In 1994, Amazon was established as an online book retailer. In the early years, the company struggled to gain traction and profitability. However, Bezos had a long-term vision for the company, and he was willing to invest heavily in order to build a strong foundation.

Did You Know?

• Over the years, Amazon has grown to become one of the largest and most successful companies in the world. 
• As of 2021, the company had a market capitalization of over $1.5 trillion and annual revenue of over $386 billion.
•  Amazon has a large and diverse customer base, with over 310 million active customer accounts as of 2021. 
• The company operates a number of websites and marketplaces around the world, including Amazon.com, Amazon.co.uk, and Amazon.de, among others. 

The company has a strong track record of growth and innovation and has introduced a number of successful products and services over the years, including Amazon Prime, the Kindle, and the Echo. 

Goals and Vision

Amazon’s goal is to be the world’s most customer-centric company, and the company is constantly working to improve the customer experience and find new ways to meet the needs and preferences of its customers. 

In order to achieve this goal, Amazon has implemented a number of strategies, including: 

• Focusing on customer satisfaction: Amazon has invested heavily in its fulfillment and delivery infrastructure in order to provide customers with fast and reliable service. The 

company has also implemented a number of programs, such as Amazon Prime, that are designed to retain customers and encourage loyalty. 

• Diversifying its product offerings: Amazon has expanded into a wide range of industries, including cloud computing, digital media, and artificial intelligence. This has allowed the company to tap into new sources of revenue and mitigate the risks associated with relying on a single business model. 
• Expanding globally: Amazon has aggressively expanded into international markets, which has allowed the company to reach a larger customer base and diversify its revenue streams. ● Innovating: Amazon is known for its innovative technologies and business models, and the company is constantly seeking out new ways to improve its products and services and disrupt existing markets. 

Amazon’s goal is to provide the best possible shopping experience for its customers and to continually find new ways to improve and grow the business. 

Business Strategies that make Amazon Unique 

Here are a few wise moves Amazon has made to boost its bottom line: 

• Customer focus: Amazon has always placed a strong emphasis on customer satisfaction, and the company has implemented a number of programs and initiatives to ensure that customers have a positive experience. This includes fast and reliable shipping, a wide range of products, and responsive customer service. 
• Diversification: Amazon has diversified its product offerings and entered into new markets, such as cloud computing and digital media, which has allowed the company to tap into new sources of revenue and mitigate risks. 
• Innovation: Amazon is known for its innovative technologies and business models, and the company has a track record of introducing new products and services that disrupt existing markets. 
• Global expansion: Amazon has aggressively expanded into international markets, which has allowed the company to reach a larger customer base and diversify its revenue streams. ● Efficient operations: Amazon has a reputation for efficiency and has implemented a number of systems and technologies to optimize its operations and reduce costs. This includes advanced fulfillment and delivery systems, as well as the use of artificial intelligence and robotics. 
• Strong brand: Amazon has built a strong and trusted brand, which has helped the company to attract and retain customers. 

“Get Big Fast” 

Former Wall Street hedge fund employee Jeff Bezos founded Amazon.com in 1994. He chose the name largely because it started with the alphabet’s first letter and because it was associated with the enormous South American river. Bezos came to the conclusion that books would be the most sensible product to offer online at first based on the study he had done. 

Amazon.com famously began as a bookshop, but Bezos insisted from the outset that the website was more than just a place to buy and sell goods for personal use. He stated that Amazon.com was a technological corporation whose job was to make it easier for customers to do transactions online. 

The business plan of Amazon.com was frequently questioned. Financial experts and journalists denigrated the firm by calling it Amazon bomb. Some skeptics predicted that after other e-commerce sites had been founded, established bookselling companies like Borders and Barnes & Noble would overtake Amazon.com in the market. The company’s lack of profitability up to the fourth quarter of 2001 appeared to support its detractors. 

Bezos, though, dismissed doubters as ignorant of the Internet’s enormous growth potential. He said that a business required to “Get Big Fast,” a motto he had printed on staff T-shirts, in order to be successful as an internet shop. In actuality, Amazon.com did see rapid growth. By December 1996, during its first full year of business, it had 180,000 customer accounts, and less than a year later, in October 1997, it had 1,000,000. From $15.7 million in 1996 to $148 million in 1997 and then $610 million in 1998, its income skyrocketed. Due to Amazon.com’s success, its founder was named 1999’s Person of the Year by Time magazine. 

Working Culture

Amazon employees are expected to work hard and be results-driven. The company has a fast-paced and intense culture, and employees are expected to be productive and efficient. Amazon also values innovation and encourages employees to come up with new ideas and ways to improve processes. 

Employees at Amazon are typically given a high degree of responsibility and are expected to take ownership of their work. The company has a number of programs and initiatives in place to support employee development and career advancement. This includes training and development opportunities, as well as mentorship programs and leadership development programs. 

Amazon values its employees and strives to create a positive and fulfilling work environment for them. The company offers a range of benefits to its employees, including healthcare, retirement savings plans, and paid time off. 

Amazon Hierarchy

Amazon has a decentralized management structure, which means that the company is organized into a number of independent business units, each of which is responsible for its own operations and has a high degree of autonomy to make decisions and pursue growth. This structure allows the company to 

be agile and responsive to changing market conditions and enables it to pursue a wide range of business ventures and initiatives. 

Under this structure, the leadership of each business unit is responsible for setting goals and strategies, making decisions, and managing the operations of their unit. Business units are given a high degree of autonomy to operate independently and make decisions that are in the best interests of their unit, subject to the overall direction and guidance of the parent company. 

This decentralized structure allows Amazon to be highly flexible and adaptable and enables the company to pursue a wide range of business ventures and initiatives. It also allows the company to scale quickly and efficiently, as new business units can be added or removed as needed to meet the changing needs of the business. 

In conclusion, Amazon is a global technology company with a long and successful history. The company has used a variety of strategies to achieve its goals, including focusing on customer satisfaction, pursuing growth through diversification, and implementing innovative technologies. Amazon has a decentralized management structure and a culture that is focused on performance and results. The company has a number of standards and policies in place to ensure that it operates ethically and responsibly.