Please feel free to add appropriate title, I couldn't think of Assignment

The Use of Social Media and the Internet to Provide Transparency in Services - Assignment Example Thus, firms are required to maintain transparency in providing information through online portals like social media. Facebook, Twitter, and other social sites are gaining popularity among global stakeholders. Such portals are used in accessing company data, financial figures and communicating with the management (Weinberg, 2009). Contemporary businesses are facing various challenges like the financial crisis and changing customer demands. Major firms are raising funds from equity market of different countries so firms are required to select the social media channels in terms of sharing their key information (DeJong, 2014). Stakeholders are seeking for virtual access financial and administrative content before investing in any organization. Information needs are increasing in the service sectors. In such segment, customers are requiring information on various factors like service features, value-added features, and pricing of service seasons. Such information will be helping customers in making the purchase decisions (Gordon & Armstrong, 2011). From the above graph, it has been observed that the peoples of 18-24 years age are using the social media majorly. However, peoples from all age groups are using social media. They are seeking for information on the service quality or price range. In the financial service segment, peoples are concerned about the risk of investment. Financial crisis reduced the potential for return and customers are seeking for actual and unbiased reviews on various investment funds. In case of hospitality and restaurant service customers are seeking for information regarding the physical evidence, service quality and charges (Gunawong, 2014). Social media is the best source of obtaining non-manipulated information regarding customer experience. Before the social media era peoples were able to access only company websites or empirical journal articles (Purdy, 2011). However, online or internet is having certain risk involved like the hacking.