Arkansas Tech University | MKT 3043 | Course Hero
One of the biggest ideas Blue Ocean Strategy uses to go beyond the boundaries of the red ocean is using social media to become known to those non-customers. In our class we talked about social media in chapter 16 of Marketing the Core. Facebook created their own blue ocean to take down the first mega social media company, Myspace. Facebook reached beyond the boundaries of the social media market by taking risks. They created a site where one created their page with their real names and information about their selves. This is people's internet identity that has pictures, stories, and thoughts they have had throughout their lives. Mark Zuckerberg made a social media juggernaut that targeted the same audience, but with a broader picture. Facebook allows one to create new friends and connections. This happened through creating social games on Facebook and having suggested friends that are friends with one's personal friends. It is a whole new world of connecting with people around the world. After Facebook created this new market other sites started popping up Twitter, Linked In, and YouTube. These sites allow businesses to connect with consumers from all corners of the market. The billions of people that access these sites everyday get to see the different advertisements business pay to be put on these sites. Myspace's downfall was that it didn't use real names of people it was basically fake identities, whereas Facebook took the risk that people were scared to take and that is sharing.
Meta: Facebook's Pivot to the Metaverse. A Dystopia or Blue Ocean Utopia?
By W. Chan Kim, Renee Mauborgne, Michael Olenick
Published 19 Jan 2022
In October 2021, Facebook changed the parent corporation name to Meta and announced plans to build a metaverse, a 3D virtual world for work and fun. This case explores whether Meta's metaverse is likely to be a blue ocean utopia for people and society at large or some form of dystopia. It is designed to create a lively classroom discussion and dives into issues ranging from the difference between value innovation and technology innovation to the potential danger of Meta, already one of the most powerful companies in the world, expanding its unfettered influence and control even further across its already three billion users. The case challenges students to explore the social, economic, and environmental implications of Meta's proposed metaverse along with potential business models. The theory and tools of Blue Ocean Strategy are used in the analysis.
- Explore Meta's metaverse and what they might do with their userbase of three billion people and Web3 technology. - Learn the difference between value innovation and technology innovation. - Dive into the pros and cons of the metaverse, including the social, economic, and environmental implications. Will Meta's proposed metaverse create a blue ocean utopia or dystopia? -Discuss social and economic issues regarding monopolization and Meta's centralized control vs. a decentralized model of the metaverse.
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