Facebook's Impact On Global Economy

These tools are used to share photos, books, music and other form of presentations. Facebook is the most globally utilised tool which allows users to develop individual profiles with information of a personal nature but accessible to their associates who can converse with them anytime (Kaplan and Haenlein, 2010). As such organisations are also using this tool to market their company brands and products and realising the importance of communicating through these tools (Kaplan and Haenlein, 2010). It has also been observed that a lot of corporations are utilizing social media tools during their hiring processes, with some jobs being advertised on social media and enabling applicants to post their applications on the social media applications.

In the hospitality industry, many companies will use this medium to promote and market their business where they will use social media such as Facebook, Twitter, and YouTube to interact with their customers. The customers can easily access those websites through the smartphone. It is important for the company to have a strategic and planning to make the business survive and compete with other company. Positive relationship with customers The smartphone technology can improve customer relationship which is including from service aspect, review or feedback from the customers, and update the product or service.

In addition, people can promote their small businesses by social media. According to Collier, 82% of small businesses promote their products by social media (2016). Furthermore, the advertising on social media is more effective because there are more details of the products; Therefore customers are aware about brand and can become loyal to the products. For instance, 81% customers are aware about brand by social networking sites (Smith 2017). Overall, because of social media, many users have become aware about new products as a result, increases sales and business

The extent of data derived from social media site, nowadays, requires an efficient team media analytics expert. In fact, social media, today, is proving to the major source of big data for companies and this raised the importance of social media analysis even more. The use of social media marketing has the raised the conversion rates significantly. This means that a company’s the targeted group of consumers are turning into its permanent customers.

Above has mentioned that the increasingly of the followers in their official pages such as Facebook has frequently update the content and latest product to potential customers. Target are attempt to expertise tools and applications that not only facilitate interaction among online friend-networks, but also wish to transfer these particular groups into a new opportunities for retail transactions, such as enter Target’s “Give With Friends” Facebook app, has newly launched. The easy to use app allows Facebook friends to pool their resources and give a gift card to other lucky friends. It was just a simple perception that has merged the social priorities of Facebook with an obvious retail benefit for Target.

Facebook, Twitter and Youtube are currently the top social media sites businesses use. The benefits to using any type of social media are that many of them are free to use, have a large audience, allows interactions with customers which can improve customer satisfaction and increases traffic to the company’s website. Costco using any of these types of social media networks would be greatly beneficial for their company if they are performed in a professional

Literature Review In this literature review the researcher tries to discuss the usage of different social media marketing tools used by organizations and how the put an impact on customer’s purchase making process. There are many literature and theories that the researcher used to develop a conceptual frame work and research paradigm. 2.1 Social Media

Social media are web-based communication tools that enable people to interact with each other by both sharing and consuming information (Nations, 2017). Nowadays, the demand for the use of social media is undoubtedly increasing because it comes down to a simple basic human desire: the need to connect with other humans, to be part of a group. One of the most popular social media platforms is Facebook. It is a social networking website and service where users can post comments, share photographs and links to news or other interesting content on the Web, play games, chat live, and even stream live video (Nations, 2016). Of all the social media platforms and websites, why is it that people choose to use Facebook to connect with people?

Social Media is a common platform widely used by people for interacting and sharing information using; this includes as Facebook, Twitter, and Google+ amongst others (SocialMediaDefined, 2014). After assessing the recent statistics which states that there are 1590 million active Facebook users and 1000 million active WhatsApp users, it is evident that the interactions with social media are extensive. (Chaffey, 2016) According to the author Erik Qualman “the power of social media is it forces necessary change” (Vries, 2013) the power can be utilized either for a better cause or a misdeed but the question is how it is being made use of. Factors such as impact on business, creating social awareness and socialization are discussed to understand

The leaps and bounds Facebook are crossing to introduce more innovations to the way we connect and communicate with people and even the world around us makes it an integral part of human life itself. Everything from breaking news to rights activism to the trendiest new apparel store on the block, they are all publicized through