In what manner do the prophets speak to the following 3 issues: idolatry, social injustice, and religious ritualism? Cite examples of the prophets speaking to each of these issues. Knowing what the prophets had to say about these issues, what practical applications can be drawn from those teachings for today?
To our shareowners:
As regular readers of this letter will know, our energy at Amazon comes from the desire to impress
customers rather than the zeal to best competitors. We don’t take a view on which of these approaches is more
likely to maximize business success. There are pros and cons to both and many examples of highly successful
competitor-focused companies. We do work to pay attention to competitors and be inspired by them, but it is a
fact that the customer-centric way is at this point a defining element of our culture.
One advantage – perhaps a somewhat subtle one – of a customer-driven focus is that it aids a certain type of
proactivity. When we’re at our best, we don’t wait for external pressures. We are internally driven to improve
our services, adding benefits and features, before we have to. We lower prices and increase value for customers
before we have to. We invent before we have to. These investments are motivated by customer focus rather than
by reaction to competition. We think this approach earns more trust with customers and drives rapid
improvements in customer experience – importantly – even in those areas where we are already the leader.
“Thank you. Every time I see that white paper on the front page of Amazon, I know that I’m about to get
more for my money than I thought I would. I signed up for Prime for the shipping, yet now I get movies, and TV
and books. You keep adding more, but not charging more. So thanks again for the additions.” We now have more
than 15 million items in Prime, up 15x since we launched in 2005. Prime Instant Video selection tripled in just
over a year to more than 38,000 movies and TV episodes. The Kindle Owners’ Lending Library has also more
than tripled to over 300,000 books, including an investment of millions of dollars to make the entire Harry Potter
series available as part of that selection. We didn’t “have to” make these improvements in Prime. We did so
proactively. A related investment – a major, multi-year one – is Fulfillment by Amazon. FBA gives third-party
sellers the option of warehousing their inventory alongside ours in our fulfillment center network. It has been a
game changer for our seller customers because their items become eligible for Prime benefits, which drives their
sales, while at the same time benefitting consumers with additional Prime selection.
We build automated systems that look for occasions when we’ve provided a customer experience that isn’t
up to our standards, and those systems then proactively refund customers. One industry observer recently
received an automated email from us that said, “We noticed that you experienced poor video playback.
To our shareownersAs regular readers of this letter w.docxedwardmarivel
To our shareowners:
As regular readers of this letter will know, our energy at Amazon comes from the desire to impress
customers rather than the zeal to best competitors. We don’t take a view on which of these approaches is more
likely to maximize business success. There are pros and cons to both and many examples of highly successful
competitor-focused companies. We do work to pay attention to competitors and be inspired by them, but it is a
fact that the customer-centric way is at this point a defining element of our culture.
One advantage – perhaps a somewhat subtle one – of a customer-driven focus is that it aids a certain type of
proactivity. When we’re at our best, we don’t wait for external pressures. We are internally driven to improve
our services, adding benefits and features, before we have to. We lower prices and increase value for customers
before we have to. We invent before we have to. These investments are motivated by customer focus rather than
by reaction to competition. We think this approach earns more trust with customers and drives rapid
improvements in customer experience – importantly – even in those areas where we are already the leader.
“Thank you. Every time I see that white paper on the front page of Amazon, I know that I’m about to get
more for my money than I thought I would. I signed up for Prime for the shipping, yet now I get movies, and TV
and books. You keep adding more, but not charging more. So thanks again for the additions.” We now have more
than 15 million items in Prime, up 15x since we launched in 2005. Prime Instant Video selection tripled in just
over a year to more than 38,000 movies and TV episodes. The Kindle Owners’ Lending Library has also more
than tripled to over 300,000 books, including an investment of millions of dollars to make the entire Harry Potter
series available as part of that selection. We didn’t “have to” make these improvements in Prime. We did so
proactively. A related investment – a major, multi-year one – is Fulfillment by Amazon. FBA gives third-party
sellers the option of warehousing their inventory alongside ours in our fulfillment center network. It has been a
game changer for our seller customers because their items become eligible for Prime benefits, which drives their
sales, while at the same time benefitting consumers with additional Prime selection.
