From Baruch New Media
Jump to: navigation, search
Social-media B.jpg

Business

While technology in itself is innovative, it has provided new ways for businesses to re-invent themselves. Over the years, companies are slowly ditching the traditional marketing/ promotional mixand are using various creative ways to gain new clients and retain others not to mention increase revenue. Some companies are forced to go back to the figurative drawing board and reinvent the wheel. In terms of facing liabilities, such as expenses and payments, that have not been pay yet. The health of the business has to do with the revenues it receives if the revenues are more than the liabilities then the business is not very healthy and is at the risk of falling into bankruptcy. When the business has its revenue higher than the business is pretty healthy.

Starting Businesses

New Media has led the way for many and has helped in developing what many call Social Networking. Several individuals have made a name for themselves and become wealthy by developing social applications. Facebook's Mark Zuckerberg is one such example. Instagram, Twitter, Snapchat are just a few social applications that were created and changed the lives of its creators. Others use technology as a tool to converge two existing products or services to make it new. Samsung has been advertising its new Gear VR product. This service combines mobile devices and virtual reality. This combination allows users to utilize their Samsung mobile phone to be a part of a virtual experience including cinema experience [1]. [2]

Create Your Business

Hjh.jpg

Starting up a new business has never been easy. Starting a positive net present value project is not as simple as it seems yet, if these few steps are followed then it would direct you to a path that leads to entrepreneurship. There are multiple steps that need to be done before actually starting up a business. These steps are very straightforward but require a great amount of attention as they will have a great impact on your upcoming business. 1. Plan your business: In this step, brainstorming would help, however, along with that, you need to do enough research about what business you want to do and what is the criteria, standards, and requirements of that specific business. 2. Choose a legal structure: Now you will have to fully understand the legal requirements, responsibilities, and consequences. Then, decide whether you would like to open up a Limited Liability Corporation (LLC), Sole Proprietorship, Partnership, Corporation, Cooperative, S-Corp, etc. This basically decides the ownership of the business and its legal methods. 3. Register your business: Now, register your business in whatever state you want to operate your business in. It requires you to pay a legal fee and may take up to two business weeks to get your business registered. Then apply for the Employer Identification Number (EIN) which sometimes is also called a "tax ID". If your business happens to be locally operated which has a direct relation to customers, then you will also have to register as a sales tax vendor which allows you to collect sales tax on every transaction made at your business. [3]

Small Business Owners

Small Businesses are the foundation of this nation. They create jobs within the community, think of better approaches for doing old things, and keep cash in the nearby group. Without independent companies, we would be in a greater economic crisis. Among those of us with private ventures, there is disarray between the terms "Small-Business Owner" and "Entrepreneur". Both can have private ventures. However, they have distinctive styles of authority and methods of maintaining their businesses. One is not superior to the other and vice versa. They are simply unique. Saturdays are now known as "small business Saturdays," due to the rise and popularity of supporting smaller, locally owned businesses.

Small-business-owner-300x235.jpg

Small business owners have an incredible thought. They take care of an issue in their group. They know their business and target their consumers. They realize what will fulfill their clients. They serve their clients. On the other hand, Entrepreneurs have huge ideas. They think beyond practical boundaries. They plan for an impressive future. They think of thoughts that have not been tried, analyzed, or worked through. A considerable measure of times they do not know whether their thoughts are conceivable, which gets them significantly more energized. Conversely, Small business owners hold relentless. They get a kick out of the chance to realize what is coming next and what standpoint it is maintaining. They settle on computed choices where the result is clear. The outcome may not be tremendous, but rather it will ordinarily keep them advancing. On the contrary, entrepreneurs love taking risks. They venture out on edge as a general rule. They bounce in with both feet realizing that if they invest their full exertion, the hazard will be justified, despite all the trouble as a rule. Small business owners consider the things they have to complete this week. They have day by day and week after week schedules. They oversee representatives, work with clients, connect with new clients, and continue everything shaking and rolling. But entrepreneurs are thinking ahead six months. While their group is considering what they are doing that week, they tend to avoid the "now" and concentrate on the eventual fate of the organization. They have individuals to deal with the business, and if they do not, they soon will. Small business owners are emotionally attached to their organizations. They never anticipate auctioning or giving their business off to another person unless it is family. They like settling on the choices and running every day. But, entrepreneurs concentrate on scaling. They are desperate to grow. In spite of the fact that they may not concentrate on offering the business, they set it up to keep running without them. They encircle themselves with specialists while they wind up being the rainmaker. The United States of America needs small businesses to hold the economy and entrepreneurs to push it forward. One is not superior to the other. [4]

