Welcome to the new millennium, where the world has been taken over by social media. When talking about social media, one cannot discredit the fact that Facebook has become the industry leader. Besides the fact that Facebook has the largest following across the world they now have become a publicly traded company. Nearly a decade ago Mark Zuckerburg set out to connect his fellow classmates at Harvard in a way that no college student has seen before. Well through all of his hard work and dedication Zuckerburg has created the largest social networking site that has forced all others to close their doors. In the industry that Facebook is in there are many competitors that have come along and tried to match what they have been able to
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For Facebook they are in the computer world as well as smartphones. So from the outside looking in they have shown that they can grow with the times. Originally Facebook was only reserved for college students then they became available for everyone over the age of 13. Over the last several years, many of Facebook’s users have stayed with the site just to stay in touch with their family and friends. So for the company to stay active in the view of the public the must continue to perform updates on their servers so that they can stay up with the fastest forms of technology. In the end Facebook would not be in business today or last as long as they have if it were not for their focus on the social and technological environments.
2. Considering the five (5) forces of competition, choose the two (2) that you estimate are the most significant for the corporation you chose. Evaluate how well the company has addressed these two (2) forces in the recent past. When thinking of competition for Facebook, we can very quickly rule out two forces. The forces of the buying power of the suppliers and buyers is somewhat irrelevant. I say that because in the industry that they are in does not really rely on having buyers and suppliers. This industry is based on users and other sites that are much like them. So the two forces of competition that play heavy in the minds of the company executives are that of the threats of new entrants as well as the threat of substitute products