Social media is an indivisible amenity in today’s date that surrounded individuals’ personal and professional space. It is a platform through which corporate organizations can reach the maximum number of target audiences at a time. The availability and accessibility are essential, as they have positive implication, which significantly work for the any kind of business organizations in terms of their corporate operations and communicating purposes (Hunsinger & Senft, 2013). Considering this aspect, it can be emphasized that social media is an important tool with the help of which companies are able to maintain their competition in their respective market region. It can also help in generating the effects on financial stability as well as profitability aspects (Swann, 2014). To gain an in-depth understanding regarding the different positive and negative roles of the social media on the business organizations, the present study has developed an integrated research, which focuses on its use by Woolworths Limited and Lion Nathan along with its implications.
Considering the approach of research in this particular study, it has constructed certain objectives that help to develop research path and assist to obtain an in-depth outcome as well. The following objectives are helped to maintain the research path till the end for developing comprehensive findings of the issue:
Fundamentally, project scope reflects the basic portion of the project planning material, which consist a set of deliverable aspects from the respective research work including goals, functions, operative steps and distinctive features among others. After the completion of this project, the scope will be significantly highlighted related to the deliverable areas. This will further enrich the background of the research as well. In this specific project, the scopes, which will be highlighted at the end of the research, are as follows:
4.1 Roles of Social Media
According to Karampelas (2012), individual user can identify social media as a collective online platform. This collective online platform can channelize users’ community-based input into output. This platform is used for content-sharing and interaction that ultimately portrays an optimal collaboration (Wise & Shorter, 2014). Wise & Shorter (2014), depicted in their study that there are several social media platform including Facebook, Twitter, Reddit, Pinterest and LinkedIn among others. It is an integral part of the business that can promote brands, make corporate image, availability, accessibility, interactions and growth. These channels are creating platforms for integrated strategies that can develop effectiveness overall business operations. It is a process through which people are able to communicate with large number of other users beyond the geographical, cultural, language and any kind of demographic boundaries. In the context of company’s promotional aspects, social media may develop an integrated scenario according to which it creates customer base and expand its market region (Wise & Shorter, 2014). Paquette (2013), supported the viewpoint that depicted social media is applicable to retain existing customers as well as increasing the new customer base in an integrated manner. According to Zook & Smith (2016), the different platform of social media is helping to serve better services to the old and new customers. In addition, it also provides assistance to develop customer loyalty towards the brands and product sustainability as well. On a similar note, the research findings of Wise & Shorter (2014), highlighted that social media is one of the best existing options for marketing and promotional activities. It is able to provide several opportunities in terms of availability and accessibility towards large number of audiences. Based on the understanding of the research conducted by Center for Community Health and Development (2017), it can be stated that different companies utilize social media as their proof of existence for the vast range of audience. Social media enables these companies to generate an effective way to communicate to their target customers and maintain sustainability for long run.
4.2 Advantages and Disadvantages of Social Media in the Business Operations of Woolworths Limited and Lion Nathan
Woolworths Limited is one of the key players in Australian retail industry, which serves their customers via online services (Woolworths Limited, 2017). Lion Nathan is also an Australia based food and beverage company, which has online provision as their best possible services (Lion, 2014). Both the companies are able to serve large number of audiences through their online services irrespective of having some geographical boundaries. Woolworths Limited is one of the largest supermarket retailers, which comprises e-commerce as its one of the integrated services (Woolworths Limited, 2017). In the context of social media presence and brand image creation, it is observed that Woolworths Limited reinvested in brand digitalization and launched different online activities for the target audiences (Woolworths Limited, 2017a). This type of online social activities clearly portrays the advantageous side of media platform. On the other hand, Lion Nathan has the online portal system to interact with their customers in terms of placing their orders, feedback and enquiries regarding the product along with the delivery details (Lion, 2014a).
Considering the facility provision of these two companies, social media interaction system and general advantageous work procedure. Thus, it can be stated that through the use of social media, consumer insights can be raised along with enhancing brand loyalty and awareness. The online and offline conversion can be swiftly segregated and maintained by the companies (Zook & Smith, 2016). Additionally, social media also provides opportunities to monitor the strengths and weakness of the competitors and act accordingly for future prospects. Contextually, the primary disadvantageous situation in relation with the use of social media is that it allies with security concerns along with the account management. Social media provides the accessibility to the audiences, so it is their responsibility to maintain the accounts accordingly to evade further inconveniences. In the context of disadvantageous aspect, security risks are in the prime position. Virus and hacking among others are the major negative implications of social media that may lead the companies to face challenges (Oxley, 2013).
4.3 Risk Mitigation, Financial Stability and Profitability of Woolworths Limited and Lion Nathan via Social Media
Based on the financial reports and Woolworths’s financial trends, it has been found that the net profit margin of the company is relatively high as compared to other market players (Bloomberg L.P., 2017). The scenario is slightly different for Lion Nathan. The company witnessed several fluctuations in the last years but at present, the company has adopted the information system, which has helped in regaining its market growth (Bloomberg L.P. 2017a). Based on the market and financial stability of both the companies, it can be stated that these companies have certain internal and external risks. From the comprehensive research, it is highlighted that weak marketing strategy is one of the prime reasons. If the company fails to meet the needs of the customers and changing aspects, it hampers the overall corporate operations and further effective implications as well. It also affected the competition level, which was found to be ineffective for the company (Mitchell, 2015). According to the research on companies’ present aspects, it is found that multiple business options and lack of strategic implications may hamper both of the companies’ financial stability and profitability. Based on the areas of complications and risk profiles of both the companies, it can be asserted that adoption of risk management approach via information technology and effective communication may help in developing different aspects in the future (Kaplan & Mikes, 2012).
