HI6008 Business research Assignment 1 Topic Approval
5 Aug 2020
BUSINESS RESEARCH PROJECT – TOPIC APPROVAL
Topic – Advantages and Disadvantages of using social networks in business
The concerned business research project is going to be developed on the advantages and disadvantages of social media in business, therefore, this study only focuses on the topic approval where the purpose of choosing topic, research problems, initial research process and a research question are mentioned.
1. The topic’s interest
The topic has been chosen for the future business research project and it is based on “advantages and disadvantages of social networks in business”. To initiate the project, the research team did look for a topic from contemporary scenarios in today’s business world. Thus, they have decided this topic to be incorporated within their research project as it is pretty relevant to the present situation of business operations. The most interesting part of choosing this topic was the understanding regarding the increase of usability of social networks within most of the business organizations. Since the emergence of Facebook in the year 2004, the concept of social media has grown and spread across the world. For every purpose like personal use, education, research and business purposes, social networks are being used immensely (Chamoso et al. 2018). It is the fact that ahead of print media, social media has become the most preferable source of gathering information and news. Each social media network has a unique audience in terms of size and acceptability across the world. As far as global business is concerned, social media is one of the most significant parts of sales and marketing. During initial research, it has been found that in the world, there are more than 3.5 billion social media users, which equates to around 45% of the entire population. As per statistic is shown, business especially in the US has become more dependent on social media networks. In 2013, around 86% of businesses were using the network and in 2019, the figure has increased to 91% approximately (Statista.com. 2020). So, it has been identified that social media has been influencing business operations in terms of brand marketing and advertising.
However, this topic is not only about how many businesses are using social media and in which sections. It is mainly based on what benefits and challenges are being produced in using social media networks within operations. The research team tried to enter the core of this topic where the information would be gathered and an understanding would be placed in the study related to the advantages and disadvantages in social networks in business operations. Many business operations have found some difficulties in using the network in the form of unnecessary harassment, security issues and possibility of negative feedback from customers (Vismara, 2016). This has developed more interest among the research team members to find the actual data on the topic. Therefore, the research team has shown interest in this topic to find out what advantages and disadvantages are involved in using the networks for business purposes.
2. Team’s initial research
The concerned research project is based on generating some ideal deliverables such as use of social networks in businesses, advantages of using and disadvantages of using. For achieving those variables, it is necessary to find authentic literature in which entire data would be available in a structured manner. For initial search, the team members would be eyeing on secondary literatures including existing journals, articles, business review and news bulletin. The function of searching information would be divided into many parts among the team members. For instance, one team member would be searching for the deliverable of social media network usability and its application methods within global business. One member might be focusing on the significance and purpose of using social media and on the other hand another team member would go for advantages and disadvantages. Article review would give them an understanding of the concept social media use in the business in a general manner. It would also give sufficient idea of how social media is affecting the business both in the positive and negative way. On the contrary, news items would provide information on the current scenario of social media usability in business. Lastly, a business review would give the exact information regarding the topic, which might increase the depth of their knowledge and understanding. It would enable them to understand the effect of social media networks on a different industrial basis. All the searching functions would be done through an online library of articles and journals as well as print media platforms.
Therefore, the initial idea of searching for relevant literature has provided a great contextual understanding of how the research would be progressed. The most significant part of a research is data collection and the members are required to focus on the above-mentioned deliverables. It would secure the participation level of each member during the project. It has been understood that each deliverable needs to be well-researched as per the purpose of the study. For instance, the project is based on social media advantages and disadvantages in business operations, so it is necessary to find the history of emergence of social media and its continuous growth. It would ensure a solid and purposeful start of the research project. Apart from that, proper literature research would also develop some essential skills for researchers such as research skill, adaptability skills, basic knowledge development, analytic skills and decision-making ability.
3. Research problem statement
Organisations in the world become so dependent in terms of their marketing and advertisement that they have started using various platforms such as Facebook, Twitter, Pinterest, Instagram and others. It has been seen that some organisations are dealing with the issues of false identification or misguided words. The issue may be raised due to the emergence of unnamed cyber attacks (Bendovschi, 2015). It has been found that in the year 2016, around 95% of overall breach-records have come from three sectors such as government service, technology and communication and retail. Apart from that, around 43% of cyber attacks are targeting small or start-up business operations globally (Cybintsolutions.com. 2020). It has been predicted that at the end of 2020, the average cost of data breaching would probably exceed $150 million.
