1000 word essay

Topic: Is Social Media the New Digital Gold Rush?

Running Head: ANNOTATED BIBLIOGRAPHY 1

ANNOTATED BIBLIOGRAPHY 8

“Is Social Media the New Digital Gold Rush” Annotated Bibliography

Susu Lin

Econ 225

Alen Chaffe

University of Victoria

October 25, 2020

Annotated Bibliography Entry 1:

Jones, N., Borgman, R., & Ulusoy, E. (2015). Impact of social media on small businesses. Journal of Small Business and Enterprise Development, 22(4), 611-632. https://doi.org/10.1108/jsbed-09-2013-0133

Summary: This article explores the internet’s role and specifically its economic impact on small businesses. The authors seek to investigate the available advantages of using social media sites and the internet for organizations or enterprises operating in underserved regions. The author ascertains that online communication provides prospects of replacing the physical limits with virtual interactions. Also, social media allows improved communication with the customers by listening and learning from the customers. Besides, Social media entails using technology to market and overcome financial challenges by allowing the business to meet an extra market cost-effectively. The authors add that social media provides new distributions, cost reduction benefits, and marketing communication. The article ascertains that social media is a useful tool for collecting information and building business relationships. However, the authors present an imminent challenge for using social media to gain influence and technology dynamics that lead to knowledge deficiency. The enterprises use social media to penetrate new markets and popularize their brands. The authors collect data through interviews and surveys to ascertain the identified benefits, challenges, and uses of social media in businesses.

Quotes:

“A major reason for having a website and social media presence is that these tools have direct impact on consumer attitudes and decision making” (p.614).

“The critical aspect for businesses is to provide the best information possible to be able to attract consumers, as consumers’ information satisfaction on social media sites determines their behavioral intentions” (p. 614).

“Knowing what they are doing, and having a well thought strategy is critical for the small businesses” (p. 626).

Reflection: This article has broadened my thinking regarding social media use and its benefits to the organization. I have never thought of its importance from the cost reduction perspective: I have always seen it as a means of reaching customers. Several organizations are shifting to virtual operations due to its prevalence in the digital era. Therefore, I agree with the article that it must leverage both physical and extensively virtual operations to increase its customer at a lower cost for a business to thrive. The article provides a strong foundation for introducing the topic and supporting the thesis statement since it intertwines relevant and essential ideas relating to social media use in organizations. However, I expected the article to add information regarding online swindle businesses that scare potential customers in digital operations. Nevertheless, the article provides qualitative information relevant for an in-depth examination of this research.

Annotated Bibliography Entry 2:

Toğlukdemir, M., Tuygan, E., Yeşil, H. E., & Kayakutlu, G. (2016). Evaluating business success through social media strategies using AHP. Proceedings of the 2016 Federated Conference on Computer Science and Information Systems, 8(2300-5963), 1397-1401. https://doi.org/10.15439/2016f269

Summary: The article ascertains that social media is essential for market penetration and Provides a platform for communication and comprehending the customer focus. social media is effectively used for image creation, knowledge accumulation, customer access, competitive advantage creation, and trend analysis. the Analytic Hierarchy Process (AHP) yields the highest order for decision-making and correcting decisions. Importantly, social media attracts customers and provides extensive data since people share business information, career history, thoughts, and resume. At the same time, the article emphasizes social media as a tool for social networking, advertisement, arousing curiosity among the customers, branding the organization, and creating a buzz. Other than the business to customer communication, social media allows business-to-business communication efficiently than traditional media tools. The article suggests the Analytic Hierarchy Process (AHP) methodology for executing the significant criteria that an enterprise can utilize. The authors establish that organizations use social media information to establish and differentiate themselves in the global competition. Quotes:

“Social media is a great opportunity to communicate with customers for the companies, it provides to collect a big data of the users through their expectations, experiences, ideas and reactions for the product” (p.1397).

“Social media is important trend, the company has become an important marketing opportunity to meet directly with the customer” (p. 1400).

