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In this report, the aim of the discussion will be to compile the growing global risks of the social media organizations like Facebook, Twitter and Instagram, from the projected or real government regulation. The possible impacts will also be discussed.
Facebook, Twitter and Instagram can be termed as the three most popular social media platforms in the modern world. Almost 70% of the people have their accounts in Facebook, 6% in Twitte4r and 2% in Instagram on worldwide basis. And this is the updated data collected till the month of May of this year. And in the context of the country of the United Kingdom, the percentages are about 62, 14 and 4 for Facebook, Twitter and Instagram respectively (Khan, Swar and Lee 2014). These three social media platforms have a huge impact on the people of the world, both on positive and negative basis. The nature of changes in the social media helps to make an effective and efficient comparative analysis of these social media platforms. From the research and data, it can be viewed that the Facebook is the most popular online social media platform globally. These social media platforms have revamped the life of the people drastically on not only in the United Kingdom, but also globally. But recently the government of the United Kingdom said that they are going to introduce online safety laws for the first time in the world. Due to this, bold and powerful actions will be taken against the companies who will breach the statutory duty of care. These actions will include substantial fines as well as to stop the business operations of that company in the region of the United Kingdom. Liabilities can be imposed on the individual managers of the senior management board members, and also to block the non-compliant services of those social media platforms. Not only the United Kingdom, the government of regions like New Zealand and Australia also started to ban these social media platforms on certain social issues (Rutsaert et al 2013). Though the owner and co-founder of Facebook, Mark Zuckerberg argued that the social media platforms should not be held responsible in the context of policing what is to be shared and what to not. The main laws from which the social media firms are facing risks are (Linke and Zerfass 2013):
Data Protection and Privacy – Companies are not following proper rules and regulations to protect the personal details and data who collect the details from the social media platforms and uses them for business purposes. Like in the United Kingdom, the General Data Protection Regulation or GDPR has been introduced to safeguard the personal as well as the official from the hackers or data getting breached.
Employee Rights – The companies are not following the proper and structured social media policies and exceeding the limit of monitoring the activities of the old as well as new employees in a particular organization. Social media privacy laws are also enforced in the workplaces of the organizations. As there is more presence in the social media platforms in the workplaces, concern is there regarding privacy violations of the employees working out there.
Disclosure and third-party endorsement – Organizations are also not following properly the protocols for product and service marketing, endorsements and disclosure of corporate financial information, in which they are misusing the online social media platforms and not following a clear and prominent way.
Governance and oversight – Rules are also not being properly followed by the companies to organize structured processes, controls and monitoring the uses of social media platforms for business purposes. Social media is also being held responsible for the suicides committed by the young people due to bullying on social media. Too much uses of the social media by the young people results to bully without any type of consequences.
Information archiving and retention – Organizations are also not following the parameters to acquire and retain the social media platforms communications for the sake of investigations and legal holds.
It has been seen from different studies and researches that the number of tech savvy people are increasing day by day worldwide. People are opening social media platforms accounts to remain socially active, and the companies are using these opportunities to promote their brand of products and services. Social media platforms are one of the best places where they used to promote their products or services, and can attract more people to knows about the prices, qualities, features and other important features about that particular brand. Launch of the new products or services can be successfully promoted online through these social media pages. The companies can reach to lots of people or users with a single click. But all these will be hampered by banning of these social media platforms from some countries or states. Online promotion as well as sales can be hampered if the proposed or real government regulations are imposed on the firms of Facebook, Twitter and Instagram (DeNardis and Hackl 2015).
From the above report, it can be said that revenue generation and sales number will be hampered for the companies if the social media firms have to face some ban and other regulations, because the online pages of those social media accounts will also be not allowed to use their pages on those particular states or countries.
In this report, the objective of the discussion will be to discuss as well as interpret the ways about how the emerging or developing economies are producing opportunities for global expansion for the businesses. Examples will be provided there to illustrate the report.
