Branding - Facebook Development Opportunities - Assignment Example

? Branding – Face-book Development Opportunities Table of Contents Table of Contents 2 Introduction 3 Part A- Report 4 Overview of Face-book 4 Macro environmental Analysis of Face-book 4 Micro environmental Analysis of Face-book 6 Industry Analysis of Face-book 7 Part B- Plan 9 Briefing of branding and implementation strategy 9 Design Phases 10 Conclusion 12 References 13 Bibliography 14 Appendices 15 Introduction In this age of competition, each and every entrepreneur desires to remain safe and secure. This might be possible only through rapid promotion and advertisements. And now a day, maximum extent of promotion is performed with the help of online media or social networking sites such as face-book, twitter, bing, yahoo and many others. This is mainly because; the craze of online media is increasing at a rapid pace as compared to others. Among many other social networking sites, face-book is one of the most renowned and prominent site. It helps in attracting a large array of customers towards the brand thereby presenting various feedback, comments and likes. As a result, an entrepreneur or marketer attains the facility of obtaining numerous customers from a single site thereby amplifying the profitability and brand image of the product among others. Other than this, the amount of investment over promotion or advertisement also gets reduced to a certain extent, which is quite worthy for an organization. And so, the level of revenues and profit margin of the brand also gets enhanced to a significant extent thereby amplifying its dominance in the market. This is the prime reason for which, maximum extent of the marketers or entrepreneurs in today’s age desire to select online networking site Facebook for the promotion of their products or services. The report is presented in two parts. The first part depicts the strengths and challenges faced by the social networking site, face-book in this globe among others. Along with this, it also includes the threats and weakness faced by the site, due to extreme bargaining power of the buyers and extensive rivalry among the existing parties. On the other hand, the second part resembles the planning part of the networking site, face-book. This part mainly reveals the need for repositioning of the site in the global market among other contending site. Part A- Report Overview of Face-book In order to cope up with the challenges of economic meltdown, promotion or advertisement is the most essential requirement. This is because, by promoting the effectiveness or features of a product or service, large array of customers might be attracted towards the brand. As a result of it, the demand and profit margin of the product might get enhanced thereby amplifying the reputation in the entre segment among others. However, this might be possible only with the help of a social networking site, face-book. It is recognised as the most essential and reputed site used for promotion of the products or services in this competitive age. As, maximum extent of the individual desire to visit this site for attaining valuable information and ideas, that might prove effective in future. So, if a single product is promoted in this site, huge traffic might be attracted within a very small time –frame as compared to any other advertisement media. Such a prominent invention came into limelight due to the extensive efforts of Mark Zuckerberg and Dustin Moskovitz, Chris Hughes, Eduardo Saverin in the year 2004. Within next one year i.e. by the end of 2005, Facebook attained a user base of 1 million. And so, it became one of the prominent sites for the marketers to promote their products or services. By doing so, the demand and brand value of the product or services might also be enhanced to a significant extent among others such as bing, Google +, yahoo, rediff etc. So, the importance and efficiency of face-book enhanced to a significant extent as compared to others. Macro environmental Analysis of Face-book PEST analysis is recognised as the most prominent technique to evaluate the challenges and strengths faced by face-book due to the presence of macro-environmental factors. The entire process of PEST is presented below: Political – as face-book is one of the most prominent social networking sites so it is accessed by individual of all age-groups and of varied countries. So, the organizational members need to prepare the contents as per the rules and regulations of various countries and states. Not only this, the contents might also be presented in such a way so that it does not hinder the mental poise of the individual of varying age-groups. So, the popularity of face-book is increasing with leaps and bounds as compared to other social networking sites. And this is the reason for which, maximum extent of the marketers are utilising this site for the promotion or advertisement of their products or services. And so its market share and distinctiveness is enhancing significantly in this age of competitiveness. Economic- due to the utilization of this social networking site as a weapon for the promotion of the product or services, large array of traffic might be reached. So, among 1000 customers, at-least 30% to 40% customers might get attracted towards the brand thereby amplifying its profitability and productivity. As a result, it acts positively among the economic scenario of the country thereby enhancing the living standard and per capita income of the citizens. So, the level of redundancy reduces significantly thereby amplifying their prosperity and life style. Social- social networking site helps in maintaining a long-term relationship or bonding with the friends and relatives, residing in foreign countries. So, its popularity and preference is enhancing a rapid speed in the entire globe among others such as yahoo, Google+, bing and rediff. Apart