discuss one of the business models you found interesting form this week’s presentations of our final projects. Please do not discuss your own proposed business model. Highlight the strengths of the business model and provide some suggestions for improvement

The business model that I found most interesting is the one with online special order bicycle store. Seeing the presentation bought back a lot of memories of when I were younger, and how much I wanted a custom-make bicycle with my own color theme, and accessories. If I even want a bicycle again in my life, that store would be the one Ill look up first thing. I can see this type of business could attract a lot of order from parents who want to surprise their kids during the holiday season. One thing they could make this business more successful is to have an actual store where customer can walk in and look at the actual bicycles, as well as speak with a design consultant.       

Prediction markets are only effective if a lot of people participate. What are the best ways to encourage more traders and trading within internal company prediction markets?

The best way top manager can encourage more of their employees to participate in the internal prediction market:

1.       Not by forcing the employees, since when employees are not comfortable with the situation, they tend not to give honest answers, this would ruin the purpose of the research.

2.       Letting the employees feel that their inputs is valuable to the company. People usually show a lot more motivate when they know their works are appreciated.

3.       The company can gives out prizes for the participant.    

What are the similarities and differences between a community-driven product development process and a traditional product development process within a firm?

A traditional process development process is when a company makes a new product base on their marketing search. The marketing research involves many complicated steps to figure out what the customer might need or interested in.  The process costs great amount of investment, and It usually takes years or the company to gain back their initial investment. While, a community-driven product development process allows the customers to be part of the product development process, even from day one of the project. For that reason the product came out perfectly match the meet of the customer. That process costs significantly less that the other. However, it was only truly successful after the growing of social network.  

What’s the best way for companies to engage with their customers using social media?

The best way companies can engage their potential customers by using social media is to create a fan page on Facebook or Twitter. This would allow companies to communicate better with the customer for number of reasons. One, the fan page can provide information about the company as well as new product introduction fast and easy. Second, the followers of the company’s fan page are usually interested in their product or service, so they can directly target this group of people with the most suitable marketing campaign.     

What new features and functionality would you want to see in Facebook and why? How could these new features help Facebook earn revenue?

I, personally spend a consider amount of  hours each day on Facebook. One of the additional function I want Facebook to have is an Email service. That would definitely help Facebook expand their business model to directly compete with Yahoo mail and Gmail, since Facebook already had a massive community of follower; their chance of winning the battle is very high. This could also  helps Facebook increase their revenue, since companies can use this as an additional channel to communicate with their customers.

How do Wikipedia’s processes for creating and modifying articles ever lead to high-quality results? In other words, since anyone can easily edit Wikipedia, how is it that good (and usually accurate) content emerges?

The processes for Wikipedia to obtain it’s articles is heavily relies on it’s registered users. There will be an additional filter process which is governed by historical comparison performed by Wikipedia to make sure the accurate information is displayed. Wikipedia’s strength is it’s diverse viewers. In other words, the more people read a specific article the more change that article got update with accurate information, thus Wikipedia can profit an ever lasting improvement.      

challenges and opportunities for Taxi Magic

Taxi Magic had a great first start with their taxi booking app system. However, their first-mover advantage status is perishable, because their initial idea is very unique but to easy to mimic. Evidently, there is other company trying to take the profit of this young market (UperCab). For that reason, Taxi Magic’s challenge is try to stay ahead of the line, they needs constantly finding new method to shire themselves in this market.

Since they were the first company penetrated in the market, they have the opportunity to hand-pick their business partner from a long list of great company. For instant, by signing partnership with company likes Heineken, Taxi Magic has gotten their hand on an untold amount of financial backup as well as advertising campaign. For a young company as Taxi Magic, building partnership will certainly help them get through this soon- to-be touch and competitive market.