Role of Social Media in the Marketing of Goods and Services

Topics: Marketing, Advertising, Social media Pages: 6 (1848 words) Published: June 18, 2013
NAME: MBONU CATHERINE CHIDINMA
YEAR: 2B
COURSE: PRINCIPLES OF MARKETING
COURSE CODE: MCS 272
TOPIC: THE ROLE OF SOCIAL MEDIA IN THE MARKETING OF GOODS AND SERVICES

INTRODUCTION
In the technology boom of the late 1990s, several companies launched extensive and expensive projects to help them better manage customer relationships through enhanced use of customer data. Social media has reinvented the relationship between companies, customers, employees, suppliers and regulators, shortening processes that used to take days or weeks down to just hours or minutes. Companies are using social media to increase efficiencies in their supply chain. Others are using social media to boost employee morale and improve internal communications. Still more are using social media to find and attract the best employees available. Others are using social media to strengthen their brand, customer loyalty and growing market share. Online marketers like

WHAT IS A SOCIAL MEDIA?
Media may be defined as those channels through which messages concerning a products or services are transmitted to the targets. The following media are available to the advertisers: newspapers, magazines, television, radio, Web, outdoor advertising, transit advertising, and direct mail. SOCIAL MEDIA MARKETING

Social media marketing refers to the process of gaining traffic or attention through social media sites. It represents low-cost tools that are used to combine technology and social interaction with the use of words. These tools are typically internet or mobile based. Some you may recognize include: Delicious, Facebook, Twitter, Bebo, Yahoo, MSN, FourSquare, Google, You Tube, eBay, Bing, and many others. Global advertising has been helped by recent media developments. CNN now reaches nearly 80 million households in over 100 countries and Viacom’s MTV networks estimates its audience at 210 million in 18 countries. Europe now has some 80 satellite-borne TV channels. Recent start-ups include a Middle-East Broadcast Centre, which uses an Arab-Language satellite. Barack Obama- has been seen as a leader in the use of twitter during Presidential elections. He has over 170,000 followers and is following over 165,000. The twitter buzz during the presidential debate as well as the election was as a result of a form or social media marketing Social media often feeds into the discovery of new content such as news stories, and “discovery” is a search activity. Social media can also help build links that in turn support into SEO efforts. Many people also perform searches at social media sites to find social media content.

OBJECTIVES OF SOCIAL MEDIA IN MARKETING
* Advertising Objectives: To build a good advertising program, it is necessary first to pinpoint the objectives of the ad campaign. It is wrong to assume all advertising leads to direct sales. * Motivation: It is the role of social media to motivate a target market to the consumption of the particular good or service which is being advertised through it. His can be done through; message repetition, slogans, humor appeals and many other forms. * Evolving the world of Advertising by providing access to consumers and marketers through the supply of conducive advertising environment. * Social media vastly expands the ability of businesses to connect, collaborate and communicate and, ultimately, to compete. * Media tools are deployed in many organizations so as to allow widespread of information and decentralized access. * Superior Customer Relations: Through the social media platform, one can obtain reactions to their product, run ideas through their audiences, and manage customer services. People can immediately “like” your product (e.g. Facebook) and share it with millions of other people. * Social media gives marketers a voice and a way to communicate with peers, customers and potential clients all over the globe.

ADVANTAGES
* It is highly accessible to anyone who can get access to...

References: * http://searchengineland.com/guide/what-is-social-media-marketing Accessed 16/02/13
* Ernest & Young’s Advisory Services. (May 2012). Insights On Governance, Risk and Compliance
* Walker Mullins Boyd Larreche. (2006). Marketing Strategy: A Decision-Focused Approach, 5th Edition
* Hawkins | Mothersbaugh | Best. Consumer Behavior: Building Marketing Strategy. 10th Edition.
* Subhash C.Jain. Marketing and Planning Strategy. 2nd Edition.
* Boyd | Walker | Larreche. (1995). Marketing Management: A Strategic Approach with a Global Orientation 2nd Edition.
* http://www.sgrlaw.com/resources/trust_leaders/leaders_issues/ttl28/1597/ Accessed 16/02/13
* Peter Donelly. (1998). Marketing Management: Knowledge and Skills. 5th Edition
* www.dreamgrow.com/indispensable-benefits-of-social-media-marketing-to-your-business/ Accessed 16/02/13
* http://marketing.about.com/od/strategytutorials/a/socialmediamktg.htm Accessed 16/02/13
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