FACEBOOK INC. (META) BLUE OCEAN SUCCESS
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.
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Renee Mauborgne on lessons from Facebook, Uber and Amazon
Mar 26, 2018
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INSEAD Knowledge
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
Summary
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.
Teaching objectives
- 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.