The development of trade has facilitated many businesses to expand from their local market to international market. These businesses have devised global strategies that help them target growth beyond their borders. The main aim of having a global strategy is to increase profits from selling goods and services to the international market (Rothaermel, 2021). Facebook is one of the companies that has exploited its global strategies.
Facebook was founded in 2004 in Menlo Park, USA. It was developed first to target Harvard University students (McFadden, 2020). The site was gaining more users daily, and companies such as MasterCard wanted exposure on the site. After two years, Facebook was expanded to include non-students. Currently, it is the largest social media company in the world despite the earlier challenges like limited technology and knowledge. Facebook took advantage of the dot-com boom to establish its global strategy in empowering people to share to make the world open and connected. Facebook has implemented several strategies to achieve its globalization.
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Firstly, they have standardized their product to provide a uniform user experience globally and accessibility of their platform. This measure enabled their rapid growth since more members could signup for the services. In addition, it exposed its brand to the international market. Secondly, Facebook has customized its products to incorporate different languages, adapting to European Union regulations, difficult markets, and low internet accessibility. Thirdly, the acquisition has helped Facebook gain access to a large number of users. In the recent past, they have acquired several social platforms and other companies such as Instagram, WhatsApp, and Oculus. Lastly, Facebook strategically aligns itself with beneficial companies during their global expansion, such as internet.org, Nielsen, and Yahoo!
However, ever since Facebook started its global strategy, it has not changed much. The only thing that they change is to improve their methods of implementing the global strategy. It can include more languages being added or specific terms and conditions to suit a particular market. Even though Facebook has perfected its global strategy, some methods have changed along the way. Firstly, Facebook actively spread the internet to areas with no communication infrastructure like Asia and Africa. They have collaborated with internet.org to provide free internet success. Secondly, in their earlier global strategy, Facebook targeted new upcoming companies for acquisition while currently, they are acquiring already established and popular companies. The efficient application of these strategies has led Facebook to become a known global brand.
References
McFadden, C. (2020, July 7). A brief history of Facebook, its major milestones . Interesting Engineering. https://interestingengineering.com/history-of-facebook
Rothaermel, F. T. (2021). Strategic management (5th ed.). McGraw-Hill.
