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A Novel Robust Theoretical Approach on Social Media Advertisement Platform Selection

Year 2024, Volume: 16 Issue: 1, 373 - 382, 31.01.2024
https://doi.org/10.29137/umagd.1398580

Abstract

Social media advertisement is one of the hottest topics of marketing. This study aims to investigate the selection of social media advertising platforms with a worst-case analysis. In this scope, we propose a novel fuzzy multi-criteria decision making (MCDM) approach based on the robust portfolio optimization framework. We call it the Robust Theoretical Fuzzy Evaluation System (R-FES). We use a case study in the literature to demonstrate R-FES and compare its results with Fuzzy VIKOR’s results. We find with R-FES that the social media advertisement budget should be allocated almost equally. We also find that Spearman’s rank correlation of Fuzzy VIKOR and R-FES results equals -0.5643. That is, they give very different rankings. We emphasize that these results are specific to the case study and thus can not be generalized.

References

  • Ali, M. Y., Sultana, A., & Khan, A. F. M. K. (2016). Comparison of fuzzy multiplication operation on the triangular fuzzy number. IOSR Journal of Mathematics, 12(4-I), 35-41.
  • Alwagait, E., Shahzad, B., & Alim, S. (2015). Impact of social media usage on students academic performance in Saudi Arabia. Computers in Human Behavior, 51, 1092-1097.
  • Bandara, D. M. D. (2020). Impact of social media advertising on consumer buying behavior: with special reference to fast fashion industry. In Proceedings of the International Conference on Business & Information, 476-491. Berry, S. (2021). How to set a smart social advertising budget for 2021. Accessed on 7 March 2023 from https://www.webfx.com/blog/social-media/how-to-set-social-advertising-budget/.
  • Chi, H. H. (2011). Interactive digital advertising vs. virtual brand community: Exploratory study of user motivation and social media marketing responses in Taiwan. Journal of interactive advertising, 12(1), 44-61.
  • Chu, T. C. & Lin, Y. (2009). An extension to fuzzy MCDM. Computers & Mathematics with Applications, 57(3), 445-454.
  • Çalık, A. (2020). Evaluation of social media platforms using best-worst method and fuzzy VIKOR methods: A case study of travel agency. Iranian Journal of Management Studies, 13(4), 645-672.
  • Das, P. (2022). A prospective venue for marketing is social media marketing. RESEARCH REVIEW International Multidisciplinary Research Journal, 7(10), 7-23.
  • Dateportal (2023). Digital 2023: Global overview report. Accessed on 7 March 2023 from https://datareportal.com/reports/digital-2023-global-overview-report.
  • Dessart, L. (2017). Social media engagement: a model of antecedents and relational outcomes. Journal of Marketing Management, 33(5-6), 375-399.
  • Di Felice, P., Di Valerio, D., Marinelli, M., Paolone, G., Pilotti, F., & Vellante, S. (2020). A technological platform and a process to implement the informative marketing strategy. In Proceedings of the 1st International Electronic Conference on Applied Sciences Session Computing and Artificial Intelligence, 1-7.
  • Dubois, D. (2006). Possibility theory and statistical reasoning. Computational Statistics & Data Analysis, 51(1), 47-69.
  • Duffett, R. G. (2015). Facebook advertising’s influence on intention-to-purchase and purchase amongst Millennials. Internet Research, 25(4), 498-526.
  • Enyinda, C. I., Ogbuehi, A. O., & Mbah, C. H. (2018). Building pharmaceutical relationship marketing and social media impact: An empirical analysis. International Journal of Pharmaceutical and Healthcare Marketing, 12(2), 198-230.
  • Erkan, I., & Evans, C. (2016). The influence of eWOM in social media on consumers’ purchase intentions: An extended approach to information adoption. Computers in Human Behavior, 61, 47-55.
  • Fan, W., & Gordon, M. D. (2014). The power of social media analytics. Communications of the ACM, 57(6), 74-81.
  • Gökerik, M., Gürbüz, A., Erkan, I., Mogaji, E., & Sap, S. (2018). Surprise me with your ads! The impacts of guerrilla marketing in social media on brand image. Asia Pacific Journal of Marketing and Logistics, 30(5), 1222-1238.
  • Göktaş, F., & Duran, A. (2019). A new possibilistic mean-variance model based on the principal components analysis: an application on the Turkish holding stocks. Journal of Multiple-Valued Logic & Soft Computing, 32(5-6). 455-476.
  • Göktaş, F., & Gökerik, M. (in press). Sosyal media reklam platformu seçimi için oyun teorik yaklaşım. Journal of Turkish Operations Management.
  • Göktaş, F., & Güçlü, F. (2024). Yeni bir çok kriterli karar verme yaklaşımı “olabilirlik değerlendirme sistemi”: Katılım fonları üzerine bir uygulama. Black Sea Journal of Engineering and Science, 7(1) 1-8.
