Facebook was founded on 2004 by Mark Zuckerberg and team with a mission to engage, connect people and share their life’s moments. It helped people knowing what’s happening in other parts of the world on real time basis. Facebook have more than 1 billion daily active users (DAU).
It has acquired other popular social networking sites such as Instagram, WhatsApp, Oculus over the period of time in order to broaden its presence in different platforms and segments.
Segmentation, targeting, positioning in the Marketing strategy of Facebook-
Facebook uses the mix of Demographic, geographic and psychographic segmentation variables in order to understand the preferences and engage people accordingly so as to generate revenues.
Since the target market for Facebook is huge so by using differentiated targeting strategy Facebook makes sure that it provides algorithmically individualised advertisements meant for the specific person based on the way he/she operates their accounts.
It uses value-based positioning strategy and believes in engaging people so that people can share more and more and connect with others.
Marketing mix – Click here to read the Marketing mix of Facebook.
Mission- “To make the world more open & connected and give power to the people to stay connected”
Vision- “Not Available”
Tagline-“Facebook helps you connect and share with the people in your life.”
Competitive advantage in the Marketing strategy of Facebook –
The foremost competitive advantage that the facebook have is its reach and the way it has engaged the different communities worldwide to make the world more transparent, more open and communicate other what’s going on in their mind.
Broad products/ service portfolio – Facebook has different platforms meant for a different segment of customers and which can be useful for entirely different purposes. Like Facebook is an application where one can post update/ photos/ activities, communicate with their favourite brands, people and icons etc. Instagram is a platform where one can share edited photos and videos to their friends or followers.
On the other hand, Whats app the most popular messenger app helps everyone to message others and is fastest means of communication.
BCG Matrix in the Marketing strategy of Facebook –
All the products and services offered by Facebook are Stars in the BCG matrix due to the popularity each one has brought since its inception is something which is noticeable. The social network Facebook in itself has a majority market share but it also has competition from Twitter and linkedin. The market still has a very good growth rate but it is now being limited by the availability of Internet across the world. Instagram faces competition from Snapchat. But Whatsapp is a clear leader in the chat field because of its massive penetration across the world.
Distribution strategy in the Marketing strategy of Facebook –
Facebook uses online channel for delivering its services. It reorients and changes the platform continuously so as to engage the users effectively and improve their overall experience each time they access to the different services offered by the Facebook.
Brand equity in the Marketing strategy of Facebook-
The popularity and the reputation that Facebook carries are far greater than its peer companies competing with it. Facebook have positive word of mouth and high TOMA (top of mind awareness) relative to the competitor’s offerings. The brand valuation of Facebook is $52.6 billion in 2016. Not surprisingly, this valuation is a 44% growth from Facebook’s valuation of 2015. This goes to show how the Brand Facebook is growing very fast.
Competitive analysis in the Marketing strategy of Facebook-
It faces competition in each of the segment of the business it is present into whether a competitor is a company which is sharing information or the company which is collecting information, in each way it is going to affect the marketers who are the main source of revenue for the Facebook.
In some of the geographic locations due to several factors such as government regulations or the work culture, community ideologies are the main challenges that Facebook faces.
Market analysis in the Marketing strategy of Facebook-
Facebook operates in the market which is highly competitive and innovates or perish is the only mantra which helps the companies to sustain. Many networking companies like Skype, zomato, snapchat etc are still struggling and are fighting hard with each other technologically to emerge as a market changer and innovator.
Customer analysis in the Marketing strategy of Facebook-
Customers of Facebook are the individuals of different communities/ locations and the enterprises who want to get connected with each other and interact in a more open world. These are the people and business that uses the platform of Facebook/ Instagram / WhatsApp to communicate to other what they stand for and who they are.