Facebook Marketing Strategy & Marketing Mix (4Ps)
Marketing Strategy of Facebook analyzes the brand with the marketing mix framework which covers the 4Ps (Product, Price, Place, Promotion). These business strategies, based on Facebook marketing mix, help the brand succeed in the market. Let us start the Facebook Marketing Strategy & Mix to understand its product, pricing, advertising & distribution strategies:
Quick Glance:
Facebook Product Strategy:
The product strategy and mix in Facebook marketing strategy can be explained as follows:
Facebook, one of the world's largest social media platforms, as a product is a brand name itself. Almost all the people in the world are connected to Facebook. The family, friends, relatives, co-workers, all can be connected through this intangible asset. The handy connectivity of Facebook has allowed us to connect to the people instantly whenever we want. The product strategy in the marketing mix of Facebook is not only about connectivity through texts, images & videos. People are allowed to share the photos and their location, and also they can share what is on their mind by putting up live feeds of what’s happening in and around them.
There are major companies which Facebook took over, like the Instagram, WhatsApp, Oculus VR, LiveRail etc. Facebook has helped them to expand their base and make the people connect even more easily and rapidly. Customizing how a people will view your profile will suggest the kind of privacy you would like to have and from which group of people. This is the most important feature of Facebook which makes it more safe in the virtual world. Facebook also has a virtual version of the platform, which can be viewed using VR goggles.
Image: pixabay
Facebook Price/Pricing Strategy:
Below is the pricing strategy in Facebook marketing strategy:
Facebook is a social media powerhouse and has become one of the leading advertisers in the world. The price of the product in this market is something which has to be very decisive.
The competition in this segment is very high. The price rise in one will make the customers move from one product to the other. This would induce a loss in the customer base and a shift of the customers from one company to the other. Thus fixing the price is one of the major factors of making the company count its presence. Facebook from its inception has set the price free for end-users and is continuing to do so. Even its platforms like Instagram & WhatsApp are free, and do not charge the end-users. The main revenue of Facebook is through the advertisement that it gets. But Facebook has also made sure that these companies don’t over-communicate advertisements to the users. This is a great work which Facebook did. Being a market leader in social media advertising, the marketing mix pricing strategy is that of a market leader. The annual revenue of the company is more than $80 billion.
Read more about Facebook
Facebook Place & Distribution Strategy:
Following is the distribution strategy in the Facebook marketing mix:
Facebook being an online social media service, is accessible everywhere. The places where we find the Facebook is everywhere. It all started in a room of Harvard and slowly through the access of internet the product breached the boundaries of the nations. The Facebook application went viral and people started using it all over the world. We find that the people started using Facebook as it was handy and was available to almost all the people at the click of a button. The app was accessible on the go and people would easily log in to see the news feed. This showed what your connected people are doing, and allows one to see the photos of each and every one. WhatsApp, a product of Facebook also, allows you to connect to the different people whose numbers you have and text them or call them up for free.
The Facebook services only need the access of the internet.
Facebook Promotion & Advertising Strategy:
The promotional and advertising strategy in the Facebook marketing strategy is as follows:
Facebook is a company that is well known through the word of mouth. The promotional strategy in the marketing mix is entirely different from any other global brand. The company has made its footprint in the digital world. With the various features which are available online we find that the promotion of Facebook has been done through the rise of the usage of the net. The movie was also a kind of promotion for Facebook. The other promotion are through the word of mouth and the various kinds of advertisement that they post. They have gone through sale promotion which showed that the way this company increased the market shares. The Facebook platform allows various bloggers and company to promote their product on their site, which in an indirect way is a kind of promotion itself for the company.
Since this is a service marketing brand, here are the other three Ps to make it the 7Ps marketing mix of Facebook.
People:
Mark Zuckerberg is one of the most well recognized entrepreneurs worldwide, who was responsible for inventing Facebook. Facebook is social media website which focuses on connecting people. Hence people form the backbone for the website. Close to 3 billion people are on Facebook and using its services. The employee strength in Facebook is in excess of 15000+ worldwide. The services, features etc. all are focused on the likes and requirements of people.
Process:
Facebook, being a website, the processes and services offered are intangible. Hence things like fast servers, ease of use, proficient coding for a good UI and some of the processes in place for giving a seamless experience to the users of Facebook. Also, release of new features, software upgrades, security etc. have to be done through seamless processes, which do not affect the users at any point of time.
Physical Evidence:
For a website, the physical evidence is quite limited. Facebook has offices worldwide, which are state of the art, employee friendly and have a fresh ambience to the workplace. However, the website, its features, its user-interface, how it opens on a laptop, tablet or mobile, apps, chat features etc. all come under physical evidence for Facebook. And Facebook has managed to be a pioneer in inventing new feature time and again to keep its users engaged. Hence, this covers the entire Facebook marketing strategy & marketing mix.
About Facebook:
Facebook started in the campus of Harvard College and was launched on 4th February, 2004 by Mark Zuckerberg and the fellow students Eduardo Saverin, Andrew McCollum, Dustin Moskovitz, and Chris Hughes. This is a social networking site and is used for connecting with people all over the world. This was a huge success and people found it easy to use and they got connected to the people instantly and that to all over the world. The people could connect with those people who were almost continents away and that too instantly. Facebook is not only about instant connectivity. With the time this company has evolved into a lot more that connectivity.
Games, online ads, photo sharing, name it and Facebook is there making its presence felt. The Facebook app has been successful as it is now accessible not only in the laptop or computer, it has made itself available to almost all the people who are on the go, via their mobile application.
This article has been researched & authored by the Content & Research Team. It has been reviewed & published by the MBA Skool Team. The content on MBA Skool has been created for educational & academic purpose only.
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