Comment this discussion in paragraph? In (1997) Jeff Bezos\' was among a select
ID: 397161 • Letter: C
Question
Comment this discussion in paragraph?
In (1997) Jeff Bezos' was among a select few, who believed that the days of brick and mortar stores were quickly fading into the past. Critics speculated that the valuation of the company/ stock was extremely too high for the Amazon to be successful. The IPO raised 54 million dollars, which was the start of a new era in online business that the world was not familiar with. In fact, most critics laughed at Bezos concept of being the largest online bookstore in the world. This was a huge mistake on their part because Amazon net worth today is 465 billion dollars. I truly believe that Bezos is still operating off of his original plan to consolidate and expand his global brand and customer base.
How has the company’s strategy changed from the original generic strategy that was applied?
“Many businesses fail to achieve strategic objectives because they do not successfully connect operations with goals. Effective communication among all stakeholders is critical in bypassing this fatal chasm” (Becher, J. D., 2005). This is was one of the principles of Bezos’ plan to connect with the customer and provide their needs. By controlling the focus of his company and responding to their purchases. These customers purchase provided the foundation, research information, the best targets, cataloged the highest selling products, and proved his theory about quality marketing/ customer service, which was all a part of the consolidation and exploration phase.
How would you describe the central elements of Amazon’s strategy? Smart, innovative, and truly groundbreaking. The world of online customers had many wants, demands, and no way to get them in less than two weeks. These were the central elements of Amazon, basic yet effective. Find your customers’ needs, offer a great variety of options, provide a vehicle for them to receive their items, provide good, better, best pricing system. This has made this Amazon company huge.
In your opinion, what elements are involved in implementing the following business strategies?
“Unlike Apple, Google, and Microsoft, Amazon is not fixated on a tightly designed ecosystem of interlocking apps and services. Bezos instead emphasizes platforms that each serves its own customers in the best and fastest possible way” (N. Robischon., 2017). A low-cost provider strategy was the foundation of Amazon which is the running theme of the company’s planning. Diversification is pride and joy of Bezos’ model” I think neighborhoods, cities, and towns that have evolved are more interesting and delightful than ones that have been carefully top-down planned” (Jeff Bezos 1997). Everyone should be able to receive their basic needs as well as their wants with no hesitation. Market timing is critical for any business strategy as well as sustainability for the future.
Explanation / Answer
The Amazon started their journey as an online book selling store and now grown into 465 Billion dollar company offering all categories of products. For any business to be successful, it is crucial to connect Operations with goals by having effective communication amongst all stakeholders. Amazon understood the customer demand of timely delivery, quality, best price and put all efforts on that front to ensure highest level of customer satisfaction. They deployed smart and innovative technology options to ensure they are at par with market pace. With time, company diversified as per rising customer wants but ensuring low cost provider strategy which was the foundation for the company. Amazon did foresee the future demand and took steps in advance so that when real demand comes, they are well ahead of the competition.