Facebook, a common household name today was founded in 2004 by a group of Harvard students consisting of Mark Zuckerberg, Eduardo Saverin, Dustin Moskovitz, and Chris Hughes. The main idea behind the conception of Facebook was to integrate the physical world and the digital world to minimize the gaps in between. The year 2012 marked Facebook’s success as it was regarded as the most popular social networking sites with over a billion dedicated users. The company has not looked back ever since and has been rapidly increasing its consumers with each year. Headquartered in Menlo Park, California, Facebook can be considered to be one of the most promising pioneers who greatly succeeded in bridging the physical distance between people through digital means.
Facebook as a platform does not acquire any revenue from the users in terms of personal use but generates its income through advertisements made on its site. Through the platform, users can create their personal or business profiles, upload pictures, join or start groups and connect with the population. Personal messages and calls are also a Facebook feature that has helped millions of people to avoid expensive international calling tariffs to talk to their loved ones.
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Facebook in less than two decades has garnered the interests of the world population and therefore it is essential to know how such a feat was possible by comprehending its marketing approach. Thus, this section aims to analyze their marketing tactics and assess what other elements actively contributed towards its popularity.
Facebook in the last few years has been through an array of scandals and yet has a steady consumer base. Therefore, this analysis is aimed to evaluate the strengths, weaknesses, opportunities and threats of Facebook.
Facebook boasts of an undeterred customer base and the same has been growing every year. Therefore, the loyalty of its consumers and its rigid popularity even after several scandals is the core strength of Facebook. Acclaimed magazine like the Forbes has attested for it to be the strongest brand in terms of social media. Second, Facebook does not depend only on a single wall revenue and has therefore diversified its business streams by acquiring various platforms and tools such as WhatsApp, Instagram, Messenger, Workplace and Calibra. Further, Facebook and its acquisitions have maintained the lion’s share over the market by completely dominating the digital arena. In 2020, 3 billion of the world population were said to be active on Facebook and its related platforms. Similarly, the firm has also one of the most driven workforces. The workforce there is happy and content due to the progressive and laid back company culture of Facebook. The firm also spends heavily on R&D and has visionary outlooks towards the future. Lastly, its direct marketing approach has worked well for the platform and has been acquiring users ever since its conception.
Facebook has been repeatedly lashed out on due to it not providing enough protection towards user data. Facebook in 2018 faced legal suit as it was alleged that it was sharing personal data of its users to a third party. Although, Facebook has extensively diversified its portfolio, but the same is also a fraction of social media and therefore Facebook’s contact with other diversifications are at zero which is a huge drawback. Furthermore, Facebook has a target demographic which is the younger and tech-savvy generation. This generation is also notorious for its whimsical nature and therefore over-dependency on them can prove to be catastrophic for Facebook. Similarly, it depends mainly on ads for revenue generation which is a significant drawback to a progressive platform as theirs.
In terms of opportunity, Facebook has the means and measures to expand its area of work further than the social media industry. It can employ its R&D team to source possible areas of expansion other than the social media forum. It has also a very good opportunity to expand Facebook into the physical world by integrating various new acquisitions such as CTRL- Labs that was acquired in 2019 by them. The lab was working on a program that connects brain signals to computer to perform daily tasks which of successful can bring about a revolution to the industry.
Tik-Tok, a social media platform where users can make their accounts and make short videos has become extremely popular especially among the target demographic of Facebook and this has unsettled the firm greatly. Therefore, it started its own version of short-video making app but was unable to beat Tik-Tok. There are several laws that Facebook is supposed to follow due to its past scandals, therefore too much of screening can prove to be a significant business loss for the company. Along with it, its ban in several nations such as Russia, China and North Korea is a threatening element for the firm. Along with all of these, the biggest threat that Facebook hosts is inbred and concerns the false identities held by thousands of Facebook users which are a potential threat to the genuine users. If you are looking for marketing assignment help providers in the United States, consider hiring our service.
Brand name and loyalty
Progressive company culture
Heavy market share
Well invested R&D
Direct Marketing Approach
Less revenue sources
Data breach and fake news scandals
No variation in demographic
Presence of resources and means to expand beyond social media
CTRL-Lab prospects can be revolutionizing
Competition from similar social media sites
Formulation of regulations for data privacy
Expansion of nations banning Facebook
Facebook is a platform that provides a voice for the masses; therefore it allows full autonomy to its users. There have been many occasions where propaganda in Facebook has resulted in mass political unrest in certain nations. Due to such an issue, Facebook has been banned in several nations such as Russia, China and North Korea. Such bans can reflect poorly on Facebook’s reputation and also cause a significant dent in the firm’s customer base. Therefore, Facebook has set up “Political Action Committee” whose main task is to secure political affiliations that aid the growth of the company.
Facebook has helped various nations to revive their economies as it has significantly aided in business promotion that has in turn helped businesses to flourish, Moreover, freelancers have also been contributing greatly towards the economy due to Facebook job posts. However, many investors have been backing out of Facebook due to their scandals relating to data breach and fake news.
The society today has become too reliant and addicted to digital platforms. Facebook is one of the most widely used digital platforms. However, in certain nations Facebook is seen as a tool that has been corrupting the social and moral values of an individual and that notion of the general population has greatly affected Facebook in terms of its image. Due to this factor, the core value of Facebook, which was to connect people, has lost its meaning as today it has become a hub of fake news, scandals, vile content and too much of sponsored posts.
Facebook is a digital entity but its overreliance on a plain frame can render it redundant unless technological upgrades are not done occasionally. Facebook should employ novel concepts, ideas and tools to persist in the current market. In addition to that, the digital space is riddled with notorious hackers who are an imminent threat to the sensitive data held by Facebook.
Facebook has been involved in legal battles concerning data breaches and to combat the same, the EU has formulated a set of policies under general data protection regulation (GDPR) that is aimed towards ensuring total data protection from firms like Facebook. Non-compliance to the said rules can result in heavy fines and legal action.
Facebook is heavily reliant on natural resources to fuel its data storage centers but the population today is heavily siding towards companies that are being environmentally conscious. Therefore, Facebook needs to do their bit towards the environment by using cleaner energy otherwise, they might not fit the profile as a progressive and a sustainable firm.
In summation, from the above paper, it is clear that Facebook has a solid market base and gifted human resource but must diversify certain elements of the business to ensure its survival in the future. It is also essential for Facebook to prevent any and all data breaches as they could be devastating for the company in both reputation as well as legal areas.
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