...Online Auction 2 Online Auction EBay is a great system for sellers that want to cut out the intermediary like pawnshops and other stores that will buy valuables from someone. EBay is set up almost identical to an auction; the only difference is that it is online and people anywhere in the United States or even outside the country can view items that someone may have for sale. A seller takes photos of the item they wish to sell and set up an EBay account. Then, they go through the guided menus and add in information and the price they want to get for the item. People can bid on an item and it goes to the highest bidder at the end of the allotted time. For small sellers, a disadvantage is not being able to sell an item with the buy it now price and they have to wait for buyers that may or may not make it to the price. Another disadvantage is that people are more cautious when buying from sellers with little or no feedback. For larger sellers, having this negative feedback could make buyers hesitant to buy. Larger scale sellers also have access to different features and appear in online searches through Google. These features become available with more sales. If I did open my own E-Tail I would use eBay. My reasoning simply is that it is a website everyone knows of or has at least heard of, and it is available when doing normal online searches. It allows the seller to get the lowest amount they wish to receive for a product, but has potential for the seller to get more than...
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...Different aspects of online auctions, eBay. For assessor only | | 1. Content | | 2. Language structure | | 3. Language accuracy | | 4. Language: format & citing/referencing | | Overall: | | Advisory grade | | Assessor’s initials | | Maastricht UniversitySchool of Business & Economics | Place & Date: | Maastricht, 10-12-2012. | Name, initials: | Elemans, DP | ID number: | I6049135 | Study | International Business | Course Code: | EBC1009 | Group number | 36 | Tutor name: | Nikita Krugljakov | Writing tutor name: | Gaye van Denderen | Writing Assignment | Main Paper (Task 10) | Your UM email address: d.elemans@studentmaastrichtuniversity.nl Table of contents: 1. Introduction 2. Advantages and disadvantages of online auction 2.1 Advantages 2.2 Disadvantages 3. Different types of auctions 3.1 English auction 3.2 Dutch auction 3.3 First-price sealed bid auction 3.4 Second-price sealed bid auction 4. Different methods of bidding 5. Winner’s curve. 6. Example of bidding, using game theory. 7. Conclusion 8. Reference list 9. List of figures and tables 1. Introduction The internet itself started in the sixties in the United States. It has had massive growths and has given the population some very useful tools. The most current development is internet auction, also called online auction. Online auction is a service in which auction users or participants sell or bid for products or services via the...
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...Online Auction Brandy Greiner XBIS/219 29 April 2011 EBay is an online internet site that allows people from all over the world to bid on a variety of products new and used that are located all over the world. EBay offers you a way to place your items up for sale and turn a profit through an auction type setting but, it is all done entirely online. Depending on the product you are selling and the amount you set your reserve at you will be charged a fee for placing your product online. If the product does not sell or the person who purchases does not pay then you will be able to relist the product for no charge. The advantage to selling online is that you are able to sell to people all over the world in all types of settings. Just because you no longer need something it does not mean that there is not someone out there who needs the product you are looking to get rid of. This environment allows you to still do your regular day to day tasks as well as sell goods through the auction so you will not be losing out on income from anywhere else. The disadvantages are that you may get ripped off by people who use credit cards or pay pal accounts that no longer work. In this instance you will have to report a grievance to eBay so that you are able to get your money back and that person will be penalized for their actions. Another disadvantage would be that you keep placing items up there and not selling them which would result in a loss of money for you if you pay to place items...
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...Online Auction Name Here XBIS/219 Date Instructor Online Auction The largest online auction site in the world is eBay. People from all over the world come to eBay to buy and sell items. For an individual to sell an item on eBay, a seller must first create an eBay account and a PayPal account. Once the eBay account is created the seller can upload a picture and provide a brief description of the item that he or she wishes to sell. The seller can choose the price of an item to include prices for shipping and returning. Once the item is posted the seller has the option to pay an additional fee to include a “Buy It Now” tab. The “Buy It Now” tab allows buyers to purchase an item for a specific price rather than waiting until the closing time of an item. If the buyers choose to place bids on an item, the seller then can determine which bids for an item he or she wishes to take (eBay, 2011). Some advantages to both small and large scale sellers with eBay is the website’s popularity. There are over 180 million members, creating an enormous market for sellers. Another advantage of eBay to both small and large scale sellers is the convenience. Sellers can post items to sell without worrying about following internet regulation and policies. Some of the disadvantages for both small scale and large scale sellers are the profit losses associated with eBay. There are many fees that eBay charges it sellers such as a listing fee, final value fee, and fees...
