Statistics and Business Research Method

Question: Discuss about theStatistics and Business Research Method. Answer: Introduction In this modern age, the whole world is living under the platform of social media. From arranging a marriage to a business marketing social media is becoming a vital part of the last decade. In a business marketing way, social media is helping to increase the business towards the audience and customer base in a dramatic way. The hardcore marketing is just brimming from the marketplace. Today the world is under WWW. The World Wide Web has made the world under the doorstep of the people of a community. Social media is very different from the traditional media for two reasons. 1. The activity is largely public and accessible to marketers for research 2. The medium allows for bi-directional communication for both and indirect. Social networking sites have some common features.(1) social networking services are Web 2.0 internet-based applications,(2) user-generated content (UGC) is the lifeblood of SNS organisms, (3) users create service-specific profiles for the site or app that are designed and maintained by the SNS organization, and (4) social networking services facilitate the development of online social networks by connecting a user's profile with those of other individuals and/or groups. The social media and the social networking sites are imperative in this case. Social media is the collective of online communication channels dedicated to community-based input, interaction, content sharing. The websites and the applications are dedicated to the forums. There are no barriers of caste, creed, race, sex, ethnicity and economy. Thus, this media is to be aptly exploited by the companies. Social media have also been recognized for the way they have changed how public relations professionals conduct their jobs. This is a place where many people can conduct and share their view from different or same places at a time. The question can be formulated as How does the social media marketing strategy affect the business of an organization? To know about the given content in details with the research the content is taking the guides of some modern technologies and collecting the data to prove why the social media and the social networking sites are the centers of the attraction. The contents of this essay shall deal in with the intricacies of trade on the virtual media. No as such physical movements need in this medium. People can access social networking sites from smartphones, laptops, and desktops. Social media marketing refers to the process of gaining traffic or attention through social media sites. Literature Review As per 2010, FACEBOOK has become the epitome of the world of e-commerce, stated Barefoot and Szabo, in their book. The revenues of the businesses are continuously generating in FACEBOOK. Except FACEBOOK, Twitter is the hype in social networking marketing (Friedrichsen and MuÃÅ'ˆhl-Benninghaus, 2013). Microblogging, social curation, and wikis are among the different types of social network. The fact of discussion is that the advent of e-commerce has revolutionized the full system-commerce ensures the complete transaction from the homes. In these current days among all the social sites, Facebook is the most popular social media site. Social media itself is a catch-all term for sites that may provide radically different social actions. For instance, Twitter is a social site designed to let people share short messages or "updates" with others. Facebook, in contrast, is a full-blown social networking site that allows for sharing updates, photos, joining events and a variety of other activities. As there are no barriers in these platforms, the companies hold the audiences first. They know about the target audience who are reaching the centers daily. Whether in a large business or a lone entrepreneur or a company, social media marketing can be the inexpensive and powerful marketing tool to build the authority. Social media is the most transparent media for a company or a startup. Today the new entrepreneurs promoting their business in the social network first, then they follow the traditional media after (Klopper, 2002). Just creating a page or a company profile helps them to build the impression and the audiences trust. Many people also perform searches at social media sites to find social media content. People can get easily attracted to the good advertisements and catchy slogans. One most important thing is benefit able from the social sites are there is no limitation for the audiences. Social networking sites like twitter allow the followers to repost or re-tweet comments and Facebook allows to share, made by companies or trade marketers when a product being promoted or needed for the companies. So by repeating the message the user's connections are able to see the message, therefore, they can reach to much more people. It's a platform for virtual communities that allow consumers to post their view, their need, wants and value. It's a much more transparent media to know about the product details or the services. People of this decade really don't have such times to go and know about the product by the representatives. Posting a detailing feature about any product is much more timeliness and effective. Companies from various sectors now want social media than the traditional media. Research Questions The research always aims at raising the questions and then answering the same through the research methodologies. This research is no difference (Clarke, 2014). The questions that must be resolved are: How did the social networking sites become an important center for traffic attraction? What are the modern day effective social media marketing plans? Which are the site/ which is the site where the SMM is comparatively more and the others? How is the Facebook responsible for the boom in the industry? What are the modern strategies of the SMM? How shall a new novice company gain access to the networking sites? What does thecompanys aim to achieve with social media? Will the social media marketing Help Companys goal or advertisement to reach the target audiences? What type of target audiences does the company want? Is there any specific age group? Facebook is the epitome of all social networking sites. Do you feel that Facebook marketing is enough for the company to