We build automated systems that look for occasions when we’ve provided a customer experience that isn’t
up to our standards, and those systems then proactively refund customers. One industry observer recently
received an automated email from us that said, “We noticed that you experienced poor video playback while
watching the following rental on Amazon Video On Demand: Casablanca. We’re sorry for the inconvenience and
have issued you a refund for the following amount: $2.99. We hope to see you again soon.” Surprised by the
proactive refund, he ended up writing about the experience: “Amazon ‘noticed that I experienced ...
The document is a letter from Jeff Bezos to Amazon shareholders summarizing Amazon's approach of prioritizing customer experience over competitors. It highlights how Amazon proactively improves Prime benefits without raising prices in order to delight customers. It also discusses how focusing on long-term customer trust leads to greater business, even if it means short-term costs, and how this approach has driven Amazon's continued innovation and growth.
Controlling your company reputation – you are whatLeo Vidal
This document discusses strategies for managing and maintaining a positive company reputation. It recommends being transparent in business practices, acting as a good corporate citizen through community involvement, and offering guarantees to build customer trust and satisfaction. Maintaining a strong reputation takes work but is important for business success.
To our shareownersA dreamy business offering has at l.docxturveycharlyn
To our shareowners:
A dreamy business offering has at least four characteristics. Customers love it, it can grow to very large
size, it has strong returns on capital, and it’s durable in time – with the potential to endure for decades. When you
find one of these, don’t just swipe right, get married.
Well, I’m pleased to report that Amazon hasn’t been monogamous in this regard. After two decades of risk
taking and teamwork, and with generous helpings of good fortune all along the way, we are now happily wed to
what I believe are three such life partners: Marketplace, Prime, and AWS. Each of these offerings was a bold bet
at first, and sensible people worried (often!) that they could not work. But at this point, it’s become pretty clear
how special they are and how lucky we are to have them. It’s also clear that there are no sinecures in business.
We know it’s our job to always nourish and fortify them.
We’ll approach the job with our usual tools: customer obsession rather than competitor focus, heartfelt
passion for invention, commitment to operational excellence, and a willingness to think long-term. With good
execution and a bit of continuing good luck, Marketplace, Prime, and AWS can be serving customers and earning
financial returns for many years to come.
Marketplace
Marketplace’s early days were not easy. First, we launched Amazon Auctions. I think seven people came, if
you count my parents and siblings. Auctions transformed into zShops, which was basically a fixed price version
of Auctions. Again, no customers. But then we morphed zShops into Marketplace. Internally, Marketplace was
known as SDP for Single Detail Page. The idea was to take our most valuable retail real estate – our product
detail pages – and let third-party sellers compete against our own retail category managers. It was more
convenient for customers, and within a year, it accounted for 5% of units. Today, more than 40% of our units are
sold by more than two million third-party sellers worldwide. Customers ordered more than two billion units from
sellers in 2014.
The success of this hybrid model accelerated the Amazon flywheel. Customers were initially drawn by our
fast-growing selection of Amazon-sold products at great prices with a great customer experience. By then
allowing third parties to offer products side-by-side, we became more attractive to customers, which drew even
more sellers. This also added to our economies of scale, which we passed along by lowering prices and
eliminating shipping fees for qualifying orders. Having introduced these programs in the U.S., we rolled them out
as quickly as we could to our other geographies. The result was a marketplace that became seamlessly integrated
with all of our global websites.
We work hard to reduce the workload for sellers and increase the success of their businesses. Through our
Selling Coach program, we generate a steady stream of automated machine-learned “nudges” (more than 70
million in a typical week) ...
Learn how to make money on amazon with and without selling.
It doesn't get much bigger than Amazon when it comes to internet money-makers. Fortunately, for any entrepreneur seeking for a new source of revenue, Amazon is a simple way to get started.
They provide a number of options for you to share the riches through their website. You might be amazed at how simple it is to become an Amazon bestseller or create significant cash on Amazon.
Whether you sell something or not, there are numerous methods to make money on Amazon. Here are some ways that Amazon can help you make cash, regardless of your abilities or resources.
If you're still wondering if you can still make money on Amazon, then go through this guide once and I am sure all your confusion will disappear.
