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Facebook - Essay Example

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Facebook is currently the top ranked social networking site that has surpassed strong competitors in the market due to its innovative features and options. …
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Download file to see previous pages The co-founder of Facebook, Mark Zuckerberg, had been accused of stealing the concept of Facebook from three students in Harvard University. However, he won his case against them and cleared any misconceptions about the source of the concept. Facebook was launched when the idea of social networking sites had already been circulated on the web in the form of MySpace, Orkut etc. These competitors were overshadowed by the inventive ideas and features of Facebook. It is a matter of time until another interesting idea makes its way to the top rank and supersedes Facebook. External and internal analysis has been conducted regarding Facebook to facilitate the continuation of the achievement of its goals and objectives. Other than the constant threat of the initiation of an even more inventive idea, Facebook is starting to face ‘Facebook Fatigue’ from the users due to the extensive usage of the same features. Few strategies have been proposed in the report that can be useful for Facebook to improve their service and achieve their goals and objectives. The need of the hour is to inhibit the adaptation of third party applications to ensure greater security, offer new features and functions to handle ‘Facebook Fatigue’ and reduce the number of advertisements display for the users. Facebook 1. Introduction Facebook is a social networking site that has leaped mankind to a new level of social networking; in terms of greater interactivity and communication. It is not only considered as a mechanism to communicate, but also an effective medium to share different types of multimedia, like videos, images, documents etc. It enables the users to stay in touch with their friends, colleagues, family and strangers who might have similar interests or hobbies. It is a global platform where an individual from any race or religion can become a member to communicate with his peers. Facebook has become the most commonly adopted social networking site in the prevailing times since they have greater number of registered users every day; Facebook shows records that on average, 100 million users access the respective website every day. This report discusses different aspects of the social networking site and how the respective company has gained the status of one of the leading companies in the world. The core objectives and mission statement of the company has also been included to communicate the core values of the company. External, as well as internal analysis has been done for the company to identify the strengths, weaknesses, threats and opportunities for the company. An important and final aspect of this report is the proposal of effective strategies to facilitate the achievement of the goals of the company, along with the strategic plans to implement the propositions in the company. The financial impacts of the propositions have not been analyzed in the report due to the unavailability of extensive financial information from Facebook. It is also recommended that some of the proposals should be implemented after attaining feedback from the user to ensure that the tedious task of implementing the changes would cause a positive effect on the users, such as the provision of customization options, lessening of advertisements on profile pages. 2. Company Overview Mark Zuckerberg is one of the main founders of the company. Womack stated that the annual revenues of 2010 amounted to around $2 billion. It has been ranked as the 3rd largest IT company in the world, behind Microsoft and Google. Womack also provided the information that the founder was named as the “Person of the Year” by Time Magazine in 2010. The value of the company has ...Download file to see next pagesRead More
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