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Facebook Strategic Marketing Plan
Steven Brown
MTK/574
October 19th, 2021
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Company Description
Background and mission statement
Facebook is an online social networking company based in the united states and was
founded in 2004. The company was developed by Eduardo Saverin, Chris Hughes, Dustin
Moskovitz and Mark Zuckerberg and became one of the world's largest social networks where
people could socialize (Facebook, 2020). The company is based in Menlo Park, California, as its
headquarters. The company allows free access to the social network and earns most of its
revenues from advertisements made on the site. As a new user, a person can easily create his/her
profile, start new groups, join preexisting groups or upload photos. Facebook is used by people
every day especially given the company's mission statement, which provides people with the
ability to build a strong community while bringing the world closer together. The company's
mission statement indicates that the company is committed to ensuring friends and families are
connected, provides an opportunity to discover events taking place around the world, and express
or share things that matter to them.
Vision statement
Facebook has a corporate vision statement stating that people use Facebook to stay
connected with family and friends provides an opportunity to discover events taking place
around the world and express or share things that matter to them. Based on the vision statement,
it is evident that the company's product is more than just an online networking site but promotes
accessibility to important information and communications. The vision statement components
include a tool for self-expression, a tool for communication, a global market place and a tool for
discovery (Facebook, 2020). The vision statement is an indication that the company is
specifically based on people as users across the world and see itself as a bridge between families
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and friends no matter how far they are from each other. It also provides them with an opportunity
to express themselves and discover what is going on around them (Golubović, 2021).
Product line description
The product description line description includes the Facebook app, Facebook view,
Instagram, Oculus products, Facebook shop, Audience Network and Spark AR. All these product
lines are social networks that allow people to stay connected or share information with each
other while connected through the internet. As mentioned earlier, the network system allows
users to share information with family and friends and communicate what interests them. The
product of Facebook has many components, including user's profile page, timeline and a space
where users can share their contents and be viewed by friends. The application also allows the
users to share status, and their friends can easily identify where they are. Through the messenger,
people can communicate by chatting, audio and video calling. Therefore, the social network has
more than enough features to make it one of the best social networks used by people across the
world (Facebook, 2020).
Company information
The company is a social networking platform operating worldwide and is engaged in
developing social applications that allow people to stay connected through computers and mobile
devices. Also, people can share ideas, opinions, videos, photos and other interesting activities
through social networks. Most of the products of the company include Facebook, Messenger,
Oculus, WhatsApp and Instagram. The company has more than 58.60k employees, with Mark
Zuckerberg as the chairman and chief executive officer. Facebook is among the largest company
operating in the world, with an equity of $128.29 billion according to 2020 valuation. The
company size can be measured based on the number of subscribers and users of the platform,
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which stands at more than 3 billion people using the application to share information across the
world (Facebook, 2020).
Environmental Analysis
Competitive forces
Although Facebook is among the world's top players in social media networking, the
company faces stiff competition from other players in the industry. Some of the major
competitors include TikTok, a social media app founded in 2016 that has changed the way
people create and share videos and broadcast live. TikTok is among the major competitors of
Facebook, given the many social features that attract more users every day (Frue, 2019). Twitter
is another major competitor that provides people with a social networking platform to share their
ideas or communicate with each other. YouTube is also a major competitor of Facebook and
provides users with a platform for sharing videos, view them and upload videos. Other
competitors include LinkedIn, Quora, Snapchat and Pinterest. The competitors have almost the
same attributes as Facebook, which contributes to the stiff competition. The competitive
advantage of Facebook is based on its number of monthly active users compared to those of the
competitors (Frue, 2019). The company's main goal is similar to most competitors. Therefore, to
stay ahead, Facebook ensures that users are always happy by updating the website and adding
more applications that create a sustainable competitive advantage.
Economic Forces
The company is affected by economic factors that have shaped the company's growth.
Some of the economic factors affecting the company include the increased stability of
developing countries, the rapid growth of the economy in the developing countries and increased
income, all of which are an opportunity for the company. As such, the economic forces provide
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the company with an opportunity to penetrate the developing countries as a result of the
increased infrastructure development. An increase in disposable income is also beneficial to the
company, given that people can acquire devices that allow them to access Facebook services.
Political Factors
Political factors also affect the way Facebook operates and form external factors
determining the success or failure of the company. Political stability in developing and
developed countries and popular governmental globalization support are major political
opportunities that as allowed the company to grow. Despite the opportunities, Facebook faces
political barriers from countries such as Chinese and political action on online data. These are
political threats that may affect the operations of the company effectively (Frue, 2019).
Legal, regulatory and ethical issues
Most of the legal and regulatory requirements imposed by the government limit the
successful operations of the company. Some of the major legal and regulatory issues include
improving patent laws across the world and increased support for free Wi-Fi internet regulation
in countries such as China, which are opportunities for the company's grow...