Creating a Business Plan

A business plan is a crucial document to raise funding from investors or creditors. More importantly, business plans help the entrepreneur understand his market, business model, strengths, weaknesses, etc. A good business plan helps guide you through each stage of starting and managing a business [5]. First, the entrepreneur has to choose between making the business plan lean which focuses on key elements, or traditional which has more information. The format should start with an executive summary that is followed by company description, market analysis, organization and management, service or product line, marketing and sales, funding request, financial projections, appendix. Once the entrepreneur has written their business plan, they can get started on implementing their vision.

Meetings

Business/Group meetings have certainly changed over the last few years. It is no longer necessary for persons to be together in a physical location. This certainly has been easier for international companies who need to collaborate on projects. They can communicate via videoconferencing and virtual meetings.

Teleconferencing/Videoconferencing

Teleconferencing is a form of communication used by three or more people in separate locations. This communication is done through an electronic mechanism, such as the Internet. Video conferencing is a form of teleconferencing done through mediums that support video and audio communication. Online webinars are a modern example of video conferencing. Webinars are seminars or lectures that are transmitted over the Internet to provide people with a platform to give and receive information through video, audio, and typing.

Virtual Meetings

A virtual meeting is a ‘real-time’ conference, usually a video conference, between two and more people from every corner of the world. This is a very effective use of technology mostly by corporations and businesses. Virtual meetings are convenient as participants are still present, but not physically there.

Virtual company meetings and conferences are becoming the next innovative thing out there. This is a way for businesses to be cost-effective. Companies will have employees come together in the "virtual world" instead of spending money on travel expenses.

461760154.jpg

Social Apps for Group Meetings and Collaboration

Everyone in this era of Technology uses a phone or a computer, not to mention iPads or tablets which are home to apps. Business works need reliable business apps to conveniently work with their co-workers as well as clients. Video conference and meeting apps are also effective and convenient for Business Corporations. Five best video conference apps recommended by Wrike, an out-collaborate blog, are 1. Zoom 2. GoToMeeting 3. Join.me 4. ReadyTalk 5. Onstream Meetings [[1]]

IMG 0499.JPG

Types of Businesses

Sole Proprietorship

A sole proprietorship is a business that is owned and run by an individual for their own benefit. The sole proprietor assumes all the profits and liabilities of the company.

Partnership

There are 2 types of partnerships, general and limited. A general partnership is when two or more people co-own a business for profit. The partners each have unlimited liability to the partnership. A limited partnership consists of one general partner and one limited partner. The limited partner is only liable for what they invested and generally has no control over the business.

Corporation

A corporation is a separate legal entity from the owners. It is taxed as a separate legal person. Then the profits are distributed to the shareholders.

Limited Liability Company (LLC)

A limited liability company is an unincorporated business association that provides limited liability to all of its owners and allows the owners to participate in the management of the business.

Business and Promotions

Social Media Marketing

Socialmedia.jpg

Businesses thrive on social networking to their benefit. The nature of social media is ideal for sales. If you look at Facebook, businesses would set up their own page in which users can "like." Their page would have a gathering of their customers where the business post new releases, promotions, deals, discounts, and coupons. This is a way for their customers to stay up to date on their business. And to advertise their products fast and easily rather than printing it on paper and handing it out or spending money to have it published in a magazine or newspaper. Almost everyone nowadays is present in social media. Whether it is Instagram, Facebook, Twitter, Pinterest, or any other of the very large amount of possibilities, we almost always are able to follow each other’s accounts. Social media's reach has become so prominent, that it is getting challenging for businesses to find a better way to market their products.

