SCHOOL OF ECONOMICS ASSIGNMENT COVER SHEET STUDENT DETAILS Student name: Đỗ Đăng Khoa Student ID number: 21000656 UNIT AND TUTORIAL DETAILS Unit name: Acedamic English Tutorial group: Unit number: PM2 Lecturer or Tutor name: Tutorial day and time: January 2, 2022 Gabriel Ryan ASSIGNMENT DETAILS Title: Individual essay Length: 1233 Due date: Home campus (where you are enrolled): January 2, 2022 Date submitted: January 2, 2022 Western Sydney University Vietnam 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: Đỗ Đăng Khoa 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 Over time, technological advancements have resulted in significant improvements in every facet of life, particularly in business These advancements have a significant impact on the world of marketing As a result, individuals have been continually modifying their means of running advertising campaigns to adapt to the demands of their clients, resulting in several marketing eras This also describes how marketing has progressed throughout time The contemporary marketing tactics, according to Keith (1960), are entirely the consequence of the manufacturing, sales, marketing, and relationship marketing periods Furthermore, marketing departments are responsible for acquiring and retaining consumers through the use of certain marketing methods, which is just one aspect of marketing According to Bång and Roos (2014), marketing is a blend of strategy and technology The corporation can use social media to not only reach out to clients in a more convenient manner, but also to considerably improve sales Therefore, this is a convenient business way for small businesses to use to promote their company There is a famously controversial claim as to whether it is good for small companies to use social media to advertise their company This essay is to examine the above statement by giving advantages that have immense impacts on these small companies, which are low cost, better customer service, create brand value, create brand loyalty One benefit of placing adverts on social networking sites is that it raises the brand value of the organization Advertising via social media offers a number of advantages, like increased brand loyalty, cost-effectiveness, and so on In today's world, 55% of the population uses social media, offering even another incentive for firms to keep on top of current trends and enhance earnings Companies will need to spend money on advertising in order to become and remain well-known to a large number of people As a result, the most appropriate and cost-effective site will be a social network Online advertising generated $625 billion in sales, according to Minton (2007) Making appealing commercials using prominent models or motion graphics encourages shoppers to pay more attention to and be more interested in learning more about a certain brand name It is fair to utilize social media for advertising given the present economic condition and people's increased spending needs Increase brand recognition, strengthen brand association, and improve perceived brand quality by leveraging social media to build brand equity (Malesev, 2021) More than half of all EU enterprises utilized at least one social media platform in 2017 due to the benefits of social media (Hruska, 2020) As a consequence, it's safe to say that social media marketing is one of the most effective and profitable strategies for a business Another thing which make social media marketing so popular nowadays is because of it’s low cost Social media marketing is an optimal solution for small businesses that are looking to save money but still communicate with its customer base There are many different social media platforms that allow companies to showcase their products or services at a low cost such as youtube, facebook, instagram,… Social media initiatives are not only inexpensive to start and manage, but they may also help you save money on your entire marketing budget This is especially true for regional firms that can target exactly who they need to reach utilizing social media platforms like Facebook Social media activities, unlike traditional marketing campaigns, are relatively quick and easy to deploy since the mechanism is already in place They may also be measured in real time, allowing for adjustments if necessary Having a legitimate, relevant, and current presence on social media platforms like Twitter or Facebook does, however, need some work in terms of content creation If the small medium business finds this too difficult or does not have the necessary expertise, there are a variety of user-friendly and cost-effective alternatives available, such as scheduling systems and content development services The aspects and nature of product marketing might alter in an age where technology reigns supreme Social media engagement is vital these days because it allows businesses to interact with customers and cultivate connections that lead to brand loyalty On social media, brands are frequently debated Word of mouth is constantly used by customers to assess the extent