The Role of Social Media in Business Research Paper

The Role of Social Media in Business - Research Paper Example In addition, the social media technology is the most excellent tool for the companies to promote their business, for example if a company is selling services, products or publishing ads, then social media is the most excellent method to make their website gainful in a minimum amount of time (Deepika, 2010). This paper will discuss some of the important aspects of social media and their influence on the current business industry. This paper will also outline some of the main advantages and disadvantages of the social media. The role of social media in business At the present, social media is playing a significant role in business sector. In the past it was frequently used for carrying out non-business activities. For instance, people used it to connect with their friends as well as for searching and making new friends. However, now it has become a basic need for most of the businesses since business people are making use of social media particularly Twitter and Facebook for performing market research, marketing their products and services and for supporting clients. To serve this purpose, a large number of social media related websites are available. All of them offer specific advantages and users need to follow their rules. In this regard, the graph given below demonstrates the rapid expansion for the job requirements in "social media". Additionally, this expansion rate has reached up to 1,750 percent. However, the basic cause of this expansion is very simple, since all the corporations require people skilled in creating Social Media API, particularly experts in building Twitter applications and Facebook tools (QualityPoint Technologies, 2011) and (Deepika, 2010). Figure 1Social Media Growth, Image Source: https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEjxDaXInd9PFXRyE2nfzNuqZnj8VL-_2D7wDlvrBKe_Xts6TOkjhE4HZTZNQEDZSyq5C_FcM0wHFhfnQHuej7m5wN9rwVzQBTRcm2lFuvWjLN3O7j52G8abEEmIu8zRWlJ_wrQ2UH6yO7cx/s1600/jobgraph.png Additionally, the social networking websites (such as Twitter, LinkedIn, Myspace and Facebook) present choices for companies to build and maintain their business prof iles and pages, through which they can promote their services and products. In addition, with the modern applications that enumerate likes and dislikes of users, Facebook now allows its users to join â€Å"groups† that facilitate companies in marketing their products or services. Thus, it has become a blessing for the businesses that these social networking websites have offered. Moreover, the latest movement of users, for instance joining business groups or adding support to business ads, will be listed on the users’ profile however it is acknowledged as â€Å"newsfeed†. As well, this newsfeed presents recent news regarding the tasks performed by the users on their home page (Cortez, 2011). Furthermore, for the majority of businesses this social networking based system (or more simply e-collaboration) has turned into a base of electronic marketing. In this scenario, Facebook facilitates business managers to interact with the masses what they are going to do, wh at proceedings are happening, what attainments or recognitions have been established by other businesses. In addition, articles published in recent newspapers and other media related to business industry are copied and pasted onto the corporate profile or added to their position. For instance,