  • Grant, M. C., & Boyd, S. P. (2008). Graph implementations for nonsmooth convex programs. In Recent advances in learning and control (pp. 95-110). Springer, London.
  • Hawkins, K., & Vel, P. (2013). Attitudinal loyalty, behavioural loyalty and social media: An introspection. The Marketing Review, 13(2), 125-141.
  • Iankova, S., Davies, I., Archer-Brown, C., Marder, B., & Yau, A. (2019). A comparison of social media marketing between B2B, B2C and mixed business models. Industrial Marketing Management, 81, 169-179.
  • Ismail, A. R. (2017). The influence of perceived social media marketing activities on brand loyalty: The mediation effect of brand and value consciousness. Asia Pacific Journal of Marketing and Logistics, 29(1), 129-144.
  • Jacobson, J., Gruzd, A., & Hernández-García, Á. (2020). Social media marketing: Who is watching the watchers?. Journal of Retailing and Consumer Services, 53, 101774.
  • Kaplan, A. M., & Haenlein, M. (2010). Users of the world, unite! The challenges and opportunities of social media. Business Horizons, 53(1), 59-68.
  • Kaplan, A. M., & Haenlein, M. (2011). The early bird catches the news: Nine things you should know about micro-blogging. Business Horizons, 54(2), 105-113.
  • Kietzmann, J. H., Hermkens, K., McCarthy, I. P., & Silvestre, B. S. (2011). Social media? Get serious! Understanding the functional building blocks of social media. Business Horizons, 54(3), 241-251.
  • Kumar, V., Khan, I., Fatma, M., & Singh, A. (2022). Engaging luxury brand consumers on social media. Journal of Consumer Marketing, 39(1), 121-132.
  • Laroche, M., Habibi, M. R., & Richard, M. O. (2013). To be or not to be in social media: How brand loyalty is affected by social media?. International Journal of Information Management, 33(1), 76-82.
  • Lee, D., Hosanagar, K., & Nair, H. S. (2018). Advertising content and consumer engagement on social media: Evidence from Facebook. Management Science, 64(11), 5105-5131.
  • Lee, J., & Hong, I. B. (2016). Predicting positive user responses to social media advertising: The roles of emotional appeal, informativeness, and creativity. International Journal of Information Management, 36(3), 360-373.
  • Li, C., & Bernoff, J. (2008). Groundswell: winning in a world transformed by social technologies. Boston: Harvard Business Review Press. Lutgens, F., & Schotman, P. C. (2010). Robust portfolio optimisation with multiple experts. Review of Finance, 14(2), 343-383.
  • Market Research Report (2023). Social media management market to witness huge growth by key. Accessed on 7 March 2023 from https://www.marketsandmarkets.com/Market-Reports/social-media-management-market-321810.html.
  • Pelletier, M. J., Krallman, A., Adams, F. G., & Hancock, T. (2020). One size doesn’t fit all: a uses and gratifications analysis of social media platforms. Journal of Research in Interactive Marketing, 14(2), 269-284.
  • Saçan, B. C., & Tamer, E. R. E. N. (2021). Sosyal medya reklam platformu seçimi: çok ölçütlü karar verme yöntemleri ile bir uygulama. Journal of Turkish Operations Management, 5(2), 721-738.
  • Stefko, R., Bacik, R., & Fedorko, R. (2013). Spendings on social media as part of marketing budgets. Polish Journal of Management Studies, 8, 243-250.
  • Straker, K., Wrigley, C., & Rosemann, M. (2015). Typologies and touchpoints: designing multi-channel digital strategies. Journal of Research in Interactive Marketing, 9(2), 110-128.
  • Sudipa, I. G. I., Astria, C., Irnanda, K. F., Windarto, A. P., Daulay, N. K., Suharso, W., & Wijaya, H. O. L. (2020). Application of MCDM using PROMETHEE II technique in the case of social media selection for online businesses. In IOP Conference Series: Materials Science and Engineering (Vol. 835, No. 1, p. 012059). IOP Publishing.
  • Tavana, M., Momeni, E., Rezaeiniya, N., Mirhedayatian, S. M., & Rezaeiniya, H. (2013). A novel hybrid social media platform selection model using fuzzy ANP and COPRAS-G. Expert Systems with Applications, 40(14), 5694-5702.
  • Tuten, T. L., & Solomon, M. R. (2017). Social media marketing. London: SAGE Publications Ltd.
  • Wibowo, S., Hidayat, R., Suryana, Y., Sari, D., & Kaltum, U. (2020). Measuring the effect of advertising value and brand awareness on purchase intention through the flow experience method on Facebook's social media marketing big data. In Proceedings of the 8th International Conference on Cyber and IT Service Management. 1-5.
  • Yazdani, R., Taghipourian, M. J., Pourpasha, M. M., & Hosseini, S. S. (2022). Attracting potential customers in e-commerce environments: a comparative study of metaheuristic algorithms. Processes, 10(2), 369.
  • Yücenur, G. N., Bozyel, K., & Ahmetoglu, A. (2022). Investigation the effects of different social media platforms to companies’ sales marketing processes by multi-criteria decision making method. International Journal of Marketing, Communication and New Media, 10(18), 133-150.

