Social Media and the Viability of Online Firms in the South West Nigeria
DOI:
https://doi.org/10.31150/ajshr.v3i8.1434Keywords:
Online Firms, NigeriaAbstract
The study examined social media and the viability of online firms in the South West, Nigeria. Specifically, the study looks at the influence of social media platforms on cost reduction and innovation. Social media platforms such as Facebook, Instagram, YouTube, WhatsApp are most used social media in Nigeria. Using the survey design, the study targeted 40 managers and supervisors of selected online firms operational in Lagos. Using a simple regression model, findings show that social media platforms have positive and significant effect on cost reduction and innovation. It was concluded that marketing and promotions are being done through social media based on its cheap cost and ability to reach different places at the same time regardless of the geographical place. Accordingly, the usage of social media can grant the company a competitive advantage edge.
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