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62 Seiten, Note: 2,0
List of Abbreviations
List of Figures
1.1 Problem Description
1.3 Scope of Work
2 Theoretical Background
2.2 E-Business Model
2.2.1 Value Proposition
2.2.2 Value Creation Architecture
2.2.3 Revenue Model
3 Methodology of Analysis
3.1 Selection of the Instruments
3.2 Five Forces
4 Analysis of Weblogs
4.1 Classification within E-Business Models
4.2 Value Proposition of Weblogs
4.3 Value Creation Architecture of Weblogs
4.4 Revenue Model
4.4.1 Transaction-based Revenue
4.4.2 Transaction-independent Revenue
22.214.171.124 Display Advertisement
126.96.36.199 Native Advertisement
4.4.3 Expense Factors
4.5 Five Forces
4.5.1 Rivalry among Existing Competitors
4.5.2 Threat of new Entrants
4.5.3 Threat of Substitute Products or Services
4.5.4 Bargaining Power of Customers
4.5.5 Bargaining Power of Suppliers
5 Critical Summary and Evaluation
5.1 Target Achievements
illustration not visible in this excerpt
Figure 1: Aggregated Value Chain Architecture of the Business Model “Content”
Figure 2: Five Forces by M.E. Porter
Figure 3: Example for Multiple Content-Publication on Different Networks
Figure 4: Example for Personalized Discount-Code
The web 2.0 does not exist anymore - this statement refers to the fact that the internet today subsists just as users know it, which means that there is no further description such as “2.0” needed. The number-auxiliary only indicates that the World Wide Web has been subject to change within the past few years including the specific characteristics, the given possibilities as well as the users. Since the term web 2.0 was first mentioned in 2005, mobile apps have become more popular, 93 percent of people that are older than 16 have at least one social media account and the network Tumblr has already counted 297.8 million weblogs in the year 2016. Since blogs were not regarded as a phenomenon before the mid-1990s, the fast proliferation of these websites cannot be denied.
Furthermore while some scientists as well as journalists are of the opinion that weblogs only include “gossip and tittle-tattle”, there are contemporary bloggers such as “The Blonde Salad”- founder Chiara Ferragni that make a living from this daily publishing. In 2015, after running the blog for five years, “Ferragni ran two businesses that generated €6 million revenue and employed 14 people: The Blonde Salad blog, which she hoped to transform into a real lifestyle magazine, and the Chiara Ferragni Collection shoe line.” In addition, it is noticeable that on fashion weeks all over the world bloggers have replaced celebrities and influencers such as buying agents or fashion editors in the front rows. Based on this entire transition, a democratization of the industry is now being referred to.
However not all bloggers generate as much revenue as Chiara Ferragni. However due to the reason that there are currently several million weblogs online, whose operators spend an undefined amount of time in order to keep them running, it is necessary to conduct an economic assessment of the underlying structures and the present challenges. Thus this thesis should be a concise, fundamental contribution for the topic-contemplation of the E-Business model of weblogs.
The primary function of this bachelor thesis is to connect the subject of E-Business models with the web 2.0 phenomenon of weblogs. Therefore it is necessary to ascertain whether blogs can commercially perform as a characteristic of E-Business models. Furthermore, this paper should reveal what specific factors need to be considered and which challenges can occur when professionally operating a blog. Thus the digital economics’ research, for example, the literature of Kollmann, Reynolds or Wirtz, provide a broad base concerning the revenue models and the categorization of classical E-Businesses such as E-Commerce-Websites. However it does not scrutinize the particular requirements of weblogs. On the other hand, the relatively new body of literature about blogs focuses on the software and technological fundamentals, the specific characteristics as well as the different characteristics. Moreover in the year 2016, many professional bloggers exist that can make a living from their publishing occupation. This indicates that weblogs already represent a form of an E-Business model. However, the author does not know of published studies nor papers that have empirically investigated or described the business models of weblogs.
In order to fill that void, the purpose of this bachelor thesis is to provide a systematical guideline from an economic perception in order to establish a weblog. It will include potential risk factors and particular requirements, as the following chapters will enumerate more clearly. Ultimately this paper’s aim is to serve potential future bloggers in gaining knowledge about factors they need to pay attention to from the beginning of their work as well as marketers that need to regard unwritten rules when it comes to working with influencers such as bloggers.
