It is believed that this study will assist organizational marketing managers and management on the suitable platform for exposing their products and services. Review of Related Literature Social media networks are platforms or sites that facilitate the building of social relationships among people of different races and provide opportunities for them to share interests, activities, backgrounds, or real-life connections, [ 3 ].
Social media is the medium to socialize as well as market and today, the plethora of social media networks are among the finest opportunities available to organizational marketers in their bids to connect with existing and prospective customers. The social media network community services are groups centered and considered as a social network service. Social networks are contents created online by people using highly scalable and accessible communication technologies. It represents how people discover, read and share news, information and contents. Social network applications provide users with new forms of empowerment and means of information sharing.
Social media marketers make use of social media sites to raise visibility on the internet and to promote products and services. Social media sites are useful for building social and business networks, and for exchanging ideas and knowledge. Social media sites are becoming the go-to place for consumers who want to learn more about a business. Also, much of organizational activities and profiles on social media sites can be made public meaning they can be indexed by search engines — one more way to make sure your business or organization comes up as the answer when someone is searching for a local solution to a problem.
Benefits of social media marketing Stelzner [ 6 ] in his report published by Social Media Examiners stressed that the top two benefits of social media marketing are increasing exposure and increasing traffic. As at March , there were 1. With the explosive youth population in Nigeria, you can imagine what chunk of those statistics we boast as a nation. This conundrum is largely to due to not knowing what it takes to maintain a vibrant online-cumsocial media presence. Bacon [ 1 ] pointed out that there are 4 basics to maintaining a successful online and social media presence. Content is the backbone of social media.
Unless you publish fresh, relevant information on a regular basis for your audience to consume, your online and social media platforms will not command traffic. There are potpourri related skills required to drive a vibrant social media presence ranging from graphics, research, designs, backend management, analytics, optimization, monitoring, etc. Not knowing which to deploy, when and how to deploy it or utilizing them wrongly is a sure road to virtual comatose or disaster.
Knowing what to do to have a winning social media presence and how to do it does not guarantee success unless such knowledge is backed by painstaking efforts and commitment to doing it day in, day out. Lack of consistence accounts mostly for the online failure of multinationals, institutions and public figures, who have all it takes as well as the budget to be vibrant and visible online, but whose activities there are a whimper [ 8 ].
Changes since study: Marketers reported increased benefits across all categories since It takes time to develop relationships that lead to sales. However, a large percentage of marketers who take the time find great results. With as little as 6 hours per week, Dean [ 11 ] stressed that the vast majority of marketers indicated their social media efforts increased exposure for their businesses.
The more time marketers invest in social media networking, the more they gain business partnerships.
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More than half of those investing as little as 6 hours per week in social media were able to build new partnerships. Nearly half of those who spend at least 6 hours per week on social media efforts saw a benefit of reduced marketing expenses. A significant number of participants found that increased traffic occurred with as little as 6 hours per week invested in social media marketing.
B2C marketers were much more likely to develop a loyal fan base through social media than B2B marketers. Time invested makes a difference. It is a new era in marketing where there is a shift in power from the producer to the consumer, consumers can now literally voice out their concerns either negatively or positively while at the same time making it known to millions of potential customers, making consumers the driving force of organizations, Marketers are now faced with the challenge to rethink the way they communicate with potential consumers [ 4 ].
Social networking websites allow individuals to interact with one another and build relationships. When companies join the social channels, consumers can interact with them and they can communicate with consumers directly, that interaction feels more personal to users than traditional methods of strictly outbound marketing and advertising, this personal interaction can instill a feeling of loyalty into followers and potential customers [ 2 ]. Also, by choosing whom to follow on these sites, products can reach a very narrow target audience.
According to Richard [ 12 - 14 ] organizational performance comprises the actual output or results of an organization as measured against its intended outputs or goals and objectives [ 15 ]. A performance measure is a defined method for observing an attribute of organizational performance [ 16 ]. This method specifies what, when, and how data will be collected about a specific attribute of performance selected for the purpose of evaluating performance. In order to interpret performance data comparison would have to be made between observed performance at an earlier time before social media marketing with a performance criterion such as a goal, target, standard or a prior performance period after social media marketing.