• WE HELP YOU SELL MORE PRINTING
• WE AUTOMATE YOUR MARKETING
• WE HELP YOU TO DIVERSIFY
• WE HELP YOU DO MORE WEB
• WE MAKE YOUR CLIENTS STICKIER
• WE MAKE YOU MORE EFFICIENT
• WE HELP YOU SELL OTHER STUFF
• WE KEEP YOUR PROMISES
• WE MAKE YOU LOOK GOOD
• WE GIVE YOU EXCLUSIVITY
• WE BRING YOU NEW CUSTOMERS AND GENERATE LEADS
• WE HELP YOUR TEAM PERFORM BETTER
• WE HELP YOU GROW YOUR BUSINESS
• WE DELIVER OUTSTANDING VALUE
WE ARE YOU!
This document summarizes Amazon's annual sales growth and the success of two of its business units: Amazon retail and Amazon Web Services (AWS). It notes that both grew organically from small seeds into large, meaningful businesses quickly without significant acquisitions. It attributes their shared success to Amazon's distinctive organizational culture that prioritizes customer obsession, invention, willingness to fail, long-term thinking, and operational excellence. The document then provides updates on the growth and innovations within Amazon's Prime membership program, third-party seller Marketplace, and AWS.
This document provides an overview of Amazon's various business models that allow entrepreneurs to partner with and profit from Amazon, including: Amazon Prime, which increases customer loyalty and spending; Kindle Direct Publishing (KDP), which allows authors to publish ebooks and receive high commissions; and platforms like CreateSpace and Amazon WebStores that enable entrepreneurs to publish and sell physical books and products through Amazon. The document outlines the key aspects of each program and how leveraging Amazon's massive customer base and infrastructure can help build a successful online business.
To our shareownersAs regular readers of this letter w.docxedwardmarivel
To our shareowners:
As regular readers of this letter will know, our energy at Amazon comes from the desire to impress
customers rather than the zeal to best competitors. We don’t take a view on which of these approaches is more
likely to maximize business success. There are pros and cons to both and many examples of highly successful
competitor-focused companies. We do work to pay attention to competitors and be inspired by them, but it is a
fact that the customer-centric way is at this point a defining element of our culture.
One advantage – perhaps a somewhat subtle one – of a customer-driven focus is that it aids a certain type of
proactivity. When we’re at our best, we don’t wait for external pressures. We are internally driven to improve
our services, adding benefits and features, before we have to. We lower prices and increase value for customers
before we have to. We invent before we have to. These investments are motivated by customer focus rather than
by reaction to competition. We think this approach earns more trust with customers and drives rapid
improvements in customer experience – importantly – even in those areas where we are already the leader.
“Thank you. Every time I see that white paper on the front page of Amazon, I know that I’m about to get
more for my money than I thought I would. I signed up for Prime for the shipping, yet now I get movies, and TV
and books. You keep adding more, but not charging more. So thanks again for the additions.” We now have more
than 15 million items in Prime, up 15x since we launched in 2005. Prime Instant Video selection tripled in just
over a year to more than 38,000 movies and TV episodes. The Kindle Owners’ Lending Library has also more
than tripled to over 300,000 books, including an investment of millions of dollars to make the entire Harry Potter
series available as part of that selection. We didn’t “have to” make these improvements in Prime. We did so
proactively. A related investment – a major, multi-year one – is Fulfillment by Amazon. FBA gives third-party
sellers the option of warehousing their inventory alongside ours in our fulfillment center network. It has been a
game changer for our seller customers because their items become eligible for Prime benefits, which drives their
sales, while at the same time benefitting consumers with additional Prime selection.
We build automated systems that look for occasions when we’ve provided a customer experience that isn’t
up to our standards, and those systems then proactively refund customers. One industry observer recently
received an automated email from us that said, “We noticed that you experienced poor video playback while
watching the following rental on Amazon Video On Demand: Casablanca. We’re sorry for the inconvenience and
have issued you a refund for the following amount: $2.99. We hope to see you again soon.” Surprised by the
proactive refund, he ended up writing about the experience: “Amazon ‘noticed that I experienced ...
The document is a letter from Jeff Bezos to Amazon shareholders summarizing Amazon's approach of prioritizing customer experience over competitors. It highlights how Amazon proactively improves Prime benefits without raising prices in order to delight customers. It also discusses how focusing on long-term customer trust leads to greater business, even if it means short-term costs, and how this approach has driven Amazon's continued innovation and growth.
Controlling your company reputation – you are whatLeo Vidal
This document discusses strategies for managing and maintaining a positive company reputation. It recommends being transparent in business practices, acting as a good corporate citizen through community involvement, and offering guarantees to build customer trust and satisfaction. Maintaining a strong reputation takes work but is important for business success.
