Social Media Essay Example | Topics and Well Written Essays - 1250 words - 5

Social Media - Essay Example The costs of advertising through social media are quite less and the effects far reaching. This is the reason that it has become the most preferred source of marketing for the companies today. Today, the marketers have to devise new marketing strategies to fulfill the need of modern media. Earlier they used to spend millions in their marketing budget so as to make sure that their product is the one that is recognized. The strategies today focus more on being customer centric. The organizations today have to keep in mind the needs of customers and say goodbye to their â€Å"I† attitude. Nowadays there is an increased awareness of social media among the public and this is the major driving force behind the change of the focus of the companies which are using it now in mainstream. The cost effectiveness and satisfaction of the customer today is more important than just selling the product. The use of general advertisement in order to attract people towards a product has now becom e outdated as many new ways have been evolved. List and analyze methods of alternative dispute resolution and determine which would be most effective in resolving genuine disputes that arise with consumers who may make purchases from businesses that provide links via social media. The marketers today can benefit from the subliminal effect to employ innovative and ideas of advertisements with an element of fun in between radio programs or the programs most watched by the public. Facebook and other similar social sites have become quite popular among the general masses and hence their use as the new marketing medium. Such a strategy may be helpful in making a customer think about buying a product more rigorously. Even, the credibility of a product is enhanced if the products are being featured in between some famous shows. The knowledge of a product will also be increased through sending out promotional offers on people’s cell phones. In this way, a large population can be targ eted at limited cost. The product can also turn out to be a frontline commodity through advertisement campaigns on Facebook, Twitter or My Space. Presently, the QUALITY is not sufficient as it was in the previous years. BUZZ is the only thing that is of importance today and can bring the product to the frontline (O'Guinn, 2005). Examine the three (3) branches of government and discuss which can effectuate the most significant impact on regulating consumer transactions via social media outlets. Support your decision. If a product has to succeed in the market the most important thing to be kept in mind for the sale of product is the marketing channel. Marketing organization is an independent organization that works in collaboration to provide benefit to the producer which could not be gained by the producer if he is working alone. To target the market directly is a critical task for the producer to achieve; moreover it increases the price of the product. Therefore, there arises a need of market intermediaries which facilitate the reduction of cost of pulling the customers towards a product. The choice of marketing channel is affected by a number of factors such as pricing, advertising and distribution channel. Efficiency can be achieved through use of effective marketing channels. They enable the appearance of the products as â€Å"tailor made† for the consumers and the new product takes a customer oriented outlook. The strategy

Analyse the global supply chain of the company Essay

Analyse the global supply chain of the company - Essay Example As per the five forces analysis, there is intense competitive rivalry present within the industry along with high bargaining power of suppliers. The core competency of the firm is its high quality product with exceptional customer service. According to game theory, the company can gain temporary advantage through focusing on unique selling proposition and staying aligned with customer demand of Lithuania. Dunning’s Eclectic paradigm is such theoretical framework that helps to define competitive advantage gained by a company. It states that monopolistic advantage supports a firm operating abroad to overcome prevalent disadvantages in foreign markets. There are two forms of advantages as per this paradigm such as location advantage and ownership advantage. Learning theories highlight psychic distance paradox as proposed by Lane and O’Grady. According to this theory, there exist some features in host country and operating country which facilitates business operations or re sults into complete failure (Ulwick, 2005). On the other hand, network theory indicates that commitment and trust are critical aspects for achieving success and growth. Learning and trust are further complimented by commitment, risk, control and uncertainty. Figure 2 clearly states that there are four kinds of strategy which can be chosen by a company in terms of business strategic implementation. As per figure two there are four strategies based on local responsiveness pressure and cost reduction pressure. They are global standardization strategy, transnational strategy, international strategy and localization strategy. In case of Starbucks the best strategy which can be incorporated is internationalization strategy. This would enable the firm to expand over larger geographical area and acquire high profit margins. International strategy is all about implementing best possible strategy to establish a strong market position in foreign country. The four possible international