business models - part 2 - cs.duke.edu · not movie generating, but franchising, transactional...

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Business Models - Part 2Business Models - Part 2

CPS 181sSept 18, 2001

What are the Revenue ModelsAvailable to Firms?

What are the Revenue ModelsWhat are the Revenue ModelsAvailable to Firms?Available to Firms?

Financial model that follows fromthe resource system

1) a review of the revenue models2) 10 approaches to shareholdervalue models3) growth models and how to pursuerevenue growth

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Types of Revenue ModelsTypes of Revenue ModelsTypes of Revenue ModelsAdvertising

banners, interstitial, site sponsorships, eventunderwriting

Product, Service, or Information Salessales of goods on site

Transactionrevenue accrual from charging a fee ortaking a portion of the transaction sum forfacilitating a customer-seller transaction

Subscriptionsubscriber fees for magazines, newspapers,other information/service businesses

Types of Shareholder ValueModels

Types of Shareholder ValueTypes of Shareholder ValueModelsModels

OfflineOver twenty profit models

Online“blockbuster” profit model

not movie generating, but franchising, transactionalrevenue, licensing, merchandising, and other revenuesources

“base and follow-on” modelprimary product is a “loss leader” while real profit fromfollow-on products

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Types of Shareholder Value Models….Types of Shareholder Value ModelsTypes of Shareholder Value Models……..

Ten Internet Companies shareholder value modelsDiffer from traditional valuations

Shift from Profit to Shareholder-Value Focus> market capitalization, rather than profit:

» share price times the number of shares outstanding

Shift from Supply-Side Language to Demand-Side Language> Significant finance gain (price of offering or price of of shares) result

of what a company does to a market need

> Focus on core benefits a customer is looking for

Introduce New Ways of Creating Value> reflect evolution of the New Economy

Types of Shareholder Value Models...Types of Shareholder Value Models...Types of Shareholder Value Models...Company and User Derived

Both content and Value Added services

Metamarkets SwitchboardBuyers and sellers based upon customer activities to achievegoalsSuccess Factors

> Building and sustaining a large number of buyers and sellers> Frequently results in a single, large winner with multiple second-

tier playersThreat

> A higher level switchboard with more inclusivenessTraditional and Reverse Auctions

Bidding up - traditional (e-Bay)Bidding down - often business-to-business until no further bidsreceivedAuction house takes transaction feesSuccess Factors

> Often winner-take-all and strong brand name (Enron)Threats

> Alternative switchboards> Loose brand credibility> Emergence of pure low-price player

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Types of Shareholder Value Models...Types of Shareholder Value Models...Types of Shareholder Value Models...Category Switchboard

Or category-killer type siteFocus on one categoryMore supply-side than demand-side drivenSuccess factors

Leverage network economicsBuilding of customer base, with increasing switching costs

> Locked in due to increasingly useful customer profile, inter-usercommunications, and experience with the site

ThreatsEmergence of metamarket player who rolls activities into asingle site (eToys)

Niche players chipping away at category (Sony Playstation)Brand name offline may be a challenge (ToysRUs)

Types of Shareholder Value Models...Types of Shareholder Value Models...Types of Shareholder Value Models...

Company Derived Value Creation“Best of class” excellence on a key customer need or benefit

Best Informationmost timely, “freshest,” and most credible information productor serviceForrester.com, salon.com, The Standard, zagat.comrevenue form product as, services, information, advertisingrevenueprofit from customer perception that the site is more accurate,credible, and timely informationSuccess factors

> hiring best analysts and staff> most timely and accurate information

Threats> Perception that others just as timely> Price sensitivity to freshest information too great> Cost for most timely information prohibitive

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Types of Shareholder Value Models...Types of Shareholder Value Models...Types of Shareholder Value Models...Widest Assortment

breadth of product, service, and information coverage orinventory in the chosen product categoryCDNow.com, ArtistDirect.com, SecondSpin.comrevenue derived from product sales, with selective premiumpricing on the most desirable productsSuccess Factors♦ reducing customer uncertainty♦ building a strong brand presence♦ repeating buying and spreading word♦ quality of additional information♦ Inventory must be complemented with value-added services

Threats♦ further specialization in the product category♦ megabrands attempt to aggregate consumers at a higher level


Lowest Prices♦ promises lowest prices online♦ maybe specific to a product category♦ LowestFare.com, AllBooks4Less.com, buy.com