from this, it is also used as a weapon for targeting huge array of customers towards the products or services of the marketers. Thus, the total sale and effectiveness of the product or service might get enhanced (Zarrella, 2009, p. 345-389). Technological- face-book is regarded as a technological boon for the individual of this age. This is because; it acts as a source for integrated marketing for the marketers in this age of competitiveness. As a result, the marketers might attain a wide range of customers in a very small time period thereby amplifying the demand and equity of the brand in the market among others. Micro environmental Analysis of Face-book SWOT analysis is the technique, which is utilised to evaluate the effectiveness of micro environmental factors over the brand image of face-book in the market among others. And the entire process is presented below: Strength- High brand reputation- as face-book might be used as one of the medium to attain varied types of valuable and worthy information and facts so its level of preference is extremely high. And by which, the knowledge and talents of the individual also gets enhanced to a significant extent. Best media to advertise the products or services- face-book is served by maximum extent of the customers as compared to any other sites such as yahoo, bing, outlook, linkedIn etc. So, it is used as the best source for promoting the products or services of varied characteristics features and qualities. Weakness- Loss of the time of study-in order to satisfy the craze of surfing varied types of information and facts, huge amount of time is wasted by the individual. As a result, the level of concentration of the individual over the studies also gets hampered to a significant extent. Viewing varied types of un-necessary objects, videos- varied types of un-necessary videos are also present within the site of face-book. And so these videos are very easily viewed by the under-aged individual thereby hampering their mental set-up. Opportunity- High level of demand- as varied types of information and news might be watched in the site of face-book, so its craze is enhancing at a rapid speed. Therefore, it is the prime factor for the enhancement of its demand in the market among others. Wide range of traffic- face-book is a site, where huge range of customers might be attained of varying caste, religion, region, creed etc. So, with the help of this site, any particular product or service might be easily sold thereby amplifying the portfolio of this brand in the market among others (Tushman & Anderson, 2004, p. 345-378). Threat- Numerous substitutes- the way by which, the world is advancing, numerous substitutes might occur in every second such as Google+, twitter, yahoo and bing. So, the demand of face-book might be decreasing to a significant extent among others. Presence of numerous hackers- due to the presence of numerous hackers, the process of hacking enhanced to a significant extent. So, the reputation of the site might also get reduced in the market among others sites. Hence, it might be revealed that in order to reduce such types of threats and challenges, varied types of security codes or numbers might be implemented within the site. So that it might remain safe and secured from the hands of the hackers. Industry Analysis of Face-book Porter’s five forces is manly utilised in order to evaluate the industrial scenario in an effective way. This might help in analyzing the need for repositioning of the face-book site with the help of change management strategy, empirical rational (Elearn, 2012, p. 345-567). Bargaining power of the buyers- due to the presence of varied sites such as yahoo, bing, orkut, rediff and many others, the bargaining power of the buyers is increasing. However, in order to retain its prospective, various innovative features need to be implemented in face-book (Reiss, 2012, p. 267-289). Bargaining power of the supplier- due to the presence of numerous rival sites, the bargaining power is extremely low. So, the level of loyalty and retention is extremely low in this segment as compared to others. Threat of new entrants- as this segment is extremely competitive and challenging, the risk of new entrance is also high. Therefore, in order to maintain the prosperity and distinctiveness in the market, varied types of innovative features need to be implemented within the site. Threat of substitute products or features- in order to reduce the threat of substitute products or features, the management of the site need to offer varied types of innovative features such open graph applications, mobile applications and many more. Only then the existing and new range of customers might be retained within the site of face-book. Intensity of rivalry- due to the presence of numerous sites such as yahoo, Google+, bing, rediff, the level of rivalry is extremely high. Therefore, in order to maintain the effectiveness in the market, varied types of inventive features such as social plugins, updated news, cricket updates etc need to be implemented. Only then, it might easily compete with all other social networking sites and maintain its goodwill in global market. Therefore, from the above points, it might be clearly depicted, that rebranding or repositioning is extremely essential for the site of face-book to enhance its opportunities and reduce its threats. So, the entire process of rebranding is performed by ‘Turquoise Branding’. It is one of the most renowned organizations due to its high-ended designs and strategies devised by its experienced officials. And the entire process of branding comprises of repositioning of the brand image, positioning, execution, marketing and many other methods (Porter, 1986, p. 345-456). Part B- Plan Briefing of branding and implementation strategy A brand is also described as a sign or trademark that distinguishes it from other