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Facebook is the selected company that can use methods of Chakravorti (2010) for attaining competitive advantage in the social networking industry. By using the method of “rounding up unusual suspects” the company will manage to compete with rivals. This stresses on taking initiative for unorthodox coalition and maintaining equilibrium. This indicates looking beyond the existing capacity and attracting participants in opportunity of growth CITATION Cha102 \l 1033 (Chakravorti, 2010). This also emphasizes on preparing for unusual situations that might threaten the survival of the company. Second important method identified by Chakravorti is “finding small solutions for big problems”. This strategy is focused on searching for comprehensive solutions for every problem. Affordability, convenience, and sustainability are major aspects which will allow the company to overcome adversity (Chakravorti, 2010). Such as if the company starts losing customers, best strategy would be to offer affordable services. Mobile consumers are persuaded by using attention capacity CITATION Bas15 \l 1033 (Hillebrand, Driessen, & Koll, 2015). This method stresses on offering better alternatives and features to the users for retaining them. It is crucial to identify tensions arising between stakeholders and company’s goals. The company must address them and guarantee success.
Facebook can also use third method “think platform not just product” for overcoming adversity and overcoming competition. It is believed that one challenge or adversity also impact other areas. Business models can be improved by focusing on cost management, customer value, and growth vector creation CITATION Cha102 \l 1033 (Chakravorti, 2010). Creating better value for customers will allow the company to attain better position in the industry against competitors CITATION Bas15 \l 1033 (Hillebrand, Driessen, & Koll, 2015). Cost management strategies stress on minimizing cost and improving profits which benefits the company. Competitive advantage is the result of challenge, pressure, and adversity faced by the companies. Facebook can use these challenging events for achieving significant growth and success.
BIBLIOGRAPHY Chakravorti, B. (2010). Stakeholder Marketing 2.0 . Journal of Public Policy & Marketing , 29 (1).
Chakravorti, B. (2010). Finding Competitive Advantage in Adversity. Harvard Business Review .
Hillebrand, B., Driessen, P. H., & Koll, O. (2015). Stakeholder marketing: theoretical foundations and required capabilities. Journal of the Academy of Marketing Science , 43.
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