reach the huge audiences? What jobs can you help them complete? What emotions do you hope to convey through your brands visuals and messaging? How will youmeasure ROI and define success with your social media strategy? How does the company promote the new campaigns and the project work through social media? If a company post a video on YouTube what kind of feedbacks from the audience that the company gets? Will the audience feel comfort and satisfy with the video to know about the quarries? What is working with your social mediamarketing efforts? What are the differences between your customer segments in terms of social media participation? Which customers lurk, create, share, or collect? Hypothesis Hypothesis refers a sort of solutions and an analytical view of the research. The hypothesis is very important for having a primary idea of the full situation. The hypotheses are following:- Social networking marketing is a process of investing, promoting, knocking advertisements, sharing other views. In the 21st century, the world is rising with the help and the facilities of the social media. When the traditional media is much more cost effective then the new media has come and shown the effective4 sides of that(Hu and Weinbaum, 1999). In the traditional media, a big company may be-be able to afford a cost of a billboard. But in a case of a small company or a startup company or a start-up business, it's not possible to afford a number of billboards. In the case of business, there can be a lot of different business like boutiques, photography, counseling, restaurants etc. In the case of restaurants, there is a very powerful site named "ZOMATO". A person can see a huge number of restaurants in one area with the cost, pictures, menus, foods etc. A negative review can build a bad image of those restaurants (KvasniÄ ka and Szalaiov, 2015). So all the businesses are t reating their consumers and customers in a special way. 2. There is a number of social media optimization and advertisement issue plans which can be discussed as another hypothesis. The day is not very far when the whole world will be under the platform of this new media. The name "WWW" refers as World Wide Web and after may be a decade the whole world will be on the web. The maximum companies have already come under this big umbrella. And the others who are planning to access this media as business marketing, we need to peep up them for that they could understand and can also be part of this media. From a writer to an IT company all type of business is taking part of these sites as they know they are more benefit able and cost free while having this medium as marketing. Maybe the day is not far when the traditional media will be Rest in Peace. The social network has emerged as a technique in modern sociology. This demonstrates a huge potential for social media marketing to increase sale and this can be discussed as a hypothesis (Bian et al., 2006). Though the social networking sites the companies can keep in touch with individual followers. They can follow the ideas the reviews the loyalty of each customer. A company wants to implement a test case involving a specific social channel and customer segment or theres a strategic effort at implementing a social business strategy, working through a questionnaire like this can be very useful for effective planning. The low-hanging fruit of social proof in the form of likes, followers, and friends have a very different value than comments, content sharing, referrals, and other forms of engagement. Many companies (and their agencies) tout superficial metrics as evidence of success. The problem is, associating business value or revenue with 10,000 Facebook fans is a difficult sell in a boardroom. Understanding the difference between key performance indicators and value to the business in the context of marketing goals can determine success or failure. Depending on objectives, there are a number of ways to measure social mediasuccessand its important for companies to take a practical and business goals approach to marketing on the social web. Operational Explanations and Extent Operational definitions are referring is one of the basic strategies for this medium. There are two basic strategies, the first one is the proactive strategy and the other one is the reactive strategy (Goode et al., 2014). There is a lot of bad science in social media marketing. Even a long decade after the Manifesto brought us the 95 theses that taught us that markets are conversations and thatBrandsdont own their brands anymore a hypothesis that has proven itself prophetic there are still many brands that have adopted blogs and social networks simply as new broadcast channels and have simply used social media as a handy way of listening in on the rude thing that people are saying about them. The advertising industry has already adopted science and testing, but not because they wanted to. These were no men who had faith in science, thinking that advertising was an art. While early online marketing started to make advertising nervous but it wasnt until Google turning the art of advertising into a science. The same thing is happening to direct marketing. FromA/B testingto sophisticated engagement metrics, the science of advertising and marketing is becoming more de facto than fringe. In the section under operational definitions, the most important thing is campaigning. There are various events, companies' strategic promotions which are under this section. These sites can give a large impact on the events. The successful events are following:- betty white 2008 US presidential election Local business Kony 2012 Nike #MakeitCount lays- Do us a flavor These events had reached among the highest audiences. Hashtag" is the other element of the social media. In twitter the popular news which is reported by using the "hashtag. There are many variables which can be measured. The first and foremost things that must be seen are the daily traffic in the Facebook, twitter, Instagram, Zomato, Linkedin, etc. The number of people who are logging, watching the posts, knowing about the products, sharing all can be seen by the calculations(Bucher and Winter, 2009). The audiences are able to track and judged that what types of business or companies are much more seen. For that, its come to know about the peoples interested areas. There are the