Sosyal Medya Reklam Platformu Seçimi için Yeni Bir Dayanıklı Teorik Yaklaşım

Year 2024, Volume: 16 Issue: 1, 373 - 382, 31.01.2024
https://doi.org/10.29137/umagd.1398580

Abstract

Sosyal medya reklamları pazarlamanın en sıcak gündem maddelerinden biridir. Bu çalışma, sosyal medya reklam platformu seçimini en kötü durum analizi ile incelemeyi amaçlamaktadır. Bu kapsamda, dayanıklı portföy optimizasyon çerçevesini temel alan yeni bir bulanık çok kriterli karar verme (ÇKKV) yaklaşımı önerilmiştir. Bu yaklaşım Dayanıklı Teorik Bulanık Değerlendirme Sistemi (R-FES) olarak adlandırılmıştır. R-FES'i tanıtmak ve sonuçlarını Bulanık VIKOR'un sonuçlarıyla karşılaştırmak için literatürdeki bir vaka çalışması kullanılmıştır. R-FES ile sosyal medya reklam bütçesinin neredeyse eşit şekilde dağıtılması gerektiği bulunmuştur. Ayrıca Bulanık VIKOR ve R-FES sonuçlarının Spearman'ın sıra korelasyonunun -0,5643'e eşit olduğu bulunmuştur. Yani bunların çok farklı sıralamalar verdiği görülmüştür. Bu sonuçlar örnek olaya özgüdür ve bu nedenle genellenemez.

