Social Media: an Unexplored Marketing Tool by Local Smes

In: Business and Management

Submitted By oycspongebob
Words 2862
Pages 12
EG1413 Critical Thinking and Writing
Assignment 2: Position Paper

Social Media:
An Unexplored Marketing Tool by local SMEs

Team Members:
Anthoni Giam (A0085111U)
Chen Ziyang (A0086387M)
Ying Chuan Ong (A0074798H)

1. Background
Small and Medium Enterprises (SMEs) have always been crucial for the case of Singapore and as seen from Figure 1, they make up about 99% of the enterprises in Singapore (Singstat, n.d.). SMEs here refer to businesses with annual sales turnover of not more than $100 million or employing no more than 200 staff (SPRING, 2011). Moreover, the importance of SMEs in Singapore’s economic landscape is highlighted by how SMEs “form an important pillar of the city-state's economy, employing 56 percent of workforce and contributing 42 percent of gross domestic product (GDP).” (People, 2007)
If the SMEs lose their competitiveness, many workers in the SMEs can be adversely affected and even lose their jobs which could destabilize the society. This is also highlighted by Singapore's Deputy Prime Minister and Finance Minister, Tharman Shanmugaratnam who said that the transformation of Singapore's SMEs is also essential to the incomes and living standards for Singaporeans (TodayOnline, 2012).

Note: Adapted from “Composition of Enterprise Size,” by Singstat (n.d.).

Social media has a huge role in the marketing field today as it allows companies to interact with in a casual manner while publicizing the companies’ products. It is defined to be an online multidimensional community based platforms such as Facebook, Twitter and blogs. Moreover, social media is able to create “...a personality behind your brand and creates relationships that you otherwise may never gain.” (Lake, n.d) Such ‘relationships’ are crucial as companies that do not interact with customers in social media are likely to be neglected by consumers (CNET Asia, 2011)…...

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