Success Factors♦ Margins minimal or non-existent, requiring strong back

office systems♦ Leverage scale economies♦ Requires outstanding supply chain management,

procurement, operational excellenceThreats

♦ Emergence of shop bots (mySimon.com)♦ Strong brand players who create uncertainty, creating

niche players

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Types of Shareholder Value Models...Types of Shareholder Value Models...Types of Shareholder Value Models...Broadcast User Network

♦ pure demand based model relies onthe fast buildup of the user network

♦ ICQ, RealNetworks.com,mercata.com, Mobshop.com

Success factors♦ building of strong customer base,

customer's extent of viral marketing,trademarked software or patents

Threats♦ emergence of alternative standards♦ fundamental technology shift♦ backward or forward integration of

complementary players

Types of Shareholder Value Models...Types of Shareholder Value Models...Types of Shareholder Value Models...Best Experience

♦ Best experience regardless of price♦ FAOSwartz.com, Ashford.com♦ Revenue expected to originate from

products, services, or information♦ Profit maintained by premium prices across

entire range of productsSuccess factors

♦ Sourcing of best products♦ Outstanding service♦ A shift in customer preferences to brand

labelsThreats

♦ Emergence of lower priced offerings thathave similar benefits

♦ Lack of perceived value in higher pricedgoods

♦ A shift to emergent brand labels, ascompared to historic favorites

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Most personalized♦ Best customization of the consumer experience♦ Reflect.com

Success factors♦ deep customer knowledge♦ ability to continual refresh and mine the customer database♦ consumer’s ability to feel complete ability to customize

experienceThreats

♦ Emergence of new players who offer a newer, richer, morepersonalized experience

♦ New technologies that displace older technologies thatallow other companies to catch up and match the oldercompany’s customer experience

Alternative Shareholder Value Models (Company and User Derived)Alternative Shareholder Value Models (Company and User Derived)

Company and User Derived

Alternative ModelsMetamarket Switchboard

Auctions

(Traditional & Reverse)Category Switchboard

Description• Hub for many buyers and

sellers; multiple categories• Competitive bid hub for

buyers and sellers• Aggregates brands in

product category

Examples

• BabyCenter.com• VerticalNet.com

• Ebay• Amazon• Freemarket

• Chemdex• PlanetRX

Revenue Model

• Transactions• Product sales• Advertising

• Transactions • Transactions• Advertising• Product sales

Value Source

• Perceived value addedservices

• Brand name credibility

• % of Transactions • Perceived value-addedservices

• Brand name credibility

Key Success Factors

• Build buyer database• Build seller database• Value-added services

• Build buyer database• Build seller base• Credible “hub” brand• Efficient back-office support

• Build brand• Critical mass of buyers

and sellers

Key Threat Factors

• Alternative switchboardemerges

• Niche switchboardemerges

• Fundamental shift in caretechnologies

• Alternative auction• Niche auctions• Price of switchboard

offering equal to auction• Value-added services

differentiate competitors

• Emergence ofmetamaket

• Niche category switch-board

• Brand name strength ofmarket leaders

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Alternative Shareholder Value Models (Company Derived)Alternative Shareholder Value Models (Company Derived)Company Derived

