Myer is considered to be an ethical and social company according to their previous allegation to meet realistic expectations towards their stakeholders including their contribution to the community, ethics towards suppliers and their level of sustainability as well as investors.
Although Myers social performance on social media is quiet popular with over 400,000 likes on Facebook and 148,000 followers on Instagram. There are various ways Myer can be more socially responsible towards their stakeholders such as Myer need to know exactly where they stand with their stakeholders and then plan future tactics and strategies to economically benefit the company, where as one of the most common misconceptions with stakeholders is generally a restricted or limited budget, inexperienced corporate staff or separation between managers and the corporate. These issues can cause major damage towards company procedures and is best to socially active with stakeholder and informing them about company…show more content… Social media make it very easy for companies to lean more about their potential audience such as how much of you audience is males or female, what type of clothing is the most preferred and what time of the day do customer prefer visiting stores. Its variables like these that help make decision making more accurate and concise. Social media also help businesses find new customers to expand your business even more for example people that may tweet or post about a special deal they received from Myer Christmas club that could be the driving force for other customer to come and sign up for the special deal. Social media is also a great way for a business to overcome their competitors by increasing their trafficking on their websites and escalating their search