AN ANALYTICAL STUDY ON SOCIAL NETWORK AS A TOOL OF MARKETING AND CREATING BRAND AWARENESS IN THE PRESENT CHALLENGING WORLD OF BUSINESS

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1 Journal of Management (JOM) Volume 5, Issue 6, November December 2018, pp , Article ID: JOM_05_06_008 Available online at Journal Impact Factor (2016): (Calculated by GISI) ISSN Print: and ISSN Online: IAEME Publication AN ANALYTICAL STUDY ON SOCIAL NETWORK AS A TOOL OF MARKETING AND CREATING BRAND AWARENESS IN THE PRESENT CHALLENGING WORLD OF BUSINESS Dr. A. IRIN SUTHA Assistant Professor, Department of Commerce, Faculty of Science and Humanities, SRM University ABSTRACT: Social Media, today, is among the foremost effective opportunities available to a brand for connecting with prospective consumers. Social media is the new mantra for almost all the brands. Marketers are aware of various social media opportunities and beginning to implement new social initiatives at a possible rate than ever before. Social media promoting and the businesses that utilize it have become highly sophisticated. One cannot afford to have no presence on the social channels if the competitor is making tougher with its products and services. The explosion of social media phenomenon is as mind boggling as that and the pace at which it is improvising is maddening. Keywords: Prospective, mantra, sophisticated, phenomenon, boggling, maddening. Cite this Article: Dr. A. Irin Sutha, An Analytical Study on Social Network As A Tool of Marketing and Creating Brand Awareness in the Present Challenging World of Business. Journal of Management, 5(6), 2018, pp INTRODUCTION: Social media reached a phenomenal growth that has drawn lots of attention both to firms and people interacting on the networking Kaplan and Haenlein, Harris and Raes 2011 paper reveals, Building a brand image through social networking is the nearest study that checked out the social media networks and branding. Harris and Raes 2 work focused on building personal image brand with social networks. Social networks are known to be websites which links numerous numbers of users from all over the world with same intension, views and hobbies. Facebook, YouTube, MySpace, Blogs are some of the known examples of social media that are popularly working tool among all level of consumers - Sin The impact of social media from an individual view in his Harvard business article and therefore, 58 editor@iaeme.com

2 An Analytical Study on Social Network As A Tool of Marketing and Creating Brand Awareness in the Present Challenging World of Business since there s little information affecting the impact of social media on awareness from a business perspective, this study is to analyze the impacts of the social media development on brand awareness and challenges in implementation. Recently; we have seen the phenomenon impact of Facebook and the growth of its market value in terms of brand equity. 2. LITERATURE REVIEW: Social Networking Sites SNSs - Weinberg , p-149, stated, Are generic terms for sites that are help to connect users with same backgrounds and interests. Consumers, they re the outlets, which present wealth opportunities for establishing a good relationship with the brand via several functions - plug - in applications, fans group and groups. Social News sites and Social Bookmarking sites, People get to regulate and customized their news streams; these sites permit individual to find websites that numerous number of people have already discovered; some state social news sites have changed the concept of newspaper and are governed by the wisdom of crowds Media-Sharing sites, (Youtube and Flickr are examples) are outlets where people can upload, store, and share their multimedia clips, for an example photos, videos, and music, with different users. The advantage for users they provide opportunities to create own podcasts with available technology and to market their identical channels via subscriptions. One of the major advantage A tag word will be assigned to a content that helps describe it, which helps the businesses have to acknowledge the importance of the search words on the search engines - Zarrella , p81. Blogs produce good hubs for different social media marketing tools (videos, hyperlinks, pictures, and etc), because they will be integrated into the platforms and posts; besides, web blog software provides a different of social features such as comments, blog rolls, trackbacks, and subscriptions - Zarrella 2010, p9, Weber pointed out due to the fact that blogs permit everyone to publish and to join multithreaded conversations on-line, in which some bloggers have no editorial restrains and have access to the entire Web access; as a result, their posts will impact personal, products, or brand reputation harmfully. Micro blogging permits users to spread their short - texted messages via instant messages, via mobile phones, s, or the Web. Twitter, launched in 2006, is one amongst the primal and leading microblogs, Firms have been using Twitter to tap into the business prospects, influencers, and customers; by doing so, businesses are able to take more advantage in relationship building, achieving online and offline marketing goals, and brand building etc. - Weinberg 2009 stated, People who Re tweet one of the most powerful mechanisms to marketers, in which people can copy and paste what others have posted onto their Twitter. Consequently, the tweet gets to spread virally in a furious speed - Ingram RESEARCH METHODOLOGY The aims and Objective of the study:the Aim of this study is to research how a company can seize the moment of using social media networks to create brand awareness and also explore its challenges to draw the attention of those companies venturing into social media networks to increase brand visibility. 1. To find the factors influencing the purchase 2. To Study the challenges faced by the companies using social media today and how they can be managed or minimized. 3. Determine whether social media networks are the best tools for creating brand awareness 59 editor@iaeme.com

3 4. ANALYSIS AND INFERENCE Dr. A. Irin Sutha 4.1. Table shows Cronbach s Alpha Reliability test on Challenges faced by the Social Network Marketers Cronbach's Alpha Reliability Statistics N of Items Table shows Cronbach s Alpha Reliability test on factors influencing the purchase Reliability Statistics Cronbach's Alpha N of Items Table shows KMO and Bartlett s test on Challenges faced by the Social Network Marketers KMO and Bartlett's Test Kaiser-Meyer-Olkin Measure of Sampling Adequacy..752 Approx. Chi-Square Bartlett's Test of Sphericity df 153 Sig Table shows KMO and Bartlett s test on factors influencing the purchase KMO and Bartlett's Test Kaiser-Meyer-Olkin Measure of Sampling Adequacy..900 Approx. Chi-Square Bartlett's Test of Sphericity df 55 Sig Table Shows Krushkal Wallis Test between Age in years and Challenges faced by the Social Network Marketers and factors influencing the purchase Factors Challenges faced by the companies using Social networks Marketing Factors influencing the purchase Age in Years Mean Value > Chisquare P.Value editor@iaeme.com

