Fit of social media with existing marketing strategies

Abstract

The objective of our stud was to develop an understanding of the current use of Social Media and study the on-going changes. We also wanted to explore the range of companies and products which can leverage from Social Media, while coming up with a set of guidelines for companies in general, and specific advice for Small and Medium businesses to enable them to compete at equal footing with the sector majors. The initial steps to achieving these objectives, Secondary Research and Literature Reviews, have already been performed and details have been submitted as Mid-term report. These details have not been repeated in this report, however highlights have been provided for quick recollection. Further, the report contains our study of a mix of Indian and Foreign companies across various sectors to understand the existing use of Social media on five key parameters we have identified. The resultant data from this study has then been converted into a three points scale to numerically gauge the levels of usage of Social media on the five parameters. Based on our analysis we have provided general set of recommendations for each of the sectors, and their viability in terms of gaining from use of Social media. We have also provided recommendations for Small and Medium companies, in the sectors deemed beneficiary from use of Social media. To conclude the report we have come up with a set of guidelines, in the form of Do’s and Don’ts to help the firms willing to use Social media to their advantage.