MGMT 490 Lecture Notes - Lecture 2: Social Media Marketing, Online Advertising, Crazy Prices
Strengths are a part of the internal business environment; opportunities are a part of the external.
Businesses today hire millennials, which influence their work environment. They also have categorized
millennials into a separate target market and make sure to adhere to their demands and buying patterns
- a direct influence of the external environment.
With more millennials in the workforce, businesses are saving a ton of money on perks, benefits, and
compensation. Millennials care more for their personal values, such as free time or a flexible work
schedule - sociocultural influences. In many cases in my company, millennials are happier with getting
weekends off than they are with a pay raise. In other words, millennials are cheap and because of that,
businesses have many more strengths: minimized labor costs, higher profits, etc.
In addition to that, technological influences make millennials a fairly easy market to reach. The
opportunities are endless; whether it's an advertisement on Facebook or a sponsor on Instagram,
millennials can make contact with a product with a click on the computer or a scroll on the smart phone.
This means that online transactions will continue to rise, as millennials become more and more
accustomed to this style of life. The online market will continue to grow and businesses are very well
aware of that. In fact, my roommate only shops outside of home for groceries. Every other item,
whether it's a new TV or a new shirt, he buys on the Internet, and not only because it's cheaper, but
because he has the power to do so.
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Collapse SubdiscussionKaren Savage
Karen Savage
Jan 27, 2018 Jan 27 at 2:49pm
Hi Jane,
I'm not sure that I agree with you about Millennials being a cheap workforce. My experience is in
engineering where my company is hiring new engineering graduates at crazy prices. And they get 5
weeks off vacation and 10 days sick pay. They also get paid medical if they take the high deductible
HMO. Of course, these are STEM jobs in high demand and we recruit from all over the world to find the
right people.
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I agree with you about fairly easy marketing though. Social media advertising and marketing is almost
like shooting fish in a barrel if targeted properly.
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Collapse SubdiscussionSandra Al-Rabadi
Sandra Al-Rabadi
Jan 23, 2018 Jan 23 at 12:46am
The impact of the millennial generation on strengths and opportunities for business has been an arising
discussion. The millennial generation have the reputation of being the "tech savy" generation. Although,
us generation y may have a uneasy reputation for how reliable we are on our technology; this may be
very resourceful for businesses. As innovation in technology excel, the millennial generation excels with
it. According to Cisco 2014 Connected World Technology Report, "82% HR professionals think that Gen Y
employees are able to perform tasks faster than older employees using mobile devices and apps. Their
tech sense enables them to multi-task smoothly." This makes the millennial generation more resourceful
and the ability to collaborate through networks.
The opportunities that the millennial generation branch off of the idea of innovation. Because of the
impact of technology, the millennial generation actively tries to assure productivity. Through networks,
researching, and social media, the millennials are consistently consuming the surrounding wants and
needs of the population, this can cause endless opportunities for businesses. For example, I work for a
software company and am constantly researching competitors, and looking at successful software
stories and feedback to keep our company at a competitive edge that my superiors might oversee.
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Collapse SubdiscussionMorgan Casteleyn
Morgan Casteleyn
Jan 23, 2018 Jan 23 at 11:32am
The Millennial generation has impacted the strengths and opportunities of businesses in many ways. I
think that the most important strength that millennials bring to businesses is their tech-savvy
knowledge. Millennials were the first generation to be brought up with computers; therefore, it is safe
to say that they have that advantage and can utilize it through their work or by teaching others within a
opa that aet as teh-savvy.
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find more resources at oneclass.com
Times have certainly changed when it comes to technology and businesses. Today, people are spending
a ton of time online and companies are using social media more than ever to market their brand. For
example, social media sites such as Facebook, YouTube, and Instagram include advertisements and
sponsored posts all over for different brands. There are plenty of jobs out there that are solely focused
on social media alone, so I think that millennials have the opportunity to showcase their knowledge and
help keep companies up to date with social, entertainment, and other market trends.
Reply Reply to Comment
Collapse SubdiscussionAlyssa White
Alyssa White
Jan 24, 2018 Jan 24 at 4:58pm
I believe that millennials can be very beneficial to companies today. Millennials are known to be more
technologically advanced than any other generation, because they have grown up in a time in which
technology is of utmost importance. Millennials have been portrayed as lazy, and entitled, but I simply
dot thik thats the ase. If athig the hae to poe theselves more than any other age group
eause people dot take the as seious. We lie i a old hee soial edia is the ai platfo
for advertising yourself, your beliefs, or your products. Everyone has at least one social media account,
and more and more businesses are adapting social media accounts for free advertising, building
clientele, etc. I am almost at the end of my schooling so I am constantly looking on sites like Indeed and
Monster at what kinds of jobs are available. One particular job that has stuk out to e is soial edia
aage. This jo title is self eplaato, opaies ae lookig fo soeoe to oesee thei aious
social media accounts. Some of the job duties include development of brand awareness, maintaining a
good online reputation, and content management. Having someone with knowledge of social media is
oiousl ipotat fo this ole, ad thees eall o oe ette tha a illeial to hadle that tpe
of jo eause the ko the is ad outs of soial edia. With the right tools, social media can make
your business very successful and create more opportunities for your company.
Reply Reply to Comment
Collapse SubdiscussionStephen Fox
Stephen Fox
Jan 25, 2018 Jan 25 at 4:53pm
Hello Alyssa,
I agree with everything you wrote about the millennial generation and how they impact business. I
definitely feel social media is a huge part of any business and its definitely something created specifically
for millennials to use. Every company has a Facebook page or some form of social media profile. They
use these profiles to advertise and communicate with their customers throughout the world. Everyday I
find more resources at oneclass.com
find more resources at oneclass.com
Document Summary
Strengths are a part of the internal business environment; opportunities are a part of the external. Businesses today hire millennials, which influence their work environment. They also have categorized millennials into a separate target market and make sure to adhere to their demands and buying patterns. A direct influence of the external environment. With more millennials in the workforce, businesses are saving a ton of money on perks, benefits, and compensation. Millennials care more for their personal values, such as free time or a flexible work schedule - sociocultural influences. In many cases in my company, millennials are happier with getting weekends off than they are with a pay raise. In other words, millennials are cheap and because of that, businesses have many more strengths: minimized labor costs, higher profits, etc. In addition to that, technological influences make millennials a fairly easy market to reach.
