Abstract
A Research on How Social Media Influences Consumer Behavior – The goal of this study is to research empirically the role of social media in consumers decision making processes. A quantitative survey investigates up to what degree experiences are altered by the use of social media. Customer sentiments on items and administrations are currently progressively overwhelmed by outsiders in advanced spaces, which thusly impact conclusions in the disconnected space. Web-based social networking has engaged purchasers, as advertisers have no control over the substance, timing, or recurrence of online discussions among shoppers. Results show that social media usage influences consumer satisfaction in the stages of information search and alternative evaluation, with satisfaction getting amplified as the consumer moves along the process towards the final purchase decision and post-purchase evaluation. Social media marketing puts consumers back to the center of the business world and provides marketers a new set of tools to interact with consumers and to integrate them into the brands through innovative ways. In essence, marketers have to understand how the social media has influenced consumer buying behavior. Social media marketing is the contemporary style of marketing as it concentrates on opening new horizons for marketers in order to promote a product or service as compared to conventional media. In recent times, consumer behavior and satisfaction has become an important asset for any organization to attain its position in the market and to increase its profitability. For this purpose, organizations are employing social media technique. From research, it is evident that companies are employing social media marketing in order to interact with the consumers. Social media marketing has given organizations a new way of dealing and changing the buying behavior of the consumers. People use social media to share their experiences, reviews, information, advice, warnings, tips and any kind of issues that are interesting to their “connection” or friends. Social media is used as advertising for the marketer.
Social Media Definition
It is termed as the collection of online communication of various inputs which may be community based or individual, interactions, intercommunications, contents sharing, websites and many more among different users”. Whereas various social media specialists define the term Social Media and 2 their definitions on the various points:
- An on-line medium powered by the net for social communication.
- A two-way communication medium.
- A medium that permits creation and exchange of information.
- A medium that is supported by web technology services.
- Are platforms like Twitter, Facebook, Social Gaming, Blogs, Social Bookmarking, etc.
Benefits of Social Media Marketing
1.Increased exposure:
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- Now a days the importance of Social Media Marketing have increased. Consumers and Marketers are using the Social Networking too much. The exposure increased now a days which is showing 92%.
2.Increased Traffic
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- With the introduction of web based marketing the users are increasing day by day. The research says that consumers and even marketers using social networking sites too much and due to that sites the traffic has increased day by day which is showing the research that traffic increased up to 80%.
3.Develops Loyal Fans
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- Brand Loyalty is the another is most important advantage of social networking sites. Taking an example if a consumer is satisfied with any product he or she will never go to any other company to buy the product. This creates brand loyalty.
4.Provided Marketplace insight
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- Social networking sites provides information about product and is available clearly. That means its Features, Functions, Price etc. Consumers will get full information about product only on websites and customers don‟t have to go to anywhere. The result shows that 72% customers agreed that social networking sites are providing marketing insights.
Advantages of Social Media
Increased Brand Recognition
Social Media is a new platform for promoting the brand. Social Media helps the companies to attain new customers and also have quick access to customers. When a particular brand is familiar and available in multiple social media sites, It increases the brand recognition to the customers and also attract new customers. When the brand is tweeted frequently in the social media, then the company‟s brand image will get increased, there by increasing the growth of the company business.
Improved brand loyalty
A research work published in US, indicated that when there is higher level of interaction about a brand in social media, then there exists higher level of trust about the brand among customers. It also suggest that companies can take the benefit by using social media tool to connect with its customers. The study also suggests there should be some strategic plan for use of social media to influence the customers. Another study indicates that fifty three out 19 of hundred in American population are following their brands in social media and also they found to be loyal to their brands.
Chances to Convert
There is chance that each and every comments, post, sharing, likes in social media will become a sale and bring customer. Every comments, post, website links, video, tweets will make the viewers to visit the page and view the product and thereby there is a chance for conversion into sale. Though all the comments may not get a chance for conversion into sale but every good comment about the product will get a chance for conversion into sale.
Limitations of Social Media
Not enthusiastic
- Think of the situation where consumers do not seem to be completely depend on online purchasing. Delayed shipping, improper packing, complicated cancellation process these are the important points which consider by the consumer and he is believing not enthusiastic.
Issues related with security
- There are many problems are related with security. Privacy concerns have hampered the thinking of consumers towards purchasing of online goods. Consumers is worried about transection frauds.
Still traditional better
- Still there are certain consumers who are thinking that as compare to online purchasing, better option is traditional as no problem of changing, fraud, deduction of money without successful transection.
Components of a Project Report
A project report varies according to the MBA final year project course at top colleges, depending on the consequences and the requirements of the concerned project. But broadly, a project covers the following components:
- Title page
- Table of contents
- Introduction
- Background of the project
- Project objectives
- Methodology
- Results
- Discussion and Analysis
- Conclusion
- Bibliography or references
- Appendices
Project Report Pages : 80
Can be used in : Marketing Final Year Project
Delivery Time : Within 2 hours.
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