Facebook Data Breach Scandal – Business Issues Reflection

Facebook has recently been engulfed by the data breach scandal that has affected its subscriptions and sudden loss of significant amount of money due to lack of trust by the users. In the wake of big data, various research companies are utilizing the power of information in making informed decisions. The data mined from the popular sources are used to influences the direction of politics and the consumption behavior of the customers. Facebook was strongly accused of allowing a third party (Cambridge Analytica), to manipulate the users, to serve their intended interests. Based on the research released by the New York Times, Analytica employed an American researcher in the year 2014, who designed an app that was used to conduct the surveys of the selected subscriber at a pay. The data was collected from the participants, including their friend in the same network. The targeted people were 300,000, but the number rose to 87 million Facebook users, whose information was accessed without their consent. 

The United Kingdom has data protection law, which illegalizes any means to access the personal information without their knowledge (Horst 2017, p.98). Similarly, other nations uphold the importance of privacy, in the move to impede the cases of cyber insecurity. Based on the case of Data Analytica, concealing the real reason for collecting huge data violates the jurisdictions of the land (Piltz 2013, p.210). It’s beyond reasonable doubts that the company employed psychographic to shift the attention of the Facebook users to their intended purpose.  Again, Facebook failed its users because the incident portrayed a high level of insecurity. As an online business, with high-end command in different countries, it should have succinct measures to prevent external intrusion.

The occurrence illustrates the importance of data security. In the current world, the huge data has become a source of targets, by companies which have global coverage. The management understands that feedbacks or tweaking the psychology of a large group have a magnitude impact both in business and political arena.Therefore, the governments should enforce strict laws against perpetrators accessing personal information.

Bitcoin Rise and Fall

Digital money is infiltrating into the society slowly. One of the most toured areas is the use of bitcoins, which is believed to be one of the most volatile. Despite the uncertainties that are presented by this currency, people continue to mine, with the anticipation of making profits. The massive fall of bitcoin was witnessed towards the start of the year 2018, trading at $7000 as opposed to the extraordinary peak prices of $19,000 at the beginning of the year 2017. This is a steep fall of more than two-thirds, which was attributed by the investors pulling out of the market.

The introduction of bitcoin was received with a lot of prospects,but the unpredictability scared the investors. Economists have argued that the sudden rise of the bitcoin that was registered at the start of the year 2017 had no fundamental reason, and was headed to zero. According to Luther (2015, p.554), any trading should have a good track record that can assist the investor to make future predictions. This does not apply in the cases of cryptocurrencies, where prices can rise and equally fall manifold within few seconds.Bitcoin lacks intrinsic value, and is a risky venture that can crush the finances (Luther 2015, p.570). Technically, the current crush will continue even in the future. The investors are trapped to accept bitcoin as a form of exchange, due to its unacceptability. For example, India imposed a total ban on the use of cryptocurrencies since it was viewed as a threat to sovereignty. It’s difficult for this currency to gain acceptance from the various governments.

The learning outcome from the rise and fall of bitcoin is that penetration of digital currency is difficult to find space in the modern world. This is because various governments impose strict laws to safeguard their currency. Again, the volatility of the bitcoin increases the chances of losing money, because it’s unpredictable.

#Metoo Movement

This was a prompt strategy that was employed by Alyssa Milano, to unearth the sexual harassment that both men and women undergo in the society. She took the battle on Twitter, where the victims were supposed to respond to the message by typing “me too,” hence the slogan #Metoo movement. The message that carried simple message evoked some shocking evidences, which portrayed the ill that people underwent in silence. More than 53,000 responses had been collected within a day, and currently millions of people have testified of their ordeal with the sexual harassment (Villa 2018, n.p). The stories reverberated across popular social Medias such as Facebook and Instagram. The avalanche of narratives was a clear indication of the widespread epidemic of sexual harms, which was marred by fear of losing reputations, career or hurting the loved ones.The event is an indication of how people suffer in silence, without the help of concerned people in the community

The learning from this movement is that sexual harassment in various countries exists, with little action from the respective legal organizations. There is little intervention of the government, which predisposes the victims to denial of justice. It also indicates the power of social media in unearthing the challenges which people undergo through in silence. Leveraging on popular Medias can help in mitigation of social injustices.

BREXIT

This is an abbreviation standing for British exit. It was a referendum guided decision of the U.K to move out of the Europeans Union (EU), which affected the relationships among the concerned countries. Due to the move, the British pound significantly reduced in value compared to the dollar, a scenario that had happened in the past thirty years ago. According to the economists, the pound crushed by 11.1%, which was the highest reduction ever witnessed (Welfens 2017, p.230). Similarly, the controversy arose on the issue of the citizens who were from EU countries,but residing in the U.K. The abrupt change caused fear among the people, and some started to migrate to other areas due to fear of sanctions. Furthermore, the market reactions were felt across the world due to lost value of the British pound, which stabilized later.The occurrence affected the trading activities across the EU block and created the tension of possible withdrawal of other countries.