At first the following chapter itemizes the theoretical background of weblogs, starting with a definition, a brief overview of its history as well as the key features of blogs. The next three subchapters discuss a significant requirement of weblogs, the authenticity. They also give an insight into what factors make the interaction of bloggers with recipients so important and lastly it breaks down what characteristics have developed over the past few years. To complete the theoretical background information of this thesis, the chapter will be concluded with a general overview and definition of E-Business models. Furthermore, chapter 2.2 will introduce the 4C- Net Business Model by Bernd w. Wirtz including its partial-models Commerce, Context, Connection and Content of whom the latter will be the focus of the continuing chapters regarding weblogs. The remainder of chapter 2.2 is organized into three sections starting with the value proposition of E-Businesses which elucidates the core assets and core competencies of these enterprises. Subsequently Micheál E. Porter’s generic value chain will be depicted in chapter 2.2.2 - named value creation architecture - in order to build a basis to describe how weblogs act to enhance the value of their commodities. The completion of chapter 2 delineates the general revenue model of E-Businesses by dividing it into four criteria called direct and indirect as well as transaction-based and transaction-independent revenues.
The third chapter will deal with the methodology of analysis which first illustrates the reason for the instrument-selection for chapter 4. Due to the fact that the main instruments were already introduced in chapter 2, only the new model, Porter’s Five Forces, will be revisited and elucidated at the end of chapter 3.
Chapter 4 will concern the analysis of weblogs based on the theoretical background including the Five Forces of the previous chapters. The first subchapter will compare the definition of EBusiness models with the key features of weblogs in order to finally match it with one of the four introduced partial-models. Thereafter the core assets and core competencies will be expounded with the example of blogs which will result in specific challenges bloggers have to face within the value proposition. Subchapter 4.3 deals with the aggregated value chain architecture’s six phases based on the key data and the results of chapter 2.2.2. Hence it will work out the special requirements of the E-Business model weblog. The following chapter will introduce the specific revenue model of blogs by partitioning it into the transaction-based and the transaction-independent characteristics. The latter will further investigate the role of display as well as native advertising for the overall turnover of blogs in the next two subchapters. The itemization of the different expense factors will form the end of subchapter 4.4 on revenues. Thereafter in chapter 4.5 and the following five subchapters, Michael E. Porter’s Five Forces - that are delineated in chapter 3.2 - outlines the foundation for the analysis of weblogs based on the factors rivalry among existing competitors, threat of new entrants, threat of substitute products or services, bargaining power of customers and finally the bargaining power of suppliers.
On the basis of the analyzing chapter, the last chapter will explain conclusively the significance of the different results for the E-Business model of weblogs and finally reveal the limitations of the work. An evaluation of the prospective importance of this Content-Business for the advertising industry as well as the prognosis for the market development for the next few years will form the conclusion of this thesis in chapter 5.2.
Although introduced in the mid-1990s, there is no coherent definition in literature about the term "blog" to date. Derived from the word "Weblog", which is a neologism from "World Wide Web" and "log", the term describes a website where persons or companies regularly publish subjective as well as personal text-entries about a specific range of subjects. These articles are typically ordered in a "reverse chronological order" and they can also be enriched by audio-, photographic- or video-media. The spread of issues in the publications is determined at the author's discretion which has caused the development of various manifestations of blogs, as chapter 2.1.3 will further describe. Due to the velocity of digital information and the dense conjunction of web-content, in the past few years a global network of bloggers, the operators of blogs, has appeared. This community of all weblogs has become generally known as blogosphere.
The era of blogs started in 1994 with the first authentic examples hosted on private rented servers, but there is proof of Usenet discussions that could be interpreted as an early form before 1994. In the following years many providers came up with stand-alone software-solutions to constitute a blog on a server and they offered blog hosting-services that could be used without having your own server. Especially the latter simplifies the access into the blogosphere for bloggers due to an easily understandable technology and relatively low or even no setup costs
However third-party suppliers of hosting finance their services with advertisements on the website which means that ads are published next to the blogs' content automatically and bloggers are unable to build up their own sales. In order to be able to examine the business model of weblogs, this bachelor thesis will refer to blogs that are self-hosted and -managed in the following chapters.
