cavendish Business.
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Geho, P. R., & Dangelo, J. (2012). The evolution of social media as a marketing tool for entrepreneurs. The Entrepreneurial Executive, 17, 61.
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Bashar, A., Ahmad, I., & Wasiq, M. (2012). Effectiveness of social media as a marketing tool: an empirical study. International Journal of Marketing, Financial Services & Management Research, 1(11), 88-99.
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Castronovo, C., & Huang, L. (2012). Social media in an alternative marketing communication model. Journal of Marketing Development and Competitiveness, 6(1), 117.
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Mitic, M., & Kapoulas, A. (2012). Understanding the role of social media in bank marketing. Marketing Intelligence & Planning, 30(7), 668-686.
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