Amazon is one of the globe’s most influential corporations trading all categories of goods and services over the internet. The organization is known mainly for its online shop, but in pursuit of growth, the company has begun to dominate more than e-commerce (Arnett et al., 2018). Three years after its founding, the shop had expanded its services and started marketing music records and, a few months later, all sorts of video products.
Nowadays, the Amazon service offers 34 product categories, from Kindle e-books and home appliances to children’s toys, food, and clothing. The list of services is diverse, hence the size of the company and its operational staff, which managed to take all the critical positions on the Internet market (Arnett et al., 2018). It is the largest provider of cloud services and intelligent home systems, a clothing designer, an advertising platform, a television and film producer, a book publisher, and the owner of a crowdsourcing platform. Therefore, Amazon has become the company that allows anyone to market almost anything using its platform.
List of Competitors
By offering low prices and fast delivery, Amazon has displaced multiple large chains from retail, and thousands of small family businesses (Arnett et al., 2018). Nevertheless, the company has several major competitors, including:
- Alibaba
- Walmart
- eBay
- Etsy
- Wayfair Inc.
- Costco
Values and Mission Statement
Amazon’s mission is to be a customer-centric enterprise globally and improve service standards steadily. Company’s core value is to start with the customer and work backward (Arnett et al., 2018). This self-proclaimed obsession with how the client thinks and feels is designed to create profound and lasting trust. Moreover, Amazon expects all its employees to comprehensively manage the entire company, not solely what their team has been authorized to accomplish (Arnett et al., 2018). Employees ought to think about how their decisions and work will influence the whole enterprise and organizational culture and make sure they create long-term value, not short-term development. Innovation is another value and key to the success of all Amazon employees (Arnett et al., 2018). The company mentioned welcome people who are ready for novelty and passionate about what they do.
Recent News Summary
In March, US online retailer Amazon could buy Hollywood movie studio Metro Goldwyn Mayer (MGM). Regulators in the US and Europe have yet to decide whether Amazon’s $8.45bn deal for the nearly 100-year-old studio violates antitrust laws. According to CNBC, it remains unclear exactly when the retailer will be able to finalize the agreement as it relies on the FTC’s decision (Palmer, 2021). Amazon intends to retain the concept of Metro Goldwyn Mayer and maintain its film production operations. Its owner plans to increase the resources to create shows in television format and reimagine with the film library’s MGM talent team.
Moreover, Nike and Amazon consider buying Peloton, a US-based fitness equipment company. According to the latest data, discussions occur within the corporations; there have been no talks with Peloton on the subject. According to the CNBC sources, Nike had explored the possibility of acquiring the company in 2019, before Peloton’s offering on the stock exchange, though it abandoned the idea (Palmer, 2021). Nevertheless, the Peloton had not yet decided whether it would consider its acquisition.
References
Arnett, J., Goldfinch, B., & Chinta, R. (2018). Multi-dimensional nature of innovation at Amazon. International Journal of Business Innovation and Research, 15(1), 1-13.
Palmer, Annie. (2021). Amazon to buy MGM Studios for $8.45 billion. CNBC. Web.