chances of error because everything is hypothetical. Yet there are always the chances of succumbing to the most probable answer. Investigation Practice The research methodology on social media is the analyzing method which we shall talk about. There are two types of analysis 1. SWOT analysis and 2.PESTLE analysis. Social network analysis is used extensively in a wide range in a wide range of applications and disciplines(Reardon, 2016). Social network analysis is also used in intelligence, counter- intelligence. SWOT analysis must be done to the market. It is seen that the companies often come to invest without the proper analysis. The SWOT shall show clearly what the prospects of the trade and commerce. The PESTLE analysis shall give a good idea of the market too (Vovchenko, Kochka, and Pogorelenko, 2015). This is the effective procedure to ensure the surrounds and also think of the same. This means the research shall truly place the people in that situation and then judge in that aspect. The quantitate approach and the qualities approach are also the important tools of methodology which can be the normal procedure in the research. According to a previous 2013E-Marketer report, one out of every four people in the world has a presence on social networks. More importantly, 74% of U.S.adults were active on social networking sites according to a Pew Research CenterSocial Networking Fact Sheet. As of September 2014: 71% are active on Facebook 28% of adults use LinkedIn 28% are active on Pinterest 23% of adults are active on Twitter 23% are active on Twitter As of October 2014, Facebook had an estimated 1.36 billion active monthly users. Market analysts, however, have indicated that although Facebook continues to be the top-ranking social networking site in 2015, it is no longer growing at the pace it was a couple of years ago. With a figure rounding off at 343 million, Google+ in 2013 became the social networking site with the second highest number of monthly users. Facebook, however, has managed to retain its surging revenues even today thanks to the introduction of video calls and the acquisition of WhatsApp in February last year. Social networking sites have opened up a world of opportunities for both enterprises and consumers. Vendors in the enterprise social networking space such as Broad vision, Atlassian, Jive, IBM, Salesforce, Microsoft, Telligent, Social Text, and Yammer, and players in the consumer social networking sphere such as Facebook, Badoo, LinkedIn, Google+, Qzone, MySpace, Yelp, and Twitter have not only presented a platform to engage users and expand their services, but also turned out to be one of the most promising methods of revenue generation. Opportunities for content management companies, social media advertising agencies, social media managers, and social media strategists have received a boost thanks to the global growth of the social networking market. Instrumentation and Sampling The research instruments shall be done in two ways. In a first way, the research shall see that the maximum number of customers is opting this medium as their business trade or personal need(Guochang, Yadong, and Xiaohui, 2010). In a research it has come to know that only 13% people do the sharing, retweeting, re-sharing and follow the posts. The rest of 87% people are logging regularly and hoping the other profiles on a daily basis. The data collection this case is highly theoretical. There are the fewer chances for the outfield work. The most of the research can be accomplished through the Indian deductions. Serious online marketers know that to order to harness the power of social media needed to incorporate a mixture of:- Listening to the audience, sharing the message, enabling others to share the messages. The great social media strategy originates from a solid content marketing strategy. Great content gets people to share and the sharing contents would be able to there the huge number of audiences(D. Audience Listening and Viewing, 2008). It's important to understand the social media marketing fundamentals. The 10 fundamentals points are following:- The Law of Listening The Law of Focus The law of quality The Law of Patience The law of Compounding The Law of Influence The Law of Value The Law of Acknowledgement The Law of Accessibility The Law of Reciprocity The sampling is also done in a systemic way. There are the books which shall render the sampling as well (Kedar, 2013).The common methods of the data collection are; To check in how many people come in the Facebook every day and make a list of the same. To check in for the interest of the local club in supping the data. The versatility of acting is also formed through the right data collection. The key highlight of this report is:- Overview of key market forces propelling and restraining market growth Up-to-date analyses of market trends and technological improvements Pin-point analyses of market competition dynamics to offer you a competitive edge An analysis of strategies of major competitors An array of graphics and SWOT analysis of major industry segments Detailed analyses of industry trends A well-defined technological growth maps with an impact-analysis Offers a clear understanding of the competitive landscape and key product segments. Probable Outcomes Social media monitoring can help to hear what people are telling their friends but might not willing to tell directly. As a suggestion of Richard Binhammer of Dell. The revenue generation can increase the sale of products(Veeck and Hoger, 2014). Social media can provide opportunities for hard and soft savings to the businesses. This is a platform of the new ideas and innovations. The expected outcomes offer an essay of services to help to achieve the goals. The elements to achieve this goal are Defining Setting up and managing Integrating Developing Designing Maintaining Measuring Blogging Creating social media planning Implementing the campaigns In today's technology, by the increasing of the social sites for branding, marketing, networking makes the companies for attractive to the heterogeneous audience(Kumar and Rajaram, 2014). Social media sites can have a large impact on the outcome of events. As opposed to twitter which has a .03% of interaction rate with an average of 210 million monthly users. This essay shall aim at a total turnover and a complete report of the economic side of the social media optimization. Only then the future path of the modern marketing can be analyzed and understood. ROI isstilltough to measure.46% of B2B marketers say theyre not sure whether any social channels have generated revenue for their businesses. Only 13% believe theyve proved the impact quantitativelythough that may be because just 14% tie social media marketing activities to sales levels. For all the bashing of "vanity metrics" in social marketing, those likes, and shares ("engagement") remain the most commonly usedmeasure for evaluating social media success. 