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Identify and critically analyze strategic Marketing Problem and Opportunities of face book and give strategic marketing alternatives available and recommend a suitable marketing strategy and by implement that create new opportunity in social network to achieve the overall objective of organization.
The Research consist on following points:
Examination of data and facts to uncover and understand cause-effect relationships, thus providing basis for problem solving and decision making. including demographic, socio-cultural, legal/political aspects and demand trend.
Examinants strengths and weakness of Facebook as well as identifying opportunities and threats of an organization.
Identifying major problems Facebook facing and give its solution find out a their competitors opportunity that threads Facebook and also discuss BCG Matrix.
On the basis of these marketing strategies analyses, we may find out the problem and opportunities and identify marketing segment.
Finally as a consultant we are recommend them the suitable marketing strategy alternative and give them idea of generate the profit and grape more users social service network sector.
First of all what is social service networking and social software .
Social Software: Facebook is social software means a wide range of web based program such as service and tools the key part of this technology is allowing the users to chip in, create and customize in different ways that earlier models software do not . this software includes user created items likes ideas, blogs , video sharing , music sharing ,personal videos ,news and information . we can also say that Social software is a communication resources for on the spot messaging and effective world and social networking sites.
Social Network: Social network is base on social software we can also say that social network service take lead of social software outfit to make a plan for online people meeting and share their views, ideas, photos and video and they can also send messages ,playing games and many more things.
There are three types of Social Networking Service .
1. Sites which contain a information or specific category directory that is for former classmates or collaborator
2. Sites used in the sense to connect with friends, family or fans that for often featuring make specially profile pages. world.
My company Face book is an example of second type of Social Networking service.
Now I am going to tell you what actually Facebook is ?
Facebook is a social service network site and had a largest number of registered users worldwide over 40 million and it is increasing day by day it is students focused site and Facebook raked between top ten web site of world.
Facebook was created in 2004 by Harvard university (USA) student Mark Zuckerberg. The intention to create Facebook at that time is basically create a directory for new student at that time membership to the web site was limited to Harvard students only. Within a month time Facebook grew include other university students as well and in a period of less than a year face book had over 1 million users. By the end of 2005 Facebook expanded very sharply and that was a first social network of 800 colleges and universities , high school at international levels in mid of 2006 Facebook has over ninety million dynamic users around the world. Facebook is a privately owned company and its head office in Palo Alto, California, USA.
Facebook was first designed for university students and main users are still students of this site. The basic profile in Facebook include the following things:
There is space for a profile or user picture option , personal information about you space, a person area known as wall that a place where friends can openly place remarks for you , Status bring up to date, where you can write your friends about yourself or what you are doing currently , News provide for, on a regular basis efficient information regarding yourself or friends, applications or friends they have extra changes to their profiles, and a space for uploading pictures and share videos.
However Facebook, similar to various social software sites, is customizable and there is no limit that you can add good amount of applications to your Facebook account. Applications are extra kit and description several are formed by Facebook, although numerous or more have been produced by third bash developers.
There are two type of analysis macro level analysis and micro level analysis SWOT is a micro level Analysis in this assignment we concentrate on SWOT.
Facebook is huge global brand it is a one of larger social service network it has over 40 million registers users worldwide. It already build it reputation in social service sector.
Easy access from everywhere to anywhere trough internet.
Video and photo sharing options to your friends.
Good communication medium through that you connect with your friends and family.
Time killing site with lot of entertaining options.
Waste of time: Lot of person thinks that Facebook nothing is just a waste of time for young generation and because of that they are not taking interest in any physical activity .they are ruining the youth and children.
Less Security: There is lack of security is this site because any one can get the information for others.
Fake users ids: lot of users are using fake ids and disturb the other users.
Effect on Culture : Facebook is also make effect on culture of a country and people are now going to forget there on culture.
Business opportunity: Through this we can do the business world wide with the help of our friends and community circle.
Marketing opportunities: Facebook is also help us to do the marketing of our organization or product worldwide in easy way because millions of people will see your advertisement .
Relationship opportunities: Through Facebook we can also build public relation and with the help of this relations we can feel relax.
Opportunity for Lonely people: This site is also very helpful for those people who feel loneliness through that site they can kill there loneliness and create some good relation and communication.
Facebook is going to be charge: there is some rumours that Facebook going charge if that happen they are going to lose lots of users.
Need new innovative idea because people getting bored: In this type of social network service the
Software upgrading : They need to upgrade their soft ware and insert some new features day by day if they don't then they provide the space for competitors.
The major threats Facebook is facing is because of security issue the prestige of Facebook is hurt. According to the metro news paper 9 march 2010 that a one boy is sexually abused and killed because of Facebook. Facebook should take it seriously and do some things.