Social Media Networks Social network sites are defined as web-based services that allow individuals to 1 construct a public or semi-public profile within a bounded system, 2 articulate a list of other users with whom they share a connection, 3 view and traverse their list of connections and those made by others within the system [ 17 , 18 ]. Major social media networks Facebook: It is one of the largest social media networks and it was founded by Mark Zuckerberg, this network was originally meant to be only available to Harvard university students [ 19 ].
Facebook is a popular free social networking website that allows registered users to create profiles, upload photos and video, send messages and keep in touch with friends, family and colleagues. The network is translated into 37 languages it has features, which include; 1. Marketplace - allows members to post, read and respond to classified ads 2. Groups - allows members who have common interests to find each other and interact 3. Event - allows members to publicize an event, invite guests and track who plans to attend 4. Pages - allows members to create and promote a public page built around a specific topic 5.
Presence technology - allows members to see which contacts are online and chat [ 11 ] These are the following statistics of Facebook: In April , Facebook launched a new portal for marketers and creative agencies to help them develop brand promotions on Facebook. Word of mouth has been one of the most important and efficient marketing strategy, organizations rely heavily on word of mouth. Facebook helps businesses amplify their word-of-mouth marketing in the places where their customers are spending more of their time, online and on mobile devices [ 4 ]. Here is new data that illustrates the scale at which people are connecting with small businesses in U.
It allows for direct communication between an individual and any organization. Organizations have the chance to purchase ads on twitter, buying twitter ads is very different from newspaper ads. In April , Twitter made this feature even more unique by allowing advertisers to send ads only to people who mention specific keywords that may relate to their product or organization in their timelines. This feature has enabled organizations to not only handpick their target individuals but to also have an idea on the amount of prospects available.
It is a free video sharing site and social network. It was founded by Hurley, Chen and Karim. According to an article written by Woda in the attributes of YouTube are stated below: Businesses place ads and can actually see what consumers think of the advertisement itself, this is really new for marketers, normally when an advertisement is sent out a marketer or the business has no idea how it is perceived by the consumer the main aim at that point was just to create awareness [ 22 ].
This new method of communication has left organizations venerable to backlash or criticism from consumers who may feel some adverts are inappropriate or offensive to a particular gender, race or social status. Organizations have to undergo deep screening for their adverts before they are allowed to air in order to prevent criticism from consumers. YouTube users can communicate with each other in several ways, they can: There is a variety of methods brands can use to promote their messages. There are pre-roll ads, which run before videos and may be able to skip so the advertiser only pays when someone watches at least 30 seconds of the ad.
Brands can also buy display advertising on the site and ads which appear at the bottom of the screen during video [ 22 ]. Social media networks impact on organizations In this modern day the internet is singlehandedly the fastest way to gain consumer attention and at a wide reach, one of the ways in which organizations have found to connect with their consumers is through the social media. Businesses have been well educated of ways in which they can use social media sites as a stepping stone to create brand awareness or campaign to the consumers.
Social media platforms provide the perfect opportunity to take advantage of word of mouth and to see it spread. Social media is growing at its fastest rate in developing countries. Kietzmann [ 4 ] stressed that consumers feel more comfortable regarding opinions of their peers than paid advertisement by businesses. Videos can also act as reference for review of products and services through YouTube, which in many cases is then shared and disseminated via various other social media websites these reviews can act as bases for consumer buying decisions.
As a result, companies can and do provide products to popular YouTube users to review for their subscribers as well as create their own branded YouTube channels with branded videos about their products [ 21 ]. Social media is not without its demerits [ 18 ] but organizations can use it as an advantage by communicating with the dis-satisfied consumers directly thereby taking full advantage of the social media and can promise to change or improve the product they are offering. Organizations have even taken this opportunity to ask its consumers opinions about upcoming events concerning their brands especially consumer based organizations.
Social media has had a huge influence on business, marketing and on how organizations engage with their target market. The use of social media to share and engage with others continues to grow, so it would be wise for any business to develop and implement a sustainable social media strategy in order to successfully take advantage of this rapidly changing environment. It gives organizations the opportunity to monitor and optimize the effectiveness of their social media campaigns, benchmark against competitors and industry standards, and track the right social media Key Performance Indicators KPIs in order to improve their marketing success and efficiency.