To our shareownersA dreamy business offering has at l.docxturveycharlyn
To our shareowners:
A dreamy business offering has at least four characteristics. Customers love it, it can grow to very large
size, it has strong returns on capital, and it’s durable in time – with the potential to endure for decades. When you
find one of these, don’t just swipe right, get married.
Well, I’m pleased to report that Amazon hasn’t been monogamous in this regard. After two decades of risk
taking and teamwork, and with generous helpings of good fortune all along the way, we are now happily wed to
what I believe are three such life partners: Marketplace, Prime, and AWS. Each of these offerings was a bold bet
at first, and sensible people worried (often!) that they could not work. But at this point, it’s become pretty clear
how special they are and how lucky we are to have them. It’s also clear that there are no sinecures in business.
We know it’s our job to always nourish and fortify them.
We’ll approach the job with our usual tools: customer obsession rather than competitor focus, heartfelt
passion for invention, commitment to operational excellence, and a willingness to think long-term. With good
execution and a bit of continuing good luck, Marketplace, Prime, and AWS can be serving customers and earning
financial returns for many years to come.
Marketplace
Marketplace’s early days were not easy. First, we launched Amazon Auctions. I think seven people came, if
you count my parents and siblings. Auctions transformed into zShops, which was basically a fixed price version
of Auctions. Again, no customers. But then we morphed zShops into Marketplace. Internally, Marketplace was
known as SDP for Single Detail Page. The idea was to take our most valuable retail real estate – our product
detail pages – and let third-party sellers compete against our own retail category managers. It was more
convenient for customers, and within a year, it accounted for 5% of units. Today, more than 40% of our units are
sold by more than two million third-party sellers worldwide. Customers ordered more than two billion units from
sellers in 2014.
The success of this hybrid model accelerated the Amazon flywheel. Customers were initially drawn by our
fast-growing selection of Amazon-sold products at great prices with a great customer experience. By then
allowing third parties to offer products side-by-side, we became more attractive to customers, which drew even
more sellers. This also added to our economies of scale, which we passed along by lowering prices and
eliminating shipping fees for qualifying orders. Having introduced these programs in the U.S., we rolled them out
as quickly as we could to our other geographies. The result was a marketplace that became seamlessly integrated
with all of our global websites.
We work hard to reduce the workload for sellers and increase the success of their businesses. Through our
Selling Coach program, we generate a steady stream of automated machine-learned “nudges” (more than 70
million in a typical week) ...
Learn how to make money on amazon with and without selling.
It doesn't get much bigger than Amazon when it comes to internet money-makers. Fortunately, for any entrepreneur seeking for a new source of revenue, Amazon is a simple way to get started.
They provide a number of options for you to share the riches through their website. You might be amazed at how simple it is to become an Amazon bestseller or create significant cash on Amazon.
Whether you sell something or not, there are numerous methods to make money on Amazon. Here are some ways that Amazon can help you make cash, regardless of your abilities or resources.
If you're still wondering if you can still make money on Amazon, then go through this guide once and I am sure all your confusion will disappear.
• WE HELP YOU SELL MORE PRINTING
• WE AUTOMATE YOUR MARKETING
• WE HELP YOU TO DIVERSIFY
• WE HELP YOU DO MORE WEB
• WE MAKE YOUR CLIENTS STICKIER
• WE MAKE YOU MORE EFFICIENT
• WE HELP YOU SELL OTHER STUFF
• WE KEEP YOUR PROMISES
• WE MAKE YOU LOOK GOOD
• WE GIVE YOU EXCLUSIVITY
• WE BRING YOU NEW CUSTOMERS AND GENERATE LEADS
• WE HELP YOUR TEAM PERFORM BETTER
• WE HELP YOU GROW YOUR BUSINESS
• WE DELIVER OUTSTANDING VALUE
WE ARE YOU!
This document summarizes Amazon's annual sales growth and the success of two of its business units: Amazon retail and Amazon Web Services (AWS). It notes that both grew organically from small seeds into large, meaningful businesses quickly without significant acquisitions. It attributes their shared success to Amazon's distinctive organizational culture that prioritizes customer obsession, invention, willingness to fail, long-term thinking, and operational excellence. The document then provides updates on the growth and innovations within Amazon's Prime membership program, third-party seller Marketplace, and AWS.