Problems & Solutions
The main problem Facebook is facing now a days are security issue and they may going to charge some amount from users because there is some financial issues and they want to stop usage of fake users ids ,it will cost them to lose huge amount of users because of the above issues and charges.
In my point of view regarding the financial issues they need to focus on their sales and marketing team to get more advertisement from worldwide through that they overcome their financial issue because Facebook is very popular and they are part of media and organization be keen on to put their adds on it. secondly , regarding security they need to make some changes in their software such no one get tagged the photos , videos or message without the permission of original users. It is very difficult to stop fake ids users but if Facebook just write small line or banner in their site that all the users beware with fake users .
If Facebook not overcome these issues then it will cost them to lose huge amount of users and people will never come to them again because of the good competition and it also give the free space to their competitor. The competitors of Facebook is waiting for the mistake from them trough that they create their promotion and take good market share.
There are lot of Facebook competitor some are follows:
Multiply and etc.
Following figure will show you where is Facebook and their competitors are according to BCG Matrix.
According to the current scenario that first of all the Facebook as a organization wants that all the people are going to use to with Facebook and Facebook became the major parts of human life and people can't imagine that without face book they can't survive then they introduce their price strategy and they already work on that and near future they will introduce it. If its happen then Facebook himself provide free space to their competitors.
The marketing strategy of Facebook are follows:
As product Facebook has very good packaging ,designing and displaying it attract their customer because of that mix Facebook is very popular because it is very easy to use globally. now a day's Facebook is also displaying their features in different language because if that the people who doesn't understand English is also using Facebook very easily.
The Facebook price strategy is very good it is free of charge any one can become member or user of Facebook life time without paying anything but Facebook is totally depend on advertisement through that they generate money and cover their expanse.
In this mix Facebook is rule because for Facebook you just need internet connection through that you can use Facebook any time anywhere 24 hours 7days a week. There is new service introduce by Facebook that u can connect trough your mobile phones also and in UK they already has a contact with 3mobile company in 3 mobile there is separate icon for Facebook and you can use this service free while other network is charging for internet fees.
Facebook use very beautiful strategy that is word of mouth means is totally depend on Public relation for e.g. if you register as a new user the Facebook ask you that you want to invite your friends also through your yahoo and msn messengers. Facebook is also put there adds in different site and put the banners also.
The physical appearance of Facebook is great in the menu we can find all the things what u want in social networking sector easily.
Through that mix Facebook people are going to realized what is going around world and people thinks openly without any barriers and develop new strategy and ideas.
The process of Facebook is not very difficult every one can handle it easily such as ten year kid use it or either 75 year old either in Facebook there is everything for everyone.
Marketing Strategies Alternative/Suggestion and Marketing Plan
After research as a consultant I understand that Facebook starts as a niche segment(for specific people) but after that they enter in a open market (penetrate market) and in less than six years they became market leader in the social service network sector ,there are lot of things contributed in their success but no one can argue that Facebook marketing strategies are very effective because they know how to market their product to their various customer segments but now they more and my suggestions will help them.
This is time of recession or credit crunch everyone is affected and lots of people are searching for jobs and investors are afraid to invest . If Facebook introduce two or three category in their site it will enhance their reputation and attract more users.
If they introduce a search option in their site like the search engine the user can use Facebook as a search engine without signing out.
Secondly If Facebook make some contract with the jobs providing agencies and introduce their link it is good for unemployed person they can apply the job without even sign out from Facebook or Facebook open their own jobs agency and through that they can charge fee from employer and candidates either.
Thirdly, They can also introduce the link for entrepreneur it may help both investors and thinkers because Facebook is huge brand and people easily trust on it trough that Facebook may help the world to overcome credit crunch and generate some profit for itself.
Moreover, The large number of user of Facebook are students and also basically Facebook is a student's base site. Facebook need to grape more students by visiting different school, colleges and universities and arranging a seminars , workshop for students around the world through that Facebook create awareness in people /student and it should increase the users of Facebook.
Finally, This is also a era of Globalization and Facebook is Globalized. They should hire marketing staff all around the world and arrange their meeting with the marketing professionals of different organization from around the world through that they will get more advertisement for their sites and profit sharply increase, if they want they can hire the students to work for them as a volunteer or pay them some amount its depend on idea what they want.
In a nutshell, if they implement these suggestions then they are likely to increase their profit revenue and overcome their current financial problems. They cannot neglect the importance of the student market segment and they should think globally but act locally by understanding what local markets want from them. It not only matters who you serve, but also what you serve. One has to match the right products and services to the right market segment.