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Social Media: Powerful Tool For Consumers

The assignment is served as two purposes: a) to assess students’ knowledge about contemporary issue of marketing and b) as a diagnostic test of the students’ writing and referencing skills. This contributes to Learning Outcomes a, b and e.

Essay topic: “To what extent social media giving power to consumers to take actions against companies. Discuss” 

The students are required to respond to the statement above and write the responses in an essay format. The points of this assessment are to test students’ knowledge on contemporary marketing issues as well as to provide students with an at-risk assessment. The aim is to give students an early assessment with feedback to identify students who are at risk of not achieving a pass in the subject. 

This assessment will allow lecturer/tutor to work with the students and provide early feedback which they can take on board for later assignments. If necessary the student may be referred to the learning support unit for further help. 

As the assessment asks for the opinion, the arguments need to be supported with reliable sources of information. It is expected that the students will cite at least 4 references. Sources that can be used, for example, include the textbook and refereed journal articles. Please refrain from using internet sources like essay.com. marketing.com, seminar slides, dictionaries, about.com. In addition, at KOI copying from a source without proper acknowledgement is severely penalised as leaving paragraphs and sentences without a citation. 

Although the key aims of this task is for lecturers/tutors to see the strengths and possible areas of improvement with the students’ academic writing, the students should strive to write in as clear a manner as possible, using well-constructed paragraphs, and avoiding bullet points, incomplete sentences, or overly formal or informal language.

Answer

“To what extent social media giving power to consumers to take actions against companies”

Executive Summary

Social media has changed the way in which people network and socialize to a great extent. The social media is a very powerful tool and can enable people to connect through the use of mobile and web-based a technology that helps them engage in interactive dialogues. Social media is a platform where consumers can share reviews and information about a product as well as its quality (Aljifri, H.A., Pons, A. & Collins, D, 2003). It enables utilization of an effective level of understanding among the different communities about different products and the results of the usage of the product. It is possible to build a community based on social media as it makes it easier to connect and communicate (Ng, T.W., Feldman, D.C. and Butts, M.M., 2014).

The goal of this task is to have the capacity to assess the openings and issues acquired by social electronic business. The fundamental goal of this undertaking is to convey an understanding into the open doors that the web-based social networking gives and in addition the issues that the social internet business office gives. It's critical that social web based business be embraced by associations so as to enable them to expand their size of tasks and connect with put far and wide at a snappier pace.

Introduction

It forms a strong evaluation of the products and services through comments, reviews, ratings and many more information sharing methods which can empower the consumers to use the social media platform to spread word for or against a company. But legal action cannot be enabled by social media. It requires formal procedures to be adopted in order to help a consumer get justice (Aljifri, H.A., Pons, A. & Collins, D, 2003). 

The web is a standout amongst the most prominent mediums for correspondence and also to buy through web based business. As web based business increases higher fame comprehensively, it is very fundamental to center around little scale web based business as a blasting industry (Hu and Vincent, 2016). It is fundamental for business associations to assess how social online business can profit them during the time spent developing alongside innovation. This structures a critical part of building a worldwide business. Alongside this the social internet business needs to confront some significant issue alongside a type of drawbacks as well.

How social media is changing consumer platform

Social media is changing consumer platform and empowering consumers to obtain better opportunity to voice their opinions and experiences through social media. They are able to reach out to many people at once and explain the issues that they faced with a product or service. They can provide complete information about their experience with customer service as well as was their issue addressed by the company or not (Bagozzi, R.P. & Dholakia, U.M., 2002). In this way social media is helping consumers to deliver better awareness and experience sharing. This has definitely empowered the consumer to provide feedbacks and take action against a company or a product in the form of defaming and bad mouthing. But justice cannot be sought using social media as it is not a formal platform for legal action. It is an informal platform (Agnihotri, R., Kothandaraman, P., Kashyap, R. 8c Singh, R, 2012). 