Reflection: This article has expounded on an element that I expected social media could handle in the business operations. The article is useful for this study since it provides salient information that shows the use of social media and establishes a measuring criterion to establish how well a media utilizes social media to benefit. The article provides intriguing information regarding the use of social media to leverage significant data aspects. The article provides current information where several organizations in current operations rely on big data analytics to evaluate essential information that is valuable to the organization to thrive in the competitive world. The article’s information is relevant since it provides a platform to support the research’s information. Some of that information is essential to evaluate how organizations leverage the customer and marketing segment information to expand the operation base and create a platform for diversified benefits. This article establishes that social media creates a new platform for competition between larger organizations. There arises a question of where small organizations penetrate through stiff competition and thrive in the long-term. The author provides critical information for this research by establishing that diverse organizations thrive differently in various social media tools.

Annotated Bibliography Entry 3:

Hassan, S., Nadzim, S. Z., & Shiratuddin, N. (2015). Strategic use of social media for small business based on the AIDA model. Procedia – Social and Behavioral Sciences, 172, 262-269. https://doi.org/10.1016/j.sbspro.2015.01.363

Summary: The article suggests an approach for social media use for marketing small enterprises on the Attention, Interest, Desire, and Action (AIDA) model. The recognizes the prevalent use of social media as an aspect tapped to attain competitive advantage for business firms. The use of social media in marketing is dominated by the larger organization and raises the need to leverage the AIDA model for Small-Medium Enterprises (SMEs). Like the larger organization, the authors argue that the SMEs need to compete despite the scarcity of financial resources. The article establishes the appropriate strategy available for small businesses as the users of social media in marketing. Therefore, the AIDA model is an essential marketing tool for SMEs. Moreover, social media changed the tools and strategies for business communication. The authors ascertain that using the AIDA model in social media, the organization executes several operations relating to the advertisement, creating cross-linkages, updating information, branding, contesting, customer service, payments, ordering, and delivery options. Regarding SMEs’ success, the authors discuss that the AIDA model will strengthen the small-medium enterprise to overcome social and leverage challenges on the prevalent gaps.

Quotes:

“Social media allows small businesses to conduct marketing activities effectively despite limited financial resources, lack of expertise, and competition with large business organizations” (p. 263).

“Consumers in the new millennium are not only changing interest to shop online, but also to find information through social media before making purchase decisions” (p.263).

“Consumers who are loyal to a particular brand also help generate online marketing through a virtual word-of-mouth marketing method, which is very important for SMEs” (p. 265).

Reflection: The article provides salient information relating to the dominance of the larger organization in social media use. It raises the need to empower small businesses to leverage the existing energy differently through the proposed model. This article is essential for my study since it provides hidden information that although organizations are thriving well through social media, other teams are struggling to attain social media influencing. I agree with the articles AIDA model since for the organization to thrive well must seek to catch the attention, promote interest, create desire, and foster action. The article provides information useful by a larger population: the SMEs constitute a vast portion of the businesses. However, the article is limited in providing information essential for further developing larger organizations in social media use. The article aroused questions regarding the flexible measures that organizations should implement due to the dynamic technology. Although the authors relied on the SMEs’ information, they provide vital information useful for both long-term and short-term.

References

Hassan, S., Nadzim, S. Z., & Shiratuddin, N. (2015). Strategic use of social media for small business based on the AIDA model. Procedia – Social and Behavioral Sciences, 172, 262-269. https://doi.org/10.1016/j.sbspro.2015.01.363
Jones, N., Borgman, R., & Ulusoy, E. (2015). Impact of social media on small businesses. Journal of Small Business and Enterprise Development, 22(4), 611-632. https://doi.org/10.1108/jsbed-09-2013-0133
Toğlukdemir, M., Tuygan, E., Yeşil, H. E., & Kayakutlu, G. (2016). Evaluating business success through social media strategies using AHP. Proceedings of the 2016 Federated Conference on Computer Science and Information Systems, 8(2300-5963), 1397-1401. https://doi.org/10.15439/2016f269

A B C D E

Expression,

style, and

structure

Exceptional introduction that grabs the

interest of the reader and provides a well

established, clear, and concise statement of

purpose. Exceptionally clear, logical, and

thorough development of thesis with

excellent transitions between and within

paragraphs. Conclusion provides an

exceptional summary of the topic with

concluding ideas that impact the reader and

introduces no new information. The style

and voice are not only appropriate to the

given audience and purpose, but also show

originality and creativity. Word count is

included on the cover

page.

Excellent introduction that is interesting and

states the research topic. Thesis is clear and

an arguable statement of position. The paper

is written in a clear and logical order that

supports thesis with excellent transitions

between and within paragraphs. The

conclusion provides an excellent summary of

the topic with clear concluding ideas and

introduces no new information. The style

and voice are appropriate for the audience

and the purpose of the paper. Word count is

included on the cover page.

