SCHOOL OF ASSIGNMENT COVER SHEET STUDENT DETAILS Student name: Bui Viet Anh UNIT AND TUTORIAL DETAILS Unit name: Academic English Tutorial group: Lecturer or Tutor name: Student ID number: Unit number: Tutorial day and time: 21000427 AEN-T321-07 Mon, Tue, Thu (15:30-18:45) Mr Gabriel C Ryan ASSIGNMENT DETAILS Title: The opportunities and challenges of marketing strategy on social media Length Due Date : pages date: 2/1/2022 submitted: 2/1/2022 Home campus (where you are enrolled): DECLARATION I hold a copy of this assignment if the original is lost or damaged I hereby certify that no part of this assignment or product has been copied from any other student’s work or from any other source except where due acknowledgement is made in the assignment I hereby certify that no part of this assignment or product has been submitted by me in another (previous or current) assessment, except where appropriately referenced, and with prior permission from the Lecturer / Tutor / Unit Coordinator for this unit No part of the assignment/product has been written/produced for me by any other person except where collaboration has been authorised by the Lecturer / Tutor /Unit Coordinator concerned I am aware that this work will be reproduced and submitted to plagiarism detection software programs for the purpose of detecting possible plagiarism (which may retain a copy on its database for future plagiarism checking) Student’s signature: Viet Anh Note: An examiner or lecturer / tutor has the right to not mark this assignment if the above declaration has not been signed ARO 00380 08/15 Individual Essay Bùi Việt Anh - 21000427 AEn-T321WSB-7 Mr Gabriel C Ryan December 13, 2021 The opportunities and challenges of marketing strategy on social media With the astonishing advancements of technology, social networks have become highly ubiquitous Companies are straining to maintain this speed and find it increasingly difficult to adapt to these constant changes Therefore, businesses must constantly find new tools and ideas to develop appropriate business strategies According to a study by Eddy 2009, to maximize revenue, the marketing process must be organized through a specific marketing strategy, which includes an examination of the present income position, including possibilities, goal setting, and marketing strategy formulation The growth of contemporary technology and information support shifts from traditional communication to communications technology, a digital lifestyle The internet is an essential component in modern marketing communications since it helps to assist the realization of such communication Online social media emerged, allowing for more accessible marketing connections with online platforms Because of the low cost and accessibility of access, it is not unusual for businesses to utilize this medium to sell their products (Tito, 2013) Social media marketing emerges with a wealth of expertise and exposes some of the potential and problems entrepreneurs encounter As a widely disputed issue in business, social media appears to provide various possible benefits that have prompted firms to engage in their activities (Evans & McKee, 2010) As a result, this article will examine each firm's opportunities and obstacles while using social media for marketing According to Niel (2011), social media marketing is a modern marketing technique using prominent social networking platforms such as Facebook, Twitter, Myspace, LinkedIn, Google+, and others Since social media tools are constantly growing and evolving, companies have taken advantage of this to gain a competitive advantage in the market through social media tools to reach out to brands and interact with their target market This further proves that modern technologies have played an essential role in supporting the growth and development of business models, helping businesses create more growth opportunities The first opportunity that social marketing creates is to increase brand awareness Brand awareness plays a critical role in consumers' knowledge of the brand, helping them to recognize and recall the brand (O'Cuinn & Albert, 2009) Moreover, Fanion (2011) has shown that social media is essential in creating and increasing brand awareness Social media marketing makes it easier for businesses to reach new customers while becoming more familiar and recognizable to existing customers For instance, a regular Facebook user might only hear about one for the first time after stumbling across it on a news feed Furthermore, the study by Cocoran (2009) illustrates that the more positive mentions a company's brand receives from individuals on social platforms, the more likely it is that its brand will appear more visible to any new user (DeMers, 2014) In addition (Seo & Park, 2018) asserted that social media marketing activities could contribute to increasing brand awareness and creating a positive brand image as a business facilitates the future Once a brand has been tested by consumers and meets consumers' expectations, increased awareness and image level will strongly influence buying behavior (Koniewski, 2012) The following social media marketing options can help a company's marketing costs The significant advantage of social media marketing, according to Weinberg (2009), is cost In comparison to other kinds of marketing, social media marketing has a low financial barrier The majority of social networking sites are free to use, create accounts on, and post content on While traditional marketing tactics can cost millions of dollars and fail to provide the desired results, many social media sites are free to use, even for businesses, deliver a very high efficiency on a small budget Businesses may run highly efficient social media marketing campaigns Pay-per-click advertising on sites like Facebook is "geotargeted" based on