Social media is the emerging martketing tool

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Social media is the emerging martketing tool

  1. 1. INTRODUCTION Internet is such a huge network of several different interlinked networks relating to the business, government, academic, and even smaller domestic networks, therefore internet is known as the network of all the other networks. These networks enable the internet to be used for various important functions which include the several means of communications (http://www.yourmaindomain.com/web-articles/what-is-internet.asp, nodate). Social Media is the future of communication, a countless array of internet based tools and platforms that increase and enhance the sharing of information. This new form of media makes the transfer of text, photos, audio, video, and information in general increasingly fluid among internet users. Social Media has relevance not only for regular internet users, but business as well(http://www.socialmediadefined.com/what-is-social-media/, no date). Online communities and forums, Blogs and Social networks are different types of social media.Facebook, YouTube, LinkedIn, Word Press, Wikimedia, and Blogger are commonly used for online social networking. Those are applications of Web 2.0. There are two eras of internet usage one is Web 1.0 and the other is Web 2.0.Web 1.0 era is you only use to refer information on the internet. Web 2.0 means not only refer to information but to upload information to the internet. It is now interactive, but earlier it was one way communication. Social networks powerfully differentiate themselves from previous internet marketing channels in that on a daily basis, they are gathering, parsing and sorting the commercially valuable demographic data of the end user Whitepapers (2012 , p.09). Need for socially connect Identified, Communicate , Delivery, (http://pregnancy.thefuntimesguide.com/2008/09/baby_position_in_womb.php (Accessed: 07 September 2013)
  2. 2. Satisfied Marketing is the management process responsible for identifying, anticipating and satisfying customer requirements profitably in a socially acceptable manner(http://www.cimhk.org.hk/, no date). Basic and standard human needs are water, shelter, food, dress and air, but people may differ in their wants (rice and curry, fish and chips, stake and mash potato or masala dosa). Different people demand for different brand according to their financial situation (BMW, Volvo, Toyota, Maruti). Just because of a company manufactured a product, who is going to know it? What is it? What benefit out of it? What culture is it? How much is it? For whom it is made for? How can we trust on that? Answer for these questions is 7p’s. The product should be quality brand, reasonableprice, convenient place, attractive promotion, efficientpeople, effectiveprocess and physical evidence. According to Kotleret al. (2009) marketing communications are the means by which firms attempt to inform, persuade, and remind consumers-directly or indirectly-about the products and brands they sell. In a sense, marketing communications represent the “voice” of the company and its brands and are a means by which it can establish a dialogue and build relationships with consumers. To do this marketing communication process for the firm crucial is to find where the customer is?https://catholiccourses.benedictpress.com/lounge/tag/desert/ (Accessed: 07 September 2013)
  3. 3. (http://www.internetworldstats.com/stats.htm, 2012) 750 million numbers of Facebook users, 100 million numbers of Twitter users, 230 million of tweets are sending per day, and more than 1 billion unique users worldwide visit YouTube each month. Most of the people most of the time interact with social media without a distance barrier, so social media is a best communication tool. Technology made the whole world as a one village so majority of the people on the world most of the time on social media. Social media is the evolution of communication tool. It is really important to study what is the emerging marketing tool in order to survive and grow businesses should adaptable to the environmental changes.
  4. 4. Importance of marketing communication Communication Result http://www.bpc.edu/mathscience/chemistry/history_of_the_periodic_table.html (Accessed on: 07 September 2013) “Twelve words changed the world of home furnishings. They were uttered in 1951 by a young Ikea designer called Gillis Lundgren from Malmo, South Sweden, as he struggled to fit a table into the back of his car. “God, what a lot of space this takes up”, he muttered, before saying, “Let’s take the legs off and put them under the table top” – and flat pack furniture was invented by accident” (Lewis, 2009, p.82). According to Kotleret al. (2009) marketing communications also perform many functions for consumers. They can tell or show consumers how and why a product is used, by what kind of person, and where and when. Consumers can learn about who makes the product and what the company and brand stand for; and they can get an incentive or reward for trial or usage. Marketing communications allow companies to link their brands to other people, places, events, brands, experiences, feelings, and things. They can contribute to brand equity-by establishing the brand in memory and creating a brand image-as well as drive sales and even affect shareholder value. According to Lewis (2009, p.23-24) customers become part of the Ikea cult, because we have to participate in the process. Ikea thinks it’s good for us if we learn to build our furniture, collect it from the warehouse, and haul it onto our roof racks to take home – ourselves. Its roots lie in the Swedish protestant work ethic of Ikea’s history. This participation means we belong more to the Ikea brand than other brands in our lives.