The site provides data on fastest growing presence on social media according to industry i. Social Media Marketing Social media marketing is a recent phenomenon that began with social media dominating online communication. Social media marketing is a form of internet marketing that implements various social media networks in order to achieve marketing communication and branding goals.
Social media marketing primarily covers activities involving social sharing of content, videos, and images for marketing purposes. Social media marketing programs usually center on efforts to create content that attracts attention and encourages readers to share it with their social networks, resulting electronic word of mouth EWoM [ 4 ]. When the underlying message spreads from user to user and presumably resonates because it appears to come from a trusted, third-party source, as opposed to the brand or company itself, this form.
Another technique for social media marketing is the electronic word of mouth EWOM. An example would be a review of a company online. Social media marketing versus online marketing Online marketing which is also referred to as internet marketing is the process of promoting a brand, service or product on the internet combining the technical and creative aspects of the World Wide Web; it includes website development, blog marketing, email marketing and article marketing.
Social media marketing and online marketing are often used interchangeably, however they are not the same, social media marketing is a component of online marketing [ 5 ]. Online marketing has become a useful tool to entrepreneurs or small business owners as well as corporations. Whereas social media marketing is conducted through social networks i. YouTube is popular for video marketing, which is also considered as part of social media marketing since it is becoming a social networking site.
YouTube is an excellent tool to market your products and services to your target audience. Organizational brand A brand is a sign, symbol, logo, term that a producer or group of producers put on their product or group of products in order to ensure differentiation from other competitive products in the market. Branding is a process that is used by the businesses to utilize marketing strategies to enhance their product or service image so that it is more readily recollected by the customer [ 23 ].
In order for a brand to be established for the long run, there are constants that must be followed: A brand must be simple: Popular brands today have simple and easy to remember logos, the reason backing this concept it that consumers like to associate themselves with simple things and forget the complex things. A brand should be different: A brand should have its own level of uniqueness in order for it to be able to stand out from similar products or competition in the market, the individuality of the brand make it easy for consumers to seek out the product to use again.
A brand should be safe: Research should be carried out by the marketers when seeking a logo or a symbol for the brand in order to choose appropriately without offending a particular culture.
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This is used mainly for international organizations [ 25 ]. A strong brand is a promise or bond with customers and in return for their loyalty, customers expect the firm to satisfy their needs better than any other competitors. Brands will always be important given their fundamental purpose to identify and differentiate products and services. People are loyal to brands that satisfy their expectations and deliver on its brand promise.
The predictably good performance of a strong brand is something that consumer will always value. Building a corporate brand requires a lot of planning and patience because your future profit and increase in market share depend on it. Brand equity refers to the intangible value that occurs to a company as a result of its successful efforts to establish a strong brand, it exist as a function of consumer choice in the market place. Competitive tools Competitive differentiation is a tactic used by organizations to help set their products or services apart from that of the competitors.
Differentiation can be achieved through packaging, marketing campaigns and after-market product support. Startup companies often develop products or services in niche markets in order to competitively differentiate themselves around a specific consumer need. A positioning statement can provide a basis for competitive differentiation, defining specific advantages a particular offering provides [ 21 ]. Brand campaigning Specific activities designed to promote a product, service or business. A marketing campaign is a coordinated series of steps that can include promotion of a product through different mediums television, radio, print, online using a variety of different types of advertisements.
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Organizational performance According to Richard [ 12 - 14 ] organizational performance encompasses three specific areas of firm outcomes: The balance scorecard Firstly it is important to note that the balance scorecard apart from being a means of measurement for organizations, it also acts a means of management which monitors the performance of all or part of an organization, towards strategic or operational goals.
It uses financial and non-financial performance measures to highlight areas where the organization is failing to do what is required or was expected.
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In order for it to be useful it has to have the right measures and targets. Balanced scorecard has also been selected by the editors of Harvard Business Review as one of the most influential business ideas of the past seventy five years. The balance scorecard is a hybrid approach that considers both financial and non-financial measures. According to Kaplan and Norton the balanced scorecard suggests that organizations be viewed from four perspectives, and to develop metrics, collect data and analyze it relative to each of these four perspectives: The learning and growth perspective: This perspective includes employee training and corporate cultural attitudes related to both individual and corporate self-improvement.