An essential technological functionality of blogs are the comments which allow readers to communicate as well as to interact with the person who runs the blog. This also encourages discussions between other commentators and the author. Bloggers can also set trackbacks that link to other blogs or websites that also show when content about their blog has been published on external websites. Both features are significant unique selling propositions especially in the digital competition with online magazines or journals as this paper will outline in the analysis chapter.
In order to reach the goal of becoming successful in operating a blog, the blogger needs to generate revenues. To convince clients to purchase advertising space that generates general turnover, it is necessary that recipients believe the published content and trust the blogger’s opinion. Therefore, authenticity is one of the key factors in running a blog that needs to be observed and reflected continuously.
Photos as well as the brief resumé introducing the blogger to the users, are a typical characteristic of the described proximity towards the recipients. This is accompanied by editorials that are formulated in the first person with a casual phrasing. These factors distinguish weblogs as an instrument for authentic communication and coverage that people can trust in.
Credibility is also important for the impact of a message such as in advertorials and articles because users usually scrutinize content. This implies that successful bloggers need to write their subjective articles in a well-balanced style when it comes to critical assessments. Furthermore coefficients of authenticity are neutrality and independence which are crucial due to the following reason: When advertisers collaborate with blogs they offer monetary incentives that might influence the bias of the advertisement. Herewith the authenticity of a weblog can easily disappear. More influencing factors within the superordinate authenticity are clarity, the quality of content as well as the presented knowledge of the product which will all be further evaluated in the analysis chapter.
As briefly introduced in chapter 2.1, the interaction between different recipients as well as between the blogger and the readers is one of the key features of a weblog. Many researchers have attempted to organize and illustrate the manifold picture of this idea by finding a definition with different scientific approaches such as psychology or sociology. This papers’ subsequent analysis will be based on the following definition: "The term interactivity describes the act of becoming connected with someone, to operate cooperatively and the reciprocal communication between the sender and the addressee." To be more specific about it, interaction is characterized as an individual and not predictable action-reaction-alternation that does not follow specific patterns. Only the software-systems restrict the possible levels of interaction within digital communication. Because of their characteristically technological features, weblogs encourage dialogues over monologues of the blogs' operator. The most common option for interaction is the comment-function which is usually placed below the content. Users can express their positive or negative opinions on an article or the like which is viewable for the community afterwards. These discussions about the content might even increase its appeal. Furthermore, trackbacks or backlinks are usually placed on a weblog nearby certain articles. They allow the back trace to other similar blog topics on external blogs which are accompanied by a brief summary of the referring blog. However, those trackbacks work with the limitation that the other blog also needs to use this technology. The last characteristic named in this chapter is the Ping that supports the link-network in the World Wide Web. Recipients can subscribe to feeds for key subjects that they are interested in. Every time a blog that is connected with the RSS-feature, updates the content, it sends out a so called Ping to the RSS-readers. Thus a reader is informed about new articles without constantly checking the websites, respectively the blog. The last two features show that there can be interaction within the "monologue of the blogger" which finds expression in a blog-article but the degree of interaction is low when compared to the feature comments. All features have one similarity: The author of the blog always needs to create an incentive to arouse interest in the content in order to encourage interaction.
To summarize the prior paragraph interaction can occur on different levels regarding the visibility as well as the closeness. While intra-blog-interaction is easy trackable and has a high degree of visibility for the blogger as well as for the recipients, interactions that happen outside the weblog are not that visible because the contributions are scattered over the internet and, for example, trackbacks are not always used. The most frequent external interactions that refer to blog-entries are published by people on Social Media platforms or apps such as Facebook, Twitter, Instagram or Snapchat. These postings can be tracked relatively easy compared to posts on the web due to filter-tools, for example. While Social Media is defined as communitywebsites that enable the exchange of information, experience or opinions and the building of relationships, some researchers add weblogs to the same list. However, the keyword usergenerated-content is also strongly linked to social media networks and weblogs focus on blogger-generated-content with a small percentage of recipients-content, for example, in the comment-section. Therefore this paper does not refer to weblogs as social media in the following chapters.
