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Question: Discuss about the Social Network in Business. Answer: Introduction A practice to expanding the area of business or social contacts through internet connection over various social media site like Twitter, LinkedIn, Google+, Facebook etc. is commonly called the Social Networking. This network establishes interconnection of online communities which helps in making contacts. Marketers and Businessmen use social networks for the increment of brand recognition and gain loyalty from consumers (Aral, Dellarocas and Godes, 2013). The companies and organization gets much easier access to the number of customers through this social media site beside the traditional method of marketing, this helps in increasing the advertisement of the respective industry and hence promotes the brand. In this project work we are going to discuss the major significance of Social Network in the fundamental changes that Social Network has done to the business world. There are several more benefits of social network in this revolutionary world which we are going to discuss further (Cumings and Dennis 2016). Further we will discuss about the strategies developed by the business industry for the development of their business within the social networks. Project Objective The main objectives of this project (Social Networking in Business) are: To analyze the significance of Social Network To analyze the challenges faced in Business for Social Network To analyze the need of social media in business To analyze the pros and cons of Social Network in Business Project Scope The need of the project is to establish an awareness of the Social Network. Evaluating the needs and use of this social network in business purpose. How these business are improved by the networking tactics of social networks (Bharadwaj et al. 2013). Here, we are going to review some of the books, articles and blogs in the literature review part to explain the objectives related to the social networks in business and hence conclude the processes and requirements of this social networking. Literature Review In old and traditional management approach the organization basically focuses on the performance of short term horizons, perspective from demanding outside, extrinsic sanctions and rewards, explicit control and coordination, pushing the managerial qualities and determining assets as the business organizations core resource. But the modern management approach suggest the organization to focus on the perspective from the positive core, longer term performance horizon, intrinsic sanctions and rewards, implicit controls and coordination, pulling the managerial qualities and much more (Cristescu 2016). The main aim of the project is to provide the readers a literature review on multilevel focused on the research area and the topic selected on the present research. The researcher hence tries to search for the gaps between earlier researches unpublished and published work. The research within, are carried focusing on the characteristics of social network in business tactics in the organizat ion. This part of the project provides literature review on the social networking and its impact on todays business world along with its benefits and challenges to the field. Introduction The significance of Social Network is huge. Since, promotion of business now-a-day a big challenges for the company because of the market potential competitors the social network can be proved as helpful as no other traditional methods. Social network provides large number of active audience using various social sites. It is not important for the company to use every single platform for the promotion of their business product or service but creating even a single account can give exposure to million numbers of people around the world (Cummings and Dennis 2016). The social media marketing allows the user to create their platforms free of cost. But the only investment one needs to get done is in the form of time. But there are also some paid advertisement options in the social media platforms which prove to be a good way of growing the business and to reach more users since paid promotions reflects loyalty and worthiness. Social Media is a unique platform which has the ability to share and hence get help from the followers. Often paid advertisements get share and likes from the follower that improves the promotion of the business. This gives a wider reach to people for the business. The social media helps the people to get details about the brand goods and services provided and also the other way around. The social media give several valuable information about the likes and dislikes of the customer, that can help to make some smarter business decisions. Apart from these benefits of social media there are some major disadvantages of the field as well. Negative feedbacks of consumers may lead to failure of the business. There should not be any kind of flaws within the system promotion since it is easy to get caught in the social media. This can have a huge consequence foe any business. Time and effort are two main things that maintain the instructiveness of the business in social media (Eriksson and Kovalainen 2015). Hence, it is required to have large teams and po tential resources for the investment of time. In this following section we are going to discuss the concept of social media in business along with the challenges and benefits of using the platform. Concept of Social Networking The social networking service is also called the social media or the social networking site is a platform services online that are used by the people for building social relationship and networks with other people those who shared common interest in career or in other activities or to expand the business increasing contacts with individuals or organizations. Marketers and business man uses the social media networks for increasing the recognition of brands and hence promote loyalty toward the customers (Holmes and O'loughlin 2014). Since, the company has then access to the recognizable existing customer and some new customers, thus here the social media helps to promote the brand name and contents. The main advantage of social networking for businessman and marketers are that the company uses the social network to improve conversion rates and provides