Business Research Assignment: How Bushells Can Generate New Revenue Streams From Social Media?
This business research assignment aims to give you an opportunity to combine many disciplines you have been studying into the production of a high-quality research project.
Assignment Structure should be as the following:
Attractiveness concerning the topic explored within the business research assignment
The usage of social media remains helpful for connecting the potential as well as the existing customers and of performing good market research. The success of a business relies strongly on setting up a good customer base. Therefore, the utilisation of social media is considered to be the best possible way to make its desired consumers experience engagement with the brand. Bushells is an Australian company that mainly produces coffee and tea and was developed by Alfred Bushell in the year 1883 (tea, 2021). Nowadays, not only Bushells however, a major number of brands are utilising social media as a vehicle for targeting their audience and also of driving sales. Selling advertising is denoted to be a concept helping to generate revenue and however, this is not new as newspapers, televisions, and media companies are carrying it from a lot past. The practice of selling the advertisement is carried out in a new way by the companies in this current world and this is a quite interesting strategy to be looked for. It is expected that in the future companies would be coming up with newer ideas and with their active incorporation into the business it would be enhanced.
Social media platforms pose the core role in the enhancement of the removal of the particular company. According to Chen and Lin (2019), certain social media channels need to be implemented by the particular company to reach the utmost sustainability along with the enhancement of the growth of the company. Social media platforms work as the crucial tool for the generation of a certain customer base with the development of the brand values. Facebook, Twitter as well as the Instagram handle are specifically used for the generation of the customer base along with the increase of the revenue parameters. This will also work for the development of the brand values of the particular products. On the other hand, DePaula, Dincelli and Harrison (2018), cost-effective strategies are needed to be considered by the social media platforms with the tracking of the crucial data considering the most competitive market region. This also enlightens the development of the customer base along with the followers of the particular brand. Crucial branding strategies should be followed by the particular company for the establishment of the customer base along with the brand values. This will specifically reflect the overall generation of the revenue of the particular firm with the incorporation of effective strategies. This leads to the shaping of the particular firm's operation in the expansion of the way of revenue generation. As opined by Lee (2018), customer loyalty needs to be shaped with the enhancement of the marketing tools for the overall improvement of the SEO rankings. Yet it comes with the crucial challenges that need to be figured out as removed with the imposition of the perfect management system and the strategies within the particular spectrum.
According to Muninger, Hammedi and Mahr (2019), it is ardently required for any of the businesses to develop an effective social media strategy that would remain beneficial over earning a good level of profit. The companies that would mainly fail to implement an efficient social media marketing strategy that would be rarely successful and can even encounter a great loss from the overall marketing spectrum. On the other hand, measuring the ROI concerning social media can be a crucial challenge that several companies undergo. Lee (2018) argued that before initiating the measurement of ROI, it is essential to have a vividly defined goal in place. And, therefore, the strategy concerning social media is crucial. However, the significant strategy which poses the requirement is of undergoing an in-depth analysis that specifies which of the media platform pose its importance and mainly what the people mostly use. Unless the consumers will be rarely attracted to the offers as well as advertisements and the business fails of recognising a good amount of profit in this regard. As mentioned by Lim et al. (2017), social media is recognised to be a wider way that ultimately helps in building a relationship with the audience. For raising brand loyalty, it is important for the development of a strong humanistic relationship with the targeted audience. However, many of the companies that are incapable of setting up a good relationship with their customers can fail to earn revenue though they are involved in utilising social media. The customer's questioning is required to be solved and with this, the consumers might have the feelings into their minds that the company is enough reliable to think over the opinions of the consumers.
Nowadays most companies are adopting social media marketing tools and technologies for the generation of huge revenue concerning the most competitive market region. Yet there is a need to adopt the perfect strategies for successful online marketing. As opined by Ahmad, Ahmad and Bakar (2018), along with the certain flexibility there are crucial operational challenges that become a huge barrier to the generation of the market revenue. On the other hand, Appel et al. (2020), stated that lack of resources, as well as the lack of availability of the formal strategies, are considered as the crucial challenges in tracking the utmost result. Another most important problem to be reduced by the companies in generating the revenue using social media platforms is the lack of financial as well as human resources. Utmost crucial strategies developed for the building up of the community of the followers for the enhancement of the customer base along with the market revenue. Certain competitive challenges are generated with the lack of financial resources along with the implementation of the perfect social media operational strategies. Perfect incorporation of the strategies will work as the booster of the financial growth of the particular company.
- What are the factors responsible for Bushell to generate an efficient amount of revenue from social media?
- What are the challenges which Bushell might face to generate revenue utilising social media?
Ahmad, S.Z., Ahmad, N. and Bakar, A.R.A., (2018) Reflections of entrepreneurs of small and medium-sized enterprises concerning the adoption of social media and its impact on performance outcomes: Evidence from the UAE. Telematics and Informatics, 35(1), pp.6-17. https://www.sciencedirect.com/science/article/pii/S0736585317302320
Appel, G., Grewal, L., Hadi, R. and Stephen, A.T., (2020) The future of social media in marketing. Journal of the Academy of Marketing Science, 48(1), pp.79-95. https://link.springer.com/article/10.1007/s11747-019-00695-1
Chen, S.C. and Lin, C.P., (2019) Understanding the effect of social media marketing activities: The mediation of social identification, perceived value, and satisfaction. Technological Forecasting and Social Change, 140, pp.22-32. https://www.sciencedirect.com/science/article/pii/S0040162518311570
DePaula, N., Dincelli, E. and Harrison, T.M., (2018) Toward a typology of government social media communication: Democratic goals, symbolic acts, and self-presentation. Government Information Quarterly, 35(1), pp.98-108. https://www.sciencedirect.com/science/article/pii/S0740624X16302234
Lee, I., (2018) Social media analytics for enterprises: Typology, methods, and processes. Business Horizons, 61(2), pp.199-210. https://www.sciencedirect.com/science/article/pii/S000768131730157X
Lim, X.J., Radzol, A.M., Cheah, J. and Wong, M.W., (2017) The impact of social media influencers on purchase intention and the mediation effect of customer attitude. Business research assignment Asian Journal of Business Research, 7(2), pp.19-36. http://ganj-ie.iust.ac.ir:8081/images/2/22/Ajbr170035.pdf
Muninger, M.I., Hammedi, W., and Mahr, D., (2019) The value of social media for innovation: A capability perspective. Journal of Business Research, 95, pp.116-127. https://www.sciencedirect.com/science/article/pii/S0148296318304855
tea, B., (2021) Home - Bushells tea. [online] Bushells tea. Available at: https://www.bushells.com.au/ [Accessed 3 December 2021].
Wang, Z. and Kim, H.G., (2017) Can social media marketing improve customer relationship capabilities and firm performance? Dynamic capability perspective. Journal of Interactive Marketing, 39, pp.15-26. https://www.sciencedirect.com/science/article/pii/S109499681730018X