BACKGROUND OF THE STUDY
People use social media to generate and exchange content, thoughts, career interests, and other forms of expression across virtual communities and networks. Users can access social media sites via web-based programs on their PCs and notebooks, or they can download services that bring social media features to their mobile devices (e.g., smartphones and tablets). Users establish highly immersive forums on which individuals, communities, and organizations can share, co-create, discuss, contribute, exchange, alter, and publish user-generated or self-curated information online as they interact with these electronic resources. Social media is used to record experiences, learn about and find topics, advertise oneself, and shape connections, in addition to the growth of ideas through the creation of websites, podcasts, videos, and gaming platforms. Traditional media (such as print periodicals and newspapers, as well as television and radio broadcasts) differs from social media networks in terms of content, scope, frequency, accessibility, immediacy, and permanence. Furthermore, unlike traditional media outlets, social media networks employ a dialogic delivery mechanism (i.e., various sources to a large number of recipients), whereas traditional media outlets employ a monologic transmission paradigm (i.e., one source to many receivers). A newspaper, for example, is distributed to a large number of subscribers, while a radio station distributes the same programming to an entire city.
STATEMENT OF PROBLEM
Small and medium-sized businesses (SMEs) are non-affiliated, self-contained companies with fewer than a certain number of employees. Depending on the locale, this number fluctuates. In the European Union, the most well-known maximum limit for designating a SME is 250 employees. Some countries, however, limit the number of employees to 200, whereas in the United States, SMEs are defined as companies with fewer than 500 people. Micro-companies employ less than 10, and in certain circumstances fewer than 5, people, whereas tiny enterprises employ fewer than 50 people. The Central Bank of Nigeria defined SMEs as enterprises having an annual turnover of less than five hundred thousand Naira in its monetary policy circular No. 22 of 1988. (N500,000). The National Policy on Micro, Small, and Medium Enterprises (SMEs) has created a clear distinction between enterprises that rely on employment and those that rely on properties for the sake of accountability. Capital, project scope and cost, annual turnover, financial ability, and personnel count are all criteria that identify small businesses. According to the government, MSME industries in Nigeria account for around 48.5 percent of the country’s GDP and 7.27 percent of all products and services exported. Micro companies make up 36,994,578 (approximately 99.8%) of all SMEs in Nigeria, whereas small businesses make up 68,168 and larger enterprises make up 4,670. Over 37.07 million micro, small, and medium-sized businesses operate in Nigeria (SMEs),
OBJECTIVES OF THE STUDY
To investigate the impact of social media marketing on small and medium companies.
To see if small and medium-sized businesses’ sales increase as a result of social media advertising.
I. How does social media marketing affect small and medium-sized businesses?
II. Do small and medium-sized business sales increase as a result of social media advertising?
SIGNIFICANCE OF THE STUDY
The importance of this study work is that it focuses on the impact of social media on small and medium businesses, as well as serving as a resource for other researchers, intellectuals, and students interested in conducting similar studies.
SCOPE OF THE STUDY
The purpose of this study is to examine the impact of social media on small and medium-sized enterprises in Magodu, Lagos State.
LIMITATION OF THE STUDY
During the course of this investigation, the researcher experienced numerous problems, including a lack of funding, as well as a lack of materials and time constraints.
DEFINITION OF TERMS
SOCIAL MEDIA: Interactive technologies that allow people to generate and exchange content, thoughts, career interests, and other forms of expression across virtual communities and networks are referred to as social media.
Small and medium-sized enterprises (SMEs) are self-contained, non-affiliated businesses with fewer than a certain number of employees. This number fluctuates depending on the region.
DEVELOPMENT: Growth, advancement, or the integration of physical, economic, environmental, social, and demographic factors are all instances of development.
SUSTAINABILITY: the ability to maintain a specific rate or level of performance for an extended period of time.