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FreeMarkets OnLine Business Analysis
Issues, Problems, Opportunities:
Passing on saving to buyers of supplies was the main issue that FreeMarkets Online was trying to tackle. ...
One of the biggest issues with FreeMarkets Online is that they proposed a new product/concept in a fairly new medium. ...
FreeMarkets Online created this new bidding software which had numerous opportunities. ... An opportunity that FreeMarkets Online should have investigated was researching the demand for the product. ...
FreeMarkets Online presented several opportunities in their creation of the bidding software and the market in which it operates. ... FreeMarkets Online also lacked benefits for both entities in the bidding session. ... What was the real incentive for these suppliers to sign up with FreeMarkets Online? ... Not only did FreeMarkets Online target a very narrow market, but they went after only the top executives of top buying companies with no guarantee that the concept would give them the savings promised. The fact that FreeMarkets Online did not go public with their program did not facilitate for an easy sell to these top companies. FreeMarkets Online admitted that their service was very difficult to deliver, however it may have been easier if they had utilized the main tool they had in their creation of the market. ...
Analysis:
FreeMarket Online’s idea is a great but certainly not without opportunities. ...
The problem of the new business medium will eventually solve itself, so FreeMarkets Online cannot do anything about this issue until internet service providers start improving customer/technical support. ... The software was great, but FreeMarkets Online had to divest too much time in training and utilization of the tool was limited. ...
In launching the product, FreeMarkets Online passed up on a major opportunity prior to launch. They should have conducted some type of market research analysis to see the potential demand for such a program. ... If FreeMarkets Online had invested in such a research, then they might have been able to market the product better and fine-tune their tactics, and the software itself. ... FreeMarkets Online may not have had to spend so much of their resources on lobbying some of the top executives from the market of buyers they gathers if they had only utilized the internet. ... Other companies would have found better ways to improve on the software and FreeMarkets Online could pull the benefits of having the knowledge of what consumers want. ... In order to return the favor FreeMarkets Online should consider offering more benefits to suppliers.
Approximate Word count = 2042
Approximate Pages = 8.2
(250 words per page double spaced)
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