Q Paper on HI6008- Business Research Project using different kinds of social networks in business can create problems too. Home, - HI6008- Business Research Project HI6008- Business Research Project Advantages and Disadvantages of Using Social Networks in Business Topic Identification Modern day organisations are using different kinds of social networks in business. Using of different kinds of social networks in business generally have several types of advantages as well as disadvantages, which may maximise profitability of business or hamper the profitability of business at the same time. Problem Definition I can share my views that the use of social networks in business can create different problems or challenges apart from the benefits. Such problems are bad publicity problems, poor execution problems, time management problems, data hacking problems, and customer satisfaction problems. Research Question In this reflective research work, I will address the following developed research questions. • What are the impacts of the advantages of social networks on business operation process? • How to overcome the challenges of use of social networking in business? Writing of Topic Approval Submission Following things need to be considered for the approval of the submitted topic. Student Name: Discipline Comprehended by Topic: Marketing/ Science/ Social Studies/ Arts/ Others Topic to be explained: Advantages or Disadvantages of Using Social Networks in Business Resources: Academic Journals/ Text Books Reason behind the Topic Selection: Selection of this particular topic will help me to determine the advantages as well as disadvantages of using of social networks in business. Use of social network in business has become a common trend for the companies. Therefore, research on advantages and disadvantages will help us including researchers and future professionals. Signature of the Students: Date: Signature of the Teacher: Date: Approval of Topic with Signature: Literature Review There are several important advantages as well as disadvantages of use of the social networks in business. In terms of the advantages, effective utilisation of the social networks in the business can assist the management of the organisations to communicate important stakeholders, such as suppliers, customers, and community members (Alwagait et al., 2015). Overall, it creates awareness of products and services among the target customers. On the other hand, suppliers as well as the other important stakeholders come to know about the business operation activities of a specific company. Hence, effective communication between the management of the organisations and important stakeholders can be considered as the major advantage (Dolan et al., 2016). Apart from this, effective utilisation of the social network in business generally allows the organisations to capitalise on the opportunities regarding sharing of important ideas across the potential market places. Hence, successful business expansion also can be regarded as an important advantage of the use of social networks in business. The expansion of the market value through the used social networks allows the organisations to penetrate a large target customers group within seconds across the globe in a time and cost effective way (Di Gangi and Wasko, 2016). There are several disadvantages of the use of the social media networks in business. First of all, lack of safety and security of the social networking tools can cause miss handling of customers’ data (Chung et al., 2018). It can ultimately cause data theft and data hacking, which can have negative impact on the customer satisfaction and business growth. Ineffective and inadequate social networking in business also can be considered as an activity, which is nothing but the wastage of the time (Ali Hassan et al., 2015). This increases business operation cost and time, which possibly has a negative impact on the profitability, governance, revenue generation, and sustainability of business as the important stakeholders may withdraw support from the business operation activities of the organisation. Research Methodology As a researcher, I have a choice of selecting a particular research method among many. There are mainly two types of research methods. These are qualitative research methods and quantitative research methods. Discussion about Methods Qualitative research method is nothing but the consideration of the views, thoughts, feelings, and emotions of involved people in the research work to meet research objectives. In quantitative research method, researchers handle the numeric information and statistical data through the application of statistical formulas. Depending upon the exploratory nature of this research, I have adopted the qualitative research method. Sampling I have considered simple random sampling approach in which 10 managers of different retail organisations in Sydney. Hence, the sample size is 10. Questionnaire The questionnaire has been developed in the appendix section. Data Analysis Three out of the ten respondents have stated that the companies may face time management problems. On the other hand, seven out of ten respondents have shared that the companies can face data security, data hacking and data theft problems. Most importantly, nine of the ten respondents have stated that companies may face the business profitability and customer satisfaction problem due to poor application of the social networking strategy. Fourthly, eight out of the ten respondents have shared that the poor execution of social networking strategy creates negative effects on stakeholder support aspect. Lastly, all of the respondents have suggested that effective stakeholder integration during the execution process, effective monitoring of the tools, and utilisation of the secured as well as advanced social networking tools can help in overcoming the negative challenges. Interpretation I can interpret from the above analysis that all the management professionals need to act collaboratively to overcome the execution problems of social networking tools. I also strongly feel that the management needs to consider effective installation and monitoring of advanced social media tools in business. Findings It can be founded that poor execution, lack of data security and safety, and lack of monitoring of the social networking tools can hamper stakeholder support, customer satisfaction, and business operation profitability of the companies. Writing-up the Project Report I have realised that the management of every organisation needs to understand the poor consequences of inadequate execution of the social networks as these can cause poor profitability and business growth of the organisations. Reflection on the Research Experience This particular research activity has helped me to understand that the organisational management should use safe, secured, advanced, cost efficient and multi-tasking social networking tools for positive business growth. Insights Gaines Effective monitoring, installation, handling and management of social networking applications are important. Moreover, effective training and development programmes for employees are also important to increase the knowledge about handling and controlling of the social networking applications. Teamwork As a team member of research team, I was responsible to develop the literature review section and collection of the important primary data from the respondents.