Facebook is an internet company within the technology industry. Bloomberg classifies Facebook as an internet media company which provides online advertising and search. Facebook has become one of the most well-known and browsed online social networking platforms in the world. This paper provides a broad analysis of Facebook.
Facebook’s original mission was to connect college students through social networks, but over time that statement has broadened to everyone. Facebook gives all of its users a way to connect with people all over the world. According to the case study, Facebook recognizes the behind the scenes engineers and those who provide the base for the functionality of the platform rather than the customer experience items. There are four themes for employees: Autonomy and Responsibility, Focus on Impact, Facebook is Run by Hackers, and Growth and Coaching. Ultimately, Facebook allows their employees to be responsible for their own work and creativity and failure is an option as failure is often followed by success.
Facebook is a social networking company that provides services to two different types of customers: users and advertisers (Hitt, Ireland, & Hoskisson, 2015, p. 137). Facebook provides their users with the opportunity to locate and stay in touch with old and new friends and family on a global scale from sharing photos, videos, and other stories. Facebook is more real-time. Facebook friends can constantly be in the know about TV shows, music, games, promotional offerings, and etcetera. Facebook provides a gateway for advertisers to reach their target markets and for the users of the site to subconsciously learn about new products and services.
Facebook’s market segmentation includes a diverse group. Users range from grade school up to 60+ years old. The differentiation takes place in advertising. As mobile technologies grow and acquisitions continue, the market will separate because advertisers will be privy to more information. For example, Mark Zuckerberg stated that Facebook acquires companies for the people to make Facebook better (Hitt, Ireland, & Hoskisson, 2015, p. 134).
Factors that determine a strong competitive position in the technology industry are the ability to retain people who are innovative and forward thinking. Zuckerberg, Facebooks creator, was writing programs before he graduated from high school. Facebook’s success is based heavily around his visions for his future and his likes and ideas. Innovation and product development should be continuous to meet the needs of the changing market. A strong brand also helps with competitive position. A strong brand is one that is identifiable by its logo, promotional jingle, etc. It is almost like purchasing a luxury item where it is, “really appealing to a world where most people feel dislocated from any sense of authenticity, here is something which is ‘pure’, here is something which has a ‘specialness’ to it and you can be a part of that” (Ritson, 2009).
Facebook’s competitors include LinkedIn, Google Plus, and Twitter. Facebook is a leader because they are constantly evolving. For example, “Facebook on Wednesday opened up its Messenger service for developers to create apps and for shoppers to communicate directly with retailers, as the Internet company seeks to expand its reach. The new features mark Facebook's latest effort to transform its mobile messaging service into a full-featured platform with the same pull with consumers and businesses as its flagship 1.4-billion user social network (Oreskovic, 2015). In 2013, Facebook launched a platform to allow its users to perform complex searches. With the launch, “Facebook is attacking Google's core strength and its most lucrative product—search—in a bid to convince