4 An Analytical Study on Social Network As A Tool of Marketing and Creating Brand Awareness in the Present Challenging World of Business 4.6. Table shows the Total variance explained and rotated component matrix of Challenges faced by the Social Network Marketer Component Initial Eigenvalues Total Variance Explained Extraction Sums of Squared Loadings Total % of Variance Cumulative % Total % of Variance Cumulative % Extraction Method: Principal Component Analysis. Rotated Component Matrix Variables Challenging Marketers Component Negative Reviews.783 Other Brand Competitors.767 Network Hackers.740 Promotion.777 Updating the Networks.614 Comparisons Price, Quality, Quantity etc.850 Recruiting effective Designing team.846 After service sales.794 Immediate technical support team.710 Updating Product news.759 Effective Customer Service.788 Customer Loyalty.496 Effective Team to handle entire social networks.841 Leakers.881 Consumer trust.722 Consumer participation.818 Finding and Focusing on targeted consumer.538 Updating the Loyalty consumers with product news Table shows the One Sample T-test of factors influencing the purchase Variables of Factors Influencing Purchase Intension Mean S.D T-Value P-Value East to Shop <0.001** Time Management <0.001** I choose based on Reviews <0.001** Brand reputation is important for me <0.001** Knowledge and awareness of the product is important <0.001** 61 editor@iaeme.com

5 Dr. A. Irin Sutha Information from Internet <0.001** Information from friends and family <0.001** Attractive ads and discounts <0.001** Based on Previous experience <0.001** Based on Product news / brands / Service <0.001** Customer service support is important for me <0.001** 4.8. Inferences The reliability for 18 items is Even if one of the 18 items is deleted the Cronbach s Alpha value will be reduced. This indicates that the reliability for all items is higher for Challenges faced by the social marketers. The reliability for 11 items is Even if one of the 11 items is deleted the Cronbach s Alpha value will be reduced. This indicates that the reliability for all items is higher for Factor influencing the purchase intension among consumers. Kaiser-Meyer-Olkin measure of sampling adequacy is and Bartlett s Test of Sphericity and approximate Chi-square value is which are statistically significant at 5% level. Therefore, it can be concluded that the sample size is adequate for Challenges faced by the social marketers. Kaiser-Meyer-Olkin measure of sampling adequacy is and Bartlett s Test of Sphericity and approximate Chi-square value is which are statistically significant at 5% level. Therefore, it can be concluded that the sample size is adequate for Factor influencing the purchase. The Krushkal Wallis test between Age in years and Challenges faced by the Social Network Marketers and factors influencing the purchase show P value of and which is greater than 0.05 hence the null hypothesis is accepted at 5% level of significance. The above Total variance table explains the percentage of variance explained in each variable derived from factor elements towards Challenges faced by the social marketers. All the variables in a factor together explain 74.75% of total variability in the data set. This leads to five factors variables components are adequate to proceed further. The above rotated component matrix explains the explanatory variables dominance in the five elements of factors. The factors are in bold signify its greater percentage of strong challenge towards each factor elements and all the dominant five factors are high positively correlated to their respective elements. The above One Sample T-test table shows P value of <0.001 for all the variables, since p value is less than 0.01, the null hypothesis is rejected at 1% level of significance with regards to Factor influencing the purchase, hence the opinion regarding all the variables of Factors influencing are not equal to average. 5. SUGGESTION AND CONCLUSION The study shows how social media has become a crucial tool for promoting and creating brand awareness. In fact it s foreseen that in very near future there will be a complete shift from traditional advertising to social media platforms. Social media is slowly turning in to an important marketing tool which offers firms an opportunity to engage with their markets and to find out the needs of the customers. Social network sites always a threat as well as an opportunity to companies as they can rapidly spread the views of dissatisfied customer s comments. Social networks and the Web offer small and large companies new and unique opportunities to engage with their customer and learn about customers desires in real time like never before. Review of Literature being an evidence of that the peer group online social network effect can potentially influence purchase decisions because of its viral nature editor@iaeme.com

6 An Analytical Study on Social Network As A Tool of Marketing and Creating Brand Awareness in the Present Challenging World of Business REFERENCE [1] Kaplan.A.M and Haenlein. M, Users of the world, unite! The challenges and opportunities of social media Vol.53, [2] Harris, L. and Rae, A. 2011, Building a personal brand through social networking, Journal of Business Strategy [3] Sin S., Nor K. M. & Al-Agaga A. M Factors Affecting Malaysian young consumers online purchase intention in social media websites, Procedia - Social and Behavioral Sciences, 40, Pages [4] Weinberg, T The New Community Rules: Marketing on the Social Web. Sebastopol, CA: O Reilly Media Inc. [5] Zarrella, D., & Zarrella, A The Facebook marketing book. North Sebastopol, CA: O Reilly Media. [6] Weber, L Marketing to the Social Web: How digital customer communities build your business. Second Edition. N.J, USA: John Wiley and Sons. [7] Ingram.T.N, Raymond W. LaForge, Ramon. A.A, Schwepker. C.H, Jr, William.M.R: Sales Management, Analysis and decision making-7th Ed, editor@iaeme.com