Business Plan (Draft) - Google Sites

2 downloads 220 Views 207KB Size Report
1418 products - never have emerged as the dominant force that it is on the Internet today, with its great potential for
0XVHRSKLOH$FRPPXQLW\IRUPXVHXPHFRPPHUFH  -RQDWKDQ%RZHQ 3URIHVVRURI&RPSXWLQJ 6RXWK%DQN8QLYHUVLW\ 6FKRRORI&RPSXWLQJ,QIRUPDWLRQ6FLHQFH 0DWKHPDWLFV %RURXJK5RDG /RQGRQ6($$ 8QLWHG.LQJGRP (PDLOMRQDWKDQERZHQ#VEXDFXN KWWSZZZMSERZHQFRP

 KWWSZZZPXVHRSKLOHFRP  $EVWUDFW /DUJH QDWLRQDO PXVHXPV FDQ DIIRUG WR FUHDWH WKHLU RZQ RQOLQH PDVV FRPPXQLFDWLRQ VHUYLFHV DQG WR XQGHUWDNH HFRPPHUFH DFWLYLWLHVWKHPVHOYHV+RZHYHUIRURWKHUPXVHXPVWKLVFDQEH D GDXQWLQJ SURVSHFW ERWK WHFKQLFDOO\ DQG ILQDQFLDOO\ ,W LV DOVR OLNHO\WREHPXFKOHVVHIIHFWLYH$VROXWLRQFRXOGEHWRFUHDWHDQ RQOLQHPXVHXPFRPPXQLW\RIVPDOOWRPHGLXPVL]HGPXVHXPV ZKRDORQHZRXOGVWUXJJOHWRPDNHVXFKDQHQWHUSULVHDVXFFHVV EXW ZKR WRJHWKHU ZLWK VXLWDEOH KHOS FRXOG ULYDO WKH HIIRUWV RI QDWLRQDO PXVHXPV 7KLV PLQLZRUNVKRS H[DPLQHV H[LVWLQJ H[DPSOH RI PXVHXP HFRPPHUFH DQG IDFLOLWLHV WKDW FRXOG EH XVHG E\ PXVHXPV ,W WKHQ JRHV RQ WR SURSRVH D SRVVLEOH LQIUDVWUXFWXUHIRUPXVHXPVZLVKLQJWRWDNHWKHLULQLWLDOVWHSVLQH FRPPHUFHDWORZFRVWDQGORZULVN  .H\ZRUGVHFRPPHUFHPXVHXPVFRPPXQLW\DFFHVVLELOLW\:RUOG:LGH :HE 





,QWURGXFWLRQ 

:HWKLQNRIWKH,QWHUQHWDQGHFRPPHUFHDVEHLQJDQHZSKHQRPHQRQEXWDFWXDOO\ WKH LGHD RI YLUWXDO WUDGLQJ KDV EHHQ DURXQG IRU D ORQJ WLPH DV WKH IROORZLQJ GHPRQVWUDWHV %UDQVRQ  ³« WKH ODWH WK FHQWXU\ KDG LWV RZQ 9LFWRULDQ ,QWHUQHW 6WDQGDJH  DQGWKHILUVWWUDQVDWODQWLFFDEOHZDVQRWDSURGXFWRIWKHV EXW UDWKHU WKH V 2YHU D KXQGUHG \HDUV DJR +DUURGV DGYHUWLVHG LWVWHOHJUDSKLFDGGUHVVDQGUHFHLYHGRUGHUVDQGJRRGVDQGVHUYLFHV IURPDOORYHUWKHZRUOGHYHQWRWKHH[WHQWWKDWLWKDGDVPXFKYLUWXDO WUDGHDVDSHUFHQWDJHRILWVVDOHVLQDVLWGRHVWRGD\´ 5LFKDUG%UDQVRQ VSHDNLQJLQ2[IRUG  +RZHYHUWKHWHUP³HFRPPHUFH´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³PXVHXP´ UHYHDOVVHYHQSURGXFWKHDGLQJV LQ)HEUXDU\ DOWKRXJKWKHVHVHHPWRRYHUODS VRPHZKDW 7KH FDWHJRUL]HG SURGXFWV EUHDN GRZQ WR LQFOXGH FDVHV GLVSOD\V HTXLSPHQWVXSSOLHVIXUQLWXUHDQGJLIWV+RZHYHUWKHUHDUHQRW\HWPDQ\FRPSDQLHV OLVWHG XQGHU VRPH RI WKH SURGXFW KHDGLQJV EXW WKHUH DUH  XQGHU ³(TXLSPHQW  6XSSOLHV´XQGHU³&DVHV0XVHXP'LVSOD\´XQGHU³([KLELWV0XVHXP´DQG XQGHU ³)XUQLWXUH 0XVHXP´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¶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

