Impacts of social media on business performance of vietnamese SMEs

Impacts of Social Media on Business Performance of Vietnamese SMEs – Master Thesis – to be awarded Master of Science in Economics submitted by Bui, Thi Phuong Hong 15th October 2018 Email: hong.bui@uni-jena.de Address: WG 604, Karl-Marx-Allee 1, 07747 Jena Student ID: 163398 Supervisor: 1st: Prof Dr Uwe Cantner 2nd: Dr Maximilian Göthner Friedrich-Schiller-Universität Jena Fakultät für Wirtschaftwissenschaften Lehrstuhl für Mikrkonomik Carl-Zeiß-Str 07743 Jena ABSTRACT Social media is widely accepted as one of the most effective marketing channels for enterprises Although it brings many benefits to companies, there are still some potential risks Furthermore, there is no comprehensive study on the impact of social media on business performance, especially for developing countries such as Vietnam Based on related theories and studies, we propose an ordinal three-step model explaining the way social media influences business performance Accordingly, in the first step, enterprises use social media to carry out five activities, including business branding, call for purchases, public relations/customer service, reposting of customer reviews, and product introduction In the second step, these activities affect three crucial customer perceptions, namely customer engagement, brand awareness, and information diffusion In the last step, these three issues directly affect business performance, especially sales and customer growth We used direct questions, multivariate regression and structural equation modelling (SEM) While there is still some mixed evidence for particular issues within our proposed model, we have confirmed that social media strongly improves business performance for small and medium enterprises in Vietnam by increasing customer engagement, enhancing brand awareness and promoting information dissemination We also find that the format of social media messages has a significant impact on customer’s perception and the effectiveness of communication Last but not least, we discover that the respondent’s perception varies according to the type of company they have worked for and personal characteristics Keywords: Social media, business performance, customer engagement, brand awareness, information diffusion TABLE OF CONTENTS CHAPTER 1: INTRODUCTION 1.2 Significance of the study 1.3 Research questions and objectives of the study CHAPTER 2: LITERATURE REVIEW 10 2.1 Overview of social media 10 2.1.1 Definition of social media 10 2.1.2 The role of social media 10 2.2 Business performance and its measurement 11 2.2.1 Definition of business performance 11 2.2.2 Measurement of business performance 11 2.3 Theoretical perspective on the relationship between social media and business performance 12 2.3.1 General theory of marketing 12 2.3.2 Marketing mix theory 14 2.3.3 Theory of buyer behaviour 14 2.3.4 Theory of decision-making 16 2.4 Empirical evidence on the impact of social media on business performance 19 2.5 Conceptual framework and hypotheses on the relationship between social media and business performance 22 2.5.1 The proposed research model 22 2.5.2 Hypotheses 23 CHAPTER RESEARCH METHODOLOGY 25 3.1 Research design 25 3.2 Time and place of study 25 3.3 Population, sample size and sampling technique 25 3.4 Research instrument 25 3.5 Data gathering procedure 26 3.6 Methods of data analysis 27 CHAPTER 4: FINDINGS AND DISCUSSIONS 29 4.1 Description of respondents 29 4.1.1 Age 29 4.1.2 Gender 29 4.1.3 Marital status 30 4.1.4 Educational attainment 31 4.1.5 Work department 31 4.1.6 Employment position 32 4.1.7 Years of experience 33 4.1.8 Type of the company 33 4.1.9 Type of business activities 34 4.2 Current status of social media use of SMEs in Vietnam 35 4.2.1 Social media participation 35 4.2.2 An assessment of using social media by SMEs in Vietnam 41 4.3 Impacts of social media on business performance of SMEs in Vietnam 47 4.3.1 Quality analysis of the impact of social media on business performance 48 4.3.2 Empirical analysis of the impact of social media on business performance 62 4.3.2.1 Evidence from multivariate regression 62 4.3.2.2 Evidence from SEM 70 Chapter 5: CONCLUSION, IMPLICATION AND FUTHER STUDY 74 5.1 Conclusions 74 5.2 Implications 76 5.2.1 Policy implications 76 5.2.2 Improve