The incident of Brexit indicates how poor relations among the countries can cause unfavorable trading environment. For example, within one year, the U.K economy had declined enormously compared to the member states. Additionally,nations need to have proper agreements and find ways to solve issues that cannot impact the economies negatively.

USA Election and Trump Being the Winner

Winning of Donald Trump in the U.S election was one of the shocking episodes to the natives and the people all over the world. Compared to his competitor, Hillary Clinton, the two differed with Clinton receiving positive sentiments from an array of the citizens. Despite the heated comparison and debates that existed during the election, Trump finally upheld the victory contrary to the expectations of the many. The climbing to the power of Trump was questioned by some of the top executives in the country, linking Russia to the disruption of vote counts to his favor (Bitecofer 2017,p.53). Again, the recently unearthed story by New York Times associated Data Analytica with manipulation of the citizens to the benefit of the candidate.

In some cases, Data Analytica was accused of branding the opponent negatively (Hillary), to taint her image. Though Clinton was perceived to have developmental agenda for the growth of the state, Trump was feared due to his stern stand.  Under his leadership, the US dollar is depreciating due to the poor trading relationship with other countries.

The learning outcome from this episode is that political instability can mitigate the economic developments and cause the decline of the currency. More so, people’s wish is sometime overturned by the interest of the individuals, who uses all means to climb the political ladders.

Amazon Success Secrets

The company is the global online retailer, serving customers from different backgrounds. It competes with large corporations such as Alibaba, Wal-Mart, among others. The success story of Amazon revolves around understanding the customer base and their preferences. One of the strategies they employ is to offer unique quality products (Chaudhari and Byers 2017, p.57). In the sophisticated market, the only way to remain relevant is to come up with creative solutions to the problems which people face. To achieve this objective, Amazon offers unbeatable prices. Far and above, the most distinguishable plan is delivering the products to the doorstep of the buyers.

Moreover, the company considers the caliber of employees it recruits. The management prioritizes the culture of quality, whichis propagated across the entire company. This way, the objectives and goals of Amazon are achieved as planned. In the same vein, integrating the customers in the running of business has enabled it to remain on top of the rivals. It is achieved by use of big data, to analyze the feedbacks of the customers hence determine their preferences and tastes.

The success story of Amazon illustrates the need of understanding the customer’s demand and upholding the culture of the business are optimal to achieving growth.The two are paramount for any company to experience development. However, it’s essential to integrate personal intuition when making market decisions to mitigate the chances of brand resistance.

Tesla as innovative company


Innovation is the driver of the economy and guarantee sthe sustainability of any business. In the sphere of automobiles, the new brands command the market and sell fast, as opposed to traditional ones that are less attractive and inefficient. Tesla is well known for the manufacture of electric vehicles. This is alongside the move by various governments to advocate for the need of environmental protection. The emissions from the combustion of petroleum products contribute to the global warming, which risks the lives of living things. Tesla is arguably thought to have predicted the challenges that fossil fuels could bring to the surrounding. The company topped the Forbes list in 2015 and 2016, as the most innovative in the world (Battini et al. 2017, p.257).Tesla has employed much effort on the power system of the electric vehicles. However, it employs the normal wheels and the infrastructure, which other vehicles use. The company has been able to improve on the current technology that is used by petrol/diesel cars, to come up with more efficient and high-speed vehicles.

The learning outcome is that innovation is the key driver in the economy. For the businesses to thrive in a complicated market segment, it has to differentiate its products to maintain the competitive advantage. Innovation involves using the readily available resources, and improving them to solve a major challenge in the society.

References

Battini, D., Ivanov, D., and Gianesello, P. (2017). Closed-loop supply chain simulation with disruption considerations: a case-study on Tesla. International Journal of Inventory Research4(4), 257.

Bitecofer, R. (2017). Donald J. Trump: The Making of a Media Event. The Unprecedented 2016 Presidential Election, 39-58.

Chaudhari, H. A., and Byers, J. (2017). Impact of Free App Promotion on Future Sales: A Case Study on Amazon Appstore,56-67.

Horst, M. (2017). Delimitation of National Data Protection Laws Reflected By Recent EU Case Law on Facebook. No clarity with regard to the applicable data protection law. Computer Law Review International18(1),89-123.

Luther, W. J. (2015). Cryptocurrencies, Network Effects, and Switching Costs. Contemporary Economic Policy34(3), 553-571.

Villa, P. (2018). Women, the Powerless Sex? #metoo and Us (2). Public History Weekly2018(4). doi:10.1515/phw-2018-11099.

Welfens, P. J. (2017). Can Brexit Be an Economic Success and What Effects Can Be Expected for the EU27? An Accidental Brexit, 229-242.

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