Facebook Marketing Strategies Australia

Question: 1. What marketing strategy or strategies has Facebook adopted since it was created? Answer this question by applying one or more of the theoretical approaches discussed in the course. 2. What marketing options can you describe for Facebook if it wishes to remain a successful organisation throughout the next decade? Answer this question based on the circumstances that exist in 2014 and your best forecasts of relevant future industry factors. Answer: Executive Summary Facebook is a global company for social networking which is quit prevalent in this contemporary world to create an interactive platform for every user. Marketing strategies are the key catalyst for success of any organization and Facebook too adopted various strategies suiting both short and long term aims of the company. Introduction Facebook Inc. is a complete package for media, friends, updates, posts, photographs, events and what not. The prime policy of the company give due respect and regard to the customers and provide them with suitable features to make them loyal to the organization and aid in the process of growth and development for a rising curve. Facebook as a company have practices numerous marketing techniques since the time it came into existence and business analysts are concerned for the long term goals and plans too. They are paying attention towards campaigning, scheduling of launches, market segmentation, feedback analysis, budget management or optimization of advertisements (Moore, 1999). The study will focus upon the present and future strategies including algorithms and techniques. Background of Facebook Inc. The story of Facebook starts from the time when Zuckerberg built a social network for the students of Harvard University which was earlier known as TheFacebook. Mid 2004, Facebook got its first president as Sean Parker and 2006 the website became accessible to everybody who followed certain rules of having a minimum age limit of 13 years and have an email account (Phillips, 2007). In the year 2007, Facebook made an alliance with Microsoft and by the year 2009 it topped the charts of being the topmost social networking site of the globe. In 2010, it became the third largest website in America with Google and Amazon being on the top surpassing eBay. In 2014, Facebook celebrated its tenth anniversary with acquisition of Oculus and Watsapp as major achievements. Marketing Strategies for Facebook The current marketing strategies of Facebook fall under the tagline of globalization where there is a need to devise innovative mechanisms to fuel the development of the company. For fulfilling the essence of globalization, Facebook have adopted localization of languages as per the region. The technique of Trending Topics, NewsFeed, Pulse, Timeline and many more have become latest hits for the company. The company didnt rely over staple marketing techniques but innovated strategies of address booking, word of mouth or SEO (Evans, 2010). They segmented the customers to promote special advertisements. The news feed algorithm was changes from being simple text to text accompanied by pictures and animations. The company have adopted agile an flexible approach towards the market and the team of geniuses is contributing towards refined strategies for marketing and management. Facebook have reached a remarkable level of 1 million users per day and 130TB of logs per day (Hartline, 2008) because of its scaling methodology. It has adopted horizontal scaling for agility and maintenance of records and databases. The work of small teams in an incremental fashion was the key to successful marketing success of the company. Theories of Marketing Facebook have adopted viral marketing as its key strategy for brand management and to enhance CRM. We can evaluate the marketing strategies by some of the marketing models. According to the growth strategy matrix, Facebook have customized and diversified the customers in clusters and segments. There is an upstream and downstream integration after wisely analyzing integrative penetration strategies to customer loyalty and growth. Under the Seven P marketing Model, Facebook upholds its quality as being the topmost product or service with free services and applications. The topmost position is maintained and is strengthened by the purchase of Watsapp. The company have profound impact over commerce, sales, media, promotions etc. Future Facebook Strategies Mobile technologies, cloud computing, online shopping and much more craft the future for Facebook. With release of the mobile application and buying of the topmost applications like Instagram or Watsapp, Facebook have once again conquered the world of mobile application by leaving an impact over it. Mobile applications earn from the advertisements which much be balanced for a successful position of the company. The company is focusing over direct communications, specialized dashboards and simpler navigations. The future holds in room for Analytics API, library connections, open graph API etc. (Poynter, 2008). Facebook is looking for its future in augmented reality with the help of Oculus. As said by Zuckerberg, the three year mission is to serve the public and progress in content. The five year goal is to amalgamate every applications contribution into a huge user database and facilitated storehouse. Ten years goal is to take big steps and leaps in artificial intelligence and computi ng (Locke, 2007). Conclusion Marketing strategies of Facebook are in line with the contemporary and mind-blowing solutions to innovate for something new and the main aim now lies in completing the challenges to uphold the status of the company for a tremendous success in the field of online social media. References Evans, L. 2010,Social media marketing: strategies for engaging in Facebook, Twitter other social media, Pearson Education. Hartline, J., Mirrokni, V., Sundararajan, M. 2008, April, Optimal marketing strategies over social networks, InProceedings of the 17th international conference on World Wide Web, 189-198, ACM. Locke, L. 2007, The future of Facebook,Time Magazine, 17. Moore, G. A. 1999,Inside the tornado: marketing strategies from Silicon Valley's cutting edge, HarperPerennial. Phillips, S. 2007, A brief history of Facebook,the Guardian, 25. Poynter, R. 2008, Viewpoint-Facebook: The future of networking with customers,Journal of the Market Research Society, 50, no. 1, pp. 11. Solomon, M. R. 2003,Conquering consumerspace: Marketing strategies for a branded world, New York: Amacom