Wow. Mark Zuckerberg has finally said aloud what we all knew: Facebook and its audiences are aging up and he’s terrified about his company — despite Instagram and WhatsApp — becoming irrelevant.

Can the company pivot and make its Facebook brand “cool” again? Will Instagram and WhatsApp be able to offset Facebook’s inevitably aging user base? And will the company’s even larger move to the “metaverse” trump all of this? Do we even agree on what this reinvention might mean for us or his company?

https://www.boston.com/news/national-news/2021/10/27/facebook-wants-the-young-people-back (Links to an external site.)

https://www.theverge.com/2021/10/28/22745234/facebook-new-name-meta-metaverse-zuckerberg-rebrand (Links to an external site.)

write 100 words discussion and answer 2 student’s comment

student 1: Meta has given us so much to talk about. I definitely do not think people will come back to Facebook, and I say it as a person that uses Facebook every day. I think that for Facebook metaverse world to work, it won’t be on Facebook’s app, they will have to create a new app that people might start using. Now I understand why Facebook came up with those eyeglasses in collaboration with Ray-Ban, at first I thought it was very dumb because we can easily take pictures with a phone instead of some glasses. However, after this news I can tell Facebook is slowly moving to the VR world. That imposes a huge thread on us marketers because we will have to innovate with very advanced technology. You will have to invent things literally out of this world, and I am not saying it is also a huge opportunity, but the resources we will have to put into such innovations are immense. Therefore, to get the budget, we must have really good ROI reports, and more than anything get creative with little, given that it is something new where people are trying things out, seeing what works and what does not.

student 2:In recent times, it has been felt that due to numerous social media websites used by millions of users globally, Facebook has been found to lose its popularity in the market. This is mostly because of the company’s unethical involvement with national and political scandals (Ovide, 2021). Therefore, a renaming of the company might help in changing the perception of users. However, it does not feel like the company could turn its reputation around from this point.

One of the noteworthy facts that need to be considered is that Facebook remains the number one social media platform used globally. Therefore, even though the company’s user base is ageing, Facebook has become an efficient marketplace and with the combination of Instagram and WhatsApp, the marketplace is constantly developing (Lyons, 2021). Therefore, Facebook’s strategy for action regarding this reinvention policy should also focus on rebranding. The company needs to promote itself as the most efficient marketplace for small business owners through this strategy.

The primary reason for Mark Zuckerberg changing his company’s’ name was to rebrand the company after the biggest whistleblowing case that occurred recently (Popli, 2021). According to board members, the company has been encompassed by several of these valid accusations which have set an image of Facebook conveying misinformation. Unless Zuckerberg’s’ strategies are aligned with that mentioned above, the renaming strategy seems insignificant since they just targeting to minimize their reputation as an unethical company. However, the company also needs to focus on creating a new brand image through which this renaming strategy would be more effective.