AlternativeModels Best

InformationWidest

AssortmentLowest Prices

Broadest UserNetwork

BestExperience

MostPersonalized

Description

• Timely, highvalue-added in-formation

• Widest assort-ment within thecategory

• Lowest priceswithin category

• Aggregation ofusers aroundstandard

• Highest qualitymerchandise asperceived bytarget customers

• Highest level ofcustomization

Examples

• Forrester• Zagat• NYTimes• Jupiter.com

• ArtistDirect.com• Secondspn.com

• Buy.com• Lowestfares.com

• ICQ• MP3• Mercasa• Accompany

• FAOSchwatz.com

• Ashford.com

• Reflect.com

RevenueModel

• Product Sales• Subscriptions

• Product sales • Product sales • Varied • Product sales • Product sales

Value Source

• Premium pricingbased on per-ception of bestinformation

• Selective pre-mium pricing

• Unclear • Users drive traffic• Standard

emerges• Price premium

follows

• Level of Luxury• Premium drives

prices

• Level of cus-tomization drivespremium pricing

Key SuccessFactors

• Timeliness of in-formation

• Perceived qualityof information

• Reduce uncer-tainty in offering

• Quality of infor-mation andvalue-addedservices

• Operational ex-cellence

• Supply-chainmanagement

• Establish stan-dard

• Grow user net-work

• Network eco-nomics

• Ability to spotsymbolic brands

• Ability to judgequantity

• Deep CustomerKnowledge

• Ability to “Mine”Customer Data-base

Key ThreatFactors

• Customers do notperceive suffi-cient gap intimeliness withgeneric offerings

• Competitorsmatch marketleaders

• Cost of “fresh-ness” becomesprohibitive

• Specializationwithin the cate-gory

• Emergence ofdominantbrands

• Shopbots• Lack of profit im-

perative• Shifting investor

confidence• Re-engineer total

process notprice

• Niche markets

• Alternate stan-dard emerges

• Technology shift• Backward or for-

ward integrationof complemen-tary players

• Subniche mar-kets emerge bycategory

• Symbolic brandloses appeal

• Technology ad-vanced lead to“me-to” products

• Customers wantscontrol of per-sonalization

Financial Growth ModelsFinancial Growth ModelsFinancial Growth Models

Third component of a financial model is thefirm’s revenue growth strategy or growthmodel

Revenue growth can come from a deeper penetrationin the current market, new product development, neemarket development, complete new products andmarkets

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Revenue Growth Choices: 1-800-flowersRevenue Growth Choices: 1-800-flowersRevenue Growth Choices: 1-800-flowers

New

Existing

PR

OD

UC

TS

Existing New Existing New

Plans tobranch into awide varietyof productcategories

GardenworksGardenworks

Greatfoods.comGreatfoods.com

Home DecorHome DecorPlow & HearthPlow & Hearth

ON-LINE MARKETS OFF-LINE MARKETS

PlantsPlants

Gourmet TreatsGourmet Treats

Greeting CardsGreeting Cards

Corporate Gift Services

Corporate Gift Services

In-Store SeminarsIn-Store Seminars

What Business Classification Schemesare Appropriate for the e-Commerce?

What Business Classification SchemesWhat Business Classification Schemesare Appropriate for the e-Commerce?are Appropriate for the e-Commerce?

Classification into “generic” business frameworks ortaxonomies for better understandingClassification should have business-model-choiceimplications

Porter ModelSawhney and Kaplan ModelRayport, Jaworski, and Siegel Model

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Porter Generic Strategy ModelPorter Generic Strategy ModelPorter Generic Strategy ModelClassification schemes of basic generic strategies

differentiation, cost, and niche

Differentiationconstant innovation and leadership on the benefits that mattermost to customersmaintain competitive cost

CostGain competitive advantage on costsMaintaining some level of parity on differentiation

NicheFocusing on particular market segmentPursuing then either cost or differentiation

New Internet firms, some argue, can exhibit both costand differentiation through technology

Point-Counterpoint

Build Profit Build User Base

• Basic financial rules will eventually apply• Cash flow drives shareholder value• Shareholders will become frustrated as time

passes

• Standards will ultimately dictate success• Standards require huge investments in building

a customer base• Once customer base dominates other firms will

concede and eventually large margins will beavailable

Point-Counterpoint: Does Profit Matter?Build Profit Or Build User Base?

Point-Counterpoint: Does Profit Matter?Point-Counterpoint: Does Profit Matter?Build Profit Or Build User Base?Build Profit Or Build User Base?

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Sawhney and Kaplan ModelSawhney and Kaplan ModelSawhney and Kaplan ModelConcept of electronic hubs (eHubs)

Distinction between B-to-C an B-to-B hubs

B-to-B HubsVertical

vertical markets or specific narrow industry focusgenerally, possess deep industry specific knowledge and tend to lackbusiness process expertisevertical: PlasticsNet.com, e-Steel

Functional hubscommon business functionsgenerally, possess business-process expertise, tend to lack industryspecific knowledgefunctional: Celarix.com (logistics management), Adauction (mediabuying)

Horizontal hubslow ability to delivery industry specific contentrisk of becoming back-end service providers to vertical hubs

Sawhney and Kaplan — Classification of B-to-B ModelsSawhney and Kaplan Sawhney and Kaplan —— Classification of B-to-B Models Classification of B-to-B ModelsVERTICAL HUBS

