Bcrw reprot

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Bcrw reprot

  1. 1. Transmittal Document:August 4, 2010Madam Nasreen SaeedInstitute of management and sciencesDear Miss Nasreen:We are submitting to you the report, due August 4, 2010. Thereport is entitled Business networking. Business networking isthe process of establishing a mutually beneficial relationship withother business people and potential clients and/or customers.We have found all the relevant data related to Businessnetworking on internet where we have faced some problems,sometimes the related linked was not found, sometimes loadshedding wasted our lot of time to develop our report but we giveour all to make this report more professional. People didn’tcooperate with us while filling the questionnaire. But overall itwas great experience.At the end, we are very obliged that you give us the opportunityto work such kind of task that enhances our abilities to analyzethe situations and problems and able to give suggestions. Wewould like to thanks madam for being very helpful and kindthrough out the semester.1
  2. 2. Contents:1. Executive Summary.........................................................................................................2 2.1 Background:-..............................................................................................................4 2.4. Procedures used to gather and analyze the data........................................................6 Networking is something that we all do on a daily basis, and most of the time we are unaware of it. We all refer services, businesses and associates on a daily basis and most of the time we do not even realize what we have done. With networking developing many businesses now have this as a core part of their strategy, those that have developed a strong network of connections suppliers and companies can be seen as "Networked Businesses" and will tend to source the business and their suppliers through the network of relationships that they have in place............74. Case Study:.......................................................................................................................95. Case Study 2:..................................................................................................................10 8. Conclusion:...................................................................................................................13 ....................................................................................139. Recommendation ...........................................................................................................1410. References:...................................................................................................................1511. Appendix 1...................................................................................................................161. Executive Summary2
  3. 3. Business networking is the process of establishing a mutuallybeneficial relationship with other business people and potentialclients and/or customers.Our problem statement is “Why do professionals tend to preferface to face networking to online networking?”There is a certain element about a face to face relationship thatcreates a stronger bond between you and the people you networkwith.Professionals tend to prefer face to face networking to onlinenetworking because in face to face networking the potential forhigher quality relationships are possible.Many individuals also prefer face-to-face because people tend toprefer actually knowing and meeting who they intend to dobusiness with.From our questionnaire research, we find that“Face to face networking is better than online networking forBusinessmen”60% people agree with us30% don’t agree10% don’t knowWe conclude that in face to face networking the potential forhigher quality relationships are possible and it creates a strongerbond between you and the people you network with. Werecommend that to build a strong personal network, you shoulduse both online and in-person networking. But while closing thedeal of any significant amount go for face to face contact toavoid fraud.2. Introduction:3
  4. 4. 2.1 Background:-Business networking is a marketing method by which businessopportunities are created through networks of like-mindedbusiness people. There are several prominent business networkingorganizations that create models of networking activity that,when followed, allow the business person to build new businessrelationship and generate business opportunities at the sametime. Business networking is the process of establishing a mutuallybeneficial relationship with other business people and potentialclients and/or customers.Many business people contend business networking is a more cost-effective method of generating new business than advertising orpublic relations efforts. This is because business networking is alow-cost activity that involves more personal commitment thancompany money.Business networking can be conducted in a local businesscommunity, or on a larger scale via the Internet. Businessnetworking websites have grown over recent years due to theInternets ability to connect people from all over the world.2.2. Purpose Statement:-4