This document provides an overview of Amazon's various business models that allow entrepreneurs to partner with and profit from Amazon, including: Amazon Prime, which increases customer loyalty and spending; Kindle Direct Publishing (KDP), which allows authors to publish ebooks and receive high commissions; and platforms like CreateSpace and Amazon WebStores that enable entrepreneurs to publish and sell physical books and products through Amazon. The document outlines the key aspects of each program and how leveraging Amazon's massive customer base and infrastructure can help build a successful online business.
This document provides an overview of Amazon's various business models that can be leveraged to build a profitable online business without directly competing with Amazon. It discusses Amazon Prime and the benefits it provides customers, leading to increased ordering from Amazon. It also covers Kindle Direct Publishing (KDP), which allows authors to publish ebooks and earn 35-70% commissions. Other programs mentioned include CreateSpace for print books, Amazon WebStores for selling products, and Amazon aStores for digital products. The document provides guidance on using these different models to make money through partnering with Amazon.
Amazon might be the number 1 distributor of the last decade, re-inventing industries through Ecommerce, through a strategic focus on the customer. This report examines some of the tactics used by Amazon across industries.
How To Use Texting To Drive More E-Commerce ConversionsPayKickstart
The global spending for online retail in 2019 was an estimated $3.46 trillion according to research from Global Commerce 360. This makes it the only trillion-dollar industry that’s reportedly growing at a double-digit percentage each year!
Millions of global shops around the world compete for a piece of this trillion-dollar pie. Converting clicks to currency and trading window displays for websites.
The moral of the story is, the way we look at the traditional sales funnel is changing at the hand of the internet. As such, the way online retailers reach and build relationships with customers is evolving right along with it.
With thousands of digital CRM tools at your disposal, we want to share a little bit more about a tool that’s already in your hands and the hands of almost all of your customers.
Your cellphone.
How to leverage the world largest ecommerce marketplace for insane profits! Build your brand and start selling on amazon with the est tips and guides on how to make insane profits in a short time!
What are you paying for when you buy social business software? In this guide you'll get a transparent insiders perspective into what you are paying for when you buy social business software.
The document provides Bessemer Venture Partners' top 10 laws of e-commerce. Law #1 discusses how to build a brand through targeted, measurable direct-response advertising rather than traditional brand advertising. Successful companies like Zappos built their brand penny by penny through profitable customer acquisition and extraordinary customer service. Law #2 emphasizes focusing on customer lifetime contribution (CLTC), which is the net profit generated from a customer over their lifetime with the company. Companies should be willing to spend up to the marginal CLTC to acquire new customers.
This document provides an overview of several ways to make money through Amazon, including Kindle Direct Publishing (KDP), CreateSpace, Amazon Advantage, Amazon WebStores, and Amazon aStores. It discusses how to choose a subject and publish ebooks through KDP, format books for print through CreateSpace, sell existing physical products through Amazon Advantage, and set up an online store or affiliate store through Amazon's platforms. The document provides links to Amazon's websites for each program.
How to build a profitable business with less than $17 Tiffany Maya
This document provides tips for building a profitable business with less than $17. It recommends creating an informative website with details about your business and products. It also suggests purchasing related domain names to protect your brand from cybercrime. The document then discusses including data analysis, charts, and other content on the website to provide a first impression for clients. It advises ignoring competitors and focusing on innovation. It also provides tips for structuring business processes, accommodating client needs, and clearly defining product offerings.
How to leverage the world's largest ecommerce market place for insane profits! Inside this ebook, you will discover the topics about amazon's profit hubs, Amazon Prime, kindle direct publishing (KDP) CreateSpace, Amazon Advantages, Amazon WebStores, Amazon aStores, making money with KDP and so much more!
Paid Ads Strategy Using Relationship Selling Liz Conlon
This is the automated process we use for our SaaS, and consultant clients using this onboarding strategy. See how our content strategy works for getting higher conversions, more leads and long term sales with this method from ConversionsMarketing.net
Coupons4Causes Local Business CoOp GuideDerrick Ali
This document introduces a local business cooperative (Co-Op) in Jackson, Michigan that allows non-competing businesses to work together on marketing initiatives. The Co-Op distributes a large postcard featuring offers from each member business to 5,000 targeted homes in the area. This provides affordable exposure and allows members to gain new customers through endorsements from other businesses. Key benefits include low cost through shared printing expenses, targeted distribution to likely customers, a proven track record for direct mail campaigns, and the ability to quickly generate new sales and measure results. The large postcard format also ensures the offers will be noticed among other mail.