participation and performance of social media 78 5.2.3 Enhancing customer engagement 80 5.2.4 Increasing business awareness 82 5.2.5 Improve information diffusion 83 5.3 Limitations and further studies 84 REFERENCES 86 LIST OF TABLES Table 1: The Likert five-point scale 26 Table 2: The business lines of the surveyed enterprises 34 Table 3: Types of advertising and media 35 Table 4: Social networking sites 36 Table 5: Information posted on the social networking sites 38 Table 6: Purposes in using social networking sites 39 Table 7: The use of social media 42 Table 8: Social media and customer engagement 48 Table 9: Social media and brand awareness 52 Table 10: Social media and information diffusion 56 Table 11: Customer engagement, brand awareness, information diffusion and growth of sales and customers 59 Table 12: Social media and business performance 60 Table 13: Message format and social media performance 62 Table 14: The model of perceptive growth of sale (Q53) 64 Table 15: The model of perceptive growth of sale (Q53) (continued) 65 Table 16: The model of actual growth of sale (Q12) 67 Table 17: The model of perceptive growth of customer (Q54) 68 Table 18: The model of perceptive growth of customer (Q54) (continued) 69 Table 19: The model of actual growth of customer (Q13) 70 Table 20: Estimated results of structural equation modeling (SEM) 72 LIST OF FIGURES Figure 1: The model of buyer behaviour 15 Figure 2: The buying decision process 17 Figure 3: The proposed research model 22 Figure 4: Structural equation modelling for impacts of social media on business performance 28 Figure 5: The age of the respondents 29 Figure 6: The gender of the respondents 30 Figure 7: The marital status of the respondents 30 Figure 8: The educational attainment of the respondents 31 Figure 9: The work department of the respondents 32 Figure 10: Employment positions of the respondents 32 Figure 11: The years of working experience of the respondents 33 Figure 12: The type of surveyed enterprise 34 Figure 14: Experiences in using social networking sites 36 Figure 15: Frequency of using social media 37 Figure 16: The growth of frequency in using social media 37 Figure 17: Numbers of followers on the social networking sites 38 Figure 18: Integration of direct sale system 40 Figure 19: Revenue from direct sales systems of online social networking sites 40 LIST OF ABBREVIATION SEM Structural equation modeling NAND Neither Agree or Disagree MLMV Maximum likelihood with missing values CHAPTER 1: INTRODUCTION 1.1 Background of the study Social media is the communication channel in which users have the ability to share information and update/respond to other peoples’ information All these media platforms converge in such a way that they are together considered social media With this view, not only social networks like Facebook and Twitter, but also forums, YouTube, Instagram, Zalo, and even news sites are all considered to be part of social media Social networking is a tool that enterprises use to inform their customers about their product offerings Hence, social media can enable businesses to become more prominent in the eyes of customers Equally, using social media can help firms connect with other companies within their sector, research and study each other, analyse competitors and develop more effective media strategies Furthermore, social media is a way of communicating between customers and companies and is a tool for firms to answer customer queries and to satisfy them Social media includes tools that combine technology and language skills to promote a brand image of a business on the Internet at a low cost with superior performance Social media gives marketers a voice and new ways of communicating with customers and prospects Branding is a means for companies to deliver messages to customers through content that is distributed in the most effective way Marketers view social media as a vital element of their business and take into account all the activities that take place on social media networks In Vietnam, with the development of Yahoo 360, the first social media platform, some brands quickly used it to promote their image Social media marketing in Vietnam actually began in the 2008-2009 period, following the success of the Close-Up branding campaign, which opened the way for social