Facebook is the most popular social media ever existed till the date, which took over the world soon after its inception in 2004. While the corporation now has expanded its product portfolio extensively over the years, its name remains to be strongly synonymous with its main site- Facebook.
In this case study, we shall discuss the Marketing Mix of Facebook (4 Ps) intimately. Covering all the 4Ps strategies. Let us begin by going to know the corporation better first.
About Facebook
Mark Elliot Zuckerberg of Harvard University’s invention of Facebook on 4th February 2004 has influenced the world positively. Twenty years ago, the sole medium available for people to attach and obtain their message delivered in two to 3 days was by writing letters and other people only wrote emails and hung around with friends. The entire situation has changed rapidly with time.
Now it’s a little and fast connectivity world. With the advancement of the planet-wide web, and the vast array of social networking sites, the facility of connectivity has increased the bounds. Today you’ll come from work, just sign in to your account and you’re connected with friends at different geographical locations all directly.
Head of social media at search conversion agency Tamar Henry Ellis agrees that less dynamic brands shouldn’t be postponed using Facebook marketing. “It’s definitely easier for younger, cooler brands to plugin this way,” he says. “People are far more likely to require to be a lover of Pepsi than Direct Line. It’s tons harder for the less glamorous brands to interact but no smaller .”
Bebo’s Charkin warns marketers not to be too “salesy”, saying users are likely to react negatively, while head of Asian sales at Facebook Nickita Reddi thinks brands need to have a slightly different mindset when using social media. “The industry as an entire has let itself down within the past because it’s always been driven by accountability and return on investment,” she says. “It’s about moving marketers far away from that and getting them to know how consumers engage. We have a lot of information and a great understanding of what consumers are doing.” Provided it is used correctly, it is clear that Facebook is now a crucial part of the marketing mix and must play a key role in almost every marketers’ strategy. Nikita adds: “The marketing mix must get older and meet the online 2.0 challenge. Facebook marketing isn’t a fad – it’s here to remain .”
Now that we have understood how the company functions, let’s dive into the Marketing Mix of Facebook.
Marketing Mix of Facebook
The marketing mix is the combination of the four controllable variables of product, price, place and promotion that are essential to define and fulfil a target market. The element of the marketing mix is important in achieving organizational objectives because many organizations have failed due to the poor implementation of the marketing mix.
In using the four ‘Ps’ framework in analyzing the social network like Facebook, one will start with the following:
1. Facebook Product Strategy
The first P is the product, social networks like Facebook have products that satisfy many social needs because it enables friends and relatives as well as loved ones to interact electronically without physical meeting. The global village has been well felt by this invention because one can connect to friends and relatives worldwide through the web. This aspect of data technology has benefited socially, politically, and economically in every sector.
Once upon a time when postal mail was the sole source of sending and receiving information abroad, with the effect of expecting many weeks and sometimes months to receive a reply, today instant feedback is often received on any information sent.
Thanks to Facebook, friends and loved ones can connect with others by just typing their name within the search area (if they need to register with Facebook) to seek out them. That is not all, organizations also use Facebook as a product to turn strangers into friends and friends to customers. Facebook offers opportunities to host and post information on the website and offer professional experiences, information and even photos. You can also block information and make it available to only those you decide on to be ready to view what you’ve got posted.
2. Facebook Promotion Strategy
Facebook – the world’s biggest social networking site – has just announced advertising strategies that they hope will enhance that interaction. Facebook’s system – “Facebook Ads”– enables businesses to make their own pages which users can then recommend to friends and uses behavioural targeting techniques to serve ads. Some cynics have dismissed social networking as a fad, but with 2.85 billion monthly users around the world belonging to a social network – and 250 million in South Asia – it’s easy to ascertain why most industry experts believe it’ll be around, in one form or another, for several years to return.
But, while few are in doubt about the long term future of Facebook marketing, not everyone is convinced that users of social networks will welcome the increasing number of commercial messages on sites. European director of teenage social network Piczo Chris Seth acknowledges that sites must get the balance right: “We are very aware that our brand is in some ways owned by the users who created it. We have to stay giving them what they need and if we do something they don’t like we re-evaluate that very quickly. But 95% of the items we create are positively received.”
3. Facebook Distribution Strategy
Facebook can also be used as the gateway for individuals, organizations and groups to sell their offerings to the general public. It also directs users to an internet site where goods and services are posted purchasable. Production is claimed to not be completed until the products and services have gotten to the ultimate consumer. And Facebook has played an important role in the contemporary world of informational distribution. As a component of the selling mix, social networks have sealed the deal that starts on Facebook. Other aspects are, Facebook offers professional networking, myspace and LinkedIn routing for job searching, and other college admission officers and company recruiters use the social networks to conduct background checks.
4. Facebook Pricing Strategy
Price is very important and sensitive in the mix because, when the price is high, all things being equal, consumers will shift their demand from the product in question to the competitor’s product and the product will fail. In another way, when the price is low consumers may even see the merchandise as inferior and can still not buy the merchandise. The price in question in social networks depends on the service provider, the advertiser and therefore the number of users thereon social network. A social network having more members on its network is probably going to draw in more organizations hence higher prices are going to be charged by the service provider than a network with few members, and this is why Facebook is superior to all. Also, a producer who has more customers is probably going to step within the price than the one with few customers. In conclusion, an effective combination of marketing mix using Facebook will bring huge benefits to individuals and organizations in this contemporary world of business.
With this, we cover the 4 Ps Marketing Mix of Facebook in detail. Let’s summarise this case study in the below section.
Conclusion
With that last of the 4Ps strategy, our marketing mix involves an end. Facebook is clearly a particularly successful company that has nailed its product offerings in terms of quality and variety both. Their pricing is affordable and caters perfectly to their audience and industry. Their geographical reach as we saw is commendable, because of the various decades of experience under their belt. With its continued promotions and signature branding, the company is sure to enjoy its distinguished position in the market without even selling a single product of itself.
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