an access to variety of organization and old, recent and new customers. Sharing various types of blogs, posts, images etc. may lead customers to the charm of the organization and hence their compliments on companys offering encourages new customers to buy the product and use the service accordingly. Promoting the companys product or service helps in increasing the value of the brand authority. Increase in posts, makes the company rank higher in the search engine which helps in establishing the brand as trustworthy, legitimate and credible. The company uses the social media network to demonstrate the level of its customer service and hence enrich the relationship with the consumers. Along with the advantaged there are several disadvantages as well. The social media platform is independent and is still undergoing improvements and maintenance, which costs quiet high and these costs, adds up very quickly. A company profile and a business needs several numbers of follower before the marketing campaign in the social media starts, which generated a positive Return of Interest (ROI). Single marketing strategies do not work for every business occurrence since there is uniqueness in every business and will have some different targets demographic, competitive and history market places. Thus the fact that the social networking is evolving constantly makes it possible to keep pace with the challenges, changes which influence the companys success marketing rate. Since the social media needs to get paid from the business for the advertising, the companies restrict the actual amount the business has reached. This may allow them to receive the unpaid posts for the advertisement . The higher the companies reach the more amounts they receive. Social Networking in Business The need of social media in business is crucial. Social media can be used wisely as a powerful tool in the business. There are several opportunities and benefits of social media that includes: networking, attracting customers, revenue, researching, brand development and search-engine discoverability. Networking This field is proved to be a valuable way for exchanging some ideas with the like-minded people that may improve the way of business tactics. Using effectively the online networking sites also plays a major role in the business (Ngai, Tao and Moon 2015). This offers sharing of knowledge and word-of-mouth referrals within the service and goods provided by the company. Attracting Customers Social media is known for being a better and greater way to attract new customers. Considering the campaigns of social media awareness the organizations can try attracting consumers and followers by delivering good or services. Once the company gains followers, rest can focus more on the personalized social media campaigns that encourages people to stay. Revenue This is the most obvious tactics to generate revenue. Building a community or advertising the product and service provided within the platform of social media. The advertisements that are been promoted in social media can be linked to the websites of company or can either link back to the business of social media page (Maier et al. 2015). This enables the user to get the benefit from social media without the need to have a channel. Researching Social media not only helps in serving the business promotion amongst the consumers but also allows the users to keep track of the competitors, their way of business and how they are improving in it (Saravanakumar and SuganthaLakshmi 2012). This is said to be a valuable exercise to do, if not have enough time to spend ones own business promotion over the social network. Brand Development Using social network helps the users to connect to the customers and interact with them within a more personal level. Having an well established brand can be helpful as the social media might give the opportunity to promote the brand further and hence develop the brand and give the business a voice to improvise. Search-Engine Discoverability The ranking of the search result of various search engines may affect the size and influence the social network of the business. With increase in the social followers, the visibility of the business website in search engines also may increase. This is known as the Search Engines Optimization strategy. Pros and Cons of Social Networking in business Potential advantages of social networking in business: Reduces the marketing cost Increases the sales Increases traffic to websites Improves ranking on the search engines Better customer engagement Greater access to the international marketers Opportunities on consumers feedback Opportunity for conducting market research about consumers Improves the networking opportunities with customers and the other businesses as well Possible disadvantages of social network in business that people should be aware of: Unclear marketing strategy may result in reduction the benefits of the business The online presence needs to be managed by the additional resources Social media is immediate and needs daily monitoring Only actively managing the social media presence may give the real benefits Risk of inappropriate and unwanted behavior on the site includes buying and harassment More exposure online has the potential to attack risks and these risks may include negative feedback, information leaks or hacking. Conclusion The social networking strategies offer great opportunities but also great pitfalls. For every company uses the social media networking to promote their products and services the risks gets higher. Social networking is hence used for the business and social purposes depending on the types of people they conduct and communicate. The companies and organization gets much easier access to the number of customers through this social media site beside the traditional method of marketing, this helps in increasing the advertisement of the respective industry and hence promotes the brand. The social networking service is also called the social media or the social networking site is a platform services online that are used by the people for building social relationship and networks with other people those who shared common interest in career or in other activities or to expand the business increasing contacts with individuals or organizations. 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