media campaigns by other big brands It can be said that the main milestone in the development of social media after the decline of Yahoo 360 from 20082009 was the arrival of Facebook in 2011 With the rapid development of the number of users in Vietnam, Facebook emerged as a “fertile land” that brands wanted to exploit The biggest advantage to businesses in Vietnam is that there are not many popular social media platforms Vietnamese users still focus on major social networks such as Facebook and YouTube and major forums (some teenagers use Zalo, which is the second largest social network) Therefore, in Vietnam, the investment in social marketing is more concentrated, more resource-efficient and easier to measure Social media marketing has the potential to be a great way for small and medium-sized businesses in Vietnam to increase brand awareness with customers Companies can also create a playground for the participation of customers, as well as trying to improve customer loyalty with their products and services Alongside the positive elements mentioned, social media is also a huge “trap”, because it can consume a lot of money for connecting the community with the marketing campaign and advertisers can be denigrated by competitors Therefore, this study considers the impact of social media on the business performance of small and medium-sized enterprises in Vietnam and considers whether or not investment in developing social media activities is the right strategy Further, the question as to which policies the government should use to promote the efficiency of social media for small and medium-sized enterprises in Vietnam will be addressed 1.2 Significance of the study This study is expected to contribute knowledge to the effective and efficient management of labour exports; hence, it will benefit the following sectors: • International employers Based on the analysis of this paper, Vietnam’s government will build special action plans to improve the competitiveness of Vietnamese labour Hence, international employers will gain access to better and more competitive labour in the future • Vietnamese workers This study will help workers understand their strengths and weaknesses In addition, workers will be made aware of the requirements of international employers in term of academic performance, technical skills, communication skills, performance ratings of previous employers, working seniority (in previous companies) and personal characteristics Thus, Vietnamese workers can prepare and study to improve their abilities and increase their potential for success; this will provide them with assessments and direction in applying for work abroad in the future • Managers of labour export This research will help these managers understand the requirements of international employers The research will provide them with important suggestions on how to build action plans for improving the competitiveness of Vietnamese labour The paper could help build the reputation and competitive advantage of Vietnamese labour through superior innovation and meet the expectations of international employers • Vietnamese government This paper will study the current status of Vietnamese labour in term of strengths and weaknesses; it will also provide useful information about the requirements of foreign labour importers It will be a good basis for the Vietnamese government in planning labour development, especially export activities Other researchers This study will help other researchers to collect necessary information in relation to their research fields Other researches will also consider the limitations of this research as they conduct future research related to this field of study 1.3 Research questions and objectives of the study There are two important questions that need to be studied: (1) What is the status of using social media by small and medium-sized enterprises (SMEs) in Vietnam? (2) How does social media influence business performance? To answer these two questions, this thesis focuses on assessing the current status of social media use by Vietnamese SMEs by analysing the results of an enterprise survey, drawing out good and bad points about the application of social media for marketing by these enterprises In particular, the thesis evaluates the impact of social media on the business