CRITICAL EXAMINATION OF THE ROLE OF SOCIAL MEDIA ON THE DEVELOPMENT AND SUSTAINABILITY OF SMEs IN LAGOS STATE
1.1 BACKGROUND OF THE STUDY
Social media are interactive technologies that enable people to create and share content, thoughts, job interests, and other modes of expression across virtual communities and networks.Users either use web-based applications on their desktops and notebooks to access social media sites, or they download services that provide social media capabilities on their mobile devices (e.g., smartphones and tablets). When users communicate with these electronic resources, they build highly immersive forums on which individuals, communities, and organizations can share, co-create, discuss, participate, exchange, alter, and publish user-generated or self-curated content online.Along with the development of ideas from the production of websites, podcasts, videos, and gaming platforms, social media is used to record experiences, learn about and discover topics, promote oneself, and shape friendships. The new field of technoself studies focuses on the changing relationship between humans and technology.Facebook (and its related Facebook Messenger), TikTok, WeChat, Instagram, QZone, Weibo, Twitter, Tumblr, Baidu Tieba, and LinkedIn are some of the most prominent social media platforms, with over 100 million registered users. Other common sites that are often referred to as social media networks include YouTube, QQ, Quora, Telegram, WhatsApp, Snapchat, Pinterest, Viber, Discord, Reddit, LINE, VK, Microsoft Teams, and more.
Traditional media (e.g., print magazines and newspapers, as well as television and radio broadcasting) differs from social media networks in several respects, including content, scope, frequency, accessibility, immediacy, and permanence. Furthermore, unlike traditional media outlets, social media networks use a dialogic delivery mechanism (i.e., multiple sources to many receivers), while traditional media outlets use a monologic transmission model(i.e., one source to many receivers). For example, a newspaper is delivered to many subscribers and a radio station broadcasts the same programs to an entire city.
1.2 STATEMENT OF THE PROBLEM
Small and medium-sized businesses (SMEs) are self-contained, non-affiliated businesses with less than a certain number of employees. This number varies depending on the region. The most famous upper limit for defining a SME in the European Union is 250 employees. However, some countries limit the number of employees to 200, while SMEs in the United States are described as businesses with less than 500 employees.Micro-businesses have no more than 10, and in some cases no more than 5, staff, whereas small businesses usually have fewer than 50. In its monetary policies circular No. 22 of 1988, the Central Bank of Nigeria described SMEs as businesses with an annual turnover of less than five hundred thousand Naira (N500,000).For the sake of accountability, the National Policy on Micro, Small, and Medium Enterprises (SMEs) has made a clear distinction between enterprises that rely on employment and those that rely on properties. Small companies are defined by their capital, project scope and cost, annual turnover, financial ability, and employee count, among other factors.MSME industries in Nigeria account for about 48.5 percent of the nation’s GDP and 7.27 percent of all products and services shipped out of the country, according to the ministry. Micro businesses account for 36,994,578 (roughly 99.8%) of all SMEs in Nigeria, with small businesses accounting for 68,168 and medium businesses accounting for 4,670. Nigeria has over 37.07 million micro, small, and medium-scale enterprises (SMEs), which account for more than 84 percent of total employment in the region, according to the Ministry of Industry, Trade, and Investment, Lagos State, Oyo State, and Kano State are the top three states in Nigeria with the most SMEs.
Digital media or digital rhetoric may now be used to reflect or describe a society, thanks to the rapid growth of the Internet. For several academics, studying how rhetoric exists in the modern world has become a critical new method.Social media use has a broad variety of positive and negative consequences, according to observers. Social networking can make people feel more linked to actual and virtual societies, and it can also be an important marketing platform for small and medium-sized businesses.
1.3 OBJECTIVE OF THE STUDY
- To examine the role of social media marketing on small and medium sized businesses
- To observe if social media advertisement grow the sales of small and medium sized business.
1.4 RESEARCH QUESTIONS
I. What are the impact of social media marketing on small and medium sized business?
II. Do social media advertisement add growth to the sale of small and medium sized business?
1.5 SIGNIFICANCE OF THE STUDY
The significance of this research work focus on the impact of social media on small and medium businesses and also as material to other researchers, intellectuals, and students who wish to conduct related research.
1.6 SCOPE OF THE STUDY
This research work focus solely on the effect of social media on small and medium sized businesses in Magodu, Lagos state.
1.7 LIMITATION OF STUDY
Finance was challenging during the course of this study, lack of material and time limitations were also challenges the researcher faced.
1.8 DEFINITION OF TERMS
SOCIAL MEDIA: Social media are interactive technologies that enable people to create and share content, thoughts, job interests, and other modes of expression across virtual communities and networks.
SMEs: Small and medium-sized enterprises (SMEs) are non-affiliated, self-contained companies with less than a minimum number of employees. Depending on the area, this number varies.
DEVELOPMENT: Growth, improvement, progressive change, or the inclusion of physical, economic, environmental, social, and demographic elements are all examples of development.
SUSTAINABILITY: the ability to achieve a certain pace or level of performance.