People being the only repertory of knowledge are the main resource. The business process perspective: This perspective refers to internal business processes. Due to the perspective based metrics, managers know how well their business is running and if customers are getting maximum satisfaction from their goods and services. There is increasing realization by organizations concerning the importance of consumer satisfaction; if consumers are not satisfied there can move to the competition who will eventually attend to their needs.
If an organization performs poorly in this area it is an indicator of future decline no matter the financial status. One of the highest priorities is the timely and accurate funding of financial data and manages are tasked to do what is necessary to provide it. Kaplan and Norton do not disregard the traditional need for financial data. Strategic performance measurement system Strategic performance measurement system can take many forms but its distinctive feature is that they are designed specially to provide information on both financial and non-financial measures which covers different perspectives which when combined provides a way of translating to strategy into performance measures [ 29 ].
Examples include performance pyramids and hierarchies. In addition, evidence shows that non-financial performance indicators can be best combined with financial performance indicators to come up with the best organizational performance measurements model in a competitive environment in which organizations operate [ 29 ]. Strategic performance measurement systems have three characteristics in common: The production of welfare framework pow This framework is measured using three indicators: The first indicator is the outcome of the project i.
The second indicator focuses on invested financial, material and human resources to pursue organizational objective for measurement against what has been achieved. The third is the perception success and achievement of the organization and people within the organization and perceived success of the organization by stakeholders.
SoftBank is a genuine tech investing powerhouse. It is also one of the most prolific start-up investors with a portfolio of anywhere between 1, and 1, companies. Ltd-run Snapdeal, Ola and Housing. In July, Arora announced that SoftBank will avoid investing in early-stage firms, and shift its focus entirely towards backing more established start-ups.
If there is a company whose business model relies on user-generated content, and some users post obscene or anti-national content, who will be held liable? Who is liable when a logistics delivery person gets into an accident because of over-speeding—the e-commerce company whose parcel he was delivering or the logistics firm he is a contract-employee of? Are the steep discounts given by these firms anti-competitive? There are few lawyers who deeply understand technology and the structural challenges that these companies face.
Rahul Matthan, a founding partner at the legal firm Trilegal, is one such. He advises firms such as Flipkart , Practo and InMobi. Investors in several new-age companies, who are for the most part, foreign, also face some restrictions as they need approval from the Foreign Investment Promotion Board, Matthan adds, even as he questions the restrictions on foreign investment in e-commerce.
A foodie and travel enthusiast, Matthan edits two sections related to these on the blogging platform Medium. His eponymous website directs you, not to a bio of his work, but to a collection of photographs of people and places from all around the world. It started with books. It started as a Amazon clone. With a bevy of senior executives from Google and Motorola on board, Sachin Bansal is gradually moving away from overseeing day-to-day operations in the company and increasing focus on strategy and new projects. Bikhchandani founded Info Egde in But the dot-com bust happened.
So, Bikhchandani put the money in a fixed deposit. Today, Info Edge is a conglomerate. It runs real estate classifieds site 99acres. And Bikhchandani himself has sort of emerged the elder statesman of the Internet space in India, although his pet cause is education he is involved in Ashoka University, which aims to push the case of liberal arts education in India.
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Naukri was born at a time when print ruled the jobs classifieds business. For its first six months, the website just uploaded appointment ads from newspapers and magazines for free. Bikhchandani is an early investor in food discovery and ordering site Zomato. Besides Zomato, Bikhchandani has invested in insurance advisory and lead generation site Policybazaar India and education site Meritnation. Sharad Sharma is a bear and that is not an entirely bad thing. Even as the valuations of consumer Internet unicorns soar, his is a singular voice of reason—urging people to be cautious, innovative and understand that blindly following precedents set elsewhere in the world will not do.
Global competitors cannot operate in that space. But India is not China. So copy-paste entrepreneurship will not work. Mint —Founder and managing director of Kae Capital, an early-stage investment fund.
