Increase in company size is accompanied by a whole lot of dynamics, which affect how its operations are undertaken. Fortune 500 companies have an immense amount of structure and a broader scope of customer service production, which makes its operations complicated and challenging to manage. However, some of these companies have managed to last for such a long time because of a proper management and marketing system. This research paper will look into how one of these companies have managed to operate.
Publicity and a sound marketing system remain the backbone for a long-lasting company, and this has prompted Facebook to ensure that they give their customer's as much information as possible. Facebook managed to quickly rise and join the Fortune 500 Companies because of the nature of the commodities they are dealing with. The communication sector is one of the most thriving industries across the globe; this is due to the continued need for passing information and facilitating an effective channel with others.
For a company to sustain its position in the market or for one to make its way into the market, it must be able to manage the competition from other similar providers. Communication has since ancient times, been a crucial need in the lives of people. Various people have coined ways to ensure that communication takes place in the most effective way possible. With the advancement of technology, ways to communicate have greatly improved. Every step introduces a better, more convenient, and more comfortable way to communicate.
Expansion in the communication industry is taking place rapidly; this then means the companies have to cope with the drastic increase in the service providers that appear every day. However, the main competitors are twitter and WhatsApp. Twitter has been in the market longer than Facebook, which makes it very hard to compete because of the established reputation with the customers.
On the other hand, WhatsApp is a fast-growing competitor. This astronomic growth is attributed to the easy User Interface used by WhatsApp. It is easy to access the application and being an android based app; then many people can access it with ease. The convenience of communicating with others in real time also makes this competitor hard to beat. Given the fact that the centrality of the WhatsApp is mainly to produce end-to-end encrypted conversations which are favorable to communication security, it has then established trust from the users (Wu, Shen, & Chang, 2015).
Serving the market choice has been a daunting task because of the nature of demands and having to incorporate the most efficient way to guarantee continued sustainability among the users and provide them with new features now and then. To remain afloat, Facebook has ensured that it sponsors marketing and promoting its product to facilitate more customers visiting the site. A gradual change has also been made to fit the changing way of life; this includes producing new apps which are compatible with the latest devices and upgraded version.
To sum up, competition is an essential factor in sustaining productivity in any industry. Therefore, Facebook has made an effort of ensuring they keep their head up by embracing the various ways in which communications and connection are done. They have incorporated good customer feedback, which enables them to meet the needs of the customers with ease. Having an excellent customer support group and suggestion center helps them center all the ingenious ideas in one place. Employing a thorough study and understanding of the market dynamics has also played an important role.
Developing from scratch with little understanding of the market was one of the hardest times for the company. Having the CEO being young and with little experience on how to market and manage the customer demands proved the task immense. They, however, surfaced quickly due to the number of funds injected to hiring the most qualified staff. These aspects allowed Facebook to maintain quick need rising from customers. They managed to provide the world's fastest growing industry when the competition was fierce (Ching, Edunov, Kabiljo, Logothetis, & Muthukrishnan, 2015).
Having to battle, it's way up the ladder of the industry proved that the company's idea was worth sharing. The communication industry is complicated in that the significant and longtime players had to connect with the customers through gradual sensitization and adaptation. This, however, wasn't the case with Facebook; they managed to grab the market's attention due to various factors that favored them. At their time of arrival, the spread of cheap mobile devices had just spread; this made it easy because there was an established use of Smartphone among the population. The nature of the Android devices meant that the company would quickly spread the app through various platforms such as the Google play store.
Serving the people meant ensuring that there is a constant link between them and the customers. The vendors have been for a long time the vital factor for the success of the company. The establishment of deals and contract with other service providers such as PageHub and other renowned companies in the respective companies allows them to rise. A continued coexistence provided the company with the necessary support that they needed.