Due to the relatively low entrance barriers in the market, a vast number of blogs have appeared in the last few years. The total number was estimated at 200 million worldwide in the year 2013, but there are no reliable figures because social networks, for example, facilitate the development of blog-hybrids. Blurred boundaries are also noticed within the exact categorization of blogger-typologies; nevertheless one universal classification has been established: The hobbyists make up the biggest proportion of the market with about 60 percent. They usually write about personal topics and revenues through the blog are an exception. Blogs of freelancers or self-employed people mainly make industry-topics a subject of discussion and they often attempt to support their businesses that way. About 8 percent of the blogosphere are managed by corporate bloggers whose job it is to support their companies online as well as to depict the employers’ expertise. The last category represents the professional bloggers, which forms the later focus in this paper. Therefore, this type regularly invests time and money in the weblog in order to earn revenues. Some authors of professional blogs can be seen as full-time bloggers since it is their only occupation. However, this group is only a small amount of the total 18 percent of professional bloggers.
Once a weblog achieves a significant reach, especially the latter will be noticed by companies that are looking for ambassadors for their brands. What brand might want to work with an influential blogger depends mainly on the complex of themes. Within all categories that are mentioned in the previous paragraph, different blogs focus on various themes such as arts, business and professional, entertainment, fashion, food, careers, technology or sports - to name but a few. For the purpose of investigating and developing an E-Business model for a weblog, as in this paper, the thematic concentration is irrelevant.
Accurately described, the compound noun "E-Business model" consists of the part "electronic business" together with the term "Business Model", with the second "business" being cut out. Looking closer at the initially mentioned part, many researchers have attempted to organize and illustrate the manifold picture of E-Business in the past. Nevertheless, there is no coherent definition of it up to now. However most of the attempts to find a definition show the similarity that private as well as public networks are important for the configuration and handling of transactions. To specify this term more precisely the following definition will be used in the course of this thesis: "The concept of electronic business describes the initiation and the partial respective complete support, handling and maintenance of the process of performance-exchange between economical partners through information-technology (electronic networks)." Hence the described information- and communication-technologies are not only classified as auxiliaries for existing businesses but instead as a key factor for an E- Business.
The idea of the business model depicts a simplified construction of the reality in the enterprise’s activities. This means that the objectivity should be narrowed down to certain key factors in order to be able to describe the cause-effect-relationship of the company more easily. To be more precise, "it explains how marketable information, products and/ or services emerge from the components of added value. Besides the value creation architecture, the strategic and customer- as well as the market-components are considered in order to realize the superior aim of the creation respectively the protection of the competitive advantage." The combination of the two definitions mentioned is taken as a basis for the following chapters.
In order to close a deal in general but also in E-Businesses there are always two parties, which can be different groups of persons. This leads to many abbreviations in the wide vocabulary of the digital business world such as B2C, B2B, C2C and A2C whose letters refer to each of the parties. While consumers are shortened with a ״c״ also the terms business and administration are reduced to the first letter of the word. Although there are various combination possibilities of the business-parties, this thesis will further focus on Business-to-Consumer (B2C) as well as Business-to-Business (B2B). The performance relationship of B2C delineates the trade between a company and its customers who are private citizens. It is characterized as a comparatively short initiation of the business connection and relatively low transaction amounts. B2B-relationships take more time to grow and the value creation architecture is usually more complex in comparison to Business-to-Consumer transactions.
The previous mentioned two areas of the E-Business are subdivided by Bernd w. Wirtz into four main business models summarized by the 4C-Net Business Model. In relation to internet management, Wirtz categorizes the following partial models: Commerce, Context, Connection and Content.
The business model “Commerce” aims for “the initiation, the negotiation and/ or the handling of business transactions” based on electronic networks. Therefore, the traditional buying- and selling-process is supported or substituted which leads to a faster and more comfortable process. Revenue is generated through charges within the selling-process of commodities and services, the so-called direct revenue model. Alternatively it can be earned through an indirect manner such as advertising.
The business concept “Context” involves a classification and organization of information that is available online. The revenues can also be generated directly, for example, via fees for the user in order to be able to use the service, or via advertisements that are placed around the content which would be an indirect generation of revenues.
The exchange of information in the electronic networks is the focus of the E-business model “Connection”. Thereby the opportunity costs that appear in transaction costs as well as low communication barriers, are relatively low compared to those in the tangible world.