Third-party sellers are kicking our first party butt. Badly.Zohar Urian
- Third-party sellers on Amazon have grown dramatically from 3% of total sales to 58% of total sales, significantly outpacing Amazon's own first-party sales growth.
- Amazon helped third-party sellers succeed by developing tools to help them sell, store inventory, and fulfill orders, including Fulfillment by Amazon and Prime membership programs.
- The document discusses Amazon's culture of innovation through intuition, curiosity, and experimentation or "wandering" to invent products and services customers want but may not know they need.
This is the final opportunity execution report for the online grocery store start up idea from team pune. link for high fidelity is also in the report.
We discovered that there are these eight key drivers that drive up the value of a company. The Value Builder assessment gives you a score for each of those eight drivers. This paper gives you the detail behind the Recurring Revenue driver and shows you how to get your own score.
Bridging the Online and Offline: How to Apply Product Thinking to Expanding Y...Aggregage
In a post-COVID world, online retailers are forced to reevaluate their position and address the challenge of adopting new customer experiences. Even brick and mortar businesses are integrating more digital approaches to CX -- testing out loyalty programs and subscription-based models.
The reality is that with the new wave of digital considerations, navigating expansion can be a tricky subject. Companies have to develop new muscles, challenge their existing biases, and “learn as fast as they ship.”
Join John Cutler, Product Evangelist and Coach at Amplitude, for this enlightening discussion on the current state of the ecommerce landscape.
In this session, you will learn:
• How to shift your ecommerce strategy to encompass a more product-based ideology
• How product data can optimize your subscription and loyalty models
• What the major considerations when expanding into new territories are
This document provides an overview of several of Amazon's profit streams that have made it successful, including Amazon Prime, Kindle Direct Publishing (KDP), CreateSpace, Amazon Advantage, Amazon WebStores, and Amazon aStores. It explains how each program works and the potential benefits of partnering with Amazon through these different avenues to build one's own online business and profit from Amazon's massive customer base and loyalty.
Grey Suit Retail provides tools and services to allow businesses to sell more products online through websites, apps, mobile marketing, and social media. Their reseller program allows other companies to private label and resell Grey Suit Retail's services to their own customers. As a reseller, you own the customer relationships, set pricing, and manage billing, while Grey Suit Retail handles the technical implementation and ongoing support. Their services include websites with ecommerce capabilities, mobile marketing, social media apps for Facebook, and analytics to measure results.
2 0 1 8A N N U A L R E P O R TTo our shareowners.docxlorainedeserre
2 0 1 8
A N N U A L R E P O R T
To our shareowners:
Something strange and remarkable has happened over the last 20 years. Take a look at these numbers:
1999 3%
2000 3%
2001 6%
2002 17%
2003 22%
2004 25%
2005 28%
2006 28%
2007 29%
2008 30%
2009 31%
2010 34%
2011 38%
2012 42%
2013 46%
2014 49%
2015 51%
2016 54%
2017 56%
2018 58%
The percentages represent the share of physical gross merchandise sales sold on Amazon by independent third-
party sellers – mostly small- and medium-sized businesses – as opposed to Amazon retail’s own first party sales.
Third-party sales have grown from 3% of the total to 58%. To put it bluntly:
Third-party sellers are kicking our first party butt. Badly.
And it’s a high bar too because our first-party business has grown dramatically over that period, from $1.6 billion
in 1999 to $117 billion this past year. The compound annual growth rate for our first-party business in that time
period is 25%. But in that same time, third-party sales have grown from $0.1 billion to $160 billion – a
compound annual growth rate of 52%. To provide an external benchmark, eBay’s gross merchandise sales in that
period have grown at a compound rate of 20%, from $2.8 billion to $95 billion.
