Running Head: ANNOTATED BIBLIOGRAPHY 1
ANNOTATED BIBLIOGRAPHY 8
“Is Social Media the New Digital Gold Rush” Annotated Bibliography
Susu Lin
Econ 225
Alen Chaffe
University of Victoria
October 25, 2020
Annotated Bibliography Entry 1:
Jones, N., Borgman, R., & Ulusoy, E. (2015). Impact of social media on small businesses. Journal of Small Business and Enterprise Development, 22(4), 611-632. https://doi.org/10.1108/jsbed-09-2013-0133
Summary: This article explores the internet’s role and specifically its economic impact on small businesses. The authors seek to investigate the available advantages of using social media sites and the internet for organizations or enterprises operating in underserved regions. The author ascertains that online communication provides prospects of replacing the physical limits with virtual interactions. Also, social media allows improved communication with the customers by listening and learning from the customers. Besides, Social media entails using technology to market and overcome financial challenges by allowing the business to meet an extra market cost-effectively. The authors add that social media provides new distributions, cost reduction benefits, and marketing communication. The article ascertains that social media is a useful tool for collecting information and building business relationships. However, the authors present an imminent challenge for using social media to gain influence and technology dynamics that lead to knowledge deficiency. The enterprises use social media to penetrate new markets and popularize their brands. The authors collect data through interviews and surveys to ascertain the identified benefits, challenges, and uses of social media in businesses.
Quotes:
“A major reason for having a website and social media presence is that these tools have direct impact on consumer attitudes and decision making” (p.614).
“The critical aspect for businesses is to provide the best information possible to be able to attract consumers, as consumers’ information satisfaction on social media sites determines their behavioral intentions” (p. 614).
“Knowing what they are doing, and having a well thought strategy is critical for the small businesses” (p. 626).
Reflection: This article has broadened my thinking regarding social media use and its benefits to the organization. I have never thought of its importance from the cost reduction perspective: I have always seen it as a means of reaching customers. Several organizations are shifting to virtual operations due to its prevalence in the digital era. Therefore, I agree with the article that it must leverage both physical and extensively virtual operations to increase its customer at a lower cost for a business to thrive. The article provides a strong foundation for introducing the topic and supporting the thesis statement since it intertwines relevant and essential ideas relating to social media use in organizations. However, I expected the article to add information regarding online swindle businesses that scare potential customers in digital operations. Nevertheless, the article provides qualitative information relevant for an in-depth examination of this research.
Annotated Bibliography Entry 2:
Toğlukdemir, M., Tuygan, E., Yeşil, H. E., & Kayakutlu, G. (2016). Evaluating business success through social media strategies using AHP. Proceedings of the 2016 Federated Conference on Computer Science and Information Systems, 8(2300-5963), 1397-1401. https://doi.org/10.15439/2016f269
Summary: The article ascertains that social media is essential for market penetration and Provides a platform for communication and comprehending the customer focus. social media is effectively used for image creation, knowledge accumulation, customer access, competitive advantage creation, and trend analysis. the Analytic Hierarchy Process (AHP) yields the highest order for decision-making and correcting decisions. Importantly, social media attracts customers and provides extensive data since people share business information, career history, thoughts, and resume. At the same time, the article emphasizes social media as a tool for social networking, advertisement, arousing curiosity among the customers, branding the organization, and creating a buzz. Other than the business to customer communication, social media allows business-to-business communication efficiently than traditional media tools. The article suggests the Analytic Hierarchy Process (AHP) methodology for executing the significant criteria that an enterprise can utilize. The authors establish that organizations use social media information to establish and differentiate themselves in the global competition. Quotes:
“Social media is a great opportunity to communicate with customers for the companies, it provides to collect a big data of the users through their expectations, experiences, ideas and reactions for the product” (p.1397).
“Social media is important trend, the company has become an important marketing opportunity to meet directly with the customer” (p. 1400).
