Personal Reflection Blog (Lesson 1)

Business Model and Methods

In this week I learn more about the business models and what they are. I don’t know about it and so I learn more it. I figure out what mine would be and it would be the merchant model. In the first case study, I pick the merchant model because they can have their own website and they promote other people’s goods or services. I would find it easier to show and is easy to management it. This part was my reference of what a Merchant is.

  • What is Merchant Model? It is a wholesaler and retailers of goods and services. Sales may be made based on list prices or through auction. It has three or four services to it.
    • One is Virtual Merchant –or e-tailer is a retail merchant that operates solely over the web.
    • Second is Catalog Merchant — mail-order business with a web-based catalog. Combines mail, telephone, and online ordering.
    • The third is Click and Mortar — traditional brick-and-mortar retail establishment with web storefront.
    • The fourth is Bit Vendor — a merchant that deals strictly in digital products and services and, in its purest form, conducts both sales and distribution over the web.
  • http://digitalenterprise.org/models/models.html

Also, I learn more about there is different methods and what they were. For the first case study, in my opinion, would be The Mix & Match Method. This part is a reference to what the method is.

  • The Mix & Match Method
    • Take two seemingly unrelated concepts, products, or services and see if you can combine them. They can be across distribution channels, packaging styles, branding styles, ergonomic designs, target audiences, core features, core attributes, and even base materials. Make a list of existing concepts and mix & match them systematically, analyzing each pair for viability.
    • http://bizthoughts.mikelee.org/brainstorming-business-ideas.html

Keywords Planner

The case study 2 said that they would compare the amount of the monthly searches and competition to pick a product between chess and snowboards.

I had a hard time with AdWords and also at one point I couldn’t find Keyword planner or it won’t like me get to it. In the Keyword planner, I did a search for a top ten keywords around chess and around Snowboards. Based on the top 10 keywords I pick between Chess and snowboards. There are more Monthly searches for chess than snowboards.  The Competition variable for chess but for the snowboards competition has only one “low” and the rest in High and medium.

Because Chess has almost 5 times the amount of searches over snowboards and has a significantly lower level of competition, I would recommend Chess be the product this group continues to pursue.

Chess

  1. Keyword                Competition       Local Monthly Searches
  2. Chess                       Medium                   1,220,000
  3. chess board            High                          57,370
  4. Computer Chess  Medium                     21,650
  5. chess online          Low                            201,000
  6. Chess games         Medium                    90,500
  7. Chess set                High                          22,200
  8. Play Chess              Low                           40,500
  9. Free Chess              Low                          27,100
  10. Chess Openings    Low                          33,100
  11. Chess Free             Medium                   27,100
  12. Averages                Medium                  1,740,520

Snowboard

  1. Keyword                     Competition          Local Monthly Searches
  2. Snowboard                    Medium                     246,000
  3. snowboarding              Low                             60,500
  4. snowboard boots         High                           27,100
  5. snowboard shop          Medium                     14,800 
  6. snowboarding gear     High                           14,800
  7. snowboard jackets      High                            12,100
  8. snowboard bindings   High                            14,800
  9. Cheap snowboard        High                            5,400
  10. snowboard pants          High                            9,900
  11. snowboard bag              High                            2,400
  12. Averages                         High                            407,800

Have you see that chess is easier to get into and the snowboard has high competition and chess has a low/medium competition.

I learn so much. Keyword planner was interested in doing but in AdWords was interested to use. I hate one thing is that I had to google the keyword planner home because it want money and I didn’t want to do that right now.

Goals for next week

  • Try to post more on the discussion boards.
  • Read the instruction more carefully.
  • Keep on track and find the schedule.
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