Facebook Social Media Network Mission and Vision:
The mission of the Facebook social media network seems logical and obvious to the users of the Facebook platform...
"Facebook's mission is to give people the power to share and make the world more open and connected."
Additionally, when the Facebook IPO was launched on the NASDAQ stock exchange, founder Mark Zuckerberg posted a vision statement of sorts on his own Facebook profile page which describes more about Facebook's vision, and value to the Facebook user...
"People use Facebook to stay connected with friends and family, to discover what’s going on in the world, and to share and express what matters to them."
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1. Weak CTR of advertisements. Facebook has a lower click-through-rate (CTR) than an average website, which is only 0.05% and about 4% respectively. In order to earn more income from the advertisements Facebook has to change the way it displays the ads (advertisements on wall posts have more than 6% CTR) but without interfering users’ experience.
2. Social network lacks of some features. Although Facebook has a wide range of features that other social networks don’t, the website still lacks: video chats, group chats, dislike buttons, ability to unsubscribe from alerts and many others.
3. One source of revenues – advertisements on Facebook. More than 80% of Facebook’s revenues come from advertising on its social network. The growth of the revenues directly depends on the growth of users. This leaves the business very vulnerable and dependent on continuous growth of users, which will eventually be only marginal as the social network has already attracted so many users.
4. Attitude towards users’ privacy. Facebook collects private users’ information and then stores it, uses it for its own purposes or sells it. Such treatment of users’ private information draws negative attention that decreases popularity of Facebook.
5. Lack of website customization. Many Facebook’s users spend a lot of time on social network and want the website to reflect their personalities but are unable to customize the website to their needs and are forced to use uniform template for all users. In comparison, Google+ allows for much more personalization of the social network account than Facebook does.
6. Weak protection of users’ information. Facebook, having so many users that upload personal information to the social network, is a target for attacks that steal passwords and other personal information from the users. Such attacks occur every day and thousands of passwords are stolen. Though, Facebook is not doing enough to protect users’ from identity attacks.
1. Increasing number of people using Facebook through mobile devices. Currently Facebook has more than 600 million users who use Facebook through mobile devices. Despite that this group makes 60% of all Facebook users, the mobile advertising only accounts for only 14% income for the company. Facebook has an opportunity to create a platform that could be used to display ads for mobile users and increase firm’s income.
2. Expansion to China. Easing government regulations and newly elected government may open a way for Facebook to enter China’s social networking market. Until then, Facebook should prepare itself for such an entry.
3. Diversify sources of revenue. Facebook heavily relies on advertising on its social network as a source of income, but with being the number 2 website in the world and more than 1 billion active monthly users, Facebook could exploit other opportunities to attract the money.
4. Open Facebook marketplace. With so many users and...