Facebook is my favorite social network -- for both personal and business reasons. Not only does it have points of differentiation from other social networks, it also has the ability to provide everything those social networks have to offer, too. And it's doing so by unknowingly amalgamating what is traditionally called red and blue ocean strategy.
What is Red and Blue Ocean Strategy?
Red Ocean Strategy is the traditional form of business. It's simply finding a way to beat the competition rather than serve an unmet need. It's a businesses goal to provide a product or service that is already being offered -- but better than the business currently offering it. A typical example would be how Pepsi tried to become a better Coke product.