Good introduction that is interesting and

states the purpose of the research topic. The

thesis is for the most part clear and provides

an arguable statement of position. The paper
is written in a clear and logical order that

supports thesis with good transitions

between and within paragraphs. The

conclusion provides a good summary of the

topic with clear concluding ideas while

introducing no new information. The overall

style and voice is appropriate for the

audience and the purpose of the paper.

Word count is missing from the cover

page.

Basic introduction that states the topic but

lacks interest and is weak. Thesis is

somewhat clear and arguable. Somewhat

clear and logical development with basic

transitions between and within paragraphs.

Conclusion provides a basic summary of

topic with some final concluding ideas. The

conclusion introduces new information

and/or is lacking clarity. The style and voice

are somewhat appropriate for the audience

and purpose of the paper. Word count is

missing from the cover page.

Introduction is very weak or is missing. The

paper’s purpose is unclear and is very weak

or is missing completely. The paper lacks

development of ideas with weak or no

transitions between and within paragraphs.

The conclusion provides a lack of summary

of the topic and/or introduces new

information. The style and voice are

inappropriate or do not address given

audience, purpose, etc. Word count is

missing from the cover page.

/10

APA &

documentation

No errors in APA format including citations,

references, headings, page numbers,

quotations, etc.

There are only very minor errors in the APA

format including citations, references,

headings, page numbers, quotations, etc.

There are a few APA formatting errors in the

document but they do not distract from

reading the document.

There are several and/or frequent APA

formatting errors in the document and they

are distracting.

There is little adherence to APA format in

the document and the errors are very

distracting.
/10

Grammar and

punctuation

Virtually free from grammatical,

punctuation, verb tense, and spelling errors.

Includes correct use of articles and

prepositions; word choice is specific,

purposeful, dynamic, varied, and appropriate

for the audience; and correct sentence

mechanics.

Very minor grammatical, punctuation, verb

tense, and spelling errors that do not distract

the reader. Includes correct use of articles

and prepositions; word choice is purposeful,

varied, and appropriate for the audience; and

correct

sentence mechanics.

Several grammatical, punctuation, verb

tense, and spelling errors are present, but the

overall meaning is clear. For the most part,

the paper includes correct use of articles, and

prepositions, appropriate and diverse word

choice for the audience, and correct sentence

mechanics.

Significant grammatical, punctuation, verb

tense, and spelling errors and difficult to

understand at times. Many instances of

incorrect use of articles, and prepositions,

inappropriate and a lack of diverse word

choice for the audience, and many incorrect

sentence mechanics.

Grammatical, punctuation, verb tense, and

spelling errors that distract the reader and

meaning is unclear. Includes incorrect use of

articles, and prepositions, inappropriate

and/or lack of diverse word choice for the

audience, and incorrect sentence mechanics.

/15

Content

Paper is exceptionally researched, extremely

detailed, and accurate. Information clearly

relates to the thesis. Exceptionally critical,

relevant, and consistent connections made

between evidence and thesis. A wide variety

of excellent sources used in the paper.

Overall, an exceptional analysis. Paper is of

appropriate length and includes at least one

peer-reviewed journal article.

Information relates to the main topic and the

paper is well-researched, detailed, and

accurate. A variety of sources are used and

are appropriate. Excellent connections made

between evidence and thesis. Overall, an

excellent analysis, and the paper is of

appropriate length and includes at least one

peer-reviewed

journal article.

Information relates to the main topic, but

somewhat lacking details and/or examples.

The sources used for the paper are for the

most part useful and appropriate. There is a

connection between the evidence and thesis

but it is limited. Overall, a good analysis.

Paper is slightly under or above word limit

but includes at least one peer-reviewed

journal article.

Information relates to the main topic, few

details and/or examples are given. Paper

shows a limited variety of sources. Minor

connection made between evidence and

thesis. Paper is substantially over or under

the word limit and/or does not include a

peer-reviewed journal article.

Information has little or nothing to do with

the thesis. Information has weak or no

connection to the thesis. Limited or no

connections made between evidence and

thesis. Overall, the paper lacks analysis and

is substantially over/under the word limit

and/or does not include a peer-reviewed

journal article.