Importance of Social Media Marketing

Social media has changed the way companies market their products by making them more personalized, convenient, efficient, and successful revenue generators. Even though there is a stigma that this way of marketing is taking advantage of customers’ private information and its questioning its ethics and consequences in the everyday life, it is a crucial part of a successful business. Social media marketing offers the opportunity for companies to build their brand loyalty, expand their audience, promote their products by spreading the word about their new releases, and staying up to date with customer demands. Regardless of what you offer and who you offer it to, utilizing web-based social networking as an advertising instrument can help you develop your image and cushion your wallet. Now in the amusement, not having a dynamic online networking nearness is somewhat similar to hauling out a flip telephone at a conference and afterward not understanding why your supervisor continues giving Brad all the new records. Making another page on your site resembles taking a truly extraordinary selfie. You need the world to see it and luxuriate in its brightness, however, you would prefer not to ask for consideration (or more awful, pay for it). That is the reason for selfies and points of arrival, all around put online networking posts can have a significant effect. Part of what makes things like Twitter and Instagram advertising so cool is the collaboration you get the opportunity to have with your client base — you can read their tweets and announcements to get bits of knowledge into their everyday lives (and possibly alter your showcasing system accordingly). Individuals see Twitter and Facebook as interpersonal organizations, not advertising machines. Thus, they're less inclined to see what you post as an ad and will probably hear what you need to state. This means genuine web activity when your connection to your web page and posts that market themselves as your companions and devotees share what you've posted. [6]

6 Step in Creating a Social Media Marketing Strategy

Marketingstrategy.jpg

Step 1: Ensure Social Goals Solve Challenges

The very first step in creating a social media marketing strategy is to ensure that you set up social goals. These are one of the main goals that gets businesses using marketing strategies to complete them. With a range of social capabilities it can be difficult to determine exactly what your objectives should be. [7] By determining what your business social goal is, it is advised to first start listing down what are the certain challenges your company has always wanted to achieve. The following are some most common challenges companies face: Is customer loyalty low? Do you just need to make people aware that your product exists? Do you need to do a better job of building a positive brand reputation? Once you have sorted out what your challenges are, it is easier to focus on coming up with your social goals.

Step 2: Extend Efforts Throughout Your Organization

The second step is to use all the resources possible in your company. To create a fully integrated marketing strategy you will need to integrate multiple departments within the company. Working with your teammates is the best option when knowing and performing the support needed to meet the social goals. Some of the most common combinations in the company are the human resources, research and development and marketing departments. These three work together to tackle social goals like promoting product reputations and increasing customer loyalty.

Step 3: Focus on Networks That Add Value

The third step is to focus your efforts to networks that holds key to your target audience and your objectives. Each network has their own strengths and weaknesses. Therefore, each social media marketer should pick which network they want to take advantage off. For example, if the product you are promoting is video games the network the social media marketer should take advantage of is gaming networks or networks that involves a lot of teens meeting up and socializing.

Step 4: Create Engaging Content

Once your establishment of a network has been made, it is time to select and portray content that you wish to submit to the network. Some of the most common contents that have been established are video clips, tip sheets, and some simple tweets. The content should be laddered up to your social goals. For example in promoting a video game some content that would be portrayed are video clips of the game play or some images that gets people thinking about how the games is going to be played. Being present in social media has provided the opportunity to companies to be in contact with their customers by creating engagement. Since customers post on their social platforms about their experiences, companies can reach out to those customers who have had an unpleasant experience, acknowledge the issues they had and try to make the situation better by assisting them with either a refund or a product replacement. This way, they can improve their company-customer relationship, improve their customers experience and ensure that these customers will return and buy their products again in the future. Additionally, people that are interested in a certain product they see online but are unsure whether or not it would work for them, have the opportunity to ask any questions they have, either directly to the company or to other people that have used that specific product before. This lowers the possibility of having an unpleasant experience with a purchase, it not meeting your expectations or eliminating the process of having to return that item. By providing a better customer service, companies can create a stronger bond with their customers, which leads to customer loyalty.

Step 5: Identify Business Opportunities Through Social Media

Social media should be monitored so that business opportunities can be grasped. For instance, people who are mentioning brand is one of the highest quality lead to a business opportunity. Since they already proved that they know the existence of the product, they have an interest in reaching out to you. Therefore, the wise decision is to engage with those people and create a relationship with those people that would lead to a business advocate. In addition, if you have received negative feedback by those people it would be smart to create additional features to the product such as having customer service representatives that can fix those bugs, in order to show your customers that you are listening and following up on that feedback.

Step 6: Track, Improve and Market Your Efforts

The final step cannot be made without following through with step 1 to 5. Once that has been made you have the idea what works and what does not. This is a perfect change to improve what you have done. For instance you have found out that the video games contain several bugs. As a result, it is the perfect opportunity to find out what those bugs are and to immediately fix them. Another example is that you have found out that the network that you have applied content to is a great place to promote your product. Therefore, that network should be one of your top networks to apply content when you have decided to make a second game or fix the improvements of the first one.