An emerging market can be described as the market place which possess some features or characteristics of a improved market, but does not meet the standards which can be used as a developed market. The said features or characteristics varies from place to place, and it fully depends on the market segmentation features of that particular market place. Countries like India, Argentina, Indonesia, China, South Africa and others can be termed as the big emerging markets. But to estimate the demand or the needs and wants of the people for the products or services in case of emerging markets as well as developing economies can be challenging as well as complex task for the managers of the companies who are going or planning to expand. The five major characteristics that helps to define emerging markets can be describes as follows (Claessens and Yurtoglu 2013):
These are the factors will help to establish the economy as a rising market. For example, less-than-average per capita income encourages the regions to undergo rapid alterations in order to increase the economic growth and construct a more mature capital market. The companies need to identify the most potential market where the company can taste the highest amount of success (Sundström and Radon 2015).
The last twenty years have recorded a huge growth and excellent transformation in emerging economies. Based on some reports, countries like China, India, Brazil, Russia and Mexico has been some of the top most locations for attracting worldwide business. The economies of these countries have developed rapidly, including the dramatic structural changes of the industries occurring simultaneously and also where the markets are able to fulfil the promises they made in spite of weak or volatile law and order. A few other emerging markets are Malaysia, Thailand, Poland, Chile, Ukraine, Argentina, Africa etc. The global economies encourage a larger distribution of products between several countries. Globalization accounts for a long history. The point is that ever since the economies are opened up and the processes are liberalized, the emerging markets or economies have produced more scope for the international businesses in which they are able to function in, produce goods and sell them (Scott and Chaston 2013). These emerging markets assure the global businesses with the right opportunities for their further growth and expansion. When the growth rates fall in the West, the multinational companies of the West have demanded more from countries like India and China. For example, the government’s recent decision for FDI (Foreign Direct Investment) in major sectors is nothing but one step closer to the profit to the multinational companies of the West (Meyer and Peng 2016). As and more we look up to the future, we can see that the tier two economies of countries such as Vietnam, Ireland and African countries are the upcoming frontiers of the global business. It is quite evident that the development of these markets will boost the expansion strategies of global business. It is due to the fact that the population of young people in these countries is higher because of the counties’ demography. Therefore, with so many young employees in the workforce, the emerging economies or markets provide the maximum means of growth for the global businesses. According to certain researches, it has been proved that the flow of capital is not in a single direction. Western multinational companies have to contend with the global ambitions of the emerging companies as well. Hence it can be summarized that the increasing importance of the emerging markets is a crucial feature in both the cases of demographic as well as economic terms. Many emerging markets confront with fast urbanisation and huge immigrations into the cities from rural areas due to the ongoing economic transformations (Rottig 2016).
From the above report, it can be said that the rising markets will provide opportunities for the multinational organizations to expand their business operations globally. But proper identification of the emerging markets and to capitalize on the opportunities provided by the market place to the organizations are essential, along with proper and structured marketing plan to penetrate into that market place and to segment the market accordingly is also a major part for the organization on which the revenue generation as well as the rate of sales growth will depend. Which are the two main objectives of any kind of multinational organizations who are planning to expand their business operations worldwide.
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Khan, G.F., Swar, B. and Lee, S.K., 2014. Social media risks and benefits: A public sector perspective. Social science computer review, 32(5), pp.606-627.
Linke, A. and Zerfass, A., 2013. Social media governance: regulatory frameworks for successful online communications. Journal of Communication Management, 17(3), pp.270-286.
Paniagua, J. and Sapena, J., 2014. Business performance and social media: Love or hate?. Business horizons, 57(6), pp.719-728.
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Rutsaert, P., Regan, Á., Pieniak, Z., McConnon, Á., Moss, A., Wall, P. and Verbeke, W., 2013. The use of social media in food risk and benefit communication. Trends in Food Science & Technology, 30(1), pp.84-91.
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Meyer, K.E. and Peng, M.W., 2016. Theoretical foundations of emerging economy business research. Journal of International Business Studies, 47(1), pp.3-22.
Rottig, D., 2016. Institutions and emerging markets: effects and implications for multinational corporations. International Journal of Emerging Markets, 11(1), pp.2-17.
Scott, G. and Chaston, I., 2013. Open innovation in an emerging economy. Management Research Review, 36(10), pp.1024-1036.
Sundström, M. and Radon, A., 2015. Utilizing the concept of convenience as a business opportunity in emerging markets. Organizations and Markets in Emerging Economies, 6(2), pp.7-21.
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