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...Healthy Foods, Inc., sells 50- pound bags of grapes to the military for $10 a bag. The fixed costs of this operation are $80,000, while the variable costs of the grapes are $.10 per pound. a. what is the break-even point in bags b. calculate the profit of loss on 12,000 bags and on 25,000 bags. c. what is the degree of operating leverage change as the quantity sold increases? d. If healthy foods has an annual interest expense of $10,000, calculate the degree of financial leverage at both 20,000 and 25,000 bags e. what is the degree of combined leverage at both sales levels. A. What is the break even point in bags. The break even point in bags will equal the fixed cost divided by the unit contribution margin, which the unit contribution margin will equal the selling price per unit subtracted by the variable cost per unit. Therefore my equation is $10-(50*0.10) will equal 10-5 which equal $5. So, the break even point will equal the operation fixed cost which is 80,000 and I divide that by 5(80,000/5) will equal 16,000. B. Calculate the profit of loss on 12,000 bags and 25,000 bags. The desired sales in the unit will equal the fixed cost plus the desired profit divided by the unit contribution margin. So, 12,000 will equal the operation fixed cost which is 80,000 plus the desired profit divided by 5. Therefore, 80,000 plus the desired profit will equal 60,000. The desired profit/loss will equal 80,000-60,000 which will give us the net loss of 20,000. The next equation...
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...The Black Death was a bubonic plague that wiped out about one-third of the population in Europe in the 14th century. This event decreased one-third of the population in only a few short years. This event clearly shows the results and impact that it had on the supply and demand of labor in the market. With this smaller supply of population or workers, the marginal product of the labor rose. This effect can be looked at as diminishing marginal product working in reverse. The Black Death event caused wages to rise. Because land and labor were used together in production, a smaller supply of workers also affected the market for land, the other major factor of production in medieval Europe. With fewer workers available to farm the land, additional units of land produced less additional output. This basically caused the marginal product of land to fall. This event caused the rents to lower. During this period, wages approximately doubled, and rents declined 50 percent or more. This major event led to economic prosperity for the peasant classes and reduced incomes for the landed classes. (9780324832945, Principles of Economics, 4e, N. Gregory Mankiw - © Cengage Learning) If we look at this closely, before this event happened, likely, the landed class was doing well financially because their land was very valuable and there were an abundance of workers so they could in turn pay cheap labor to them. As the labor diminished, the wages of the workers increased, causing the lower class to...
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...behavior In online auctions as opposed to traditional auctions Table of contents 1. Introduction 3 2. Online auctions as opposed to traditional auctions 3 3.1. Advantages online auctions 3 3.2. Risks of auctions 4 3. Buyers decision-making process in auctions 4 4. Type of auction 5 5.3. English auction 5 5. Economic theories 6 6.4. Rational behavior 6 6.5. Effects of irrational behavior 7 6. Conclusion 7 7. References 8 1. Introduction While the Internet has become an essential resource in the global economy, it has not only changed the way consumers think, behave, and make decisions, it has also changed businesses. Since the opportunity of reaching out to a mass-market was created as a result of the Internet and its easy accessibility, businesses are scrambling to take advantage of changes in their markets. An example of one of those businesses is an auction. As a result of the development of sophisticated software that enables businesses to buy and sell on the Internet under secure conditions, the e-business model of auctions, called online auction, has emerged. Online auctions adapt the traditional auctions to the instantaneous advantage of the Internet to reach new markets that were previously cost-prohibitive by reducing transaction costs. Advantages such as the size and scope of the audience are enabling Internet auctions to play a major...
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...the middle and lower ranges are spiraling upwards. The amount spent on lower-priced art on Internet fora is remarkable, while the average value of art objects bought online is increasing. Following my recent discovery and use of the Catawiki platform, I have been looking further into this and am struck by how like a ‘real’ auction this site behaves – people who viewed or bid on items in my auctions were automatically targeted to receive alerts for upcoming sales of related interest, thus promoting all levels of the art market. Feedback has been very positive; Catawiki is evidently a well financed and reliable operation, as is reflected in their recent rapid expansion. Read more about it here: http://techcrunch.com/2014/09/24/catawiki/ Established auction houses are jumping on the bandwagon. Sothebys’ decision to use the EBay auction platform for their high-end sales reflects just how much prestigious salerooms covet the large audiences currently enjoyed by e-auction sites. These collaborations are currently in their infancy, but who know – perhaps top art objects will soon be sold for tens of millions on the Internet. I feel a certain sense of satisfaction about this trend, which I foresaw when I launched my own online catalogue in 1998; wealthy clients are increasingly choosing not to be incommoded by visiting auction houses in person, and instead can bid on even the most elite of objects from the comfort of their...