5.1 Primary Question
5.2 Secondary Questions
6.1 Qualitative Research
Qualitative research can be considered as an exploratory research, which is able to develop insights on the identified issues of the respective issue. Considering the present requirements of the study, it can be stated that qualitative research approach will be the best effective process for the present research. This can help the study to develop a comprehensive outcome. In this research, qualitative approach is most appropriate for in-depth representation, as it assists the researcher to evaluate the identified issues in a more integrated and effective way. Initially, it is often associated with case study or observation types of research instruments, which efficiently help to conduct the respective research and enrich its insights with meaningful implications (Hannes & Lockwood, 2011).
6.2 Quantitative Research
Quantitative research approach is considered as an objective measurement for the research study that conducts through statistical or numerical analysis for more integrated results. Contextually, this research approach is useful for the present study, as it allows the measurement and analysis in a systematic manner, which is needed for in-depth understanding of the financial stability and profitability of both the stated companies. Thus, it focuses on using statistical approaches. It is advantageous for the researcher because it is more objective focused on the subject matter of the research (Balnaves & Caputi, 2001). In this present research study, qualitative data will be gathered and analysed for gaining integrated outcome from the identified issues.
In this present study, secondary data will be considered for conducting further research and development of integrated findings. Based on the evaluation, it can be stated that secondary data may not completely satisfy the needs of the study, but the use of primary data can filled this gap. The financial stability and profitability aspects of both the companies will need to be highlighted with the assistance of social media, which will be gathered from the evidences of secondary data. However, the primary research and data collection process may develop an in-depth understanding on the field of research. Considering this approach, it can be stated that it will be the prime limitation of the present study.
Conclusion
Based on the discussion on social media’s impact in business organization along with its advantages and disadvantages on business operations, it can be concluded that it is essential in corporate dealings. This will need an in-depth research for further development. For generating a comprehensive understanding, the proposal constructed a discussion on Woolworths Limited and Lion Nathan, which is both Australian based companies dealing in online with their customers. In order to understand the impact of social media, both the companies’ online operations will further analysed and discussed throughout the dissertation to develop a basic knowledge on the highlighted issues and answering the projected research questions.
References
Balnaves, M & Caputi, P 2001, Introduction to quantitative research methods: An investigative approach, SAGE, US.
Bloomberg L.P. 2017, Company overview of Woolworths Limited, Bloomberg, viewed 24 September 2017, <https://www.bloomberg.com/research/stocks/private/snapshot.asp?privcapId=874687>.
Bloomberg L.P. 2017a, Lion Nathan Pty Ltd, Bloomberg, viewed 24 September 2017, <https://www.bloomberg.com/profiles/companies/LNN:AU-lion-nathan-pty-ltd>
Center for Community Health and Development 2017, Segmenting the market to reach the targeted population, University of Kansas, viewed 24 September 2017, <https://ctb.ku.edu/en/table-of-contents/sustain/social-marketing/reach-targeted-populations/main>.
Hannes, K & Lockwood, C 2011, Synthesizing qualitative research: Choosing the right approach, John Wiley & Sons, US.
Hunsinger, J & Senft, T. M 2013, The social media handbook, Routledge, UK.
Kaplan, R, S & Mikes, A 2012, Managing risks: A new framework, Harvard Business Review, viewed 24 September 2017 <https://hbr.org/2012/06/managing-risks-a-new-framework>
Karampelas, P 2012, Techniques and tools for designing an online social network platform, Springer Science & Business Media, Germany.
Lion 2014, About us, Lion, viewed 24 September 2017, <https://lionco.com/about-us>
Lion 2014a, Media centre, Lion, viewed 24 September 2017, <https://lionco.com/media-centre>
Mitchell, S 2015, Woolworths facing slowest growth in 19 years as strategy resets, The Sydney Morning Herald, viewed 24 September 2017, <https://www.smh.com.au/business/woolworths-facing-slowest-growth-in-19-years-as-strategy-resets-20150226-13q0vs.html>
Oxley, A 2013, Security risks in social media technologies: Safe practices in public service applications, Elsevier, Netherlands.
Paquette, H 2013, ‘Social media as a marketing tool: A literature review’, Major Papers by Master of Science Students, paper 2, 2-23.
Swann, P 2014, Cases in public relations management: The rise of social media and activism, Routledge, UK.
Wise, E, K & Shorter, J, D 2014, ‘Social networking and the exchange of information’, Issues in Information Systems, vol. 15, iss. II, pp. 103-109.
Woolworths Limited 2017, About us, Woolworths Group, viewed 24 September 2017, <https://www.woolworthsgroup.com.au/>
Woolworths Limited 2017a, Media, Woolworths Group, viewed 24 September 2017, <https://www.woolworthsgroup.com.au/page/media/>
Zook, Z & Smith, P, R 2016, Marketing communications: Offline and online integration, engagement and analytics, Kogan Page Publishers, UK.
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