Why did independent sellers do so much better selling on Amazon than they did on eBay? And why were
independent sellers able to grow so much faster than Amazon’s own highly organized first-party sales
organization? There isn’t one answer, but we do know one extremely important part of the answer:
We helped independent sellers compete against our first-party business by investing in and offering them the very
best selling tools we could imagine and build. There are many such tools, including tools that help sellers manage
inventory, process payments, track shipments, create reports, and sell across borders – and we’re inventing more
every year. But of great importance are Fulfillment by Amazon and the Prime membership program. In
combination, these two programs meaningfully improved the customer experience of buying from independent
sellers. With the success of these two programs now so well established, it’s difficult for most people to fully
appreciate today just how radical those two offerings were at the time we launched them. We invested in both of
these programs at significant financial risk and after much internal debate. We had to continue investing
significantly over time as we experimented with different ideas and iterations. We could not foresee with
certainty what those programs would eventually look like, let alone whether they would succeed, but they were
pushed forward with intuition and heart, and nourished with optimism.
Intuition, curiosity, and the power of wandering
From very early on in Amazon’s life, we knew we wanted to create a culture of builders – people who are curious,
explorers. They like to invent. Even when they’re experts, they are “fresh” with a beginner’s mind. They see the
way we do things as just the way ...
How to make returns your competitive edgeRaff Paquin
The definitive guide to making returns your competitive edge. In this guide you will learn tons of insights such as:
1) The state of returns in 2017 based on a survey of over 1,000 consumers globally
2) How merchants win with returns, growing revenue and profit
3) 11 tips and tools to make your returns magical
Develop a detailed outline for the data collection plan to include .docxbradburgess22840
The document outlines the requirements for a data collection plan, including obtaining permissions, proposing a sampling approach, outlining the collection steps for each instrument and data source, and including a data management plan. It also instructs to incorporate feedback to revise the sources of data/instruments and data collection sections of a prospectus.
Develop a 3–4 page research paper based on a selected case study rel.docxbradburgess22840
Develop a 3–4 page research paper based on a selected case study related to reproductive choices. Since the processes of reproduction and birth represent one of the potential biological outcomes of heterosexual activity, it is important to examine the biological foundations of human sexuality. This includes knowledge of fertilization and early development, including some of the most recent findings. There is more than a litany of birth control methods; this assessment offers a sound basis for understanding the issues to be weighed in personal decision making about contraception and abortion, which continue to generate debate and controversy.
By successfully completing this assessment, you will demonstrate your proficiency in the following course competencies and assessment criteria:
Competency 1: Apply psychological theories to topics in human sexuality.
Apply psychological theories to a case study in human sexuality.
Competency 2: Apply scholarly research findings to topics in human sexuality.
Apply scholarly research findings to a case study in human sexuality.
Competency 3: Explain how ethics inform professional behavior in the field of human sexuality.
Explain how ethics inform professional behavior in the field of human sexuality.
Competency 4: Communicate in a manner that is scholarly, professional, and consistent with expectations for professionals in the field of psychology.
Write coherently to support a central idea with correct grammar, usage, and mechanics as expected of a psychology professional.
Use APA format and style.
APA Resources
Because this is a psychology course, you need to format this assessment according to APA guidelines. Additional resources about APA can be found in the Research Resources in the left navigation menu of your courseroom. Use the resources to guide your work as needed.
American Psychological Association. (2010).
Publication manual of the American Psychological Association
(6th ed.). Washington, DC: Author.
Available from the
bookstore
.
APA Paper Template [DOCX]
.
Required Resources
The following resource is required to complete the assessment.
Human Sexuality Case Studies: Sexuality Confronts Social Policy
|
Transcript
.
Suggested Resources
The resources provided here are optional and support the assessment. They provide helpful information about the topics. You may use other resources of your choice to prepare for this assessment; however, you will need to ensure that they are appropriate, credible, and valid. The
PSYC-FP2800 – Introduction to Human Sexuality Library Guide
can help direct your research. The Supplemental Resources and Research Resources, both linked from the left navigation menu in your courseroom, provide additional resources to help support you.
Human Sexuality and Reproductive Choices
Kelly, G. F. (2015).
Sexuality today
(11th ed.). New York, NY: McGraw-Hill.
Available from the
bookstore
.
Chapter 10, "Reprod.
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A N N U A L R E P O R T
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1999 3%
2000 3%
2001 6%
2002 17%
2003 22%
2004 25%
2005 28%
2006 28%
2007 29%
2008 30%
2009 31%
2010 34%
2011 38%
2012 42%
2013 46%
2014 49%
2015 51%
2016 54%
2017 56%
2018 58%
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By successfully completing this assessment, you will demonstrate your proficiency in the following course competencies and assessment criteria:
Competency 1: Apply psychological theories to topics in human sexuality.
