MKT 3050 Individual Case Analysis #1

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Nova Southeastern University *

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Marketing

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Feb 20, 2024

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Mathan Kannayan MKT 3050 Individual Case Analysis #1 Alexis Carcamo Escoto 13 September 2022 Case Analysis on Facebook: Making the World More Open and Connected

Meta Platforms Inc. (formally known as Facebook) has significantly contributed to technology, global economic activity, and community connection to billions of people worldwide. Starting as a small, exclusive communication network for Harvard college students, Facebook quickly grew to a company with an average of 2.91 billion monthly users- now becoming the largest social media platform globally. By understanding Meta Platforms’ mission statement and marketing decision-making through their strategic planning and customer emphasis, Facebook has not only created an affluent business but a platform that creates a relationship with consumers. Facebook’s market-oriented mission statement explains a significant amount of its marketing and finance decisions. Before understanding Facebook’s mission statement and its vital role in our current technological society, it is essential to understand what constitutes a successful market-oriented mission statement. A universally understood definition of a market-oriented mission statement is a statement that does not focus on only the product but the customer or consumer. Companies can better survive in today’s economy by creating an environment that involves adapting to customers' needs and wants through a market-oriented mission statement (Armstrong et. al 2020). Meta Platforms corporate mission is “to give people the power to build community and bring the world closer together” (Smithson 2022). Meta Platforms has utilized their statement by creating a well defined customer value driven marketing strategy since their initial public release. With the goal of building a community to connect the world, facebook has specifically designed their platform and utilized purchased platforms (such as Instagram and WhatsApp) for the purpose of connecting people instead of a purely profit-oriented business approach. In practical terms, Meta Platforms has only really made substantial profit based on ad revenue in the most recent years as the business wanted to build a strong foundational user base (Armstrong et. al 2020). Therefore, Meta Platforms contours focus on their mission statement has given them the ability to stay highly market-oriented, always improving for customer demand.

Furthermore, Meta Platforms strategic planning is the main factor as to why their strategy is driven by their mission. Instead of connecting their main platform, Facebook, to all other owned companies, Meta Platforms has intentionally kept other brands independent of Facebook. For example, after buying Instagram and Whatsapp, Meta Platforms allowed users to choose their level of integration between platforms or remain separate from them (Armstrong et. al 2020). With this, Meta Platforms has opened the opportunity to tailor to more audiences depending on users age group and demographic. This exemplifies how Meta Platforms maintains their mission by remaining focused on building their user base. Furthermore, Meta Platforms continues to drive their mission of customer priority by continuously updating relevant information to their brands and establishing easy cross platform connection. Facebook has specifically integrated an easy way to share “reels”, or short videos, between users of apps that are not owned by Meta Platforms to Meta Platforms brands (Hutchinson, 2O22). In recent events, this integration option is yet another way as to how Meta Platforms continues to drive their actions based on their mission (Hutchinson, 2O22). Evidently, Meta Platforms continues to push for innovation through their business portfolio. Owning Instagram, Whatsapp, and now Oculus, Meta Platforms continues to expand their reach through social media and future technological innovations (Armstrong et. al 2020). With these noteworthy advancements in technology, facebook has chosen to actually keep all their designs open-sourced. Critics quickly assume that this is very detrimental to Meta Platforms yearly revenue as it gives other companies opportunities to copy Meta Platforms ideas which may result in loss of users on Meta Platforms businesses. However, with Meta Platforms emphasis on “a total brand experience,” specifically through Facebook, Facebook giving away its technologies for free fits perfectly with their strategic goal planning. With their goal to “share anything and everything in a natural way”, providing access to Facebook’s designs actually allows for further technological advancement and innovation in a global perspective (Armstrong et. al 2020). Furthermore, giving access to current Meta Platforms technology and future

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technology, Facebook conveys transparency of data between users. This transparency can prevent future issues from arising in regards to possible questioning of Facebook’s data tracking programming. Meta Platforms has made many advancements in recent years, proving its worldwide web dominance. As of March 2010, Facebook passed Google becoming the most viewed website holding 7.07% of all web traffic (Wilson et. al, 2012). With this amount of world impact, the information facebook chooses to release can raise many concerns regarding the appropriateness and biases these ads may contain. Researchers have specifically found harmful physiological and physiological processes in relation to this (Wilson et. al, 2012). With these concerns, Facebook is bound to struggle in promotion of their goals in the future. Additionally, although Facebook made a conscious effort to promote COVID-19 safety during the recent pandemic by launching an information center that houses updates regarding the virus, false and misleading information spreads very fast based on community engagement on the platform (Singh 2020). This concern regarding false information will continue to pose greater problems in the near future as consumers begin to worry about the accuracy and justifiability of their information. Lastly, Meta Platforms has access to billions of users personal information and data. Data tracking concerns are becoming more apparent as technology awareness becomes more present. Therefore, Facebook’s morals will be challenged in the near future regarding their usage of personal information. Ultimately, Meta Platforms' tactical use of strategic marketing strategies involving their mission statement and customer connectedness has made them the colossal technological giants they are today. With forward-thinking steps taken in recent years, Facebook will continue to prosper in the social media space.

Works Cited Hutchinson, A. (2022). Meta launches 'share to reels' option for third party developers to help fuel reels usage. Social Media Today, Retrieved from https://ezproxylocal.library.nova.edu/login?url=https://www.proquest.com/trade-journals/meta-lau nches-share-reels-option-third-party/docview/2649422850/se-2 Wilson, R. E., Gosling, S. D., Gosling, S. D., & Graham, L. T. (2012). A Review of Facebook Research in the Social Sciences. Perspectives on Psychological Science, 7(3), 203–220. http://www.jstor.org/stable/41613559 Singh, S., & Bagchi, K. “K. J. .” (2020). Facebook. In How Internet Platforms Are Combating Disinformation and Misinformation in the Age of COVID-19 (pp. 8–11). New America. http://www.jstor.org/stable/resrep25418.5 Armstrong G. & Kotler P. (2019). Marketing : an introduction (8th ed.). Pearson Prentice Hall. Smithson, N. (2022, August 5). Meta's (Facebook's) mission statement & vision statement (an analysis). Panmore Institute. Retrieved September 13, 2022, from https://panmore.com/facebook-inc-vision-statement-mission-statement

MKT 3050 Individual Case Analysis #1

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