80% of marketers use these as primary success metric; 56% base social success on website traffic. Gantt Chart Research Individual Tasks Contributions Milestones Final Report First Month Second Month Third Month Fourth Month Stats about Social Media Demographics 52% of online adults now use two or more social media sites. 70% of the U.S. population has at least one social networking profile. Of the 7.2 billion people on earth, 3 billion have Internet access; 2.1 billion are active on social media; and 1.7 billion use social networks from a mobile device. The number of worldwide social media users is expected to reach 2.5 billion by 2018. The average social media user maintains five accounts. Mothers with children under the age of five are the most active on social media. 90% of young adults (ages 18 to 29) use social media. 35% of those over age 65 do. Every minute, Reddit users cast more than 18,000 votes; Vine users play more than one million videos; and-and Snapchat users share nearly 285,000 snap. The most important social networks to teens and young adults (aged 12-24) are now Instagram (32%), Twitter (24%), Facebook (14%), Snapchat (13%) and Tumblr (4%) But Snapchat isnt the best place for marketers (at least not yet). Philosophically, it is important that Snapchat is a platform built for people and not for brands, Snapchats CEO, Evan Spiegel, has stated. Conclusion In the whole research, we came to know about the marketing of the social sites the way of marketing how marketers are using this medium how ads are impressing how the audience are following sharing the number of audiences who follow this daily. Apart from the sites like Facebook and twitter, there is one leading site named YouTube. This is one of the best media for the people who are doing small businesses. The business can be a hand crafting to a cookery and the various more. These websites are helping us to learn about the products, the visibilities, the sourcing, and the details everything. Reviews to matter for this section. Coz when someone wants to buy a thing the person can know from the reviews about the product. So this is also helpful. This research shall find out why social media has become so important. The collection of their data can be very effective time. This essay shall show how to keep young and what are the secrets of social media marketing. Ethical Questions Yes The human subjects can be informed of their involvement in the collection of data and the features and of research might be expected in the influence to participate because the medium is a digital medium. So the transparency is visible. People can find about the products and the detailing of that. No There is nothing like that a company has to continue the sources to the sites. If a company does not feel to free to communicate to continue so they can quit from the sites. Yes Studying something is always important which researching about anything. A customers review also can able to give the answer of a customers quarry. Also, a research of a targeting audience can be done by the study. N/A No A thought can never be confidential. Its a medium of free sharing thoughts. An audience can post his/her view on that particular topic. No There is no such as possibilities that the human subject's identity can be deduced by someone other than the researcher. No Its not very sure that the researcher fulfills all the promises made because it is not possible to fulfill all the promises. The researcher can try to fulfill all the promises but the 100% may not be done to. No, its an online medium. The audience is free to watch this via their smartphones or laptops desktops. So the physical safety of as faulty electrical equipment, poor grounding, and lack of oxygen, falls, traffic industrial accidents, the possibility of hearing or vision loss can't happen. Yes, it can be debriefed as the data has been collected because all audience can't be online at the same time when some data is given. So after few hours or few days, the data can be shared or debriefed for the other or same audiences. Yes, if an audience is dissatisfied or makes a complaint about the researcher or procedure, its a duty of the researcher to make the audience point clear. So the researcher has to give the clarification on his/her behalf. No, the study does not involve concealment from and/or deception of the subject. No The deception does not use as a participation of that subject. Yes Its an open medium to all audiences. People from different ages can participant in any post. In the social networking sites other than video conversation its not possible to judge anyone. Yes, it is possible to that the information on can be obtained from third parties. If a large number of audience follow a company people from any community can take part in this. Yes There is a huge chance that physical stress can happen from heat, noise, electric shock, pain, and sleep loss, deprivation of food and drink, drugs, alcohol. The devices from which the networking sites are accessible are electronic devices and there is a huge chance having this problem. Yes, the study can cause the mental discomfort such as fear anxiety, loss of self-esteem, shame, guilt, embarrassment. Its an open forum. People are using their personal photographs, personal information. So any wrong decision can make these happen. No The publication of the research results cant possibly interfere with strict confidentiality. Because there is nothing to be confidential. No The publication of that subject can't harm that much because the researcher can give that much input what he/she wants. A negative review or comment can make it in a bad impression but a good clarification by the company can make this a positive one. 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