Relations with the vendors have enabled the company to obtain fame and likability from the customers. They have always ensured that the customers are well treated and that the staff working for the vendors receives the right pay. Working incorporation with the vendors has allowed a new spectrum in the life of Facebook as they have managed to focus on customer service and to provide a quality service while the sales are delegated to the vendors. Ease and convenience are the core of the company, and they have managed to provide this through a continuous assessment of their customers
One of the most important aspects that any company can have is customers. Facebook has given priority to its customers, and they have managed to provide them with the most quality services. The customers form a basis for the existence of the company, and hence, the company has ensured the customer always receive the service they require at any time. This method has proved useful and is executed in various ways. First, the customer is given the priority in that they get their need met (Mariani, Di & Mura, 2016).
Customer service has also given the customers a chance to communicate any discomfort they might be feeling or any improvements they want to be made. Research on the most effective ways to communicate is continuously done, and the customer is provided with the service that is most convenient with them. Being an international company, Facebook has made tremendous efforts to give every customer at their respective countries what is favorable for them. This allows them to facilitate effective communication throughout the channels. Working with customer service provides the company with a unique experience as they get the opportunity to associate with different aspects to ensure that the customer is given the best of the best.
Working with different governments in the respective countries poses a challenge for the company. This experience means that the company has to operate in such a way that they can get to provide their services while still maintaining the law of the land. In various countries, there are different laws which govern the transmission of information to its citizens and how such information must be handled.
The country will also limit the type of content being fed to its members, such as restriction of spreading of some content forces to the company to restructure their mode of communication and restrict the data, respectively. Other guidelines such as payment of operations fees and taxes are needed for the operation of the company. In some countries, as a way to limit what they call time wastage, they have introduced the limiting of access to Social Media by increase the tax levied. This then poses a challenge to the company; their customer grip at these points may gradually drop.
Being a communication system, this company is forced to work under community norms and practices. Currently, Facebook is the world's largest social media goon. Having the ability to understand how the community works allow the company to make the right impression among the community members. Establishing this bond is unique in that it can push the company's sales in the region. Various factors affect how the company will influence the community.
First, the company has to understand the taboos and what the community considers abusive. These limitations include the display of content which the society deems nude or immoral. By employees some of the members of the community or by running surveys in the region, the company will determine what is the best type of content to display to the members of that society.
Furthermore, by collaborating with the local regulatory agencies, the company manages to provide the relevant content to the viewers. It will also enable the application of age restriction in the use of the applications. Having a good reputation is what maintains the company in any specific region. By applying a good marketing strategy, the company can reach various part of the globe giving it an advantage.
Internal Factors Affecting the Company
While most of the factors affecting the company are external, there are some internal factors too. These factors are those which generate from within the company. When these factors are included in the equation of the company's success, they play an important role because they have the most power in either making or breaking the company. These are also important because they provide the basis at which the company's values and norms lie. They are few because they are controlled and generated by the company. They include the following:
This player in the business is crucial. They give the company the strength that the company possesses. The shareholders are part of the owners of the company, and hence by funding the business, they take part in making the decisions. Having the shareholders in the company improves the effectiveness of the company, but at the same time, it makes the chain of decision making longer.
Most of the shareholders are people who are well established and hence make sure that the funds that they have invested in the business give them the profit from what they have invested. Having the shareholders will allow the company to access some resources which could otherwise be impossible. They bring in not only the income but also will enable the company to make deals with other companies they know. Giving the shareholder a priority and the space they need in the company to make sure they get to see how the company is progressing allows for growth.
Shareholders are essential, but can also be a stumbling block to the success of the company. The company will not manage to foot their bills and make an improvement in the industry if the stakeholders are against the execution of advancements in the company. The company will not be able to implement any new ideas if the shareholders are against the implementation of such. For instance, the decision to shift from using the Android app based approach and giving more focus to website app could face opposition because of the nature of the communication channel.
Board of Directors
When the shareholders decide to nominate some of their fellows to represent them in the board where they will help run the business, then the BOD is conceived. Large companies will need a board of directors because it forms a basis for better decision...
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Fortune 500 Companies: Long-Term Success Through Effective Management. (2023, Jan 25). Retrieved from https://proessays.net/essays/fortune-500-companies-long-term-success-through-effective-management
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