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Technology , Business. Download Now Download Download to read offline. Cyworld Download Now Download Download to read offline. Joseph Enrico Follow. Post Graduate student. Creating and capturing value with biomarkers. Web 2. Comparison of leading SNS. Related Books Free with a 30 day trial from Scribd.
Related Audiobooks Free with a 30 day trial from Scribd. Cyworld must simultaneously improve the connection search application and the virtual items available for purchase in order to create value for its targeted segment. Valuation of User Types for Cyworld. Between the Cyworld user classifications of an active user, a user who spends a lot of money on the site, and a user with a lot of connections, the most valuable to Cyworld is an active user.
This type of user creates the most opportunities for Cyworld to produce income in various ways. Active users are the ones who engage more with the system, who are more likely to interact with advertising, who are more likely to spend money on virtual goods and currency OSullivan, A user who spends a lot of money on Cyworld is valuable, but their value to Cyworld is limited to only the purchase of items.
If purchasing items goes out of style and becomes an infrequent occurrence, this type of user brings about little value to the website. A user with a lot of connections, or a member that has a lot of virtual relationships with other members, comes in at a close second in terms of value brought to Cyworld. A user with a lot of connections that never, or rarely, signs into Cyworld contributes little value to the website.
In essence, user activity is what keeps the website running. Business Model Cyworlds business model should focus primarily on paid items, with a secondary focus on advertising. The paid item sector of Cyworld is the best long-term strategy, and is the greatest opportunity for the website to differentiate itself from other social networking sites that flood users with advertisements.
David Silver, social network expert and author of, The Social Network. Virtual items purchased for minihompys are on the decline. Cyworld needs to shift focus towards digital music, and find a way to allow users to transfer their purchased songs to their mP3 player. Although iTunes is the leading provider of digital music, Cyworld can take the niche of being the social networking site that provides not just listening, as MySpace already does that music. Mobile Cyworld will struggle to produce the revenue necessary if chosen as the websites primary focus.
Cyworld needs to make an application for smartphones that will allow users to connect to mobile Cyworld at any time of the day, but this should require little labor. Cyworld needs to continue advertising to produce income in the short-run, but the amount of advertising on the site should be noticeably less than other social networks, allowing Cyworld to continue to promote the original message of being a clean community with limited advertisements.
One possible area that Cyworld could possibly add onto its business model would be to create a kids-only version of the website, targeting potential users under years old. Social networking is becoming popular at an increasingly young age. The childrens version would allow the use of kids-friendly applications, such as approved games, while teaching the young users how to properly social network.
This could be used as positive PR for the website by promoting the teaching of acceptable social networking practices to children, along with producing revenue by allowing companies that have target markets of young children, such as toy companies, to advertise on the kids-version of the website.
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Accessed November 12, Porter and M. They have a narrow-minded view. Creating Shared Value Michael E. Porter, Mark R.
Porter and Mark R. Kramer and published in. Without good leader. Arabian Nights is a trendy new ethnic restaurant located in Fairfield,. When it comes to the housing finance sector in India, one name stands out distinctively: HEAD - a market leader and an innovator. We have consistently revised the benchmarks of. User with a lot of connections is most valuable to Cyworld because the main criteria to improve a social networking site is the number of connections. If there are more users then the growth will be more.
The users have a network of friends. For Cyworld users take pride in having a large number of friends and it becomes a badge of honor for Cyworld. By the ABC segmentation which is Active users ,Buyers and connectors if the connectors increases then the revenues also increase. How is Cyworld different from Facebook and Myspace? How are these social networking sites different from other large websites such as Amazon, Yahoo or Youtube? The biggest immediate difference between Cyworld and the other sites is market segment.
Cyworld is highly popular in Asian countries, and before I received the case study I had never heard of it before, whereas Facebook, Myspace, Amazon, Yahoo, and YouTube are more commonly known to Western culture. Facebook and MySpace have the user, centred around a network of friends and groups where they share images, videos, music etc. Cyworld appears to be more like SIMS type virtual reality, almost a game, where they can fictionally interact, buy gifts, and engage in such activities such as get married in a virtual setting.
The difference between Facebook, Cyworld and MySpace and Amazon is that the latter is a retailer not focused on social aspect. Users can interact by rating, or commenting on products, however the intent or the connection is for transactional purposes only.
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