of brand awareness Today, word of mouth has gone online and has become much more widespread It's also accessible to the general public via numerous social media sites Consumers and potential customers will rely on their evaluations and peers to assess the quality of your brand as marketing and advertising become less and less successful According to a recent survey by Schawbel (2015), 62% of millennials believe that if a business interacts them on social media, they would become devoted consumers Customers want to be linked on platforms that they use, not platforms that corporations have touted for centuries Overall, communicating with clients on social media fosters a strong bond Customers will continue to buy more things the more closely they are connected The final advantage I'd want to discuss is customer service Using social media to engage with and educate clients is perhaps the most effective approach to it As a result of more contact, customer service may improve Customers and businesses may engage directly through social media sites Because of the accessibility and directness of social media, input for future customer service initiatives may be gathered, assistance can be easily supplied, and complaints can be quickly resolved With over 500 million individuals socializing on various media platforms (Ostrow, 2010), engaging with customers online has unquestionably been a savvy decision for marketers since the birth of contemporary technology Marketers may learn about their customers' different ideas and even personal interests by having dialogues with millions of buyers throughout the world If they put more effort into performing more surveys, they can learn about their customers' diverse opinions and even personal interests Furthermore, online interactions such as suggestions and negative comments have a huge influence on how customers imagine their experiences and make decisions But there is a problem that is being discussed that using social networks for advertising will not be suitable for many people such as the elderly, they not have much exposure to smart devices and the use of such devices will also be quite difficult for them But with today's advanced technology, adapting to such technological devices is not difficult, publishers have optimized everything possible and made those devices easier to use In conclusion, there are several advantages to using social media that may transform the way businesses interact with their consumers and improve brand awareness According to Podium's research (2017), more than 80% of consumers throughout the world like to examine other people's online evaluations before making purchases, which helps to boost a brand's reputation Furthermore, the social network will be the most appropriate and cost-effective venue for advertising Furthermore, one study found that, due to the benefits of social media, more than half of all EU small enterprises used at least one social media platform in 2016 (Hruska, 2020) This can be seen as one of the best ways to promote and increase brand awareness through social media marketing With today's technologically advanced age, People are increasingly using social media, which presents a marketing opportunity for small businesses All of the above benefits are a perfect combination of marketing strategy and technology, and are considered completely beneficial for small businesses Preferences: Bang, A., & Roos, C (2014) Digital marketing strategy within manufacturing industry–A qualitative case study Digitala Vetenskapliga Arkivet, 1-93 http://www.diva-portal.org Hruska, J., & Maresova, P (2020) Use of Social Media Platforms among Adults in the United States— Behavior on Social Media Societies, 10(1), 27 https://doi.org/10.3390/soc10010027 Keith, R J (1960) The marketing revolution Journal of marketing, 24(3), 35-38 Minton, S (2007) Worldwide Telecom Spending 2007–2011 Forecast: World Telecom Black Book IDC Malesev, S., & Cherry, M (2021) Digital and Social Media Marketing - Growing Market Share for Construction SMEs Constructions Economics and Building, 21(1), 65–82 https://doi.org/10.5130/AJCEB.v21i1.7521 Ostrow, A (2010) It’s official: Facebook passes 500 million users Mashable/Social Media http://mashable.com/2010/07/21/facebook-500-million-2/ Schawbel, D (2015) 10 New Findings About The Millennial Consumer Forbes https://www.forbes.com/sites/danschawbel/2015/01/20/10-new-findings-about-the-millennialconsumer/?sh=3262f4f86c8f ... Societies, 10(1), 27 https://doi.org/10.3390/soc100100 27 Keith, R J (1960) The marketing revolution Journal of marketing, 24(3), 35-38 Minton, S (20 07) Worldwide Telecom Spending 20 07? ??2011 Forecast:... https://doi.org/10.5130/AJCEB.v21i1 .75 21 Ostrow, A (2010) It’s official: Facebook passes 500 million users Mashable/Social Media http://mashable.com/2010/ 07/ 21/facebook-500-million-2/ Schawbel,... be a social network Online advertising generated $625 billion in sales, according to Minton (20 07) Making appealing commercials using prominent models or motion graphics encourages shoppers to