performance of Vietnamese SMEs Based on the results of the analysis, the thesis provides suggestions for businesses to improve the effectiveness of using social media in marketing The thesis is organised into five chapters Chapter explains the importance of social media to businesses, as well as the current issues in the social media debate, research objectives, and the scope of research Chapter focuses on the basics of social media and business performance and business performance indicators, as well as research on the relationship between social media and business performance both theoretically and practically From this literature review, the author presents the proposed research model Chapter introduces the research methodology, sample selection and sampling procedures, as well as the analytical methods used to answer the research questions Chapter 4, based on the results of the survey, analyses the current use of social media in marketing by SMEs in Vietnam In addition, it uses multivariate regression to assess the impact of social media on the business performance of Vietnamese SMEs Chapter summarises the results of the research and provides solutions to improve the effectiveness of using social media for SMEs in Vietnam Q81 Q82 Q83 Q84 Q85 Q86 Q87 Equal variances assumed Equal variances not assumed Equal variances assumed Equal variances not assumed Equal variances assumed Equal variances not assumed Equal variances assumed Equal variances not assumed Equal variances assumed Equal variances not assumed Equal variances assumed Equal variances not assumed Equal variances assumed 1.808 9.094 940 1.333 3.452 1.322 840 181 003 334 250 065 252 361 2.689 145 008 36789 13681 09748 63830 2.687 142.369 008 36789 13692 09723 63855 2.824 145 005 33278 11783 09990 56565 2.738 105.357 007 33278 12156 09175 57380 1.061 145 291 12040 11352 -.10396 34476 1.071 144.851 286 12040 11244 -.10183 34264 688 145 492 11204 16281 -.20975 43383 694 144.978 489 11204 16146 -.20708 43116 2.052 145 042 27258 13282 01007 53508 2.067 144.990 041 27258 13188 01192 53323 3.433 145 001 62207 18119 26396 98018 3.461 144.990 001 62207 17973 26685 97730 691 145 491 10201 14763 -.18978 39379 Q88 Q89 Q90 Q91 Q92 Equal variances not assumed Equal variances assumed Equal variances not assumed Equal variances assumed Equal variances not assumed Equal variances assumed Equal variances not assumed Equal variances assumed Equal variances not assumed Equal variances assumed Equal variances not assumed 316 1.428 5.790 725 869 575 234 017 396 353 687 138.459 493 10201 14849 -.19160 39561 093 145 926 01171 12579 -.23690 26032 093 141.349 926 01171 12608 -.23753 26094 1.367 145 174 24582 17989 -.10972 60136 1.373 144.718 172 24582 17901 -.10800 59963 2.049 145 042 33946 16571 01194 66699 2.024 132.106 045 33946 16768 00778 67115 1.824 145 070 21906 12013 -.01837 45649 1.809 136.278 073 21906 12110 -.02042 45854 1.372 145 172 25084 18283 -.11052 61219 1.368 140.634 174 25084 18343 -.11179 61346 Means Comparision between Employment Position group Employment Position Employment Mean Intepretation Manager Mean Intepretation Total Mean Intepretation Q49 3.1304 Q58 4.0000 Q59 3.7826 Q60 4.0000 Q61 3.6957 Q64 3.7826 3.5769 4.1923 4.3846 4.2308 3.9615 4.0385 3.3673 4.1020 4.1020 4.1224 3.8367 3.9184 Employment Position Employment Mean Intepretation Manager Mean Intepretation Total Mean Intepretation Q68 3.7391 Q79 3.7826 Q80 3.5652 Q81 Q82 3.4783 3.7826 Q85 3.3043 4.0385 4.0385 3.8846 3.8462 4.1154 3.5769 3.8980 3.9184 3.7347 3.6735 3.9592 3.4490 Employment Position Employment Mean Intepretation Manager Mean Intepretation Total Mean Intepretation Q86 Q91 2.6087 3.4348 3.2308 3.6538 2.9388 3.5510 APPENDIX One-way ANOVA Analysis for Years of Experience Q44 Q45 Q46 Q47 Q48 Q49 Q50 Q51 Q52 Q53 Q54 Q55 Between Groups Within Groups Total Between Groups Within Groups Total Between Groups Within Groups Total Between Groups Within Groups Total Between Groups Within Groups Total Between Groups Within Groups Total Between Groups Within Groups Total Between Groups Within Groups Total Between Groups Within Groups Total Between Groups Within Groups Total Between Groups Within Groups Total Between Groups Within Groups Sum of Squares 8.340 108.844 117.184 2.473 82.752 85.224 9.762 107.177 116.939 14.937 125.144 140.082 24.539 