2 ways to market the brand for free

Ask any business person that is simply beginning what the most troublesome part of their business is and they'll likely direct you toward the test of coming to and holding clients. Yes, promoting another business or item can be a tedious, exorbitant attempt - something numerous business visionaries don't have.

Independent companies and new businesses by and large don't have the advantage of outsourcing their promoting needs to experts. In any case, there are a modest bunch of advertising practices accessible to business people that don't oblige them to blaze through significant assets to get this test on the ground and get their business murmuring.[8]

1. Create local awareness

Picking up scope in nearby papers, exchange magazines and sites can extraordinarily expand name acknowledgment and teach individuals about your business - driving new client securing. While many developing organizations in focused scenes might need to enlist a costly advertising firm, new businesses and private companies can begin off with some basic "do-it-without anyone else's help" PR.

Begin by inquiring about distributions and scholars that cover your industry - or nearby business. When you have a grip on the authors you need to reach and the stories they normally compose for their production, create a pitch around your business that will arouse their advantage.

For instance, in case you're in the gadget business, clarify how your gadget business is affecting the neighborhood economy - or your industry. Business visionaries and independent venture proprietors can likewise subscribe to Help a Reporter Out. This free administration gives questions to up and coming articles - permitting you to contact the author straightforwardly.

2. Increase lead generation and customer engagement with email marketing

As per a late review led by Ascend2, email is the best advanced advertising strategy, the one that conveys the best ROI and the slightest hard to execute. Begin a client bulletin that offers convenient data about the business, exceptional advancements or an inside take a gander at the organization. This manufactures a group with your clients, and it keeps your item and business on their psyches.

Business people don't have to pay an office or promote an advisor to build up an email crusade either. You can do it without anyone else's help with free administrations, for example, MailChimp, which permits independent venture proprietors to send promoting messages, computerized messages and focused on crusades to clients. In the event that you need to get more individual and send one-on-one messages, utilize another free item called Sidekick that naturally informs you when somebody opens an email you sent them.

Benefits of using social media

Since the use of social media growing increasingly, incorporating social media marketing efforts into business strategies can be beneficial for companies regardless of whether it is a small startup or a big corporation.[9]

Increases brand awareness

The incorporation of social media into a companies’ marketing efforts provide those companies the opportunity to increase their brand awareness. In fact, data collected from Sprout’s 2018 Social Index reveals that increasing brand awareness is a marketer’s highest priority. [10] For businesses that want to expand their outreach to various locations around the world, investing in a social media presence can prove to be beneficial. Additionally, social media platforms can be strategically used to connect with a company’s potential and current consumers. These platforms serve not only as an advertising channel, but also a source for a two way communication between the company and its consumers.

For example, the company Purple, which specializes in direct-to-consumers sale of mattresses, use Facebook as a way to engage their consumers about their products in a relatable way, while also generating an online buzz. A particular post on the company’s Facebook makes a funny reference to the movie BirdBox (which was popular at the time) while simultaneously implying the comfiness of their mattresses. By doing so, businesses such as Purple are able to divert from the basic advertising standards and instead capture their consumer’s attention by creating a unique presence online. [11]

Online posts/tweets have the potential to generate a conversation online among the consumers through likes, reposts and comments which can thereby increase brand awareness. By staying active on social media and updated with the current trends, companies have the opportunity to increase their brand’s visibility. Social media allows companies to use graphics, 24-hour disappearing stories, hashtags, ability to tag other accounts, personalized polls and partnerships with influencers to build their brand image and share it with the rest of the world. [12] Social media has led to an improved and interactive way to conduct business and by harnessing that opportunity to build relationships with consumers, companies can increase their overall brand awareness.

Using social media can boost sales

Using social media can be a critical part in your business. Social network became very important in the business and e-commerce became a main stream in the business world. Especially for the individual entrepreneurs should utilize social media.

Increases engagement and connection with consumers

Social media platforms create an open channel of communication with the companies’ stakeholders. The opportunity to converse with the consumers allows companies to better adjust their business practices in response to consumer feedback as well as develop user-generated content and/or products. It is essential that companies show that they are willing to be open minded in regards to any online criticisms or commentary. By doing so, companies can create an environment where consumers feel as if their voices will be heard. In fact, companies should use social media platforms to ask consumers what they love about their products, what can be improved upon and the type of content (on social media) consumers wish to see[13]. This would be beneficial for the company because it enables them to build better relationships with their consumers, thereby increasing customer loyalty while also helping them adjust their current operations to make better profits in the future. Furthermore, the connectivity of social media platforms allow companies to also ask their consumers for opinions on the development of new products. For example, the Doritos “Fight for the Flavor" campaign lured consumers to not only purchase the snack chips, but also engage consumers online to vote for the limited edition flavor that they want to continue to stay on the market[14]. Consumers also have the opportunity to use social media to demand companies to be held accountable for their actions or partake in corporate social responsibility.

