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The marketing mix refers to the set of actions, or tactics, that a company uses to promote its brand or product in the market. Often referred to as the "4Ps", the marketing mix consists of product, price, place, and promotion - the variables that make up a company's marketing strategy and that can be adjusted to increase sales and achieve its marketing objectives. An effective marketing mix strategy considers customer needs and how to best position the product relative to competitors.
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- The product of Facebook is the Facebook itself. It enables users by creating personal profiles through uploading pictures, interest, contact and personal information. It has also allowed for their users to connect and communicate through private or groups as well as allow users to create their own events or groups. In addition, corporations advertise their products on facebook, and it is the main source of facebook’s profit. The companies which want to advertise on Facebook have two kinds of options; CPC and CPM. CPC is clicks they receive and CPM is the number of impressions of their ads that are displayed. Through this methods, Facebook makes profit from advertisers. Major factor of Facebook’s promotion is world of mouth, that is simply talking to people about the site. Other factors are games like farmville, press releases, developers and existing users. The distribution for Facebook is simple. Go to the website and sign up! Facebook is available anywhere that there is an Internet connection. The users can also access Facebook using the mobile web, or if they use smart phones like iPhone or blackberry, they can use facebook by simply downloading an app.
- -Diverse web activities such as photo uploading, video posting, and gaming -Innovation even though it has a strong market share -Strong connections with other corporations they are strong advertising platform partner for Facebook -Strong customer loyalty because of user-friendly and easily navigated website However, Facebook has weakness regarding to privacy and copyright issue. Also unlike MySpace or Twitter, facebook has less homepage customized possibilities. Despite weaknesses, Facebook has many opportunities to grow more. It has larger international presence, and more than 50 kinds of languages are already available. Also more and more people and organizations are engaged with Facebook, and it takes over other smaller companies. However, currently released movie ‘The Social Network’ gives Facebook a bad reputation. Our group watched the movie together, and the movie depicted Mark Zuckerberg in a bad way, so the movie is a threat for Facebook. Also competitions are growing up rapidly.