124.359 148.898 6.935 111.228 118.163 12.096 94.067 106.163 10.001 110.734 120.735 11.164 124.020 135.184 11.531 77.367 88.898 11.339 91.885 103.224 9.977 74.023 df Mean Square 2.085 142 767 146 618 142 583 146 2.440 142 755 146 3.734 142 881 146 6.135 142 876 146 1.734 142 783 146 3.024 142 662 146 2.500 142 780 146 2.791 142 873 146 2.883 142 545 146 2.835 142 647 146 2.494 142 521 F 2.720 Sig .032 1.061 378 3.233 014 4.237 003 7.005 000 2.213 071 4.565 002 3.206 015 3.196 015 5.291 001 4.381 002 4.785 001 Q56 Q57 Q58 Q59 Q60 Q61 Q62 Q63 Q64 Q65 Q66 Q67 Q68 Q69 Total Between Groups Within Groups Total Between Groups Within Groups Total Between Groups Within Groups Total Between Groups Within Groups Total Between Groups Within Groups Total Between Groups Within Groups Total Between Groups Within Groups Total Between Groups Within Groups Total Between Groups Within Groups Total Between Groups Within Groups Total Between Groups Within Groups Total Between Groups Within Groups Total Between Groups Within Groups Total Between Groups 84.000 14.769 59.680 74.449 4.863 75.218 80.082 712 48.757 49.469 8.266 71.204 79.469 13.170 50.625 63.796 7.985 84.097 92.082 5.079 54.921 60.000 15.304 89.635 104.939 5.876 65.144 71.020 10.028 52.911 62.939 475 104.709 105.184 6.319 71.436 77.755 5.932 85.537 91.469 5.920 146 142 146 142 146 142 146 142 146 142 146 142 146 142 146 142 146 142 146 142 146 142 146 142 146 142 146 3.692 420 8.785 000 1.216 530 2.295 062 178 343 518 722 2.066 501 4.121 003 3.293 357 9.235 000 1.996 592 3.371 011 1.270 387 3.283 013 3.826 631 6.061 000 1.469 459 3.202 015 2.507 373 6.728 000 119 737 161 958 1.580 503 3.140 016 1.483 602 2.462 048 1.480 2.540 042 Q70 Q71 Q72 Q73 Q74 Q75 Q76 Q77 Q78 Q79 Q80 Q81 Q82 Within Groups Total Between Groups Within Groups Total Between Groups Within Groups Total Between Groups Within Groups Total Between Groups Within Groups Total Between Groups Within Groups Total Between Groups Within Groups Total Between Groups Within Groups Total Between Groups Within Groups Total Between Groups Within Groups Total Between Groups Within Groups Total Between Groups Within Groups Total Between Groups Within Groups Total Between Groups Within Groups Total 82.733 88.653 11.768 78.844 90.612 1.878 66.204 68.082 4.892 84.863 89.755 677 67.404 68.082 7.451 85.733 93.184 5.570 61.654 67.224 1.058 85.023 86.082 3.374 47.565 50.939 2.179 69.821 72.000 5.850 83.171 89.020 4.536 102.117 106.653 3.441 100.885 104.327 1.569 76.186 77.755 142 146 142 146 142 146 142 146 142 146 142 146 142 146 142 146 142 146 142 146 142 146 142 146 142 146 142 146 583 2.942 555 5.299 001 469 466 1.007 406 1.223 598 2.046 091 169 475 357 839 1.863 604 3.085 018 1.393 434 3.207 015 265 599 442 778 843 335 2.518 044 545 492 1.108 355 1.462 586 2.497 045 1.134 719 1.577 184 860 710 1.211 309 392 537 731 572 Q83 Q84 Q85 Q86 Q87 Q88 Q89 Q90 Q91 Q92 Between Groups Within Groups Total Between Groups Within Groups Total Between Groups Within Groups Total Between Groups Within Groups Total Between Groups Within Groups Total Between Groups Within Groups Total Between Groups Within Groups Total Between Groups Within Groups Total Between Groups Within Groups Total Between Groups Within Groups Total 13.223 55.716 68.939 15.672 125.511 141.184 7.559 88.808 96.367 5.038 183.411 188.449 22.445 93.636 116.082 6.829 77.171 84.000 14.625 159.375 174.000 13.602 136.398 150.000 14.684 63.683 78.367 22.013 157.742 179.755 142 146 142 146 142 146 142 146 142 146 142 146 142 146 142 146 142 146 142 146 3.306 392 8.425 000 3.918 884 4.433 002 1.890 625 3.022 020 1.259 1.292 975 423 5.611 659 8.510 000 1.707 543 3.142 016 3.656 1.122 3.258 014 3.400 961 3.540 009 3.671 448 8.186 000 5.503 1.111 4.954 001 Means Comparision between Years of Experience group Years of Experience 1-3 years Mean Intepretation 3-5 years Mean Intepretation 5-7 years Mean Q44 3.3846 Q46 3.3846 Q47 3.0769 Q48 3.4615 Q50 3.4615 Q51 3.5385 3.3750 3.1250 3.6250 3.0000 3.3750 3.3750 3.1429 2.8571 3.0000 4.0000 3.0000 4.0000 Intepretation 7-9 years Mean Intepretation 10 years Mean and more Intepretation Total Mean Intepretation 2.7778 2.6667 2.6667 2.7778 3.0000 3.1111 3.4167 2.9167 3.4167 3.6667 3.7500 3.5833 3.2449 3.0204 3.1633 3.3878 3.3673 3.5102 Years of Experience 1-3 years Mean Intepretation 3-5 years Mean