Pap

erP

aper

Ch

emicals

Ch

emicals

Plastics

Plastics

Steel

Steel

FUNCTIONALHUBS

Logistics ManagementLogistics Management

Media BuyingMedia Buying

AdvertisingAdvertising

Energy ManagementEnergy Management

Source: Adopted from Business 2.0, September 1999, p.88

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Rayport, Jaworski, and SiegalModel

Rayport, Jaworski, and SiegalRayport, Jaworski, and SiegalModelModel

RJS ModelDescribes sources of contentorigination along top axis

♦ products services, and/orinformation

♦ single or multiple sources

Focus on business strategyalong side axis

♦ back office or supply-chainimprovement

♦ whether supply-side , or ifcustomer focused ondemand-side

RJS Model...RJS Model...RJS Model...Pure form business producers

Forward Integrated Producers› focus on effectiveness or efficiency of supply chain› Wal-Mart

Supply-side Aggregators› enhance effectiveness or efficiency of the supply chain› do so by aggregating multiple supply-chain players

Backward-Integrated User› better serve through Web interface› Forrester.com

Demand-side Aggregators› buyers groups› News groups› Mob.com (individual buying through group aggregation

Many businesses pursue a hybrid of these models

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SOURCES OF CONTENT ORIGINATION

RJS Model SummaryRJS Model SummaryRJS Model Summary

FOCUS OFSTRATEGY

Single Brand Multiple Brands

Supply-Side

Demand-Side

Hybrid Integrator(Cisco.com)

Hybrid Aggregator(Amazon.com)

Forward-Integrated Producer

(Wal-Mart.com)

Supply-Side Aggregator

(Surplusdirect.com)

Demand-Side Aggregator

(Accompany.com)

Backward Integrated User

(Dellonline.com) - B2B

Implications of “Pure Play” Business ApproachesImplications of Implications of ““Pure PlayPure Play”” Business Approaches Business Approaches

Business Model

Implications

Forward-IntegratedProducer

Backward IntegratedUser

Supply Aggregator Demand Aggregator

Potential Sources ofCompetitiveAdvantage

• S treamlinedoutbound logistics

• P roducer brand

• P roducer customerbase

• Streamlinedinbound logistics

• Strong brandidentity

• Relevant strategicalliances

• Strong brandidentity

• Relevant customerscale

Potential Benefits toProducer

• Lower cost fordelivery of products,services, orinformation

• Efficiencies whichtranslate into costsavings

• Lower cost fordelivery of products,services, orinformation


• More targetedaccess tocustomers

• Expanded accessto customers

• More targetedaccess tocustomers

Potential Benefits toUser

• Lower price forproducts, services,or information


• Lower price forproducts, services,or information


• Time savings• Privacy

• Connection toothers who arelikeminded

• A c cess to relevantinformation/advice

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Schwab’s Business ModelSchwabSchwab’’s Business Models Business ModelHow the four components of Schwab’s businessmodel “fit” the evolution of the market

Value Clustertarget segments

primarily targets customers unwilling to pay for investmentadviceexisting offline customersprofessionals, incomes less than $150K, trade frequentlyprofessionals, incomes less than $150K, buy and hold

key benefit(s)innovative productssuperior servicelower prices

supportive rationale for better delivery to customersuperior (“cutting edge”) technology

Schwab’s Business ModelSchwabSchwab’’s Business Models Business Model

The Marketspace Offeringcombination of products, services,and information

Articulation of the scopecategory services in the financialservices

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Schwab Egg DiagramSchwab Egg DiagramSchwab Egg DiagramSchwab Learning CenterLive EventsPrinciples of InvestingUnderstanding Market Cycles“Did You Know” Q&A

Schwab SignatureServicesSchwab AdvisorSourceOptions ServiceGlobal Investing Service

Online chat with CustomerService RepresentativesCustomer Service via phoneCustomer Service via emailCustomer Service at BranchMy Watch List

Margin LoansMoney TransfersAutomatic InvestingOptions ServiceAfter Hours TradingAccount ProtectionBill Payment

