The Role of Social Media in Shaping Demand and Supply
Order ID |
53563633773 |
Type |
Essay |
Writer Level |
Masters |
Style |
APA |
Sources/References |
4 |
Perfect Number of Pages to Order |
5-10 Pages |
Description/Paper Instructions
The Role of Social Media in Shaping Demand and Supply
Social media has revolutionized the way people interact with each other and the way businesses operate. It has had a significant impact on both demand and supply in various industries. In this essay, we will explore the role of social media in shaping demand and supply and its impact on the economy.
Demand is the quantity of a particular product or service that consumers are willing and able to purchase at a given price. Social media has a significant influence on demand as it enables consumers to interact with brands, share their opinions, and make informed purchasing decisions. Social media platforms such as Facebook, Instagram, Twitter, and Pinterest provide consumers with access to information about products and services, including user-generated content such as reviews, ratings, and testimonials. This information can influence the demand for a particular product or service as consumers tend to rely on the experiences of others when making purchase decisions.
Social media also provides a platform for businesses to target consumers with specific products or services through advertising. Targeted advertising on social media platforms allows businesses to reach a specific demographic, location, or interest group. By targeting consumers based on their preferences, businesses can increase demand for their products and services. For example, if a business targets consumers who are interested in health and fitness, they are more likely to purchase products related to that category, such as protein bars or supplements.
On the supply side, social media has also had a significant impact. Supply refers to the amount of a particular product or service that producers are willing and able to offer at a given price. Social media has enabled businesses to connect with consumers and understand their needs and preferences better. By analyzing data from social media platforms, businesses can identify trends, customer feedback, and opinions, which can inform product development, pricing, and marketing strategies.
Social media also provides businesses with a platform to promote their products and services, reach new audiences, and increase brand awareness. By creating a social media presence and sharing content such as product photos, videos, and reviews, businesses can attract new customers and retain existing ones. Social media can also be used to promote special offers, discounts, and loyalty programs, which can encourage customers to purchase more frequently or in larger quantities.
One of the most significant impacts of social media on supply is its ability to enable businesses to communicate with their suppliers more effectively. By using social media platforms such as LinkedIn, businesses can connect with potential suppliers, communicate with them, and negotiate better deals. Social media has also enabled businesses to collaborate with suppliers in real-time, making it easier to manage supply chain logistics and inventory management.
However, social media has its drawbacks when it comes to shaping demand and supply. One of the major concerns is the spread of fake news and misinformation, which can lead to irrational consumer behavior and affect the demand for products and services. Additionally, social media can create a false sense of demand, especially when it comes to influencers and their impact on consumer behavior. Influencers may promote products that they have not used or do not believe in, leading to a mismatch between supply and demand.
In conclusion, social media has played a significant role in shaping demand and supply in various industries. It has enabled businesses to reach new audiences, promote their products and services, and connect with their suppliers more effectively. On the other hand, social media has also created challenges, such as the spread of misinformation and the influence of influencers on consumer behavior. Therefore, it is important for businesses to use social media platforms responsibly and for consumers to make informed purchase decisions based on reliable information.
