Competitive Advantage through Social Media

Competitive Advantage through Social Media
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Contents TOC \o "1-3" \h \z \u Competitive Advantage through Social Media PAGEREF _Toc829370 \h 4Introduction PAGEREF _Toc829371 \h 4Background PAGEREF _Toc829372 \h 4Statement of the Problem PAGEREF _Toc829373 \h 5Purpose of the Study PAGEREF _Toc829374 \h 6Research Question PAGEREF _Toc829375 \h 6Importance of the Study PAGEREF _Toc829376 \h 6Social Media Marketing and Advertising PAGEREF _Toc829377 \h 7Social Media Literature and Business Competitive Advantage PAGEREF _Toc829378 \h 7Product Promotion Outlet and Competitive Advantage PAGEREF _Toc829379 \h 8i.The Revolutionary Theme in Social Media PAGEREF _Toc829380 \h 8ii.Promotional Mix PAGEREF _Toc829381 \h 9iii.Crisis Communications PAGEREF _Toc829382 \h 10Social Media information Collection Platform and Competitive Edge PAGEREF _Toc829383 \h 10i.Critical Communication Channels PAGEREF _Toc829384 \h 10ii.Information Sharing Communities PAGEREF _Toc829385 \h 12iii.Networking Platforms PAGEREF _Toc829386 \h 13iv.Feedback and increased competitive advantage PAGEREF _Toc829387 \h 13v.Information Confirmation and Blocking Unreliable information PAGEREF _Toc829388 \h 14Client and Business Empowerment and Competitive Advantage PAGEREF _Toc829389 \h 15i.Empowering Companies Promote Products and Services and Promoting Multiple Approaches and Promotional mix PAGEREF _Toc829390 \h 15ii.Brand Building and Enhanced Consumer Model PAGEREF _Toc829391 \h 16iii.Improving Client Experience PAGEREF _Toc829392 \h 16Managerial Implications PAGEREF _Toc829393 \h 17Conclusion PAGEREF _Toc829394 \h 18
Abstract
Social media platforms have grown considerably in the last decade with millions of users actively using different platforms regularly. Such platforms that exist today include Facebook, Twitter, Instagram, LinkedIn, YouTube, blogs, forums, among others. The impact of their growth has exceeded simple social networking and online communication to have vast implications in businesses and the corporate world. The transition to the use of social networks in firms has created an immense business opportunity as a paramount marketing factor capable of determining the success of a product, service or business. This study aims at establishing the effectiveness of the use of social media to attain a competitive advantage in an industry. The purpose of this study is to find out the efficacy of social media in achieving a competitive advantage. The research question for this study is: How can Social Media be used to obtain a competitive advantage? The study seeks to understand the influence of social media in business success and the value provided to customers for a longstanding competitive advantage. This non-empirical study involves review, analysis, and synthesis of social media and consumer behavior literature in establishing the effectiveness of social media in business. In this study, reviewed literature has confirmed that social media is significant in enabling enterprises to achieve a competitive edge through proper and proactive implementation.
Competitive Advantage through Social Media
Introduction
Background
The use of the internet has revolutionized how the world communicates and does busine...