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Facebook, Inc. is the largest social networking organization which allows users exchange information, share videos and photos play games or interact with each other via online profiles. The company started in 2004 and became public in 2012 posting one of the biggest IPO witnessed in the American history. Facebook, Inc. has successful incorporated the 4Ps (Promotion, Place, Price, Product) in positioning the brand to target customers.
Promotion
Promotion involves all approaches to communication that make customers aware of a product. To promote the social network, Facebook, Inc. used blogging and other internet forums to make people aware of its existence. Also face book created an application that requests everyone who joins to invite their friends to join. These spread the information about the social networking site which now has over 915 million users.
Place
Place refers to provision of a product at the specific place that consumer need it or can access it. Facebook provided its product on the internet ensuring that everyone with a computer and internet could access it easily. To make the product more accessible, Facebook, Inc. modified their website making it easily accessible on the phone that could access the internet. This was followed by creation of applications that enable those with powerful phones to access all face products similar to PC access (Hartung).
Price
Price involves the amount a customer has to pay to access a product. Facebook made its product free to users who can create a profile freely and access it without limitations. Facebook also charges very minimal prices on advertisers and online game providers compared to other website. The continual attracts and retains its targeted customers (How Does Facebook Make Money?).
Product
Product is the good the company provides to the customers. Facebook provides social networking services, advertising services, games virtual gifts, virtual cards and millions of networking applications. Face service are unique and tailored to meet its customers need. The ability to identify and meet the needs of the customers has made it the most popular and profitable social network site around the world. Facebook also made it easy for one to find and add a friend on the network as well as provided unbeatable privacy to users (Kelleher).
In conclusion, facebook has successful use the 4Ps be creating a unique product, placing it at a place that can be accessed easily, and can be accessed freely by users at a minimal fee by marketers. The promotion strategy which allows users to invite their friends to join has also made the company to realize its success.
References
Kelleher, Kevin. “How Facebook learned from MySpace’s mistakes.” November 19, 2010. Web. August 5, 2012 <http://tech.fortune.cnn.com/2010/11/19/how-facebook-learned-from-myspaces-mistakes/>
Hartung, Adam. “How Facebook Beat MySpace”. January 14, 2011. Web. August 5, 2012 <http://tech.fortune.cnn.com/2010/11/19/how-facebook-learned-from-myspaces-mistakes/>
How Does Facebook Make Money? 2012. Web. August 5, 2012 < http://www.tech-faq.com/how-does-facebook-make-money.html >