The Role of Social Media in Shaping Demand and Supply
RUBRIC
QUALITY OF RESPONSE |
NO RESPONSE |
POOR / UNSATISFACTORY |
SATISFACTORY |
GOOD |
EXCELLENT |
Content (worth a maximum of 50% of the total points) |
Zero points: Student failed to submit the final paper. |
20 points out of 50: The essay illustrates poor understanding of the relevant material by failing to address or incorrectly addressing the relevant content; failing to identify or inaccurately explaining/defining key concepts/ideas; ignoring or incorrectly explaining key points/claims and the reasoning behind them; and/or incorrectly or inappropriately using terminology; and elements of the response are lacking. |
30 points out of 50: The essay illustrates a rudimentary understanding of the relevant material by mentioning but not full explaining the relevant content; identifying some of the key concepts/ideas though failing to fully or accurately explain many of them; using terminology, though sometimes inaccurately or inappropriately; and/or incorporating some key claims/points but failing to explain the reasoning behind them or doing so inaccurately. Elements of the required response may also be lacking. |
40 points out of 50: The essay illustrates solid understanding of the relevant material by correctly addressing most of the relevant content; identifying and explaining most of the key concepts/ideas; using correct terminology; explaining the reasoning behind most of the key points/claims; and/or where necessary or useful, substantiating some points with accurate examples. The answer is complete. |
50 points: The essay illustrates exemplary understanding of the relevant material by thoroughly and correctly addressing the relevant content; identifying and explaining all of the key concepts/ideas; using correct terminology explaining the reasoning behind key points/claims and substantiating, as necessary/useful, points with several accurate and illuminating examples. No aspects of the required answer are missing. |
Use of Sources (worth a maximum of 20% of the total points). |
Zero points: Student failed to include citations and/or references. Or the student failed to submit a final paper. |
5 out 20 points: Sources are seldom cited to support statements and/or format of citations are not recognizable as APA 6th Edition format. There are major errors in the formation of the references and citations. And/or there is a major reliance on highly questionable. The Student fails to provide an adequate synthesis of research collected for the paper. |
10 out 20 points: References to scholarly sources are occasionally given; many statements seem unsubstantiated. Frequent errors in APA 6th Edition format, leaving the reader confused about the source of the information. There are significant errors of the formation in the references and citations. And/or there is a significant use of highly questionable sources. |
15 out 20 points: Credible Scholarly sources are used effectively support claims and are, for the most part, clear and fairly represented. APA 6th Edition is used with only a few minor errors. There are minor errors in reference and/or citations. And/or there is some use of questionable sources. |
20 points: Credible scholarly sources are used to give compelling evidence to support claims and are clearly and fairly represented. APA 6th Edition format is used accurately and consistently. The student uses above the maximum required references in the development of the assignment. |
Grammar (worth maximum of 20% of total points) |
Zero points: Student failed to submit the final paper. |
5 points out of 20: The paper does not communicate ideas/points clearly due to inappropriate use of terminology and vague language; thoughts and sentences are disjointed or incomprehensible; organization lacking; and/or numerous grammatical, spelling/punctuation errors |
10 points out 20: The paper is often unclear and difficult to follow due to some inappropriate terminology and/or vague language; ideas may be fragmented, wandering and/or repetitive; poor organization; and/or some grammatical, spelling, punctuation errors |
15 points out of 20: The paper is mostly clear as a result of appropriate use of terminology and minimal vagueness; no tangents and no repetition; fairly good organization; almost perfect grammar, spelling, punctuation, and word usage. |
20 points: The paper is clear, concise, and a pleasure to read as a result of appropriate and precise use of terminology; total coherence of thoughts and presentation and logical organization; and the essay is error free. |
Structure of the Paper (worth 10% of total points) |
Zero points: Student failed to submit the final paper. |
3 points out of 10: Student needs to develop better formatting skills. The paper omits significant structural elements required for and APA 6th edition paper. Formatting of the paper has major flaws. The paper does not conform to APA 6th edition requirements whatsoever. |
5 points out of 10: Appearance of final paper demonstrates the student’s limited ability to format the paper. There are significant errors in formatting and/or the total omission of major components of an APA 6th edition paper. They can include the omission of the cover page, abstract, and page numbers. Additionally the page has major formatting issues with spacing or paragraph formation. Font size might not conform to size requirements. The student also significantly writes too large or too short of and paper |
7 points out of 10: Research paper presents an above-average use of formatting skills. The paper has slight errors within the paper. This can include small errors or omissions with the cover page, abstract, page number, and headers. There could be also slight formatting issues with the document spacing or the font Additionally the paper might slightly exceed or undershoot the specific number of required written pages for the assignment. |
10 points: Student provides a high-caliber, formatted paper. This includes an APA 6th edition cover page, abstract, page number, headers and is double spaced in 12’ Times Roman Font. Additionally, the paper conforms to the specific number of required written pages and neither goes over or under the specified length of the paper. |
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