/20

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Runninghead: CURRENCY 1

Breaking down Down the Existence of Currency: Barter and Exchange

STUDENT NAME

Department of Economics, University of Victoria

ECON 225: Writing for Economists

March 15,th 2017

INSERT Plagiarism statement here. See document “Plagiarism” on the “Course Outline &

Assessment Material” tab of our Brightspace page.

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CURRENCY 2

Abstract

Standardized currency exists in the modern world for the purposes of achieving efficiency and

equity. Currency is derived from the inefficiencies of barter and exchange and, as a result, there

is a lack of equity. Currency exists only in proper economic conditions, whereas moneyless

barter and exchange exist in dire economic conditions.

Keywords: standardized currency, barter and exchange, efficiency, equity

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Commented [AC1]: Do not insert extra space between
“Abstract” and the first sentence.

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CURRENCY 3

Breaking down the Existence of Currency: Barter and Exchange

Barter and exchange have both existed since the beginning of human historytime. Ever

since humans realized that differing specialties exist, trade has naturally always occurred. The

origin of barter and exchange takes root in our physiological needs for shelter, food, and water.

to shelter, feed, and hydrate ourselves. Without trade, this task is not so simple.

In “Doing Business Without Exchanging Money: The Scale and Creativity of Modern

Barter,” Kaikati and Kaikati (2013) stated that the existence of a thriving moneyless marketplace

exists in modern economies and is growing. I will use this journal article to highlight both the

efficiencies and drawbacks of non-monetary exchange.

In “Simulating a Multiproduct Barter Exchange Economy,” Levy and Bergen (1993)

describe an experiment involving a simulated traditional barter economy that allowed students to

freely trade amongst one another without using money. The purpose of the experiment was to

outline the inefficiencies that come with this kind of open market. I shall use Levy and Bergen’s

findings on the role of money in the economy to complement the proposed drawbacks of Kaikati

and Kaikati’s (2013) journal article.

Kaikati and Kaikati (2013) provide an extensive background on the current level of

business done without the use of money. In 2013, the amount of total barter transactions

amounted to $3.7 trillion internationally and $1.7 trillion domestically—a substantial portion of

23% and 11%, respectively, of total business transactions (Kaikati & Kaikati, 2013, p. 43). This

figure outlines how many moneyless transactions are done in the world and acts as a clear

indicator of the importance of barter. Historically, barter has existed since the first human

civilizations and slowly became more and more obsolete with the introduction of money.

Although Kaikati and Kaikati state that many economists still believe barter to be “an extinct and

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Commented [AC2]: Specialities of what?

Commented [AC3]: What task?

Commented [AC4]: With APA, we restate the publication
year unless it was already mentioned in that paragraph.

Commented [AC5]: Amount?

Commented [AC6]: In Economics we do argue this.
However, some anthropologists argue that this is not
correct. I included an article you may want to read in your
references. Nevertheless, I would leave this sentence, as
from an economics perspective it is what we believe.

CURRENCY 4

inefficient system of transactions that may only be observed in backward economies” (p. 47),

these economists talk only of moneyless barter and exchange. Today, barter and exchange

combined with the addition of currency is extremely common and prominent in the world of

business. We must look further into its context in order to fully understand its purpose.

Today, Greece is experiencing more and more barter as a part of everyday life. Ever since

the Greek government-debt crisis of 2010, the unemployment rate, along with their GDP, took a

staggering blow. A comparative analysis between unemployment rates in figure 1 shows that

wary job-seekers affected by the Greek financial crisis are closely comparable to those of The

Great Depression; Greek unemployment rates peaked at 28% and U.S. unemployment rates

peaked at 26% (see Figure 1). In the presence of this economic instability, barter economies

emerged in Greece. Many of the small barter economies that emerged in Greece created

alternative currencies that allowed for more equitable trade without having to rely on the already

instable banking system– – these alternative currencies allowed holders to trade them for other

goods or as complements to their own goods to their trades (Alderman, 2015, para. 12). The

introduction of barter economies allows people, under further economic constraints, to attempt to

maintain a standard of living that they had when the economy was more stable. It is certain that

the Greek peopleGreeks are better off because of this barter and exchange;, however, you cannot

overlook the context in which these systems emerge. The only time that true barter economies

emerge in the modern world is in the case of dire economic circumstance, such as The Great

Depression or in present-day Greece. From this, I gather that there must be a reason as to why we

use standardized currency during times of economic stability. We must now look at the benefits

of currency before comparing the two.