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...eBay’s innovative online auction business combined the ease of online shopping with the unique selection of estate sales and garage sale shopping. It allows for people to sell their own personal items to anyone with internet access at any time. eBay is full of much strength such as their ability to globalize their brand. This is also one of their main weaknesses. Since eBay is an online business, anyone with internet can access the website. While they have the potential to reach out to everyone, not everyone uses the internet. One of the issues eBay faces is that the internet usage in Asia is very low especially considering over half the population resides there. E commerce was growing everywhere which definitely helps eBay’s business. One of eBay’s great accomplishments is their ability to acquire several other successful businesses. They don’t just take over random businesses because they can; they acquire businesses that can help them out with their own business. For example, PayPal goes hand in hand with the type of business eBay runs. It gives users a more secure way to use their website which consumers definitely appreciate. Along with their feedback forum which allows consumers to voice their opinions, the fact that both sides (buys and sellers) feed off one another and cause the popularity of the other side to rise really makes consumers feel like they are a part of the business. This is part of what makes eBay such a great success. Although they have their share...
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...1 What is Business Process? A structured, measured set of activities designed to produce a specified output for a particular customer or market. It implies a strong emphasis on how work is done within an organization. 2 What is BPR? It is a fundamental rethinking and radical redesign of business processes to achieve dramatic improvements in critical contemporary measures of performance, such as cost, quality, service and speed. BPR transfer the current process (ASIS) to an improved process (TOBE) 3 What is a BPR Modeling & Analysis Method? Language and procedure with underlying process concepts to build and analyze process models. Business process modeling: Development of representation of business process, representation captures the aspects of process that are key to understanding its functioning and performance. Business process analysis: Examination of structure and performance of business process, assessment of impact of various parameters. 4 How to deal with resistance to change? 4.1 Communication i Stakeholders need to understand (What, why, how) ii Ongoing two-way communication 4.2 Involvement i Saving money not employ expert ii Ask employee (What do you think?) (appropriate moments) 4.3 Training i Hard skill + Soft skill 4.4 Reward i Extrinsic reward + Intrinsic reward 5 El Sawy’s Approach 5.1 Operationalize process performance target 5.2 Define process boundaries 5.3 Identify key process issues 5.4 Understanding best practices and define initial...
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...Pierre simply intended the listing on his web page of a broken laser pointer to be a test more than a serious offer to sell at auction. He was shocked when he received a response, “I’m a collector of broken laser pointers,” and sold the item for $14.83. When Pierre received this answer back he knew that he had created something big and transitioned from one of commerce, buying and selling things, to one of e-commerce, connecting people around the world together over the internet. In 1996 Pierre and his hand picked business team set out with their vision, which was to create the first online auction website for consumers to buy and sell their items. Since the start up, eBay has become the market leader and pioneer in the on-line auction industry and its brand name has become synonymous with e-commerce. eBay doesn’t actually sell any goods itself, it is simply a meeting place where the merchandise is sold and delivered by third party sellers that are not employed in any way by eBay. This unique e-commerce business gives sellers a place to reach buyers, and gives buyers access to the world’s largest collection of new or used things for sale. With eBay being the first to offer an on-line service, a broad range of products, and the global reach, they have had explosive rapid growth consistently over the years, making eBay the world’s leader of an online marketplace for the sale of goods and services by a diverse community of individuals and businesses. What makes eBay so unique...