  5. 5. We are studying Business Communication & Report Writing. It’sour course requirement to develop a term report and our teacher,Madam Nasreen Saeed assigned us the topic “businessnetworking.”It also helps us to establish a mutually beneficial relationshipwith other business people and potential clients and/orcustomers.The purpose of business networking is to increase businessrevenue - one way or another. The thickening of the bottom linecan be immediately apparent, as in developing a relationship with anew client, or develop over time, as in learning a new business skill.2.3. Problem Statement:-“Why do professionals tend to prefer face to face networkingto online networking?”Some things are better in person. Networking is one of them.Online networking is a powerful tool, but it shouldn’t be the onlyone we use to build a strong personal network.Professionals tend to prefer face to face networking to onlinenetworking because there is a certain element about a face toface relationship that creates a stronger bond between you andthe people you network with.The biggest problem with online business networking sites can befound in those two words "Business Networking".There are huge lists of websites that promote themselves as"business networking" platforms but it is not really the case. The5
  6. 6. majority of users are not business decision makers at all and assuch there can be no business done.More over there are limitations to closing deals over the internet.For example you can do the research get your back groundinformation, but closing the deal of any significant amount theygoing to want face to face contact.2.4. Procedures used to gather and analyze the dataWe use many procedures to gather primary data as well assecondary data and our main sources to collect our primary dataare some case studies, conduct questionnaires. And our Secondarydata sources are some portfolios and from cyber world.3. Findings:6
  7. 7. Networking is something that we all do on a daily basis, andmost of the time we are unaware of it. We all refer services,businesses and associates on a daily basis and most of thetime we do not even realize what we have done.With networking developing many businesses now have this as acore part of their strategy, those that have developed a strongnetwork of connections suppliers and companies can be seen as"Networked Businesses" and will tend to source the business andtheir suppliers through the network of relationships that theyhave in place.Businesses are increasingly using business social networks as ameans of growing their circle of business contacts and promotingthemselves online. In general these networking tools allowprofessionals to build up their circle of business partners theytrust. By connecting these business partners the networking toolsallow individuals to search for certain people within their network.Through introductions the members of these tools then can get incontact with new prospective business partners.Since businesses are expanding globally, social networks make iteasier to keep in touch with other contacts around the world.Specific cross-border e-commerce platforms and businesspartnering networks now make globalization accessible also forsmall and medium sized companies.One in eight online businesses had 5% of revenues stolen byfraudsters last year, according to research more than a third ofthese firms lost at least 1% of revenue to fraud. The losses arethe result of fraudulent online payments. A total of 60 out of 150businesses surveyed said they lost more to fraud in 2008 thanthe previous year.7
  8. 8. Researchers found that 57% of respondents believe online fraudis one of the greatest threats to their businesses..Many professionals tend to prefer face-to-face networking overonline based networking because the potential for higher qualityrelationships are possible. Professionals who wish to leveragetheir presentation skills with the urgency of physically beingpresent attend general and exclusive events. Many individuals alsoprefer face-to-face because people tend to prefer actuallyknowing and meeting who they intend to do business with.According to Professionals Face to face networking Increasesales, Maximize revenues, put the power of Business Networkingto work for you today and Put the personal touch back into doingbusiness.“Face to face networking is better than online networking forbusinessmen” 10% Agree 30% Disagree 60% Dont know8
  9. 9. 4. Case Study:The 2010 edition of the UK Online Fraud Report, commissioned byCyber Source, shows that 60% online business merchants expectto lose 6% of online revenues to payment fraud, but 40% expectto lose more than 7%.The news comes as the National Fraud Intelligence Bureauprepares to accept information from Fraud Action, the onlinefraud reporting centre.More than 70% of merchants review online orders, with 5%checking every order manually.Even then one in eight online businesses had 5% of revenuesstolen by fraudsters last year, according to research more than athird of these firms lost at least 1% of revenue to fraud. Thelosses are the result of fraudulent online payments. A total of 60out of 150 businesses faced online payment frauds every year.Researchers found that 57% of respondents believe online fraudis one of the greatest threats to their businesses.9
  10. 10. 5. Case Study 2:Another example of online fraud, during the bidding process. Bidshielding takes place when a buyer and a partner artificiallyinflate the bids during an auction.On 11 Jul 2010 Online British Newspaper published a report on Bidshilling "an individual scheme with someone else creates a falseidentity in order to drive up the bidding prices on behalf of theseller.The effect of this fraudulent practice is to artificially encouragelegitimate bidders to continually increase their bid in an effort towin the auction. Many times the individual creating a falseidentity is the seller who then bids on its own merchandise in aneffort to increase the overall price received for the goods.10
  11. 11. 6. Research ReviewFrom our questionnaire research we have found that 50% peoplethinks that there is always a use of business communication inbusiness networking.60% people prefer face to face networking over online networkingand 28% even don’t know the clear difference between online andface to face networking.It is found that 57% of respondents believe online fraud is oneof the greatest threats to their businesses.“Face to face networking is better than online networking forBusinessmen”60% people agree with us30% don’t agree10% don’t knowSo we have concluded from our research review that there is lesschance of fraud in face to face networking and it creates astronger bond between you and the people you network with.11
