Discussion # 1
Social media is becoming one of the most essential marketing tools for businesses and it is highly imperative for companies to cope up in enhancing their brand image in the social networking sites. Social media networking makes it reliable and convenient for consumers to communicate with businesses directly. Contrary to the positive side of social media for businesses and consumers, it also proves to be a threat to the businesses in the form ratings on social media like Facebook, Twitter, and Instagram. Social networking websites have made it easy for businesses and consumers for both way communication and has also changed the dynamics of power. Companies must make it a priority to safeguard their brand image and goodwill. The unidirectional communication is now proving to be ineffective, for instance, consumers now buy tickets, hotel bookings, rental cars and other bookings directly using social media and websites. The successful application of social media for companies is to build convenient access to consumers on social media and upgrade itself on soft media according to the demands of the consumer. Increasing use of social media by billions of people has made it compulsory for businesses like Hoteling, Transportation, house rentals, online shopping, and many others to use social media platforms for their business purposes.
For any business, the conventional way of doing business has been ineffective. A rational person would never waste time and resources to use the conventional way of business if he has the alternative means of doing it less time. Changing preferences have resulted in changing marketing strategies of many businesses and today, the maximum number of business do have mobile applications for online shopping, hotel booking, renting vehicles and more. It has proven to be disadvantageous for businesses that have not changed their marketing strategies and now lack behind in the competition. A major weakness of Ritz-Carlton Hotel is that they have not utilized social media to the extent that they should have done
BIBLIOGRAPHY \l 1033 Lee, Jung Wang. "Corporate Marketing Strategy using Social Media: A Case Study of the Ritz-Carlton Seoul." Asian Finance, Business, and Economics (2017): 79-86.
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