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... Auction Analysis Report invincible 6 analysis | BURWOOD 2015.4 Abstract This report is mainly focus on the quantitative analysis of a fine art auction held by the Charleston’s auction house. In analyzing the result from the auction, this report applies stochastic dominance and mean-variance methodology on comparing estimated price with realized price of auction items. Then this report investigates the ‘hot’ auction items and auction items failed to sell in this auction by statistical data, the result shows that there are around 15 items can be considered as a ‘hot’ item in auction and no item failed to sell in our observation. And then the report has a descriptive analysis about bidders on this auction, and by calculating the ratio of numbers of bidders and the auction items, it gives out that this auction is also a ‘hot’ auction. After that, an estimated profit for this auction is calculated based on realized price of auction items, and a T-estimation method is applied on estimating the 99% confidence interval of average annual profit of the Charleston’s auction house. In addition, there is a comparison between ebay’s average annual profit and the auction house’s average, with a result that ebay has an obviously larger profit than the profit house. 1. Introduction Auction, a trading mechanism, is a public selling process of items at their highest bid (The Free Dictionary). Formed in 1997, Charleston’s is the first and the most successful auction house that...
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...C H A P T E R eBay’s Business Model AL TE 1 ✦ ✦ ✦ ✦ In This Chapter Tracing eBay’s beginnings and early history Learning from eBay’s model of success Connecting with other eBay users for help and advice Exploring eBay’s own workshops and tutorials Learning about eBay’s partnership and affiliate programs I A widely circulated story that is still believed by many eBay users says that the auction site that eventually became eBay was conceived initially as a result of a conversation between Omidyar and his wife, Pam. She commented to Pierre how great it would be if she were able to collect Pez dispensers and interact with other collectors over the Internet. CO eBay is the creation not of a corporate conglomerate, but of one computer programmer who was looking for a way to make it big on the Internet. Pierre Omidyar started eBay in his San Jose, California, living room in September 1995. PY Pierre’s Vision RI GH It’s amazing to think that my nine-year-old daughter will grow up thinking that eBay always existed when in fact eBay is relatively new. In the beginning, when it wasn’t regulated, eBay evolved in a haphazard, personal fashion. If you are wondering where all the regulations and rules came from, you only have to look at how things worked before the site was popular and before it became a highly organized business operation. TE D MA f you want to become an eBay power user, you need to get all the background information...
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...* Table of Contents 1 Introduction 1 2 Elements of E-Procurement 1 2.1 Systems 1 2.1.1 ERP 1 2.1.1.1 The implementation process and life cycle 2 2.1.1.2 Key success factors (KSFs) 3 2.1.1.3 Project preparation 3 2.1.1.4 Technology selection 4 2.1.1.5 Implementation/ development: 5 2.1.2 EDI 5 2.2 Necessary Support Technologies 7 2.2.1 E-Catalogues 7 2.2.2 E-Auctions 8 2.2.3 Market Places 11 3 Strength and Weaknesses of Implementing E-Procurement 13 3.1 Strengths 13 3.2 Weaknesses 14 4 Critical Success Factors for the Implementation of E-Procurement 15 4.1 Supplier and contract management 16 4.2 End-user behavior and e-procurement business processes 16 4.3 Information and e-procurement infrastructure 17 5 Case Study 18 6 Future Outlook/ Conclusion 19 List of References II Introduction During the last decade and especially in the last couple of years, the internet has finally found its position in business operations. While the use of internet has been rather the exception than the norm, it is now becoming more and more common to streamline processes and eliminate wasteful processes through the use of the internet. This can especially be seen in the purchasing operations of many firms nowadays, as many companies see the importance of efficient procurement and change from slow and often expensive, paper-based orders to e-procurement. It seems as though this style of procurement can be of great advantage to every firm, but there are also drawbacks. The...
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...be strengthened and how it can be used to improve eBay’s business. Threat of Entry This is an Internet driven service industry, which does not provide for many barriers to entry. The main barriers come from government regulation. The government will not permit some products to be sold in certain states or countries and so any online sites need to make sure they don’t violate those laws. It is also hard to enter a market where safety and brand recognition are this important. People will not purchase items or sell them if they do not think their transaction will be protected. For safety, eBay should ensure and establish sufficient blocks that can prevent someone from selling or buying an item that would violate his or her local government. Even though eBay does not directly buy or sell items, they facilitate the transactions, which could make them liable. Threat of Rivalry Because of low entry barriers, the market is full of competitors. Amazon is just one of the many up and coming competitors that are fighting eBay for a piece of the market. Brand identity is the key to attracting customers. People recognize the name of Amazon, which is why its online site provides the biggest threat to eBay. Ebay thus needs to keep up with consumers needs and wants along with keeping an eye on its competitors in order to be successful. Threat of Suppliers Suppliers as a whole have strong power since eBay won’t exist if there is no supplier. Every person...
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