  12. 12. 7. SummaryBusiness networking is a marketing method by which businessopportunities are created through networks of like-mindedbusiness people.Businesses are increasingly using business social networks as ameans of growing their circle of business contacts and promotingthemselves online. But Professionals tend to prefer face to facenetworking to online networking because there is a certainelement about a face to face relationship that creates a strongerbond between you and the people you network with. Manyindividuals also prefer face-to-face because people tend toprefer actually knowing and meeting who they intend to dobusiness with.Researchers found that 57% of respondents believe online fraudis one of the greatest threats to their businesses.From our questionnaire research, we find that“Face to face networking is better than online networking forBusinessmen”60% people agree with us30% don’t agree10% don’t knowWe conclude that in face to face networking creates a strongerbond between you and the people you network with. Werecommend that to build a strong personal network, you shoulduse both online and in-person networking. But while closing thedeal of any significant amount go for face to face contact toavoid fraud.12
  13. 13. 8. Conclusion:We discovered that face to face networking creates a strongerbond between you and the people you network with. Professionalsprefer face-to-face because people tend to prefer actuallyknowing and meeting who they intend to do business with andthere is less chance of fraud while making deals face to faceinstead of online networking.We also conclude from our research that individuals also preferface to face networking because they believe online fraud is oneof the greatest threats to their businesses.13
  14. 14. 9. RecommendationIn all our primary and secondary research we found that there ishigh level chance of fraud in online business networking than faceto face business networking, we recommend some suggestions toprevent online frauds.• Use simple wording while communicating inside the organization so that the other person can understand easily• Implement simple fraud prevention procedures. These include segregation of duties, random audits of records and monitoring access to assets and data.• Hire the right person for right job so less chances of miscommunication• Provide as much detail as you can• Interpret the meaning correctly before taking action.• Establish an anonymous hotline for reporting. An anonymous hotline can cut fraud losses in half because it gives employees an opportunity to report without getting involved.14
  15. 15. 10. References:Book ChaptersBrake, David. (2009). Shaping the Me in MySpace: The Framing ofProfiles on a Social Network Site in Digital Storytelling MeditatedStories: Self-Representations in New Media. In Lundby, K (Eds.),Martínez Alemán, Ana M., and Wartman, Katherine Lynk. (2008). OnlineSocial Networking on Campus: Understanding what matters in studentculture.Journal Article Andrejevic, Mark. (2005). The work of watching one another: Lateralsurveillance, risk and governance. Surveillance & Society, 2 (4), 479-497.Albrechtslund, Anders. (2008). Online Social Networking as ParticipatorySurveillance. First Monday, 13 (3).Newspaper ArticleChun, Hyunwoo, Kwak, Haewoon, Eom, Young-Ho, Ahn, Yong-Yeol, Moon, Sue,and Jeong, Hawoong. (2008). Comparison of online social relations in volumevs interaction: a case study of cyworld. Proceedings of the 8th ACMSIGCOMM. (pp. 57-70). ACM.Websitewww.linkedin.com/http://www.networkingforprofessionals.com/Wikipediawww.insidecrm.com/features/50-social-sites-012808entrepreneurs.about.com/od/onlinenetworking/.../socnetsites.htmceoworld.biz/.../a-complete-list-of-business-networking-websites-for-ceo-and-entrepreneurs15
  16. 16. 11. Appendix 1 Questionnaire• Is their any use of business communication in business networking? Always High as required No• In your opinion which one is better for Businessmen? Face to face business networking Social Networking General business networking online business networking• Do you know the clear differences of online and face to face business networking? Yes No little bit• In your Opinion you have achieve a preset level of success to be part of a large firm network? Always High as required No16
  17. 17. • What is the basic tool of business networking? Business communication Social communication Organizational communication cultural communication• Do you think in face to face business networking higher quality relationships are possible? Always No idea Never• Do you think business networking need improvement in Pakistan? Need much improvement In some areas No need to improvement• How much business communication use in online business networking? Highly useable Little bit Depend• By use of business communication more efficiently in business networking can we increase the profit of business? Profit affected by it Don’t have any affect Offend17
  18. 18. • There is less chance of fraud in ………………………..? Face to face business networking Social Networking General business networking online business networking• Is Pakistani culture support the online business networking? Yes No• Do you think good online business networking make company image better? Yes No Often• Do you think there are miles of difference in face to face business networking and other business networking? Agree Disagree• Do you think face to face business networking increase revenues? Agree Disagree• Do you think Professionals prefer Face to face business networking over online networking? Yes No little bit18

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