Reflection: This article has expounded on an element that I expected social media could handle in the business operations. The article is useful for this study since it provides salient information that shows the use of social media and establishes a measuring criterion to establish how well a media utilizes social media to benefit. The article provides intriguing information regarding the use of social media to leverage significant data aspects. The article provides current information where several organizations in current operations rely on big data analytics to evaluate essential information that is valuable to the organization to thrive in the competitive world. The article’s information is relevant since it provides a platform to support the research’s information. Some of that information is essential to evaluate how organizations leverage the customer and marketing segment information to expand the operation base and create a platform for diversified benefits. This article establishes that social media creates a new platform for competition between larger organizations. There arises a question of where small organizations penetrate through stiff competition and thrive in the long-term. The author provides critical information for this research by establishing that diverse organizations thrive differently in various social media tools.
Annotated Bibliography Entry 3:
Hassan, S., Nadzim, S. Z., & Shiratuddin, N. (2015). Strategic use of social media for small business based on the AIDA model. Procedia – Social and Behavioral Sciences, 172, 262-269. https://doi.org/10.1016/j.sbspro.2015.01.363
Summary: The article suggests an approach for social media use for marketing small enterprises on the Attention, Interest, Desire, and Action (AIDA) model. The recognizes the prevalent use of social media as an aspect tapped to attain competitive advantage for business firms. The use of social media in marketing is dominated by the larger organization and raises the need to leverage the AIDA model for Small-Medium Enterprises (SMEs). Like the larger organization, the authors argue that the SMEs need to compete despite the scarcity of financial resources. The article establishes the appropriate strategy available for small businesses as the users of social media in marketing. Therefore, the AIDA model is an essential marketing tool for SMEs. Moreover, social media changed the tools and strategies for business communication. The authors ascertain that using the AIDA model in social media, the organization executes several operations relating to the advertisement, creating cross-linkages, updating information, branding, contesting, customer service, payments, ordering, and delivery options. Regarding SMEs’ success, the authors discuss that the AIDA model will strengthen the small-medium enterprise to overcome social and leverage challenges on the prevalent gaps.
Quotes:
“Social media allows small businesses to conduct marketing activities effectively despite limited financial resources, lack of expertise, and competition with large business organizations” (p. 263).
“Consumers in the new millennium are not only changing interest to shop online, but also to find information through social media before making purchase decisions” (p.263).
“Consumers who are loyal to a particular brand also help generate online marketing through a virtual word-of-mouth marketing method, which is very important for SMEs” (p. 265).
Reflection: The article provides salient information relating to the dominance of the larger organization in social media use. It raises the need to empower small businesses to leverage the existing energy differently through the proposed model. This article is essential for my study since it provides hidden information that although organizations are thriving well through social media, other teams are struggling to attain social media influencing. I agree with the articles AIDA model since for the organization to thrive well must seek to catch the attention, promote interest, create desire, and foster action. The article provides information useful by a larger population: the SMEs constitute a vast portion of the businesses. However, the article is limited in providing information essential for further developing larger organizations in social media use. The article aroused questions regarding the flexible measures that organizations should implement due to the dynamic technology. Although the authors relied on the SMEs’ information, they provide vital information useful for both long-term and short-term.
References
Hassan, S., Nadzim, S. Z., & Shiratuddin, N. (2015). Strategic use of social media for small business based on the AIDA model. Procedia – Social and Behavioral Sciences, 172, 262-269. https://doi.org/10.1016/j.sbspro.2015.01.363
Jones, N., Borgman, R., & Ulusoy, E. (2015). Impact of social media on small businesses. Journal of Small Business and Enterprise Development, 22(4), 611-632. https://doi.org/10.1108/jsbed-09-2013-0133
Toğlukdemir, M., Tuygan, E., Yeşil, H. E., & Kayakutlu, G. (2016). Evaluating business success through social media strategies using AHP. Proceedings of the 2016 Federated Conference on Computer Science and Information Systems, 8(2300-5963), 1397-1401. https://doi.org/10.15439/2016f269
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