References

  • Ali, M. Y., Sultana, A., & Khan, A. F. M. K. (2016). Comparison of fuzzy multiplication operation on the triangular fuzzy number. IOSR Journal of Mathematics, 12(4-I), 35-41.
  • Alwagait, E., Shahzad, B., & Alim, S. (2015). Impact of social media usage on students academic performance in Saudi Arabia. Computers in Human Behavior, 51, 1092-1097.
  • Bandara, D. M. D. (2020). Impact of social media advertising on consumer buying behavior: with special reference to fast fashion industry. In Proceedings of the International Conference on Business & Information, 476-491. Berry, S. (2021). How to set a smart social advertising budget for 2021. Accessed on 7 March 2023 from https://www.webfx.com/blog/social-media/how-to-set-social-advertising-budget/.
  • Chi, H. H. (2011). Interactive digital advertising vs. virtual brand community: Exploratory study of user motivation and social media marketing responses in Taiwan. Journal of interactive advertising, 12(1), 44-61.
  • Chu, T. C. & Lin, Y. (2009). An extension to fuzzy MCDM. Computers & Mathematics with Applications, 57(3), 445-454.
  • Çalık, A. (2020). Evaluation of social media platforms using best-worst method and fuzzy VIKOR methods: A case study of travel agency. Iranian Journal of Management Studies, 13(4), 645-672.
  • Das, P. (2022). A prospective venue for marketing is social media marketing. RESEARCH REVIEW International Multidisciplinary Research Journal, 7(10), 7-23.
  • Dateportal (2023). Digital 2023: Global overview report. Accessed on 7 March 2023 from https://datareportal.com/reports/digital-2023-global-overview-report.
  • Dessart, L. (2017). Social media engagement: a model of antecedents and relational outcomes. Journal of Marketing Management, 33(5-6), 375-399.
  • Di Felice, P., Di Valerio, D., Marinelli, M., Paolone, G., Pilotti, F., & Vellante, S. (2020). A technological platform and a process to implement the informative marketing strategy. In Proceedings of the 1st International Electronic Conference on Applied Sciences Session Computing and Artificial Intelligence, 1-7.
  • Dubois, D. (2006). Possibility theory and statistical reasoning. Computational Statistics & Data Analysis, 51(1), 47-69.
  • Duffett, R. G. (2015). Facebook advertising’s influence on intention-to-purchase and purchase amongst Millennials. Internet Research, 25(4), 498-526.
  • Enyinda, C. I., Ogbuehi, A. O., & Mbah, C. H. (2018). Building pharmaceutical relationship marketing and social media impact: An empirical analysis. International Journal of Pharmaceutical and Healthcare Marketing, 12(2), 198-230.
  • Erkan, I., & Evans, C. (2016). The influence of eWOM in social media on consumers’ purchase intentions: An extended approach to information adoption. Computers in Human Behavior, 61, 47-55.
  • Fan, W., & Gordon, M. D. (2014). The power of social media analytics. Communications of the ACM, 57(6), 74-81.
  • Gökerik, M., Gürbüz, A., Erkan, I., Mogaji, E., & Sap, S. (2018). Surprise me with your ads! The impacts of guerrilla marketing in social media on brand image. Asia Pacific Journal of Marketing and Logistics, 30(5), 1222-1238.
  • Göktaş, F., & Duran, A. (2019). A new possibilistic mean-variance model based on the principal components analysis: an application on the Turkish holding stocks. Journal of Multiple-Valued Logic & Soft Computing, 32(5-6). 455-476.
  • Göktaş, F., & Gökerik, M. (in press). Sosyal media reklam platformu seçimi için oyun teorik yaklaşım. Journal of Turkish Operations Management.
  • Göktaş, F., & Güçlü, F. (2024). Yeni bir çok kriterli karar verme yaklaşımı “olabilirlik değerlendirme sistemi”: Katılım fonları üzerine bir uygulama. Black Sea Journal of Engineering and Science, 7(1) 1-8.
  • Grant, M. C., & Boyd, S. P. (2008). Graph implementations for nonsmooth convex programs. In Recent advances in learning and control (pp. 95-110). Springer, London.
  • Hawkins, K., & Vel, P. (2013). Attitudinal loyalty, behavioural loyalty and social media: An introspection. The Marketing Review, 13(2), 125-141.
  • Iankova, S., Davies, I., Archer-Brown, C., Marder, B., & Yau, A. (2019). A comparison of social media marketing between B2B, B2C and mixed business models. Industrial Marketing Management, 81, 169-179.
  • Ismail, A. R. (2017). The influence of perceived social media marketing activities on brand loyalty: The mediation effect of brand and value consciousness. Asia Pacific Journal of Marketing and Logistics, 29(1), 129-144.
  • Jacobson, J., Gruzd, A., & Hernández-García, Á. (2020). Social media marketing: Who is watching the watchers?. Journal of Retailing and Consumer Services, 53, 101774.