rival products or brands. Along with this, only a specific brand or product might present a specific set of features or benefits that may fulfil the requirements of the customers. This is the only way by which, a brand or site might retain its portfolio in the market among others. In order to do so, the officials and executives of ‘Turquoise Branding’ decided to implement the multifaceted strategy in order to enhance its opportunities and demands in the global market among others. As per this strategy, the executives decided to implement varied types of inventive features such as graph search, new time line, feeding of new news and introducing various face-book events, app galleries and many others. These facilities might prove effective for the customers to enhance their level of loyalty and reliability as compared to others. Moreover, in order to enhance its strengths and opportunities varied other facilities such as website integration; open graph applications are also introduced. Therefore, implementation of these strategies might prove effective for the site of face-book to improve its effectiveness and image in the global market among others (Porter, 2008, p. 456-578). However, to fulfil the prime objective of the site, i.e. to enhance its opportunities and customer base, awareness is extremely essential. This might be possible only by presenting varied types of advertisements or promotional campaigns on newspapers, television, billboards, online media, radio as well as banners. Only then, the level of attention and interest of the customers towards the face-book site might get enhanced to a certain extent among others. And the range of demand and reputation of the site might be improved in global scenario. Apart from this, varied inventive features such as face-book exchange (FBX) and custom audience vote also need to be implemented so as to make it more advantageous and popular among its target customers. Only then, the objective of repositioning or rebranding of the site, face-book might present fruitful results (Tidd & Bessant, 2004, p. 456-567). However, the entire strategy presented above requires a proposed investment of 30,000 US $. And then, within a time period of 1 year, the above mentioned strategy might surely enhance its opportunities and reduce the underlining threats. And so, both the equity and brand value of face-book might get improved in the market among its contenders. Design Phases With the help of four stages, the multifaceted strategy might be implemented within the site of face-book (Zarrella, 2009, p. 234-267). Phase1- initial stage This is the initial stage and in this stage, huge rate of advertisements need to be presented. By doing so, the level awareness might be enhanced to a significant extent thereby amplifying its reputation and values. This might also prove effective in attracting large array of customers towards its brand as compared to others. This stage might go on for 2 months. Phase2- growth stage In order to enhance the rate of popularity of the site, the features and benefits of the inventive features are vigorously highlighted in this stage. On then, the customers might get interested towards these features and the opportunities and demand might get improved as compared to others. This stage is extremely essential and might continue for 4 months (Harwood, 2010, p. 345-567). Phase 3- Maturity stage This is the third stage of the implementation strategy. And in this stage, the higher authority might desire to present facilities like locking of the sites to make it more secure and safe. Only then, the existing customers might be retained along with new ones. It is also vital for the success of the objectives of the site, face-book and might continue for 4 months (Evans, 2010, p. 345-389). Phase 4- Decline stage This is the last stage and might retain for 2 months. In this stage, the importance and efficiency of the features of the services of the organization reduces to a significant extent. And so the organization desires to offer extra facilities such as social plugins, mobile applications and many others to attract and retain the customers within the brand among other rival sites. Only by following these above mentioned design phases, the strategy might become successful for the organization in long run. And it might also surely enhance the opportunities thereby declining the threats of new entrants or economic distress. Conclusion Conclusively, it might be stated after analysing the entire report, that invention is the root cause of success of any organization in this age. Without which, an organization may not prosper in the market among other rival players. References Evans, L. (2010). Social Media Marketing: Strategies for Engaging in Facebook, Twitter & Other social media. Germany: JohnWiley & Sons. Elearn. (2012). Change Management Revised Edition. New York: Springer. Harwood, M. (2010). Security Strategies in Web Applications and Social Networking. London: Sage. Porter, M., E. (2008). Competitive Strategy: Techniques for Analyzing Industries and Competitors. New York: Springer. Pride, W, M. & Ferrell, O, C. (2011). Marketing - Page 282. New York: Springer. Porter, M, E. (1986). “Competition in Global Industries”. New York: Springer. Reiss, M. (2012). Change Management. London: Sage. Tushman, M. L.& Anderson, P. (2004). Managing Strategic Innovation and' Change. New York: Oxford University Press. Tidd, J. & Bessant , J. (2004). “Managing Innovation: Integrating Technological, Market and Organizational Change”. Germany: JohnWiley & Sons. Zarrella, D. (2009). The Social Media Marketing Book. New York: Springer. Bibliography Culp, C, L. (2002). The Risk Management Process: Business Strategy and Tactics. London: sage. Appendices Promotional media Approximate cost ($) Radio 2,000 TV ads 3,000 Billboards 1,000 Social network 3,000 Media 4,000 Total expense 13,000 Read More