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Elements in Social Media & Business

Updated on August 17, 2014
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Elements in Social Media & Business Development

In developing a business plan one must consider the audience in which the product or service will be sold. The audience identification is crucial to any business startup enterprise. The audience is comprised of the demographics of your location that you plan on performing your business in. The demographics include what ages you would like to reach and gender. Also included in this demographic are informational pieces of information in regard to what they purchase and how much they buy.

Information and research in this area is critical to your evaluating the suitability of a business enterprise in this environment. The development of targeting the right audience for the company is critical in the financial growth and economic value of a business. The targeted audience is the audience that will buy, continue to purchase, and look for your product or service. In evaluating the audience the Social Media tools available are invaluable in making determinations about consumer purchasing power and appeal to the consumer.

Trends in the social media and social responsibility areas of the environment are crucial in determining the elements that develop consumer interest and purchasing power. The trending areas are developed by our environment online and off-line and is measured by the Census bureau on economic levels and purchasing powers. Government offices like the census bureau evaluate the geographical areas for economic value and it is open to the public for viewing. It is a good way to see if there are opportunities to grow a business in the geographical area or on the Internet.

The internal and external elements of a business plan are commonly used to develop and weigh the information gathered in determining the feasibility of a start-up business.

A business plan checklist is a suitable route to go in finding out and discovering the environment you wish to start a business in (http://checklist.com/business-plan-checklist/). There are also websites that assist with research and discovery of different information you will need to carry out or perform in your business enterprise.

Questions in regard to budgeting for the financial and economical growth of a business is also part of the development of a evaluation of the feasibility of a business plan. This is one of the most critical of elements in your business plans and it would be very wise for a budding entrepreneur to plan ahead in starting a credit line that could have a critical impact on business loans in the future. Your personal credit will and always will affect your application for a new line of credit and a business loan.

People, banks, and government agencies like the Small Business Administration (SBA) that grant loans want to look at results and the credit history is as important to the business plan as any other element in your plan. The credit line also plays a critical role in the presentation or perception of what and how you maintain your personal life and how your bills are paid. That is the main subject in looking at credit to see if you can pay your bills in a timely fashion.

Budgeting for expenses early in the planning stages can be beneficial to the new business owner or entrepreneur because there will be money set aside for all the expenses in the business from rent or mortgage to furniture payments in the business.

Social media also plays a role in your presence in your environment and when you apply for loans entities and people are going to look for documentation on your presence when you start an enterprise. In addition, to the documentation it is supporting your claims that your business can be successful especially if you have already started and have been in business.

In the business application process the entrepreneur is looking at whether or not a loan will be granted based on the experience and familiarity of the enterprise and the environment that you will engage your business in.

The competition must also be researched and evaluated and a very informative way to do this is by utilizing and engaging a SWOTT Analysis of the environment. SWOTT means discovery of (Strengths, Weaknesses, Opportunitites, Trends, and Threats) it is an evaluation of your business environment and you can also evaluate your own business if you have not done so already. This is all part of the strategic planning of a business plan and how it all comes together in a combination of information that is relevant to the overall actions you will be taking in developing a successful business plan. Another part of the evaluation is determining the capabilities of your company in the business world and against the competition or competitors you will be vying for business with.

References

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Kotler, P., & Keller, K.L., Marketing Management (13th Ed.). Upper Saddle River, NJ: Prentice-Hall.

O’Regan, M., Askok, K., Maksimova, O., & Reshetin, O., (2011). Optimizing Market segmentation for a global mobile phone provider for both targeting and Insight. Journal of Advertising Research; 51 (4), 571-577 American Psychological Association.

Perrault, W.D., Cannon, J.P., & McCarthy, E.J. Jr. (2009). Basic Marketing: A marketing strategy planning approach (17 Ed.). New York, NY: McGraw Hill.

Simoneaux, S.L., & Stroud, C.L., (2011). SWOT of Pension Benefits: Issues of Administration, 18 (3), 75-78 (American Psychological Association).

Villaneda, R., (2011). Ticket to Growth: The benefits of networking through social media are optimal for small businesses.

Internet:

http:// http://www.about.com/

http://checklist.com/business-plan-checklist/

http://forbesmagazine.com

http://www.guardian.co.uk/sustainable business/sony-untapped-audience-crowdsourcing-pr…

http://www.smartmoney.com

http://www.sonystyle.com/webapp/WCS/Stores

http://www.nationalartsmarketingproject.com/ Rasmussen Reports. (2011). Retrieved http://www.rasmussenreports.com/public_content/lifestyle/general_lifestyle/poll_24_rent_movies_at_least_once_a_week

http://www.forbes.com. (2006). Five Best Marketed Companies. Retrieved from

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