  • Kaplan, A. M., & Haenlein, M. (2010). Users of the world, unite! The challenges and opportunities of social media. Business Horizons, 53(1), 59-68.
  • Kaplan, A. M., & Haenlein, M. (2011). The early bird catches the news: Nine things you should know about micro-blogging. Business Horizons, 54(2), 105-113.
  • Kietzmann, J. H., Hermkens, K., McCarthy, I. P., & Silvestre, B. S. (2011). Social media? Get serious! Understanding the functional building blocks of social media. Business Horizons, 54(3), 241-251.
  • Kumar, V., Khan, I., Fatma, M., & Singh, A. (2022). Engaging luxury brand consumers on social media. Journal of Consumer Marketing, 39(1), 121-132.
  • Laroche, M., Habibi, M. R., & Richard, M. O. (2013). To be or not to be in social media: How brand loyalty is affected by social media?. International Journal of Information Management, 33(1), 76-82.
  • Lee, D., Hosanagar, K., & Nair, H. S. (2018). Advertising content and consumer engagement on social media: Evidence from Facebook. Management Science, 64(11), 5105-5131.
  • Lee, J., & Hong, I. B. (2016). Predicting positive user responses to social media advertising: The roles of emotional appeal, informativeness, and creativity. International Journal of Information Management, 36(3), 360-373.
  • Li, C., & Bernoff, J. (2008). Groundswell: winning in a world transformed by social technologies. Boston: Harvard Business Review Press. Lutgens, F., & Schotman, P. C. (2010). Robust portfolio optimisation with multiple experts. Review of Finance, 14(2), 343-383.
  • Market Research Report (2023). Social media management market to witness huge growth by key. Accessed on 7 March 2023 from https://www.marketsandmarkets.com/Market-Reports/social-media-management-market-321810.html.
  • Pelletier, M. J., Krallman, A., Adams, F. G., & Hancock, T. (2020). One size doesn’t fit all: a uses and gratifications analysis of social media platforms. Journal of Research in Interactive Marketing, 14(2), 269-284.
  • Saçan, B. C., & Tamer, E. R. E. N. (2021). Sosyal medya reklam platformu seçimi: çok ölçütlü karar verme yöntemleri ile bir uygulama. Journal of Turkish Operations Management, 5(2), 721-738.
  • Stefko, R., Bacik, R., & Fedorko, R. (2013). Spendings on social media as part of marketing budgets. Polish Journal of Management Studies, 8, 243-250.
  • Straker, K., Wrigley, C., & Rosemann, M. (2015). Typologies and touchpoints: designing multi-channel digital strategies. Journal of Research in Interactive Marketing, 9(2), 110-128.
  • Sudipa, I. G. I., Astria, C., Irnanda, K. F., Windarto, A. P., Daulay, N. K., Suharso, W., & Wijaya, H. O. L. (2020). Application of MCDM using PROMETHEE II technique in the case of social media selection for online businesses. In IOP Conference Series: Materials Science and Engineering (Vol. 835, No. 1, p. 012059). IOP Publishing.
  • Tavana, M., Momeni, E., Rezaeiniya, N., Mirhedayatian, S. M., & Rezaeiniya, H. (2013). A novel hybrid social media platform selection model using fuzzy ANP and COPRAS-G. Expert Systems with Applications, 40(14), 5694-5702.
  • Tuten, T. L., & Solomon, M. R. (2017). Social media marketing. London: SAGE Publications Ltd.
  • Wibowo, S., Hidayat, R., Suryana, Y., Sari, D., & Kaltum, U. (2020). Measuring the effect of advertising value and brand awareness on purchase intention through the flow experience method on Facebook's social media marketing big data. In Proceedings of the 8th International Conference on Cyber and IT Service Management. 1-5.
  • Yazdani, R., Taghipourian, M. J., Pourpasha, M. M., & Hosseini, S. S. (2022). Attracting potential customers in e-commerce environments: a comparative study of metaheuristic algorithms. Processes, 10(2), 369.
  • Yücenur, G. N., Bozyel, K., & Ahmetoglu, A. (2022). Investigation the effects of different social media platforms to companies’ sales marketing processes by multi-criteria decision making method. International Journal of Marketing, Communication and New Media, 10(18), 133-150.
There are 43 citations in total.

Details

Primary Language English
Subjects Multiple Criteria Decision Making
Journal Section Articles
Authors

Furkan Göktaş 0000-0001-9291-3912

Mehmet Gökerik 0000-0002-0827-5805

Publication Date January 31, 2024
Submission Date December 1, 2023
Acceptance Date January 3, 2024
Published in Issue Year 2024 Volume: 16 Issue: 1

Cite

APA Göktaş, F., & Gökerik, M. (2024). A Novel Robust Theoretical Approach on Social Media Advertisement Platform Selection. International Journal of Engineering Research and Development, 16(1), 373-382. https://doi.org/10.29137/umagd.1398580

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