 5HODWHG2UJDQL]DWLRQV  7R XQGHUWDNH HFRPPHUFH HIIHFWLYHO\ LW LV RU ZRXOG EH  QHFHVVDU\ IRU PRVW PXVHXPV DSDUW IURP WKH YHU\ ODUJHVW RQHV WR SDUWQHU DQG FRRSHUDWH ZLWK RWKHU RUJDQL]DWLRQV WR PDNH D VXFFHVV RI WKH HQWHUSULVH +HUH ZH VXJJHVW D QXPEHU RI H[DPSOH RUJDQL]DWLRQV DQG FRPSDQLHV WKDW FRXOG EH KHOSIXO LQ HVWDEOLVKLQJ DQ H FRPPHUFHSUHVHQFHIRUPXVHXPV ,Q WKH 8QLWHG .LQJGRP WKH  +RXU 0XVHXP >ZZZKRXUPXVHXPRUJXN@ KDV HVWDEOLVKHGLWVHOIDVWKHIRUHPRVW8.PXVHXPSRUWDORQOLQHZLWKVXSSRUWIURPWKH8. JRYHUQPHQW'HSDUWPHQWRI&XOWXUH,WKDVEHHQRIILFLDOO\GHVLJQDWHGWKHILUVWQDWLRQDO YLUWXDO PXVHXP 7KLV W\SH RI RUJDQL]DWLRQ ZRXOG EH LQ D JRRG SRVLWLRQ WR KHOS PXVHXPVZLWKHFRPPHUFHRSSRUWXQLWLHVE\FKDQQHOLQJSRWHQWLDORQOLQHVKRSSHUVWR WKHUHOHYDQWSDUWRIWKHLUZHEVLWH 7KHOHDGLQJRQOLQHERRNVWRUH$PD]RQ>ZZZDPD]RQFRPZZZDPD]RQFRXN@KDV DQDVVRFLDWHVSURJUDPLQERWKWKH86DQGWKH8.LQZKLFKDQ\ERRNVDOHVJHQHUDWHG UHVXOW LQ D ± FRPPLVVLRQ GHSHQGLQJ RQ LI WKH VDOHV ZDV GXH WR DQ LQGLUHFW RU GLUHFWKLWVRQWKH$PD]RQVLWH0XVHXPVFRXOGSDUWQHUZLWKVXFKIDFLOLWLHVWRJDLQD SHUFHQWDJHRIWKHVDOHVRIERRNVUHODWHGWRWKHLUPXVHXPZLWKOLWWOHIXUWKHUHIIRUWRQFH WKH IDFLOLW\ LV VHW XS DSDUW IURP PDLQWDLQLQJ D VXLWDEOH OLVW RI ERRNV ZLWK OLQNV WR $PD]RQ¶V ZHEVLWH V  $ VHDUFK IRU ³PXVHXP´ RQ $PD]RQ UHWXUQHG  UHVXOWV ZLWKLQ WKH ]6KRSV VHFWLRQ D FROOHFWLRQ RI RQOLQH VWRUHV  DQG  UHVXOWV LQ WKH ERRNVVHFWLRQ LQ)HEUXDU\ 7KHUHZHUHHYHQUHVXOWVIRUFRPSXWHUDQGYLGHR JDPHVFRQVLVWLQJRIFODVVLFZHOONQRZQJDPHVIURPWKHSDVWIRUDVHOHFWLRQRIPRUH UHFHQWJDPHVFRQVROHV7KHUHODWHG&DWDORJ&LW\FRPIRXQGSURGXFWVIURP PHUFKDQWVPDWFKLQJ³PXVHXP´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³PXVHXP´RQ*RRJOHUHVXOWHGLQDURXQG PLOOLRQSDJHVWDNLQJRQO\VHFRQGV LQ)HEUXDU\ 6HDUFKLQJIRUWKHSOXUDO ³PXVHXPV´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