The last partial model of the 4C-Net Business Model is called “Content” and it refers to the “collection, selection, systematization, compilation and provision of topics on an own platform.” The aim of websites that belong to this model therefore is to bundle up and present decent information in an easy way so that users can gather and work with this content without problems. Sales revenues are pulled in either via an indirect model which means that websites such as blogs are financed by advertising or they can be boosted in a direct manner which can be a charge that will be paid by the recipients. Notwithstanding the above, the business model “Content” can moreover be divided into four subgroups named E-Information, E- Entertainment, E-Infotainment - which is a combination of the first two - and lastly E- Education. Due to the fact that the E-Business Model “Content” will be the focus of this thesis, chapter 2.2.3 will further itemize the general revenue model and the analysis-chapter will closely elucidate the different “Contenf’-subgroups.
For the purpose of operating a website successfully - such as a weblog - it is necessary to hold core assets as well as core competencies. While regular assets can be tangible or intangible goods that build the source for the competing power of a corporation, core assets are unique capabilities and values of the enterprise. These assets usually get enriched or compiled because they are important within the value creation architecture and they depict the basis for a lasting competitive advantage as the next chapter will illustrate further. There are four characteristics that define core assets which are “intrinsic value, rarity and a restricted ability to be imitated or substituted.” The intrinsic value is constituted by an increase of the enterprises efficiency or effectivity when it results in a specific cost advantage or in a rise of the customer value. Also the asset should be of rarity therefore it confers a major edge in comparison to the competitors. An asset is inimitable when others are not able to copy it and it is not substitutable in case there are no other commodities or the like that could serve the same purpose. If those four factors exist in association with each other, the value or capability of the company is a core asset in the sense of the previously described definition.
In addition to this, every E-Business should possess core competencies that complete the previously mentioned assets and core assets. When combined these create an exceptional value proposition for the customers respectively for the recipients of a“Content”-business model. According to Prahalad and Hamel, a core competence comprises four main factors: First of all, core competencies are transferable to various products, services or customer cluster which means that they raise the efficiency as well as the effectiveness of the company in broadening the business portfolio based on new products. Another characteristic of them is the fact that they influence the specific customer perceived value of the product. This factor is rare and also leads to a greater competitive advantage. Similar to the core assets, core competencies have a restricted ability to be imitated or substituted. These definitions and characteristics serve chapter 4.2 as a basis to check the specific core assets and core competencies that apply to weblogs as a characteristic of an E-Business model with the focus on “Content”.
The generic value chain, initially developed by Michael E. Porter, depicts the actions that enhance the worth of tangible or intangible commodities. This results in creating a higher value for customers respectively recipients, who purchase or consume the products, in order to generate the best possible turnover. Hence the value creation architecture depicts a simplified construction of the activities that the business implements for the purpose of the creation of the highest value possible.
illustration not visible in this excerpt
Figure 1: Aggregated Value Chain Architecture of the Business Model “Content”
Own depiction based on figure of the following source: Wirtz, B.w. (2016), p.273.
As already determined in the previous chapters, there are specific requirements for the business model “Content” which this thesis focuses on. Therefore, in the following the value chain architecture illustrates the characteristic elements of content-websites such as weblogs. This can be seen in figure 1 which is displayed above. The first of the six steps total describes the consideration and finally the selection of the overall concept and the formation of the supply. This relates mainly to the content itself but also to the decision of how this information should be offered to which recipient-group. The latter and its options will be explained in more detail in the chapter “Revenue Model” that is up next. In addition to this, the operator of a blog needs to decide in what format the content should be published and depicted. To be more precise the media offered could either be an article, an audio-stream, photo-uploads, a video-embedding or even a combination of all of these items.
The content development and production is the following step within the value chain architecture. In doing so there is the opportunity for blog authors to acquire the information from external sources such as news agencies or to produce independent content. Either way can be connected with user generated content that often occurs on social media, as explained in the previous chapter in connection with the content sourcing core competence.
Thereafter the third process-component, which is called the acquisition and placements of advertisements, ensues. It comprises the generation of customers, in terms of brands and companies that are willing to advertise on the content-website, with the aim to pull in indirect revenues. At this the level of banner-advertisements as well as advertorials - both will be further elucidated in the following chapter - needs to be kept low in order to retain the weblogs authenticity.
The objective of providing the contents directly to the user is the focus of the technical distribution which is displayed as the fourth element of the value chain in figure 1. Here especially the first copy costs predominate while the expenses such as for distribution and duplication are barely noticeable. The main technical distribution can either be structured by a pull- or a push-process. The former describes a case when recipients actively access a website in order to consume the content online or to download it to be informed offline. During the push-process, users sign up to particular services with the aim to get information about certain contents. These services could be an email-newsletter or a RSS-Feed for instance.