An example can be given regarding the previously mentioned issue in social media marketing. A well-renowned organization, McDonald has blamed an unnamed external source for their deleted tweet, which attacked the present US President by saying ‘disgusting excuse of a President’ (Theguardian.com. 2020). The tweet was done from the official account of the organisation. After investigating internally, the management confirmed that their twitter account was hacked and still they apologised. It surely has hampered the reputation of the business, especially in the market of the US. Several supporters of the US President tweeted about instigating a boycott to the company.
Therefore, it has been identified that despite having several benefits like strong customer relationships, high brand promotions and others, social media has this kind of disadvantage too. The research team would be focusing on addressing this particular issue in a more descriptive way along with some other issues as well.
4. Research question
How have social media networks been affecting global business operations?
Therefore, it can be concluded that the topic approval has been done by identifying the purpose, initial research process, research problems to be addressed and developing a research question. The main research problem is based on cyber attacks within social media networks.
Bendovschi, A., (2015). Cyber-attacks–trends, patterns and security countermeasures. Procedia Economics and Finance, 28, pp.24-31. Available at: https://www.sciencedirect.com/science/article/pii/S2212567115010771/pdf?md5=6db9f2508c6ac54d26fd7f9b4c3c57c1&pid=1-s2.0-S2212567115010771-main.pdf&_valck=1 [Accessed on: 20 April 2020].
Chamoso, P., Rivas, A., Rodríguez, S. and Bajo, J., (2018). Relationship recommender system in a business and employment-oriented social network. Information sciences, 433, pp.204-220. Available at: https://bisite.usal.es/archivos/relationship_recommender_system_in_a_business_and.pdf [Accessed on: 22 April 2020].
Cybintsolutions.com. (2020). 15 Alarming Cyber Security Facts And Stats | Cybint. Available at: <https://www.cybintsolutions.com/cyber-security-facts-stats/> [Accessed on: 20 April 2020].
Statista.com. (2020). U.S. Social Media Marketing Reach 2019 | Statista. Available at: <https://www.statista.com/statistics/203513/usage-trands-of-social-media-platforms-in-marketing/#statisticContainer> [Accessed on: 22 April 2020].
Theguardian.com. (2020). Mcdonald’s Tweets Go Rogue With ‘Tiny Hands’ Jibe At Donald Trump. Available at: <https://www.theguardian.com/us-news/2017/mar/16/disgusting-excuse-president-mcdonalds-tweets-trump-tiny-hands> [Accessed on: 21 April 2020].
Vismara, S., (2016). Equity retention and social network theory in equity crowdfunding. Small Business Economics, 46(4), pp.579-590. Available at: https://www.researchgate.net/profile/Silvio_Vismara/publication/317823426_Equity_Retention_and_Social_Network_Theory_in_Equity_Crowdfunding/links/5af5a79aaca2720af9c69c13/Equity-Retention-and-Social-Network-Theory-in-Equity-Crowdfunding.pdf [Accessed on: 21 April 2020].
Team member names
The team member has arranged several meetings for choosing the topic and planning for research. Therefore, their agreed goals are to find existing secondary literature as per generated deliverables within the topic.
The timeline for the completion of the project would be 4 months approximately from now on.
Member 1 is responsible for searching a deliverable of usability of social media networks in today’s business scenario. Member 2 would go for advantages and disadvantages of social media. Member 3 has the responsibility to arrange the collected data as per the priority and focus.
Member 1 and member 2 would play the role of initial researcher and member 3 would be an interpreter as the individual would arrange and analyse the information.
In terms of meeting attendance, the team’s expectations are to be on time in every meeting and show an ideal engagement within the topic related discussions.
If team members have any issues and they cannot attend a meeting on time, they would follow an online group chatting system where they can communicate with each other regarding the discussion.
It is expected from the team members to prepare sufficient data for the base of the topic including the topic’s interest, research question and problems and others for future team meetings.
The team’s expectations are to develop in-depth knowledge in choosing the topic and have a basic understanding of why the topic is chosen. Therefore, it is also expected to have cooperative, coordinated and risk-free research works from team members.
The team members’ activities would be monitored each weekend and performance analysis would be done as well.
Good performers in the team would be verbally praised along with some other benefits like “Performer of the week” award.
They would be asked for motivating and guiding members whose performance is not as expected.
The research team is committed to deliver authentic data regarding the topic and maintain a good team-working environment throughout the process.