Discussion question 1+2 week 5 - Essay Example

DISCUSSION QUESTION Table of Contents Table of Contents 2 Discussion Question 3 Discussion Question 2 4 References 5 Discussion Question Facebook is currently the leading social networking site in the world. It was founded in 2004 by Mark Zuckerberg. Until recently, it started trading its shares publicly in 2012 (Yahoo Finance, 2012). The success story of Facebook is well reflected through the fact that its founder has become richer than even the founders of Google after its IPO launch in May 2012 (Jong, & Pendleton, 2012).

However, in the midst of its unparalleled success, Facebook is caught up with various strategic issues too. One of the issues related to Facebook which could be identified is the increasing number of social networking sites who could be potential competitors of Facebook and may result in the decrease in market share for the company. Another issue with Facebook could be its ability to have long term sustainability in future. Other issue could be the potential threat of social media getting converted to other forms.

Being a strategic marketing manager of Facebook, the first task would be properly analyzing and evaluating all possible issues concerned with the company. Next it is required to set clear objectives regarding the marketing strategy that is to be implemented. Thereafter, proper planning is required to achieve each of the set objectives addressing all the issues related with the company. Next those planned strategies are required to be effectively communicated to the target audience. All these marketing strategies would help in ensuring sustainable growth of Facebook in future (Cress, 2011, p.352). Discussion Question 2 Self-concept specificity as mentioned in the article “Extending the Marketing Myopia Concept” by Kevin Johnston is very much similar to the concept of myopia related to strategies for marketing.

It actually implies that restrictions that are imposed on the formulation of creative strategies by any organization are mainly driven by the self-specific management officials belonging to the higher levels of the organization (Johnston, 2009, p.142). Most of the organizations which lack innovation in their business processes are mainly because of the higher management officials of the company who are self-specific in nature. They are reluctant to formulate creative strategies for the company and they do so unconsciously.

Just like in the case of some organizations they develop myopic view regarding the marketing strategies implemented by the company. The companies start producing products in relation to the demand in the market without knowing the specific customer requirements regarding the demand of that particular product (Stokes, & Lomax, 2008, p.72). This concept of self-specificity is all true in case of small business firms, where the products manufactured by the firms are prepared in correspondence with the products produced by other large successful firms.

This prevents the firms from formulating creative strategies. References Cress, C., 2011. Handbook of Geriatric Care Management. (Ed. 3). MA: Jones & Bartlett Publishers. Johnston, K., 2009. Extending the Marketing Myopia Concept to Promote Strategic Agility. Journal of Strategic Management, 17(2), pp.139-148. Jong, D. D., & Pendleton, D. (2012). Facebook IPO makes Zuckerberg Richer than Google Founders. Retrieved from http://finance.yahoo.com/news/facebook-ipo-makes-zuckerberg-richer-040001139.html. Stokes, D.

, & Lomax, W., 2008. Marketing: A Brief Introduction. London: Thomson Learning. Yahoo Finance. (2012). Facebook, Inc. Company Profile. Retrieved from http://biz.yahoo.com/ic/148/148344.html.