Social online business administrations have changed the manner by which individuals complete a considerable measure of exercises throughout their life and how they see life itself. Internet business is one of the best impactful things in present day society and has a considerable measure of extension and chances to fabricate a more grounded level of system and innovation (Bagozzi, R.P. & Dholakia, U.M., 2002). It winds up critical to empower utilizing the social web based business stage in a safe way without making a disturbance its potential (Zhang, et.al., 2014). It is essential that individuals comprehend the capability of online business in display times. 

This forms a world where things work quicker and in a virtual way. Social web based business has been creating at a quick pace and cloud organizing has given a lot of lift to the procedure (Tărchilă, P. and Nagy, M., 2015). Social web based business has been creating at a to a great degree quick pace and it ends up essential for organizations to have the capacity to adjust to it (Ahn, T., Ryu, S. 8c Han, I., 2007). 

Social web based business faces specialized and non specialized issues. These can be defeated utilizing long haul or key techniques that empower individuals be more mindful about security on the web. This can help make better levels of comprehension about how people and associations can fabricate better security while utilizing the web. At exactly that point it is conceivable to manufacture a more grounded assessment of what clients might want to profit out of regarding growing better security on the web (Ali, H, 2011). 

How social media helps consumers voice their opinions

Consumers are enabled to voice their opinions about goods, services, companies, brands, experiences, places, health and lifestyle. It forms an important aspect of empowerment. But at the same time, none of this is validated by research or scientific evidence. It is all just personal experience and opinion (Pagano, M.A. ed, 2016). Information on social media may be true to a great extent but at times, it is not so. So, it becomes important that a user of social media for information and opinions or review does not rely only on it. It is important that the feedbacks sought be rationalized and re checked or verified. A lot of information may be untrue or irrelevant (Agnihotri, R., Kothandaraman, P., Kashyap, R. 8c Singh, R, 2012). 

It is important to understand the role and extent to which social media can impact the lives of others. Trolling, wrong information, misguiding, prejudice and unauthorized medical information can all result in a dangerous situation. It is important that social media be used responsibly and can help create better usage of social media (Ahn, T., Ryu, S. 8c Han, I., 2007). 

Prominence of this expanding step by step as the utilization turns out to be all the more energizing and simple to use with 24 * 7 administrations advances little scale e-tailors, trademarks and growing private venture associations - advancements builds it makes it conceivable that surveys and nourish backs be given all the more regularly (Ba, S. & Pavlou, P.A, 2002).

Recommendations

It is recommended that companies do not type in fake reviews or paid reviews of products. At the same time positive and negative feedback is to be accepted along with companies having social media and social media marketing teams which can help customers facing problems and giving negative feedback (Schrempf-Stirling, J. and Palazzo, G., 2016). Creating an interactive platform to resolve consumer issues can help create a positive environment on social media than a hostile and negative one (Ba, S. & Pavlou, P.A¸2002). Customers are very diligent and used to the social media. They  very quickly understand the difference between a genuine feedback of another customer and one that is faked by the company. So, companies should not indulge in such practices (Ballantine, RW 8c Stephenson, R.J., 2011). 

Conclusion

To conclude, the social media is a very powerful tool. It does empower consumers to a great extent (Ballantine, RW 8c Stephenson, R.J., 2011). It helps consumers voice their opinions. But there are few security issues and fake review issues which require to be taken care of. The web is a two edge weapon with a few advantages and a few perils. The approach of web has offered the present age a few openings and choices. Simple access to data and rapid obscuring of topographical limits has made a mysterious and mind blowing change in the manner by which correspondence, business, exchange and a few exercises are done. In current circumstances, it is very likely that people utilize social web based business for a few purposes including systems administration and purchasing things they require. It is crucial to focus on delivering better levels of  understanding about how the social media impacts the consumer and their decision processes. It is important to help create a better level of integrity on the web including social media. 

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