He founded Kae in He understands both traditional and new-age businesses, the first the result of his lineage and the second, his experience. He is also very well connected to investors with deep pockets as well as investment bankers. Both combinations are difficult to find in one person—and they are just the things young start-ups need.
After trying his hand at a healthcare back office company and running the Indian operations of a global venture capital fund, Mirchandani decided to become an angel. In , at a time when few people realised what angel investing meant, he set up Mumbai Angels an individual investment network.
He has made personal investments in companies such as InMobi, Healthkart and Myntra acquired by Flipkart. In , he set up Kae Capital. Its investments include companies like Trulymadly dating app , Frsh food tech and Porter logistics. The fund has seen one international exit through Zipdial that was bought by Twitter in He is in the process of raising a second fund this year. Mitra has been involved in four acquisitions. Subrata Mitra, a former entrepreneur, has been a part of four successful acquisitions: Erasmic was bought by Accel in Mitra is a hands-on investor.
Be it guiding Myntra during its transition from a personalized products business to a fashion destination, helping Flipkart figure out which operating metrics mattered in its early days to helping Virident hire a software team, he has done it all. These investments, and more like them in Bookmyshow, TaxiForSure and Freshdesk have made Accel, the venture capital firm to watch in India. She is also one of the few Indian women entrepreneurs who has created a valuable business online.
In , she moved to the consumer division of Virgin Media Inc. And in , she moved to eBay Inc. The launch of LimeRoad can, in some ways, be explained as the distillation of all those experiences. Mukherjee was always passionate about fashion, clothing and accessories; she clubbed this passion with a mission to reach out to Indian and global markets through an online medium.
Her idea was to create an online magazine that would capture current trends and make women feel the need to buy into them instantly. While many e-commerce companies in India have male founders, Mukherjee is one of the few women others include Richa Kar of Zivame who has created a valuable business and a name for herself in the Internet business. These bets have helped make Nexus the pre-eminent Indian venture capital firm.
Nexus invested in both Snapdeal and Delhivery before their business models became popular with investors. As a former entrepreneur himself, Sujan prefers the light touch while dealing with start-up founders. We help where the entrepreneur wants help. Kola has been investing in India since Kola, a successful tech entrepreneur in the US for two decades, returned to India in Along with her partners Rajesh Raju and Kumar Shiralagi, she has built an enviable portfolio: Kola has been ahead of others in identifying inflection points, and encouraging her companies to pivot—refine or change their business models.
Sharma founded his first start-up when he was Vijay Shekhar Sharma loves speed. Sharma, founder of Paytm, a mobile wallet and e-commerce marketplace, is among the 11 recipients of a payments bank licence from the Reserve Bank of India RBI. He was derided by some analysts when he announced he wanted to enter the marketplace business and take on Flipkart, Snapdeal and Amazon. Sharma was only 18 years old when he founded his first company in the digital services space—Xs Corp. He then founded a mobile content company, One97 Communications, in In , the company expanded into mobile marketing.
The business generates over Rs. Born to a retired school principal and a home maker, Sharma is known for his humility and a sharp mind. And his unrivalled ambition. He claims he will build Paytm into a global business. Mani had started JD AskMe in In a business that is increasingly become data-oriented, that is a big advantage. Originally conceived as AskMe in , Mani has made JustDial synonymous with classifieds after its reincarnation in It remains the second biggest initial public offer by a domestic Internet company.
And unlike tech entrepreneurs who are left with single-digit stakes in their companies after a few years, Mani and his family still own The company has a market capitalization of Rs. JD has helped local handymen widen their reach and laid the foundation for the boom in the on-demand service sector in India. While JD is facing competition from a host of new start-ups, it still gets over two million enquiries per day.
JD is now launching lifestyle apps and entering new segments to further expand the scope of a company which started off by merely getting and listing phone numbers. Billionaire investor Yuri Borisovich Milner has time and again proved his keen eye for a profitable venture. DST holds significant minority stakes in two of the three largest start-ups: Milner, in his personal capacity, has also invested in Practo and Grofers, two other fast-growing start-ups.
DST, with its large international network, and experience in helping take large start-ups public will be an important adviser to Indian start-ups such as Flipkart and Ola that are expected to go public eventually. DST is also one of the few serious large tech investors operating in India.