OverallGeneral GoalPlannerInvestor ProfileSampleInvestment Plans

RetirementRetirementPlannerIRA Analyzer

ProductOffering

On-Line Investment Process

Get educatedabout

investing Plan

investments

Decide onInvestment

PerformInvestment

PostInvestment

Support

PerformResearch

EstateEstate Tax andProbate CalculatorAlternatives Comparison

CollegeCollege Planner

TaxTax StrategiesIRS WithholdingCalculator

OverallQuotes and ChartsAnalyst Center

Stocks and OptionsStock Analyzer

Bonds and TreasuriesSchwab BondSourceServices

CDs and Money MarketsSchwabOne

AnnuitiesSchwab SelectAnnuity

Life InsuranceInsurance NeedsCalculator

The Schwab Resource SystemThe Schwab Resource SystemThe Schwab Resource System

Builds on value propositionand the egg diagram

BenefitsLower pricesInnovative productsSuperior service

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The Schwab Financial ModelThe Schwab Financial ModelThe Schwab Financial Model

Revenue Modeltrading

commissionsprincipal transactions fees

nontrading related activitiesmutual fund service feesnet interest revenueinterest on balancesmargins on lent funds

The Schwab Financial Model...The Schwab Financial Model...The Schwab Financial Model...

Value ModelProfits through provider of the best information

stock analysis, advice servicesOneSource mutual funds category switchboard

Growth ModelDevelopment of advanced online softwaretoolsAfter-hours tradingFuture

In-branch seminarsNew online trading centerNew online investment bankInternational expansion - online and offline

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Schwab Resource SystemSchwab Resource SystemSchwab Resource System

OptimizeStaff in

Branches

OptimizeStaff in

Branches

LowerPricesLowerPrices

Train ITStaff

Train ITStaff

24x7Access24x7

Access

MediaGeneralMedia

General

S&PS&P

HooversHoovers

PhonePhone

BranchBranch

OnlineOnline

Charge ForValueAdded

Services

Charge ForValueAdded

Services

Provide Lower

Commission for Frequent

Traders

Provide Lower


Traders

InnovativeProducts

InnovativeProducts

Center ofKnowledge and

Innovation


Innovation

Investment inR&D

Investment inR&D

Cutting EdgeTechnology

Cutting EdgeTechnology Investment in ITInvestment in IT System ReliabilitySystem Reliability Multiple Points of

AccessMultiple Points of

Access

Hire ITStaff

Hire ITStaff

CompetitiveCommission

Rates


Rates

StreamlinedOperations


LearningCenter

LearningCenter

= Resources

= Capabilities

= Core Benefits

SuperiorService

SuperiorService

Partnerships withContent ProvidersPartnerships withContent Providers

Invest inCSR

Training

Invest inCSR

Training

Align CSR Compensation

with Quality of Service



Customer ServiceCustomer Service

OnesourceOnesource

Schwab Resource System...Schwab Resource System...Schwab Resource System...

= Company needsto outsource orpartner

= Company canperform in-house

OptimizeStaff in

Branches

OptimizeStaff in

Branches

LowerPricesLowerPrices

Train ITStaff

Train ITStaff

Capable IT StaffCapable IT Staff

24x7Access24x7

Access

MediaGeneralMedia

General

S&PS&P

HooversHoovers

PhonePhone

BranchBranch

OnlineOnline

ChargeFor Value

AddedServices

ChargeFor Value

AddedServices

Provide Lower


Traders

Provide Lower


Traders

InnovativeProducts

InnovativeProducts


Innovation


Innovation

Investment in R&D

Investment in R&D



Investmentin IT

Investmentin IT

SystemReliabilitySystem

ReliabilityMultiple Points of

AccessMultiple Points of

Access

Hire ITStaff

Hire ITStaff


Rates


Rates



LearningCenter

LearningCenter

SuperiorService

SuperiorService

Partnerships withContent

Providers

Partnerships withContent

Providers

Invest inCSR

Training

Invest inCSR

Training





Well-TrainedCSRs

Well-TrainedCSRs

OnesourceOnesource

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Downsized branch staff

Downsized branch staff

High quality Investment Information

High quality Investment Information

Innovative productsInnovative products

Low priceLow price

Large, well trained sales force

Large, well trained sales force

Technology LeadershipTechnology Leadership

Schwab Activity SystemSchwab Activity System

Superior serviceSuperior service

Investment in ITInvestment in IT

24 x 7 Customer service

24 x 7 Customer service

Exceptional team of engineers

Exceptional team of engineers

In-housetechnology

development

In-housetechnology

development

Large investment in R&D

Large investment in R&D

System ableto handle

large volume

System ableto handle

large volume

Increase intrade

volume

Increase intrade

volume

Increase innon-traderevenue

Increase innon-traderevenue

Multiplepoints ofaccess

Multiplepoints ofaccess

On-lineOn-line PhonePhone BranchBranch

Comprehensive information

Comprehensive information

Partnershipswith content

providers

Partnershipswith content

providers

HooversOnline

HooversOnline

S&PComstock

S&PComstock

MediaGeneral

MediaGeneral

Schwab Value PropositionSchwab Value PropositionSchwab Value Proposition

“Use technology to offer innovative products andsuperior service at lower prices to investors

