Strategies used by Mark Zuckerberg PDF

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Strategies used by Mark Zuckerberg and Strategies deployed by Facebook Inc....

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Strategies used by Mark Zuckerberg “Move fast and break things” – mantra lived by Mark Zuckerberg and his team that started the Facebook social network that now connects to 1.8 billion people across the globe. From a simple idea, to taking actions, and to the actual user interface, the Facebook app depicts the modern tech company. Its astronomical growth is not a coincidence; the success it savors now took up a lot of strategic planning, successes, scandals, flaws, and innovations to be in the current trend. Reflecting the recent development last October 2021, the CEO Mark Zuckerberg introduced the Metaverse (Meta) which collectively brings other apps and technologies under one brand. Meta’s objective is to help people connect, find communities, and grow business. Facebook is now Metaverse. Moving hastily into the next evolution in the long line of social technologies, this exemplifies the strong foundation of the company to against the event of changes around it. In a 10-episode podcast hosted by Reid Hoffman, Zuckerberg discusses important strategies and approaches in an episode of Masters of Scale. Some of the strategies evident to this success are:

1. Have conviction -- you’ll need it. Starting up a company, no matter how successful you think you’ve done, backlashes and people voicing out their concerns haunt you. Despite the criticism, he and his team knew it’s more than that. In his words, “It just comes down conviction—how much you believe in that thing,” Zuckerberg and his team believed religiously to what they’ve built. And they were right. After the “News Feed” feature was launched, that was before criticized for its drastic change, the engagement numbers rise dramatically and now become one of the major experiences of the application. Having convictions can help you know better, decide when to listen to feedbacks, and when to sit out the critics. 2. Test, test, test Behind the running operation of Facebook, the application tests everything to ensure it delivers the topnotch experience to users. Different versions of the social media were run to measure the satisfaction the users experience, statistics on how many people are sharing, connecting, and how much revenue the site is generating. The smooth operation helps the staffers to move forward so they can get more feedback. In his interview, Zuckerberg informs that the idea in running the Facebook is that “done is better than perfect”. Having the information and feedbacks from the

community helped them assess whether they’re going in the right direction at all is much better than polishing something up completely.

3. Create a framework for innovation. After taking into accounts all the internal environment analysis, external environment analysis, its competitive advantage, Porters five forces model, and other performance indicators, an avenue for innovation should be open. The transition of the Facebook app from web to mobile was rocky since the team couldn’t get the experience right away. To aid this conflict, Zuckerberg provided training and strict rules for pitching new ideas. One of which is showing the mobile version first of every product review created before it’s out in the market. The clarity and precision in the expectations helps the staffers to stay focused while planning for a big step. 4. Build a team for the long term. According to Zuckerberg, the time spent in working together creates a strong foundation and management team who, by the time, knows every aspect of the operation and how to get things done alongside setting up decent trust and good alignment on values. This approach is also a powerful way to shape the company’s culture for the long term. Consequently, it displays a role model that in few years’ time, newly hired employees, with hard work and perseverance will really excel. 5. Hire people better than you. “Never hire someone you wouldn’t work for .”, that is a simple rule developed by Zuckerberg. To simply put, if the odds we’re against our favor, the questions arise as to “would I be working for the person I am hiring?” and if the answer is no, we’re not doing as well as we think we are. In essence, better companies thrive victoriously when stronger talents surround the founder confidently. As a final point, the continuous growth of Facebook from the last 17 years experienced a lot of changes within and outside its environment. Its goals, objectives, and strategies are changed from time to time which makes the application successful and still running after all these years. The platform remains popular, monetization remains profitable, and

the prospect remains bright for future innovations. With the help of these strategic plans, Facebook survived and is still a leader in the social media network. Facebook Inc.’s Generic Strategy & Intensive Growth Strategies Maintaining business competitive advantage based on efficiency and accessibility of the online social media, the Facebook Inc. uses generic strategies and intensive growth strategies to reach the desired success it sets. Some of these generic strategies are:

1. Michael Porter’s Five Forces Model This approach supports the business’ operational efficiency and customer’s ease of access. Relative to the intensive growth of the company and the users it reaches, this model gives a picture of the Facebook’s market position, its competitive landscape, and performance in the multinational industry. 2. Cost leadership Cost leadership is a generic competitive strategy that aims to minimize the cost of doing business. The services that the Facebook provides in the global market is achieved through the nature of the Facebook’s business. Thus, cutting the costs relative to the services the business offers such as integration of computing technologies maximizes the business feature of Facebook reaching users across the international market. Along with this, having broad competitive scope with cost minimization leads the Facebook for expansion. 3. Market penetration. Intensive growth of Facebook primarily happens due to market penetration, which is an intensive growth strategy. The objective of this approach is to maximize current market share. Establishing partnerships with telecommunication companies and other service providers increases the number of users who can access the Facebook’s service through an app. The increased number in the engagement exemplifies that the strategies deployed are working effectively. 4. Market development As the secondary intensive growth strategy, the intention of this method is to enter a new market. One of the Facebook’ s objectives are to coordinate with the governments to allow their citizens to access the online social network. This move is in alignment with the Facebook’s corporate mission and vision statements which depicts the growth through global market reach. As this boosts the efficiency and effectiveness of the business, satisfaction of other objectives is also met. 5. Diversification

Diversification is a supporting intensive strategy for growth which main objective is to establish new business by acquiring and developing other technologies essential today. Diversification helps the Facebook Inc. to meet its strategic objectives to purchase or establish new subsidiaries or businesses to increase revenues and market reach. The cost minimization strategy likewise supports this intensive scheme. 6. Product development Being also one of the supporting intensive growth strategies, this move towards success involves offering new product. One of which that was done by the company is the development of the Facebook site into a mobile application. Since then, more individual users were attracted to it and more advertisers and investors are willing to look within the development which satisfies the cost leadership generic competitive while intensive growth strategy....