Reputation and Crisis Management

As consumers search through social media for reviews, recommendations or brand associations, it is vital for companies to appropriately manage their online presence. A review management strategy, which essentially means scanning through online reviews and having the knowledge on how to respond to them, is a significant portion of a marketing strategy.[15] If a company, for example, is unable to properly handle a situation with an angry customer it could potentially hurt the company’s reputation, sales and even impact their consumer loyalty. A study conducted by Sprout Social indicates that if a company responds poorly to a consumer online, there is a 50% probability that the consumer never buys from them again.[16] The situation could even be further intensified by delaying a response or deleting a negative comment. Instead, companies should be proactive and formulate a response that provides an appropriate solution. In fact Sprout Social notes, 44% of consumers claim that they are likely to favor the company once again if there is a great response to the negative comment from the business.[17] However regardless of whether the reviews are positive or negative in nature, a company should respond to it because it can help to build trust. Companies can further invest in social listening tools such as Hootsuitethat can allow companies to manage their social media by tracking their reviews, mentions and associations. [18] Aside from that, companies can also use the hyper speed and connectivity of social media channels as a way to build their brand image and address any serious public relation issues that may arise.

10 Rules to follow

[19]

Entre.jpg

Utilizing the force of substance and web-based social networking showcasing can raise your gathering of people and client base drastically. Yet, beginning with no past experience or understanding could challenge.

It's imperative that you comprehend online networking showcasing basics. From augmenting quality to expanding your online section focuses, complying with these 10 rules will construct an establishment that will serve your clients, your image and - maybe in particular - your primary concern.



1. The rule of listening

Accomplishment with web-based social networking and substance advertising requires all the more listening and less talking. Perused your intended interest group's online substance and join talks to realize what's critical to them. At exactly that point would you be able to make substance and start discussions that add esteem as opposed to jumble to their lives.

2. The rule of focus

It's ideal to practice than to be a handyman. An exceedingly engaged online networking and substance advertising system expected to fabricate a solid brand has a superior shot for accomplishment than an expansive procedure that endeavors to be all things to all individuals.

3. The rule of quality

Quality overpowers quantity. It's ideal to have 1,000 online associations who read, impart and discuss your substance to their own particular gatherings of people than 10,000 associations who vanish subsequent to interfacing with you the first run through.

4. The rule of patience

Online networking and content marketing achievement doesn't occur without any forethought. While it's conceivable to find lightning in a jug, it's much more probable that you'll have to focus on the whole deal for accomplishment to comes about.

5. The rule of compounding

On the off chance that you distribute astonishing, quality substance and work to fabricate your online crowd of value supporters, they'll impart it to their own particular groups of onlookers on Twitter, Facebook, LinkedIn, their own sites and that's only the tip of the iceberg.

This sharing and talking about of your substance opens new passage focuses for web indexes like Google to discover it in catchphrase seeks. Those section focuses could develop to hundreds or a large number of more potential routes for individuals to discover you on the web.

6. The rule of influencing

Invest energy finding the online influencers in your market who have quality groups of onlookers and are probably going to be occupied with your items, administrations, and business. Interface with those individuals and work to construct associations with them.

On the off chance that you get on their radar as a definitive, fascinating wellspring of valuable data, they may impart your substance to their own particular supporters, which could put you and your business before a colossal new group of onlookers.

7. The rule of value

In the event that you invest all your energy in the social Web specifically advancing your items and administrations, individuals will quit tuning in. You should increase the value of the discussion. Concentrate less on transformations and more on making stunning substance and creating associations with online influencers. In time, those individuals will turn into an intense impetus for informal advertising for your business.

8. The rule of acknowledgment

You wouldn't overlook somebody who contacts you in person so don't disregard them on the web. Building connections is a standout amongst the most critical parts of web-based social networking showcasing achievement, so dependably recognize each individual who contacts you.