specific criteria to reach the right audience While social marketing offers businesses many opportunities to grow, it also makes businesses need to overcome many challenges to take advantage of the opportunities that social marketing creates To make this more transparent, a Pradiptarini (2011) study showed that despite its ability to transform almost every aspect of modern business through complex technologies, social media has also received many criticisms from businesses Any tool will have two sides, but the first challenge that businesses must overcome is that negative customer feedback can occur at any time that businesses cannot control To be more direct, users of social media have the ability to publish whatever they want; favorable feedback can enhance the company's image, but negative input might derail it Negative comments can occur from within a business, or unhappy workers have been known to rant about their work on social media, making the entire firm seem bad, or competitors wish to destroy the opponent A study by Varies et al 2012 has shown that companies with little control over cyberspace and ever-evolving Internet security have little control over all conservation operations and most as it is impossible to manipulate customers' pessimistic perceptions expressed on public social sites In addition, Slavin (2009) argues that advertising on social networks brings risks to product brands Additionally, one every of the more important challenges facing companies is that the issue of user-generated content In recent years, users have spent more time on the internet and have easily communicated more information, thoughts, and opinions New content creation, communication, and collaboration have emerged on the internet Usergenerated content (UGC) is commonly used in marketing initiatives that involve social networking sites or other forms of social media (Filho & Tan, 2009) Furthermore, user-generated content has relatively high trust in customers' eyes, significantly if someone has contributed material, such as a tweet between friends However, attracting user-generated material as part of a marketing plan has certain liability concerns for content supplied by a campaign participant As a result, marketers can take specific actions to mitigate the legal risks involved with marketing efforts, including the broadcast of user-generated material via social media The content in such networks can be critical to the product, and companies have very little control over what end-users share within their social networks Thus, companies always must come up with strategies to protect their brands so that they can maintain their brand image for a long time To sum up, social media marketing is no stranger to businesses It has brought enterprises many opportunities, namely raising brand awareness so that companies can expand, confirm a brand, and reach new customers In addition, marketing on social media has a much lower cost than traditional marketing, helping companies save maximum marketing costs These days, consumers have a new role with social media Consumers are becoming “content creators” and, therefore, functional consumers instead of just consumers as before The challenges businesses must overcome to add brand identity are dealing with negative comments and controlling user-generated content to protect business reputation Although it is more likely to continue to face a high risk involved in control, social media marketing is still a good tool for businesses to adopt because of the good opportunities it creates References: Corcoran, S (2017, July 17) Defining Earned, Owned, And Paid Media Forrester https://www.forrester.com/blogs/09-12-16-defining_earned_owned_and_paid_media/ DeMers, J (2015, September 20) The Top 10 Benefits Of Social Media Marketing Forbes https://www.forbes.com/sites/jaysondemers/2014/08/11/the-top-10-benefits-of-social-mediamarketing/?sh=675c68a81f80 Eddy, S (2009) Entrepreneurship Becomes Experienced Businessman, 86- 91 Evans, D., & McKee, J (2010) Social Media Marketing: The Next Generation of Business Engagement New York, NY: Wiley Publishing Inc Filho, L M., and F B Tan (2009) “User-generated content and consumer empowerment in the travel industry: A uses & gratifications and dual-process conceptualization” Paper 28 presented at the Pacific Asia Conference on Information Systems (PACIS) Koniewski, M (2012) Brand Awareness and Customer Loyalty Neti, S (2011) Social media and its role in marketing International Journal of Enterprise Computing and Business Systems, 1(2), 1-15 Pradiptarini, C (2011) Social Media Marketing: Measuring Its Effectiveness and Identifying the Target Market Journal of Undergraduate Research, 14, 1-11 Seo, E.-J., & Park, J.-W (2018) A study on the effects of social media marketing activities on brand equity and customer response in the airline industry Journal of Air Transport Management, 66, 36–41 https://doi.org/10.1016/j.jairtraman.2017.09.014 Slavin, A (2009) Crashing the Party, Best's Review, 109 (10), 24-27 Tito, S (2013) Optimizing Social Media as a Media Marketing for Small and Medium Business Vries, L., Gensler, S., & Leeflang, P (2012) Popularity of Brand Posts on Brand Fan Pages: An Investigation of the Effects of Social Media Marketing Journal of Interactive Marketing, 26(1), 83–91 Weinberg, T (2009) The New Community Rules: Marketing on the Social Web (2nd ed., Vol 96) O’Reilly Media, Sebastopol, CA, 2009 ... Student’s signature: Viet Anh Note: An examiner or lecturer / tutor has the right to not mark this assignment if the above declaration has not been signed ARO 00380 08/15 Individual Essay Bùi... study by Cocoran (2009) illustrates that the more positive mentions a company's brand receives from individuals on social platforms, the more likely it is that its brand will appear more visible to