Intepretation 5-7 years Mean Intepretation 7-9 years Mean Intepretation 10 years Mean and more Intepretation Total Mean Intepretation Q52 3.5385 Q53 3.6923 Q54 3.6923 Q55 4.1538 Q56 4.0769 Q59 4.0769 2.8750 3.2500 3.1250 3.6250 3.3750 3.6250 3.2857 3.5714 3.2857 4.1429 4.2857 4.4286 2.8889 2.8889 2.8889 3.6667 4.3333 4.2222 3.4167 3.4167 3.3333 4.2500 4.1667 4.1667 3.2449 3.3878 3.3061 4.0000 4.0612 4.1020 Years of Experience 1-3 years Mean Intepretation 3-5 years Mean Intepretation 5-7 years Mean Intepretation 7-9 years Mean Intepretation 10 years Mean and more Intepretation Total Mean Intepretation Q60 4.2308 Q61 4.0769 Q62 4.3077 Q63 4.3077 Q64 4.0769 Q65 4.2308 3.5000 3.3750 3.8750 3.3750 3.6250 3.5000 4.2857 3.7143 3.8571 4.2857 4.0000 4.1429 4.4444 3.8889 3.8889 3.8889 3.6667 4.2222 4.0833 3.9167 3.9167 3.9167 4.0833 3.9167 4.1224 3.8367 4.0000 3.9796 3.9184 4.0204 Years of Experience 1-3 years Mean Intepretation 3-5 years Mean Intepretation Q67 4.0769 Q68 4.0769 Q69 3.7692 Q70 3.6154 Q74 3.7692 Q75 3.8462 3.5000 3.6250 3.5000 3.6250 3.5000 3.6250 5-7 years Mean Intepretation 7-9 years Mean Intepretation 10 years Mean and more Intepretation Total Mean Intepretation 4.0000 3.5714 3.4286 2.8571 3.4286 3.2857 4.1111 4.0000 3.7778 3.5556 4.1111 3.8889 4.0000 4.0000 4.0000 3.7500 3.8333 3.6667 3.9592 3.8980 3.7347 3.5306 3.7551 3.6939 Years of Experience 1-3 years Mean Intepretation 3-5 years Mean Intepretation 5-7 years Mean Intepretation 7-9 years Mean Intepretation 10 years Mean and more Intepretation Total Mean Intepretation Q77 Q79 4.1538 3.6923 Q83 4.0769 Q84 3.8462 Q85 3.3846 Q87 3.8462 3.7500 3.8750 3.3750 3.3750 3.1250 3.5000 4.1429 4.1429 4.1429 4.4286 3.7143 4.5714 3.8889 4.2222 4.3333 3.7778 3.7778 4.1111 4.0833 3.8333 4.0833 3.5000 3.3333 3.4167 4.0204 3.9184 4.0204 3.7551 3.4490 3.8367 Years of Experience 1-3 years Mean Intepretation 3-5 years Mean Intepretation 5-7 years Mean Intepretation 7-9 years Mean Intepretation 10 years Mean and more Intepretation Total Mean Intepretation Q88 3.3077 Q89 2.7692 Q90 3.8462 Q91 3.3846 Q92 2.6923 3.3750 2.7500 3.5000 3.2500 2.3750 3.8571 3.2857 3.8571 4.2857 3.4286 3.7778 3.5556 3.6667 3.5556 3.4444 3.6667 2.8333 3.0833 3.5000 3.0000 3.5714 3.0000 3.5714 3.5510 2.9592 APPENDIX One-way ANOVA Analysis for Type of Company Q44 Q45 Q46 Q47 Q48 Q49 Q50 Q51 Q52 Q53 Q54 Q55 Between Groups Within Groups Total Between Groups Within Groups Total Between Groups Within Groups Total Between Groups Within Groups Total Between Groups Within Groups Total Between Groups Within Groups Total Between Groups Within Groups Total Between Groups Within Groups Total Between Groups Within Groups Total Between Groups Within Groups Total Between Groups Within Groups Total Between Groups Within Groups Sum of Squares 2.421 114.763 117.184 1.661 83.563 85.224 1.970 114.968 116.939 19.571 120.511 140.082 11.782 137.116 148.898 5.253 112.911 118.163 1.553 104.611 106.163 3.872 116.863 120.735 10.573 124.611 135.184 17.524 71.374 88.898 14.609 88.616 103.224 6.058 77.942 df Mean Square 807 143 803 146 554 143 584 146 657 143 804 146 6.524 143 843 146 3.927 143 959 146 1.751 143 790 146 518 143 732 146 1.291 143 817 146 3.524 143 871 146 5.841 143 499 146 4.870 143 620 146 2.019 143 545 F 1.005 Sig .392 948 419 817 487 7.741 000 4.096 008 2.218 089 708 549 1.579 197 4.044 009 11.704 000 7.858 000 3.705 013 Q56 Q57 Q58 Q59 Total Between Groups Within Groups Total Between Groups Within Groups Total Between Groups Within Groups Total Between Groups Within Groups Total 84.000 5.207 69.242 74.449 3.513 76.568 80.082 3.127 46.342 49.469 7.401 72.068 79.469 146 143 146 143 146 143 146 143 146 1.736 484 3.584 015 1.171 535 2.187 092 1.042 324 3.217 025 2.467 504 4.895 003 ... Overview of social media 2.1.1 Definition of social media What is social media? Social media is a subject of concern to many enterprises, executives and policymakers, but the concept of social media. .. perceptions of respondents on the impact of social media on customer perceptions and business performance The third was a quantitative approach to measuring the impact of social media on business performance. .. use of SMEs in Vietnam 35 4.2.1 Social media participation 35 4.2.2 An assessment of using social media by SMEs in Vietnam 41 4.3 Impacts of social media on business performance