Using social media in business opportunity and risk (Facebook) Personal Statement

Using social media in business opportunity and risk (Facebook) - Personal Statement Example Forums for interactions that the media, such as Facebook, offer allow organizations to understand their customers need and to tailor their products for meeting these needs. It also helps in identification of markets that aid sales and market control. Availability of a pool of customers or potential customers, cost efficiency and cost effectiveness are some of the opportunities that Facebook offer to corporate organizations. Cost effectiveness of Facebook, for instance, while it ensures effective access to target audience, in strategies such as marketing and customer relationship management, facilitate the profit motive. Facebook also allows a business an opportunity to collaborate with other businesses for common interests and this is possible through interactions in professional groups (Belleghem 191). Reliance on social media such as Facebook however reduces interactions with customers for in-depth communications and this may be a barrier to understanding and meeting customers’ needs. There is also risk of insecurity over data because of sharing of information on Facebook. In addition, technicalities with the media, such as when it shut down, may impose temporary limits to information access (Payne & Frow 388; Belleghem