What is Facebook?

Facebook is a social media app that connects users around the world by sharing photos, messaging and sharing life experiences. Facebook was originally created to allow college students to bring their experience to social media, until the app expanded. Facebook is one of the largest social media platforms created.

Why I chose this topic?

I chose Facebook because it is one of the largest social media websites that allows you to connect with people all over the world. Facebook has a huge impact on society with over a million users on the website and app. Facebook allows me to connect and become more social with friends. I never really used a social media platform before and Facebook was one of the first apps I opened. Facebook makes me feel less isolated and allows me to share my experiences with family all around the world. I am able to stay connected with friends.

Research Question:

How does Facebook compete with other social media platforms?

Incentives:

Positive:

  • Strengthens Relationships
  • Money
  • Promotion of products

Negative

  • Privacy
  • False Reality
  • Lack of face to face connection


Competition:

As the world is expanding social media is getting larger. Social media is beginning to become more popular in todays world. The internet has created a platform for competition between social media outlets. Facebook is one of the biggest social media platforms and runs on competition. Competition has driven facebook towards new innovations and coming up with new ways to bring in audiences. Facebook has created a way for business owners and users to promote their products and sell their goods.

Positive Impacts/Advantages:

  • 1.51 billion active users per month
  • Worlds largest networking
  • 40% revenue growth $4billion profit (2017)

Negative Impacts/Disadvantages:

  • Mental Health
  • Customer satisfaction decreased

Substitutes and Complimentary goods:

Function: Facebook is unique because it provides multiple ways for users to connect with each other. Although other platforms have messaging and photo sharing, Facebook goes beyond and provides marketing, messaging, photo sharing, gaming , and connecting with people around the world.


Economic Conclusion:

  • Research Question: How does Facebook compete with other social media platforms

During research I found out the multiple techniques and tactics Facebook uses in order to stay competitive against their business rivals. Facebook is able to create a platform to market products, share photos and communicate through text with multiple people. Facebook is able to stay competitive by having everyones social desires all on one platform. Facebook has become the most popular social media platform by creating a space for users to explore and express themselves. Statistically Facebook is the best social media platform.