Jeff Bezos Biography Essay
His flexibility was one of his primary advantages that propelled him to establish Amazon. Also, Bezos had the strength of minimizing regrets after he had made any decision. While working with Wall Street, Bezos had to decide on choosing between continuing with his current job or starting his own company. He believes as a good entrepreneur; one should be capable of producing remarkable choices and have the ability to minimize regrets. Additionally, as a CEO at Amazon, Bezos was capable of thinking several years ahead, this strength made his company to expand and increase its net worth (Stone, 2013). He was later promoted to be a vice President due to his outstanding performance. The company then specialized in the application of computer science within the stock market, and Bezos was hired on the merit of his overall performance and talent in the field.
Concepts Competitive advantages Bezos realized most of the technology companies especially competitors were obsessed with copying what their rivals introduced into the market. He decided to be unique by taking up the market risk and listening to what consumers required. He, therefore, decided to create Amazon Web Service (AWS) which was explicitly designed to find solutions that arose from using an expensive in-house application (Madduri, et al, 2014). Elevator pitch Bezos is very persuasive in his opinions; he has proved to be very indifferent from the others. To please and persuade his customers, Bezos provides services like free shipping. He additionally emphasizes that Amazon's mission is to elevate industry bars globally in what he refers to as being customer focused. Bezos has managed to persuade and transformed his employees to be more focused on his customers.
Bezos maintains that his company applies the best competitive methods which do not scare away rivals; however, several companies such Best Buy have been destroyed by Amazon Suboptimal opportunity spotting While searching on the internet about the best venture that he can engage in, Bezos developed the idea of establishing an online bookstore which could be propelled by the increased number of online users. Any idea can be possible, and it can be initiated if there are well-laid strategies. Effectiveness of Bezos' strategies The strategies applied by Bezos in his venture were very efficient. Bezos has widely used the generic corporate strategy in his venture. This approach is focused on leveraging technological strengths to facilitate business success. Cost leadership strategy was also applied by Bezos which aimed at offering the highest value of products to the clients.
Drivers of change The self-driving technology, company's culture, employee's morale and good governance are the fundamental and essential success drivers that have propelled Amazon to expand globally. Industry key success factors Supporting decision - Amazon reviews customer’s feedbacks and uses their recommendation to improve their products (Castelli, et al, 2017). Omni-channel - as a method of enabling everyday orders, Amazon orders are made via dash buttons which are electronically connected to online orders Pricing - as a measure of strengthening price competitiveness, Amazon uses private labels on their products. Content as a service to their customers - Amazon is focused on producing original material since the company is aware, contents is a substantial benefit when dealing with today digital consumers. List of concepts applied • The 10x rule • Competitive advantage • Suboptimal opportunity spotting • The s-curve • Elevator pitch References Castelli, M.
Apress, Berkeley, CA. Lampel, J. Honig, B. Drori, I. Organizational ingenuity: Insights and overview. Experiences building Globus Genomics: a next‐generation sequencing analysis service using Galaxy, Globus, and Amazon Web Services. Concurrency and Computation: Practice and Experience, 26(13), 2266-2279. Rao, M. S. Success Sutras for CEOs. In Handbook of Blockchain, Digital Finance, and Inclusion, Volume 2 (pp.
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