In order to create an attention and ultimately generate revenues, marketing and sales are intended to build up on the previous four steps. A holistic cross-media marketing concept combines online- as well as offline-activities that - depending on the appeal - can target both future recipients and also potential clients that purchase advertising formats on the website. Especially the latter establishes the connection to the sales which focuses on the price- and terms-policy as well as on the communication-policy in cooperation with the marketing arrangements.
As the last component to the value chain architecture illustrated in figure 1, Wirtz mentions the billing process. After the clients have purchased campaigns on the content-businesses’ website, which could be advertorials or display-advertisements, the operator needs to find a solution for the payment handling as well as the debt-claim-management. The procedure differs according to which revenue model, either the direct or the indirect way, applies. Thereby it is important to consider the different transaction fees of the payment methods.
Although the revenue model cannot be compared to the business model of a company, it has a major impact on its performance. The models describing the turnover tries to delineate what business arrangements have the potential to generate earnings. In this connection there are several revenue conceptions which can be categorized into four criteria total, named direct and indirect revenues which are each divided again into transaction-based and transactionindependent sales. While direct revenues are paid by the users that receive the service immediately, the indirect way refers to a third party that purchases something that is not the core service but a supplementary work. A transaction-based revenue can be elucidated as earnings that are based on a marketable and single operation or, for example, a utilization of the content. If that is not the case, the revenue is declared as transaction-independent.
The direct transaction-based cluster is segmented into transaction-revenues which refers to the process when recipients pay for the quantity of a product or the rendered services. Moreover, connection charges for the access of a website as well as usage fees belong to this category.
As an example of direct transaction-independent revenues, setup or basic fees can be stated. The former illustrates charges for the installation of a technology or a software-download which are relatively rare in connection with the business model “Content”. Whereas users make a payment for a basic fee to receive a constant opportunity to use a service or product. Consequently it can be recorded that this process is not directly connected to a transaction but to a specific user.
 Cf. Huber, M. (2010), p. 14 ff.
 Cf. Mander, J. (2016), p. 5.
 Cf. Statista (2016), web.
 Cf. Weinberg, T. (2014), p. 128.
 Cf. Keman, A. et. al. (2015), p. 1.
 Keinan, A. et. ai. (2015), p. 1.
 Cf. Kolbe, C. (2008), web.
 In the following also referred to as ״blogs”.
 Cf. Kollmann, T. (2013), p. all.
 Cf. Reynolds, J. (2010), p. all.
 Cf. Wirtz, B.w. (2013a), p. all.
 Cf. Picot, A. (2006); Newson, A., Houghton, D., Patten, J. (2009); Schmidt, J. (2006); Zerfaß, A., Boelter, D. (2005).
 Cf. DariaDaria (2016), web; Keinan, A. et. al. (2015).
 Cf. Wirtz, B.w. (2016), p. 269.
 Cf. Weinberg, T. (2014), p. 128.
 Cf. Weinberg, T. (2014), p. 125.
 Reynolds,.!. (2010), p. 101.
 Cf Mühlenbeck, F., Skibicki, к. (2008), p. 159; Cf. Schmidt, J. (2006), p.51.
 Cf. Koschnick, w. J. (1996), p. 83.
 Cf. Zerfaß, A., Boelter, D. (2005), p. 20.
 Cf. Reynolds, J. (2010), p. 101.
 Cf. Zerfaß, A., Boelter, D. (2005), p. 20 f.
 Cf. Huber, M. (2010), p. 36.
 In the following also referred to as ״USP”.
 Cf. Hube r, M. (2010), p. 31.
 Cf. Huber, M. (2010), p. 214 ff.
 Cf. Zerfaß, A., Boelter, D. (2005), p. 35.
 Cf. Chapter 4.42.2.
 Cf. Huber, M. (2010), p. 214 f.
 Cf. Lorenzer, A. (1973), p. all.
 Cf. Goffmann, E. (1986), p. all.
 Kollmann, T. (2016), p. 38. Translation from original source: “Der Begriff der Interaktivität bezeichnet dieses miteinander in Verbindung treten, das kooperative Agieren sowie die wechselseitige Kommunikation zwischen Sender und Empfänger.“
 Cf. Kollmann, T. (2016), p. 38.
 Cf. Kollmann, T. (2016), p. 673.