  5. 5. Weare intrinsically part of Ikea’s brand and business model. We’re one of the reasons its prices are so low. Marketing communication mix consists of six tools advertising, sales promotions, personal selling, direct marketing, public relations, event and experiences. According to Riley (2012) promotion has many potential uses in business. It can be used to:Increase sales, Attract new customers, Encourage customer loyalty, Encourage trial, Create awareness, Inform, Remind potential customers, Reassure new customers, Change attitudes,Create an image, Position a product, Encourage brand switching, To support a distribution channel. Role of social media in the marketing communications mix and social media as a marketing tool According to Kaur (2013) through different activities politics and politicians in India have brought social media into the limelight. It is expected that social media will play a huge role and influence the coming general elections to a great extent. The study by IRIS Knowledge Foundation and supported by the Internet and Mobile Association of India (IAMAI) has indicated this fact. Social media will be real game changer with politicalleaders. Ones you connect with one person, if you have been given permission you can go into his friends list. Ratnayakage C.S. Available at http://www.facebook.com (Accessed: 29 July 2013)
  6. 6. “People you may know” it is intelligence role provide for you to research. Ratnayakage C.S. Available at http://www.linkedin.com/home (Accessed: 05 September 2013) If anyone is searching a person or an organization, when you are typing first or two letters it will give you all related persons and organizations. Ratnayakage C.S. Available at http://www.linkedin.com/home (Accessed: 05 September 2013)
  7. 7. Social media and business intelligence are now inseparable. Even the most basic user of any social media service asks himself such questions as “How many followers do I have?”, “What’s trending today?”, “How do people feel about…... Whitepaper (2012 , p.06)? Ratnayakage C.S. Available at http:/www.facebook.com (Accessed: 29 July 2013) Advantages and disadvantages of social media marketing Social media is a double sided sword. It has advantages and disadvantages. When your product on social media lots of people will see your trade mark, will refer to your images,videos (YouTube), and events.Brand visibility will create top of the mind recall this will motivate to buy the product. Ratnayakage C.S. Available at http:/www.facebook.com (Accessed: 14 August 2013)
  8. 8. Here are the top benefits that companies are seeing from social media marketing: 89% of respondents said that social media marketing has generated more business exposure 64% saw lead generation increase by using social media 6 hours or less per day 69% of marketers use social media to gather marketplace intelligence 62% of marketers using social media for 2+ years reported a rise in search engine rankings 62% of businesses with 10 employees or less reported that social media has reduced marketing expenses (http://www.pamorama.net/2013/06/30/the-top-benefits-of-social-media-marketing- infographic/ no date). LinkedIn will facilitate recruitment & selection. Ratnayakage C.S. Available at http:/www.facebook.com (Accessed: 07 August 2013) In Sri Lanka internet accessibility is 24% from the 20.3 million populations so there is limitation in reachability to social media. Risk of negative comments is another disadvantage of social media.