9. The rule of accessibility

Try not to distribute your substance and then vanish. Be accessible to your gathering of people. That implies you have to reliably distribute content and take part in discussions. Supporters online can be flighty and they won't waver to swap you in the event that you vanish for quite a long time or months.

10. The rule of reciprocity

You can't anticipate that others will share your substance and discuss you on the off chance that you don't do likewise for them. In this way, a bit of the time you spend via web-based networking media ought to be centered around sharing and discussing content distributed by others.

Public Relations in Business

Edward Bernays, nephew of Sigmund Freud and widely considered the father of Public Relations

Public Relations is the backbone of a business image and is a necessary and significant function of the business. According to the Public Relations Society of America, the formal practice of what is now commonly referred to as “public relations” dates to the early 20th century. In the relatively brief period leading up to today, public relations has been defined in many different ways, the definition often evolving alongside public relations’ changing roles and technological advances.[20]

There are four steps in the public relations process when it comes to launching campaigns for a company's image: Research, Planning, Implementation, Evaluation.[21]

Good Publicity

When it comes to business, publicity and public relations are extremely important. There must be, in all industry, a way for the organization to reach out to their public, whether it be government organizations, shareholders, media, consumers, general public, communities, etc. There are many measures a company can take to gain good publicity. These measures include social entrepreneurship, corporate social responsibility, and qualified and promotable workforce, among many others.

There is a distinctive difference in the way that a business can gain publicity when it comes to owned media and earned media. Owned media is something that the company has purchased for publicity reasons, whether it be a blogspace, website, advertisement, etc. This is something the company controls, so this is the perfect space for them to promote themselves in the best light. Some companies will post trackers of current product reviews, and filter out the poor reviews, in an attempt to control and manipulate their owned media for the purpose of good publicity.

When it comes to earned media, this is where good publicity is really good. When a company or a business does something remarkable, a merger or acquisition, major hire, etc, more than likely they will have some sort of earned media associated with this. Earned media can include any media coverage (TV, Radio, Print), op-eds, forums, etc. Earned media is earned not owned, it cannot be controlled by the company. So when this media is good, it can be seen as better than owned media because of the non-biased view of the business.

Bad Publicity

The same goes for negative ads, and we also see this in the media that we win. When a corporation screws up, especially in the Digital Media era, the media factor acquired by businesses reactions tremendously. Good and poor ads requires earned media. We see rapid responses in the new media as businesses do something wrong more frequently than when a company does something positive. A good company is still trying to manage its reputation in terms of public affairs, good and poor. If things are good, the organization needs to spread this good news as soon as possible. If things are wrong, businesses cannot only hide from ads, they have to tackle it.

Bad ads may be handled in several respects by corporations. You can reject it not a smart thing, depending on the type of advertising), or you can take it and answer it. They may be interested in crisis communications, which involves a certain number of expertise and needs before responding.

A popular and effective view on bad publicity would be asking during the situation, "What's good on the bird?". This is in reference to the Apollo 13 crash, where it was reported that Houston asked the astronauts to tell them what is good on the aircraft along with what's going bad. In terms of public relations, asking yourself "what's good on the bird" can be effective because the company or organization can identify what's going right in addition to what's going wrong in an attempt to make light of the situation and possible turn it into neutral publicity or good publicity.

The New Media Effect

With regards to new media, whether it be the internet or social media as a whole, it has had an effect on public relations. With the swift reactions of people throughout the new media world, companies must be more diligent and vigilant of their image, this is why social media marketing and communications are such a vital role in an organization. No longer can a company control every aspect of their image, they are now prone to the journalists of the world that occupy the new media space, and they can become victim to cyber attacks and other vital cybersecurity issues. This is a good effect because it makes companies more transparent in their ethical efforts, because of how easy it might be to tarnish the reputation of a company if they do not have ethical business practices.

Companies Using New Media

Coca-Cola

Unbottled-logo-604-604-337-ff9f7ed0.rendition.598.336.jpg

Coca-Cola has created a blog of their own that is written by their own employees to spread their mission statement and share news on the company helping the community. The blog is named Unbottled, described as a conversation “sparkling” look at what’s beyond the bottle with timely, fun and inspiring stories that illustrate the worldwide impact of our Company. From insider perspectives on working at Coca-Cola to topical pieces on Coca-Cola’s healthy living and sustainability initiatives to lighthearted posts about spreading happiness, Coca-Cola Unbottled quenches readers’ thirst with must-read content on a regular basis.[22]

