What is the next billion dollar opportunity that Facebook has not pursued yet?

Thank you for providing such a comprehensive framework for addressing this product strategy question. I'll do my best to provide a detailed, strategic answer that demonstrates deep product thinking and leadership within the given time frame. I'll use a first-person perspective as if I'm directly addressing the interviewer.

Introduction

The strategic problem at hand is to identify the next billion-dollar opportunity that Facebook has not yet pursued. This challenge requires us to think critically about Facebook's current position in the market, emerging trends, and untapped user needs that align with the company's core competencies and growth objectives.

Key business objectives tied to this product strategy include:

1. Identifying new revenue streams
2. Expanding Facebook's user base and engagement
3. Strengthening Facebook's competitive position in the tech industry
4. Leveraging Facebook's existing assets and capabilities

I'll approach this challenge by first clarifying our strategic goals, then conducting a market and competitive analysis, defining a product vision and roadmap, prioritizing initiatives, outlining an execution plan, establishing metrics, and addressing potential risks.

Step 1

Clarify the Strategic Goals (3-4 minutes)

To ensure we're aligned on the strategic context, I'd like to ask a few questions:

• Given Facebook's strong position in social networking, I'm curious about the company's appetite for diversification. Could you share insights on whether the focus is on enhancing core products or exploring entirely new markets?

Why it matters: Determines if we should look for adjacent opportunities or completely new ventures Expected answer: A balance of both, with a preference for leveraging existing strengths Impact on approach: Would influence the scope of opportunities we consider

• Considering the evolving privacy landscape, how is Facebook prioritizing user trust and data protection in its growth strategies?

Why it matters: Shapes the types of opportunities we can pursue ethically and sustainably Expected answer: High priority on privacy-centric innovations Impact on approach: Would focus on opportunities that enhance user control and transparency

• With the rise of emerging technologies like AR/VR and AI, how is Facebook positioning itself in these spaces for long-term growth?

Why it matters: Identifies key areas of technological investment and future-proofing Expected answer: Strong interest in AR/VR (e.g., Metaverse) and AI integration across products Impact on approach: Would explore opportunities that leverage these technologies

• How does Facebook view the balance between monetization and user experience in new product development?

Why it matters: Guides the revenue model and user-centric design principles Expected answer: Emphasis on sustainable monetization that enhances user value Impact on approach: Would prioritize opportunities with clear user benefits and monetization potential

Based on the hypothetical answers to these questions, I'll assume the following key strategic assumptions:

1. Facebook is open to both core product enhancements and new market exploration
2. Privacy and user trust are paramount in any new opportunity
3. AR/VR and AI technologies are key areas of interest for future growth
4. New opportunities should balance monetization potential with strong user value