This is a project about the economic impact of social media on business entities. It is in line with the initiative of the government for digitalization for business purposes. The primary aspects of social media that are being considered for these projects are WhatsApp, Facebook, Instagram.
International Journal of Management (IJM) Volume 11, Issue 2, February 2020, pp 14–22, Article ID: IJM_11_02_002 Available online at http://www.iaeme.com/ijm/issues.asp?JType=IJM&VType=11&IType=2 Journal Impact Factor (2020): 10.1471 (Calculated by GISI) www.jifactor.com ISSN Print: 0976-6502 and ISSN Online: 0976-6510 © IAEME Publication Scopus Indexed AN EMPIRICAL EXAMINATION OF THE IMPACT ON SOCIAL MEDIA ON BUSINESS Dr SwetaRani Assistant Professor, Army Institute of Management, Kolkata, India Snehashish Patra Student, Army Institute of Management, Kolkata, India ABSTRACT This is a project about the economic impact of social media on business entities It is in line with the initiative of the government for digitalization for business purposes The primary aspects of social media that are being considered for these projects are WhatsApp, Facebook, Instagram The usage of social media for the various purposes done by the business entities has been considered Data collection has been done through a survey In today’s world of globalization and digitalization where our business stands I have tried to find out This has a direct impact with the volume of business done by the entity So it has been named as the economic impact of social media Keywords: Growth, MSME, Public Sector Banks, Performance, Impact Cite this Article: Dr SwetaRani and Snehashish Patra, An Empirical Examination of the Impact on Social Media on Business, International Journal of Management (IJM), 11 (2), 2020, pp 14–22 http://www.iaeme.com/IJM/issues.asp?JType=IJM&VType=11&IType=2 INTRODUCTION This is a project about the economic impact of social media on business entities It is in line with the initiative of the government for digitalization for business purposes The primary aspects of social media that are being considered for these projects are WhatsApp, Facebook, Instagram The usage of social media for the various purposes done by the business entities has been considered Data collection has been done through a survey This survey has been conducted at various shops and outlets of almost all the types of industries There has been a primary data collection conducted through this survey It consisted of a concise and elaborate questionnaire that contained the various aspects of usage of social media The respondents had to answer those questions and their valuable opinions have been recorded in the survey This data has been used for analysis through the analytical tools and techniques The importance and relevance of social media for business have been found out as per the http://www.iaeme.com/IJM/index.asp 14 editor@iaeme.com Dr SwetaRani and Snehashish Patra analysis In today’s world of globalization and digitalization where our business stands I have tried to find out This has a direct impact with the volume of business done by the entity So it has been named as the economic impact of social media It affects the economic position of the entity individually as well as it affects the economy of the industry to which it belongs It has impact both at micro and macro level LITERATURE REVIEW Raman Deep Kaur (Blog writer of Myindia.com) - Role of social media in business and consumer market in India cannot be undermined It is the change in consumers’ behavior that is changing the role of social media in India With time, use of social media has seen a drastic change from just used for fun to fun plus knowledge and marketing For business purposes, Facebook is the most important social media platform as there is customers’ engagement, followed by Twitter, YouTube and blogging Mohammed Begum (Lecturer of Ameen Institute of Information Sciences) - In 2017, 80% businesses have increased their digital marketing budget, which may have surpassed the IT budget Only the illiterates cannot access the potentials of the digital marketing because of the accessibility to computing devices and computer education Many of the people in this category still don’t trust the method of an online payment and they lack training in English Language and other foreign languages to market online in global markets Lips India Blogs - Customer acquisition is essentially the art of building and maintaining relationships to improve the traditional customer acquisition and retention processes It’s not restricted to social media, but social media is certainly a good place to start Apart from the traditional push marketing, pull marketing has also become an integral part of the system 70% of the people trust brand recommendations from friends and family People talk about different brands on social media, follow them or even like the pages And the cost of not being involved with social media is rising with every single day Lyfe Marketing (A Marketing Website)- Social media proves to be a powerful tool when it comes to growing your brand awareness There are businesses who dismiss it as a way to build a brand, but by doing that, they’re leaving an open ground for competitors On the other hand, many reputable chief marketing officers agree that social media has a definite impact on brand awareness Before you start focusing on a particular social platform, find out whether your target audience is on it You can this by searching for relevant conversations about your product or industry RESEARCH METHODOLOGY Research methodology is a systematic theoretical analysis of methods applied to field of study It comprises of body of methods and principles associated with a branch of knowledge This process is used to collect information and data RESEARCH DESIGN Research design is the framework that has been designed to seek answers to the research questions The arrangement of conditions for the collection and analysis of data in a manner that aims to combine relevance to the research purpose Research design is the collection, measurement and analysis of data It provides the outline as to what the researcher will from writing the hypothesis to operational findings to final analysis of the data It is conceptual structure for conducting research http://www.iaeme.com/IJM/index.asp 15 editor@iaeme.com An Empirical Examination of the Impact on Social Media on Business Exploratory- An Exploratory research design is conducted for a research problem for gaining insights and for investigation undertaken when problems are in the preliminary stages of investigation Conclusive - Conclusive research is used for statistical tests, advanced analytical techniques, larger sample sizes with exploratory studies It is more likely to be used for quantitative studies than for qualitative studies Conclusive Research has two types- Descriptive Research-Descriptive research is a type of conclusive research It means that it gathers quantifiable information that can be used for statistical inference on target audience through data analysis As a consequence, this type of research takes the form of close ended questions which limits its ability to provide unique insights This research design is followed in this study Casual Research- As the name specifies tries to determine the cause underlying a given behavior It finds the cause and effect relationship between variables It seeks to determine how the dependent variable changes with variations in the independent variable Data Collection-Data collection is the process of gathering and measuring information on variables of interest, in an established systematic fashion that enables one to answer stated research questions, test hypotheses, and evaluate outcomes 4.1 Methods of Data Collection The instrument that was used for collecting data were: 1-Structured designed questionnaire in tablet 2-Face to face interview 3- Personal interview Sample size -The sample size refers to the number of units that were chosen for collecting the data There is a designated sample size which is number of sample units selected for data collection Sample size- 300 DATA ANALYSIS & FINDINGS 5.1 Type of Digital Media used Interpretation From the above pie chart, it can be observed that most of the respondents (67%)prefer only WhatsApp for their business activities followed by the respondents (22%) who prefer both WhatsApp and Facebook for their business activities People use Facebook (7%) for business purposes and they use Facebook