They include blogs that are about the past, present and future of Coca-Cola, how they impacted communities and increased engagement with consumers. They want to shed light about the little things that are not reported by the large media forums. This is a great example of how companies try to make a person-to-person connection with their loyal consumers, for example, they would issue out sustainability reports about operations improvements to help, something investors may not care about but consumers may. Blogs allow the firm to control what news is set out and help them develop their brand and refute any misconceptions about them. It is especially interesting from the perspective of the employees of the firm.[23]

Walmart

Walmart-blog-header-logo.gif

WalMart has a blog that they use to create a connection with their consumers called WalMart Today. They include topics including Business, Community, Health & Wellness, Heritage, Innovation, Life, Opportunity, Sustainability, U.S Manufacturing.[24]

Articles like "Diary of a Dairy Farm: Meet the Dirksen's, Who Supply Milk to Walmart" explain the inside of how Wal-Mart work with local farmers and families to receive the freshest ingredients that help them function as a business. "Local farmers like the Dirksen family are critical to Walmart’s entry into milk processing. Nearly 30 farms across Indiana and Michigan have signed up to provide milk to the 250,000-square-foot state-of-the-art plant." This form of blogging helps the consumers know where their favorite products exactly come from. After hearing your milk is from fresh family farms that treat their animals well, you increase your love for Walmart and the brand.[25]

Fortune 500

Blogs.png

Many Fortune 500 companies have shown an increase in using blogging as a corporation. In 2008, a little over 15% of the companies used active blogs. From 2015 to 2017 it has increased from 21% to 43% of the companies running their own blogs.[26] Some reasons they have increased their use is increasing the strategy of Thought Leader, which are informed opinions of credible people in their respective industry/sector in hope to inspire others with their innovative ideas, how they are turning those ideas into reality, or how to, and showing how others can replicate their success.[27]

Comments.png

The increased use of these blogs is not for engagement of their customers, however. Since 2014, more and more blogs have decreased their allowance of public commenting on their blogs. This was because they do not want false information and trolls that would destroy the message.[28]

Ig.png

Companies have also increased their use of Instagram. In 2013, 9% of the companies used Instagram, in 2017, 53% have used the social media application. Instagram is being used both to advertise a company’s products and services and as a call to action to purchase (since a link can be included with a specific image, leading users to more information and a means of buying).[29]

American Express

Plenty of companies talk a big game about “the communities” they’re creating online and the inherent value of the “online conversation.” However, very few actually create any community of value. Far from being all talk and no game, American Express puts its money where its mouth is by leveraging the value provided by industry experts on its Open Forum website. Open Forum is a collaborative website, on which American Express invites guest authors from a variety of sectors to share their business knowledge and wisdom. The result is a content-rich mega-site that’s popular with the search engines, all created without American Express needing to shell out cash to content contributors. The creator of your content does not need to be you. Find industry leaders that produce great content, and ask them to write a couple articles on your blog. It will build their audience and your traffic, as long as the content provides value. Good content marketing strategies draw on a range of user-generated sources to both grow online communities and minimize financial investment.

[30]

International Business and New Media

International business.jpg

International business is a product of globalization. When the world is a giant market, each country is perceived as an individual player participates in the global trading. International business is not occurred in recent years, the concept can be traced back centuries when people lived near border exchanged merchandises to maximize profit and productivity. Computerization and informatization foster and escalate the density of intersection, international business emerges with the development of social media and weighs more and more significantly to global economy and politics landscape

Some enterprises enter global business purely for profit-driving, while some for both, economically and politically because some business gain more favor of legislation in overseas than in home countries. Business individuals aims to optimize its production, lower its cost and maximize its profit. When domestic demand and supply is break even, all players in the game are economically profit zero, enterprises start to look at new opportunities to gain competitive edge: going global, is the best approach.

It’s common in today’s business pattern that one item is designed in US, manufactured in China but sold around world; and it’s possible, one or more major material is from Europe. To operate the whole business chain, manpower is requested; to standardize quality and procedure, contracted agents are stepped in; to ensure the product concept and company culture are goodly followed and performed, outsourcing human capital is identified and settled. That is the whole concept of conducting business globally.New media integrates all those parts together and works as a whole.