 Cf. Picot. A. (2006), p. 181.
 Cf. Huber, M. (2010), p. 217.
 Cf. Schmidt, J. (2006), p. 58.
 Cf. Weinberg, T. (2014), p. 1.
 Cf. Picot, A. (2006), p. 7.
 Cf. Weinberg, T. (2014), p. 128 f.
 Cf. Grabs, A., Sudorff, J. (2014), p. 231.
 Cf. Newson, A., Houghton, D., Patten, J. (2009), p. 4.
 Cf. Abel, A. (2004), p. 21; Wirtz, B.w. (2016), p. 19 ff.
 Cf. Wirtz, B.W. (2016), p. 21.
 Wirtz, B.W. (2016), p. 22. Translation from original source: “Unter dem Begriff Electronic Business wird die Anbahnung sowie die teilweise respektive vollständige Unterstützung, Abwicklung und Aufrechterhaltung von Leistungsaustauschprozessen zwischen ökonomischen Partnern mittels Informationstechnologien (elektronischer Netze) verstanden.“
 Cf. Maaß, c. (2008), p. 2.
 Cf. Wirtz, B.w. (2016), p. 259.
 Wirtz, B.W. (2016), p. 259. Translation from original source: “Es erklärt wie durch die Wertschöpfungskomponente einer Unternehmung vermarktungsfähige Informationen, Produkte und/ oder Dienstleistungen entstehen. Neben der Architektur der Wertschöpfung werden die strategischen sowie die Kunden- und Marktkomponente berücksichtigt, um das übergeordnete Ziel der Generierung beziehungsweise Sicherung des Wettbewerbsvorteils zu realisieren.“
 Cf. Maaß, c. (2008), p. 3.
 Cf. Kollmann, T. (2016), p. 58.
 Cf. Wirtz, B.W. (2016), P.269
 Wirtz, B.w. (2016), p. 297. Translation from original source: “ ...die Anbahnung, Aushandlung und/oder Abwicklung von Geschäftstransaktionen.“
 Cf. Kollmann, T. (2016), p. 60.
 Cf. Kollmann, T. (2016), p. 61.
 Cf. Wirtz, B.W. (2016), P347 ׳.
 Wirtz, B.W. (2016), p. 270. Translation from original source: “ ...Sammlung, Selektion, Systematisierung, Kompilierung (Packaging) und Bereitstellung von Inhalten auf einer eigenen Plattform.“
 Cf. Kollmann, T. (2016), p. 60.
 Cf. Wirtz, B.W. (2016), P271 ׳.
 Cf. Chapter 4.
 Cf. Wirtz, B.w. (2013b), p. 81.
 Wirtz, B.W. (2013b), p. 82. Translation from original source: “... Werthaltigkeit, Seltenheit sowie eingeschränkte Imitier- und Substituierbarkeit aus.“
 Cf. Teece, D., Pisano, G., Shuen, A. (1997), p. 513.
 Cf. Wirtz, B.W. (2013b), p. 82 f.
 Cf. Wirtz, B.W. (2013b), p. 79.
 Cf. Prahalad, c., Hamel, G. (1990), pp. 79-91.
 Cf. Wirtz, B.W. (2013b), p. 84 ff.
 Cf. Porter, M. E. (1986), p. 19 ff; Cf. Porter, M.E. (1999), p. 62 f.
 Cf. Wirtz, B.W. (2016), p. 273 f.
 Cf. Chapter 2.2.1.
 Cf. Wirtz, B.w. (2016), p. 274.
 Cf. Wirtz, B.W. (2016), p. 274 f.
 Cf. Shapiro, c, Vanan, H.R. (1999), p. 20 f.
 Cf. Wirtz, B.W. (2016), p. 275 f.
 Also referred to as “B2C-Marketing”.
 Also referred to as “B2B-Marketing”.
 Cf. Wirtz, B.W. (2016), p. 276.
 Cf. Wirtz, B.w. (2016), p. 276 f.
 Cf. Maaß, C. (2008), p. 229 f.
 Cf. Kollmann, T. (2016), p. 63.
 Cf. Wirtz, B.W. (2016), p' 263 f.
 Cf. Maaß, C. (2008), p. 230.
 Cf. Wirtz, B.W. (2016), p. 265.
 Cf. Maaß, C. (2008), p. 230.
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