Levy and Bergen’s (1993) experiment beginbegan with multiple groups of people

Commented [AC7]: Can you provide an example? One
might be how we trade in our used vehicles.

Commented [AC8]: This sentence is a bit awkward.

Commented [AC9]: people who are under further
economic constraints?

Commented [AC10]: What two are we comparing.

CURRENCY 5

receiving various amounts of food, drinks, and receptacles for eating and drinking that are also

tradeable. The variability of these items forms a natural incentive to trade., Ffor example, one

group only having forks and cups but also the largest supply of these. Furthermore, some groups

have less desired items or a less valuable bundle. The experiment provides students with a hands-

on experience of what it would be like to trade without the convenience of standardized money.

If currency had been distributed along with the food items, there would exist a more pareto-

efficient allocation of goods than what they ended up with at the end of the experiment. The

main functions of a standardized currency are as follows: “Homogeneity, divisibility, storability,

durability, and scarcity” (source? p. 4). These five functions are what makes having a

standardized currency so efficient. If we included currencycurrency was included into this the

experiment, the students we could have overcome the issues of equity, initial and final. Instead,

we primarily used barter and exchange; this resulted in them being better off than they were with

the initial allocation of goods, although, however not necessarily as well off as they could have

been with the use of money.

The existence of currency is not necessary; however, it is necessary for achieving a

greater level of efficiency and equity. Where currency is unavailable, as in poor economic

conditions, barter and exchange will naturally occur as a replacement in its absence. Given these

circumstances, it is more efficient to use barter and exchange. However, if currency is, in fact,

available, it will be the primary source of trade value. Today, we see a combination of both. The

use of currency is dependent on the exchange of goods and services and thus cannot exist

without it; this proves that we must use a combination. Since it is proven that we must use a

combination of both and that the greater use of currency will results in greater levels of utility

achieved, it follows that only 23% of international business transactions should be moneyless.

Commented [AC11]: This is a bit awkward and could be
clearer.

Commented [AC12]: Need to be careful throughout with
tense. The experiment has already been conducted and the
research written. As a result, you need to use past tense.

Commented [AC13]: Not sure what is meant by this.

Commented [AC14]: Who is we…or do you mean they?
Did you also partake in the experiment?

Commented [AC15]: Is it necessarily poor economic
conditions or is it during periods of currency instability as like
what happened in Greece?

Commented [AC16]: Sentence is a bit redundant.

Commented [AC17]: Reference? Where did you get 23%?

CURRENCY 6

Through this, I cIn conclusion, onclude that barter and exchange exists in poorer economies,

however currency is necessary to achieve optimal levels of efficiency and equity in developed

economies.

This is a fascinating article. You have definitely made some excellent points about the bartering

system. I have suggested a few stylistic changes. One thing you might want to consider is to

make greater use of your Greek example, which serves as a case study. For instance, you might

want to argue in your conclusion that the barter system is more prevalent in poorer counties and

in countries where currency is unstable, such as is the case with Greece.

Commented [AC18]: But some level of barter and
exchange still occurs in developed economies. Maybe you
want to instead argue that barter and exchange is more
prevelant in pooerer economies. You might also want to
replace poorer with “developing.”

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CURRENCY 7

References

Alderman, L. (2015, September 21). Trading meat for tires as bartering economy grows in

Greece. The New York Times. Retrieved from

http://nytimes.com/

Alderman, L.,; Buchanan, L.,; Porter, E.;, & Russell, K. (2015, July 9). Is Greece worse off than

the U.S. during the great depression. The New York Times. Retrieved from

http://nytimes.com/

Kaikati, A. M., & Kaikati, J. G. (2013). Doing business without exchanging money: The scale

and creativity of modern barter. California Management Review, 55(2), 46-71.

Levy, D., & Bergen, M. (1993). Simulating a multiproduct barter exchange economy. Economic

Inquiry, 31(2), 1-8.

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Commented [AC19]: An interesting journal article to read
might be Caroline Humphrey’s article “Barter and
Economic Disintegration”

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Bold
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Commented [AC20]: Only double space your references.
You had extra spacing between each reference.

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CURRENCY 8

Appendix

Figure 1: Unemployment rates in the U.S. (1930-1936) and in Greece (2008-2014)

Source: New York Times (2015, July 9)

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CURRENCY 9

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