  9. 9. Ratnayakage C.S. Available at http:/www.facebook.com (Accessed: 07 August 2013) Because of lack of control, someone can spread bad information on your product. In Sri Lanka majority of parent don’t let less than 18 years old to use social media and in Arabic countries they do not want to use they believe it is against their God so there is a culture and social barrier. International and local examples of social media marketing Ratnayakage C.S. Available at http:/www.facebook.com (Accessed: 07 August 2013)
  10. 10. Ratnayakage C.S. Available at http:/www.facebook.com (Accessed: 07 August 2013) Importance and relevance of social media marketing for IKEA According to Kotleret al. (2009) when eBay recognized that people were unable to locate some of the items they desired most, it created an online auction clearing-house. When IKEA noticed that people wanted good furniture at a substantially lower price, it created knockdown furniture. These two firms demonstrated marketing savvy and turned a private or social need into a profitable business opportunity. According to Lewis (2009, p.17) there are the Ikea fans that communicate on web blogs on the internet, exchanging gossip, news and experiences of the Swedish furniture dealer. In America, a web designer called Jen funk Segrest is an Ikea fanatic intent on persuading Ikea to open a store where she lives in Ohio. Her blue and yellow website (www.berybigdesign.com/ikea) has a revolving banner that continually repeats: “Not too proud/ to beg/ Ohio wants Ikea”. Critical analysis of using social media in comparison with alternative marketing communication channels According to Lewis (2009, p.52) by 1949, Kamprad began sending out Ikea News as a supplement in the farmers’ national weekly paper, which was read by 285,000 people –
  11. 11. Ikea’s first mass audience. The brochure holds hints of Ikea’s future direction and vision, as it appeals to the farmers’ common sense and need to save money. Online news is updated immediately whereas newspapers would have to be delaying from editor to print and distribution, by the time it reach to the reader that news may be a known fact. Online news is interactive with images, audio, video and can comment, but on newspapers, catalogs, broachers are one way of communication. Newspaper might have less error on as they are highly read and edited,but online news might have errors because of fast. Money laundering is the major threat for social media users facing today. Hackers from around the world are networking with false account to get details. You must have updated in technology in order to survive because compare to alternative marketing channels social media is highly competitive and ever changing. Newspapers, catalogs and leaflets have limited number of pages compare to social media. Guarino (2011) provided information about the Borders Group Inc. that is expected to file for bankruptcy early this coming week – the result of declining annual revenues andmounting rent obligations as well as its struggle to catch up to the e-book business that is credited with keeping the publishing industry afloat. Conclusion The whole world is a one village because of technology. Smartphones and mobile internet has kept people in the use of social media.Just sit on one place with a tab connecting to the internet and log on to social media, marketing researches can get information about customers around the world and identify marketing gab,marketers can do market segmentation, market targeting, target marketing and positioning taking the whole world as a mass market,human resourcedepartment can recruit from around the world correct person at the correct time to do the correct job,marketers can do brand awareness, induce customer, brand loyalty and managing distribution channels. Social Media is the evolution of marketing tool.
  12. 12. References http://www.yourmaindomain.com/web-articles/what-is-internet.asp, (nodate) (Accessed: 05 September 2013). http://www.socialmediadefined.com/what-is-social-media/ (no date) (Accessed: 04 September 2013). Kotler, P., Keller, K.L., Koshy, A., Jha, M., (2009) Marketing Management A South Asia Perspective, 13th edn.India: Dorling Kindersley (India) Pvt. Ltd. Whitepapers, C. (2012) Social media and business intelligence.BookBoon [Online]. Available at: http://bookboon.com/en/social-media-and-business-intelligence-ebook (Accessed: 04 September 2013). http://www.cimhk.org.hk/, (no date) (Accessed: 03 September 2013). Riley J. (2012) tutor2u. Available at: http://www.tutor2u.net/business/marketing/promotion_mix.asp (Accessed: 03 September 2013). Riley J. (2012) tutor2u. Available http://www.tutor2u.net/business/gcse/marketing_promotion.html (Accessed: 03 September 2013). Kaur R. (2013) Maps of India. Available at: http://www.mapsofindia.com/my- india/society/role-of-social-media-in-india(Accessed: 05 September 2013). http://www.pamorama.net/2013/06/30/the-top-benefits-of-social-media-marketing- infographic/ (no date) (Accessed: 05 September 2013). Guarino M. (2011) Thechristian science monitor. Available at: http://www.csmonitor.com/USA/2011/0213/Borders-bookseller-faces-bankruptcy (Accessed: 05 September 2013). Lewis,E. (2009)Ikea New Delhi: Viva Books Private Limited.

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