Unit VI Essay, Role of social and news media on a business.

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In today’s competitive and fast-paced world, it is not possible for a company to increase its sales, generate revenues, and target new customers worldwide without the involvement of social media and news media. Brands like PepsiCo rely on social media (LinkedIn, Facebook, Twitter) and news media (online portals, television advertisements) to promote their products and services and to find emerging markets to increase their sales (Ferrell et al., 2016).
The Pros and Cons of Social Media in Successful Business Strategy
When used wisely and efficiently, social media can benefit businesses in a lot of ways. They help you meet new people, interact with employees and customers, and promote your brand in a better way. Besides this, social media has its disadvantages too (2015).
The detailed advantages and disadvantages of social media for any business are given below:
Advantages
* Social media sites help reduce marketing costs to an extent
* Facebook, Twitter, Google+ and LinkedIn generate more and more traffic to your business website or blog
* These networks ensure excellent customer engagement
* Social media sites are a good source of information and help access international markets quickly
* They provide plenty of opportunities to conduct market research
Disadvantages
* Social media sites aren’t suitable for all types of businesses. For example, startup companies would have to opt for powerful strategies to market their product, which will cost them a lot in the beginning, so it can be a waste of their money
* A lot of risks of inappropriate or unwanted behavior are associated with social media, which may damage your reputation in the business world
* Regular exposure can attract hackers too; plus, you may have to suffer from information leaks and negative feedback
How Business Strategy is Affected by the News Media?
Just like social media sites, news me...