unwilling to pay for investment advice”

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Partners Give/Get MatrixPartners Give/Get MatrixPartners Give/Get MatrixPartners Benefits to Partner: “Give” Benefits to Schwab: “Get”Content Partners(e.g. Hoovers,S&P, MediaGeneral, H&Q)

• Partners receive revenues from Schwab• Exposure and branding on a major site• Click-throughs

• Best-in-class content essential for Schwab todifferentiate itself from other discount brokers

OneSourcePartners: MutualFund Managers

• Access to large flow of business from Schwabcustomers

• Significant reduction in marketing costs

• Cement the relationship with the customer byacting as valuable “switchboard”

• Schwab receives transaction fees from funds

Web SitePartners: Razorfish

• Opportunity to work with high profile client• On-going fee based relationship

• Access to highly creative site designers• Consistent customer experience and look &

feel• Frees up internal resource

Schwab Revenue GrowthChoices

Schwab Revenue GrowthSchwab Revenue GrowthChoicesChoices

New

Existing

PR

OD

UC

TS

Existing New Existing New

Advanced Software ToolsAdvanced Software Tools

After-hours tradingAfter-hours tradingInternational ExpansionInternational Expansion

ON-LINE MARKETS OFF-LINE MARKETS

International ExpansionInternational Expansion

Learning CenterLearning CenterIn-Branch SeminarsIn-Branch Seminars

New Online Investment BankNew Online Investment Bank

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Point-Counterpoint

Pure Dot-com Start Brick-and-Mortar Start

• Not constrained by Old-Economy culture

• Not constrained by physical world assets thathave no value in digital world

• Can operate fast

• New rules apply

• Great examples – Amazon, Yahoo

• Old-economy business culture does apply

• Have assets -- brand, channels, people -- thathave tremendous value in digital world

• Can operate “right”

• Old financial rules supercede new rules

• Great examples –GE.com, Dellonline.com

Point-Counterpoint: Who Would You Rather Be?A Dot-Com Or Brick-And-Mortar Business?

Point-Counterpoint: Who Would You Rather Be?Point-Counterpoint: Who Would You Rather Be?A Dot-Com Or Brick-And-Mortar Business?A Dot-Com Or Brick-And-Mortar Business?

Business Model Choices Must Be Consistent With Sources ofCompetitive Advantage

Business Model Choices Must Be Consistent With Sources ofBusiness Model Choices Must Be Consistent With Sources ofCompetitive AdvantageCompetitive Advantage

ContentProduction

eBusinessInterface

Content Utilization

ContentProduction

eBusinessInterface

Content Utilization

Content Production

eBusinessInterface

Content Utilization

ContentProduction

eBusinessInterface

Content Utilization

Content ProductionContent ProductionContent ProductionContent ProductionContent Production

Content UtilizationContent UtilizationContent UtilizationContent UtilizationContent Utilization

Business Model Options (Not Mutually Exclusive)

Forward-IntegratedProducer

Backward-Integrated

User

SupplyAggregator

DemandAggregator

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Case Study - VirtualVineyards

Case Study - VirtualCase Study - VirtualVineyardsVineyards

1. What are the market conditions that allow VV to provide value tosuppliers? To end-users. What end-users does VV target?

2. What is the business model of VV?3. How has VV established its acknowledged dominance of virtual retailers

in this category? What are the resources that VV has used to develop thisdominance?

4. What are the attributes of a high quality retail service when it isdelivered screen-to-screen rather than face-to-face?

5. What additional actions might VV take to enhance their position in themarketplace?

6. What are the major problems confronting online firms when they attemptto craft a unique, sustainable business model?

business models - part 2 - cs.duke.edu · not movie generating, but franchising, transactional...

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