The Role of Social Media in Business Research Paper

The Role of Social Media in Business - Research Paper Example In addition, the social media technology is the most excellent tool for the companies to promote their business, for example if a company is selling services, products or publishing ads, then social media is the most excellent method to make their website gainful in a minimum amount of time (Deepika, 2010). This paper will discuss some of the important aspects of social media and their influence on the current business industry. This paper will also outline some of the main advantages and disadvantages of the social media. The role of social media in business At the present, social media is playing a significant role in business sector. In the past it was frequently used for carrying out non-business activities. For instance, people used it to connect with their friends as well as for searching and making new friends. However, now it has become a basic need for most of the businesses since business people are making use of social media particularly Twitter and Facebook for performing market research, marketing their products and services and for supporting clients. To serve this purpose, a large number of social media related websites are available. All of them offer specific advantages and users need to follow their rules. In this regard, the graph given below demonstrates the rapid expansion for the job requirements in "social media". Additionally, this expansion rate has reached up to 1,750 percent. However, the basic cause of this expansion is very simple, since all the corporations require people skilled in creating Social Media API, particularly experts in building Twitter applications and Facebook tools (QualityPoint Technologies, 2011) and (Deepika, 2010). Figure 1Social Media Growth, Image Source: https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEhNVQmlwXZaXM1e1KUiIm8AvZFWSXU6HG2CpN9FsB3XwtxMjg6zvBfsbRthKqIyHP3ZXxJVBlVsz96IXQd93tjrqfKrG8OFpBFlWw8mcSR7qK6G6uxFUb3qtx-D8fLluokgWVFCLu26t0Dw/s1600/jobgraph.png Additionally, the social networking websites (such as Twitter, LinkedIn, Myspace and Facebook) present choices for companies to build and maintain their business prof iles and pages, through which they can promote their services and products. In addition, with the modern applications that enumerate likes and dislikes of users, Facebook now allows its users to join â€Å"groups† that facilitate companies in marketing their products or services. Thus, it has become a blessing for the businesses that these social networking websites have offered. Moreover, the latest movement of users, for instance joining business groups or adding support to business ads, will be listed on the users’ profile however it is acknowledged as â€Å"newsfeed†. As well, this newsfeed presents recent news regarding the tasks performed by the users on their home page (Cortez, 2011). Furthermore, for the majority of businesses this social networking based system (or more simply e-collaboration) has turned into a base of electronic marketing. In this scenario, Facebook facilitates business managers to interact with the masses what they are going to do, wh at proceedings are happening, what attainments or recognitions have been established by other businesses. In addition, articles published in recent newspapers and other media related to business industry are copied and pasted onto the corporate profile or added to their position. For instance,

Macro &Micro Economics Essay Example | Topics and Well Written Essays - 2000 words

Macro &Micro Economics - Essay Example 16). Within the vast arena of macroeconomics, the development of the model of Aggregate Demand and Aggregate Supply generally known as AD-AS model is of immense importance as it has been developed and applied for determining and evaluating the factors that are very useful in realizing the effects of Real Gross Domestic Product which is i.e, GDP deflated by the general price level. As a consequence the model also acts as a useful indicator for the determination of the inflation level of the economy (Taylor & Weerapana, 2009, p.695). The AD-AS model also incorporates the notion of micro economic concepts like demand and supply framework including equilibrium analysis (Karl, E, 2007, p. 409) and thus setting up a platform in accordance with the demand of the paper. Focus of the paper The paper will focus on the underlying mechanism of the aggregate demand (especially) and aggregate supply along with the concepts of volume of money demand and supply and its application and importance in the economy of the United States of America (US) with its recent financial crisis within the backdrop of the article, â€Å"It’s the Aggregate Demand, Stupid† written by Bruce Bartlett who has held senior policy roles in the administration of Reagan and George H.W. Bush administrations and served on the staffs of Representatives Jack Kemp and Ron Pau. Crux of AD-AS model Before entering into the AD-AS model a short purview of the notion of law of demand and law of supply requires to be mentioned. The law of demand has been developed by the economists out of several criticisms (various exceptions like Giffen goods, Veblen effect) and the law basically states that for a normal commodity, there is an inverse relationship between the price of a particular commodity and the quantity demanded keeping all other things constant. The demand function can be stated as,signifying the inverse relation between price and quantity. A short mathematical and graphical explanation will m ake it clearer (Maurice & Thomas, p.43). Let, , (where a, b>0) be a linear demand curve which is taken for our purpose. Differentiating the above function with respect to Q we get, Therefore the slope of the curve is negative. The graphical representation is as follows: Fig.1 The law of demand (Maurice & Thomas, p.43) In the above diagram, at the price level P2, the quantity demanded was at the level Q2 when the price fell down to the level of P1, the quantity demanded rose to the level Q1. Thus the inverse relationship between the price and quantity as given by the law of demand is represented. The demand comes from the consumer’s angle in an economy that purchase goods and services in an economy for the maximization of their utility (Bhide, 2010, p. 313). The theory of supply on the other hand represents the positive relationship between the quantity and the price keeping all other things constant (Hussain, 2010, p. 214). It comes from the producer’s angle. More the commodity the producer sells more the price will it charge. Let a linear supply curve be considered as, . Now differentiating the