Facebook Is A Source Of Facebook

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Facebook was established by Mark Zuckerberg while he studied psychology at Harvard University. It was launched in 2004 and in 24 hours, 1,200 Harvard students had joined, and the numbers continued to increase as time passed. Facebook enables registered users to create profiles to share ideas, opinions, pictures, videos and activities as well as communicate and discover others. Facebook users can stay in contact with their friends, family and public figures, whereas marketers have the opportunity to get closer to the consumer by having access the registered users. Additionally, users may join common-interest user groups, organized by workplaces, schools, and categorize their friends into lists such as "People from Work" or "Close Friends".…show more content…
Competitor rivalry - Some of Facebook competitors include Twitter, Myspace, Snapchat and others. Facebook has many competitors. Therefore, it can be argued that the threat posed by the Facebook’s competitors is high. Threat of new entrants- The threat posed by new entrants is debatably high as competitors such as Snapchat have successfully established their presence. Nonetheless, Facebook’s position as an ideal social networking site has been established with1.4 billion users. This indicates that it will be difficult for any social networking site to threaten Facebook’s position. Threat of substitute products- Based on the services Facebook offers, the closest substitute are emails. However, emails pose a low threat because Facebook offers more features which include sharing pictures and videos. SWOT Analysis Strengths: Facebook is integrated with other websites and apps. It is possible for individuals to add a ‘Facebook-button’ to their websites and apps in order to be connected to Facebook at all times, whether it is for likes or comments. Weaknesses: Facebook’s weakness is that it does not a variety of sources of income. Marketline (2015) also reported that advertising accounted for 85%, of the company’s total revenues. This is a weakness because most companies do not have long-term advertising commitments with Facebook. Opportunities: There is always an opportunity for businesses to
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