 )XWXUH'LUHFWLRQV  0RVW PXVHXPV KDYH UHVWULFWHG UHVRXUFHV DQG DUH XQDEOH WR XQGHUWDNH RQOLQH DFWLYLWLHVRQWKHLURZQZLWKRXWWKHKHOSRIRXWVLGHFRQWUDFWRUV$WWKHVLPSOHVWOHYHOD PXVHXP PD\ MXVW UHTXLUH D EDVLF ZHEVLWH DGYHUWLVLQJ WKHLU H[LVWHQFH VRPHWLPHV GXEEHG³EURFKXUHZDUH´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¶VUHPLW:KLOHIDFLOLWLHVIRU FKLOGUHQRQOLQHDUHEHVWPDGHDYDLODEOHIUHHRIFKDUJHWRHQVXUHZLGHVSUHDGXVDJH VXSSRUWLQJ PDWHULDO IRU WHDFKHUV FRXOG EH PDUNHWHG DV RQOLQH WHDFKHUV¶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¶V UHVRXUFHV DQG PDNH SXSLO¶V UHVRXUFHV IUHHO\ DYDLODEOH 0XVHXPV UHTXLUH VSHFLDOLVW HTXLSPHQW IRU H[KLELWLRQV DQG DOVR PRUH JHQHUDO LWHPV VXFK DV IXUQLWXUH DQG VWDWLRQHU\ ,QGLYLGXDOO\ PXVHXPV HYHQ ODUJH RQHV KDYH OLPLWHGEX\LQJSRZHU+RZHYHUDVDFRPELQHGIRUFHWKH\KDYHVLJQLILFDQWVWUHQJWK &XUUHQWO\WKHUHLVQRRQOLQH%%PDUNHWSODFHH[SOLFLWO\IRUPXVHXPVHYHQLQWKH86 7KLV LV DQ DUHD WKDW ZRXOG QHHG VLJQLILFDQW LQYHVWPHQW WR GHYHORS DQG LV YHU\ VSHFXODWLYH 0RUHJHQHUDOO\IRUWKHIXWXUHWKHLQYHQWRURIWKHZHE7LP%HUQHUV/HHLVSURPRWLQJ WKH ³VHPDQWLF ZHE´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







0XVHRSKLOH3ODQV 

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³EXVLQHVVWRPXVHXP´%0 H FRPPHUFH HGXFDWLRQ VXSSRUW HWF ,W LV OLNHO\ WKDW 0XVHRSKLOH ZLOO SDUWQHU ZLWK D QXPEHU RI RWKHU VLWHV WR SURYLGH VXSSRUW IRU IDFLOLWLHV OLNH RQOLQH GRQDWLRQV WR PXVHXPVVWDWLVWLFVJDWKHULQJHWF 

&RQFOXVLRQ 

(FRPPHUFH LV YHU\ PXFK LQ LWV LQIDQF\ GHVSLWH UHFHQW DGYDQFHV HVSHFLDOO\ LQ WKH UHDOP RI PXVHXPV 6RPH ODUJHU PXVHXPV GR KDYH RQOLQH VKRSV EXW WKHVH KDYH W\SLFDOO\EHHQXQGHUWDNHQDVLQGLYLGXDOLQLWLDWLYHV0XVHXPVVHOODQXPEHURIXQLTXH JRRGV WKDW PD\ FXUUHQWO\ RQO\ EH DYDLODEOH E\ YLVLWLQJ WKH PXVHXP LQ TXHVWLRQ +RZHYHU SODFLQJ WKHVH LWHPV RQOLQH LQ DQ LQGLYLGXDO PDQQHU LV OLNHO\ WR PHDQ WKDW WKH\ DUH GLIILFXOW WR ILQG E\ SRWHQWLDO FXVWRPHUV DURXQG WKH ZRUOG $FWLQJ LQ D PRUH





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

5HIHUHQFHV 

$WLI