Operating business around the world helps reduce cost, avoid restrictions and relieve raw material challenge within home country. Take retail giant, Wart Mart for instance, Wart Mart's victory is based on low price and decent quality, which is no way to produce those merchandises domestically but keep the price. Walt Mart outsources a great part of its business overseas, they have offshore offices in major countries, they also have cooperative agents work on contract to reach mutual benefits. Wart Mart keeps their R&D and major approval in US but implements manufacturing and quality control overseas by offshore team and associates. On one hand, Wart Mart ensures their intelligence and creativity of products; on another hand, they secure the quality standard with a much lower cost in other countries. All these strategies lift Wart Mart on a dominant place for years in global business.

new media is widely used in international business for product development, business opportunity and conference meetings and so forth. New media, such as email, is the basic communication tool for companies to exchange opinions, follow up schedules, conduct approvals and all details that matter to the mutual business. Other new media tools, such as WeChat, provides a prompt conversation for emergencies. New media is a great platform to integrate its members virtually to assist and escalate the process of communication. Without new media, international business cannot reach the volume, scale and efficiency as we can see now.[31]

World.jpg

Since international business has two or multiple countries involved, cultural difference is also a challenge to global players. Standardization and adaptation are recognized and applied in international business to balance cultural conflicts. Four major strategies are identified by researchers, adaptation by difference, standardization by superiority, adaptation by submission and disputable standardization.[32]


China was the major player of manufacturing world products, but China is losing its momentum in terms of production because of ever-rising cost in labor and material. Other Asian countries are taking the baton to join the world business. We see good side and bad side of globalization. Good thing is globalization stimulates economy, contributes to profit surplus, but the downside is it brings out many ethical questions. And new media makes ethical issues nowhere to hide and drives world attention for the good of long run. Global business is abusing law of nature and violating human rights and risking sustainability. by International business provides chances and dangers. How to balance it and optimize goodness is every player need to think. [2]

References

  1. http://www.samsung.com/us/explore/gear-vr/
  2. https://www.youtube.com/watch?v=m1K3EMJ048Y
  3. https://www1.nyc.gov/nycbusiness/startabusiness/default
  4. https://www.entrepreneur.com/article/233919
  5. https://www.sba.gov/business-guide/plan-your-business/write-your-business-plan
  6. http://www.contentfac.com/9-reasons-social-media-marketing-should-top-your-to-do-list/
  7. http://sproutsocial.com/insights/social-media-marketing-strategy/
  8. https://www.entrepreneur.com/article/241607
  9. https://blog.hootsuite.com/social-media-for-business/
  10. https://sproutsocial.com/insights/brand-awareness/
  11. https://www.business2community.com/social-media/how-social-media-increases-brand-awareness-02165638
  12. https://sproutsocial.com/insights/brand-awareness/
  13. https://exclusive.multibriefs.com/content/how-user-generated-content-can-improve-your-social-media-marketing-st/marketing
  14. https://www.webwire.com/ViewPressRel.asp?aId=30647
  15. https://sproutsocial.com/insights/online-review-management/
  16. https://sproutsocial.com/insights/online-review-management/
  17. https://sproutsocial.com/insights/online-review-management/
  18. https://www.reviewtrackers.com/blog/social-media-reputation-management/
  19. https://www.entrepreneur.com/article/280964
  20. https://www.prsa.org/aboutprsa/publicrelationsdefined/#.WEhrVjKZPv0
  21. http://www.prsa.org/Learning/Calendar/display/5520/The_Four_Step_Process#.WEhrjzKZPv0
  22. https://www.coca-colacompany.com/stories/about-coca-cola-unbottled
  23. https://www.coca-colacompany.com/profiles/unbottled-staff
  24. https://blog.walmart.com/
  25. https://blog.walmart.com/us-manufacturing/20180613/diary-of-a-dairy-farm-meet-the-dirksens-who-supply-milk-to-walmart
  26. https://businessesgrow.com/2017/11/09/fortune-500-companies/
  27. https://www.thoughtleadershiplab.com/Resources/WhatIsaThoughtLeader
  28. https://businessesgrow.com/2017/11/09/fortune-500-companies/
  29. https://businessesgrow.com/2017/11/09/fortune-500-companies/
  30. https://www.convinceandconvert.com/digital-marketing/killing-it-with-digital-marketing-campaigns/
  31. Fuller J., Barktl, M., Ernst, H., Muhlbacher, H. (2004). Community Based Innovation A Method to Utilize the Innovative Potential of Online Communities. 37th Hawaii International Conference on System Sciences, 1-10
  32. Apetrei,A., Kureshi, N.I., Horodnic, I.A., When culture shapes international business (2015). Journal of Business Research, 68, 1519-1521