Apply psychological theories to a case study in human sexuality.
Competency 2: Apply scholarly research findings to topics in human sexuality.
Apply scholarly research findings to a case study in human sexuality.
Competency 3: Explain how ethics inform professional behavior in the field of human sexuality.
Explain how ethics inform professional behavior in the field of human sexuality.
Competency 4: Communicate in a manner that is scholarly, professional, and consistent with expectations for professionals in the field of psychology.
Write coherently to support a central idea with correct grammar, usage, and mechanics as expected of a psychology professional.
Use APA format and style.
APA Resources
Because this is a psychology course, you need to format this assessment according to APA guidelines. Additional resources about APA can be found in the Research Resources in the left navigation menu of your courseroom. Use the resources to guide your work as needed.
American Psychological Association. (2010).
Publication manual of the American Psychological Association
(6th ed.). Washington, DC: Author.
Available from the
bookstore
.
APA Paper Template [DOCX]
.
Required Resources
The following resource is required to complete the assessment.
Human Sexuality Case Studies: Sexuality Confronts Social Policy
|
Transcript
.
Suggested Resources
The resources provided here are optional and support the assessment. They provide helpful information about the topics. You may use other resources of your choice to prepare for this assessment; however, you will need to ensure that they are appropriate, credible, and valid. The
PSYC-FP2800 – Introduction to Human Sexuality Library Guide
can help direct your research. The Supplemental Resources and Research Resources, both linked from the left navigation menu in your courseroom, provide additional resources to help support you.
Human Sexuality and Reproductive Choices
Kelly, G. F. (2015).
Sexuality today
(11th ed.). New York, NY: McGraw-Hill.
Available from the
bookstore
.
Chapter 10, "Reprod.
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These are the four areas:
Experience of care
Population health
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.
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Note:
Each assessment in this course builds on the work you completed in the previous assessment. Therefore, you must complete the assessments in this course in the order in which they are presented.
SHOW LESS
Evaluation of strategic choices is important. The methods for selecting strategic alternatives help leaders organize significant issues to support decision making. However, it is important that the techniques do not make the decision. Rather, leaders should use the techniques to reveal the inherent situation and to organize their thought processes. This assessment provides you with an opportunity to evaluate and apply some of the techniques for successful strategy development and implementation.
By successfully completing this assessment, you will demonstrate your proficiency in the following course competencies and assessment criteria:
Competency 1: Evaluate qualities and skills that promote effective leadership within health care organizations.
Evaluate the leadership qualities and skills that will be most important to successfully implementing a strategic plan and sustaining strategic direction.
Competency 2: Apply strategies to lead high-performing health care teams to meet organizational quality and safety goals.
Develop strategic goal statements and outcomes that support the achievement of specific quality and safety improvements for a care setting.
Justify the relevance of proposed strategic goals and outcomes in relation to the mission, vision, and values of a care setting.
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Analyze the extent to which strategic goals and outcomes address the use of technology and the ethical, cultural, and regulatory environments.
Competency 4: Integrate leadership and health care theories into the role of the nurse leader.
Explain how relevant leadership and health care theories will be used to help achieve proposed strategic goals and objectives.
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Communicate analyses clearly and in a way that demonstrates professionalism and respect for stakeholders and colleagues.
Integrate relevant and credible sources of evidence to support assertions, correctly formatting citations and references using APA style.
Suggested Resources
The resources provided here are optional. You may use other resources of your choice to prepare for this assessment; however, you will need to ensure that they are appropriate, credible, and valid. The
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can help direct your res.
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Note
: Each assessment in this course builds on the work you completed in the previous assessment. Therefore, you must complete the assessments in this course in the order in which they are presented.
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SHOW LESS
By successfully completing this assessment, you will demonstrate your proficiency in the following course competencies and assessment criteria:
Competency 1: Design evidence-based advanced nursing care for achieving high-quality population outcomes.
Propose a policy and guidelines that will lead to improved outcomes and quality of care for a specific issue in a target population.
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Analyze the potential for an interprofessional approach to implementing a proposed policy to increase the efficiency or effectiveness of the care setting to achieve high quality outcomes.
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Advocate the need for a proposed policy in the context of current outcomes and quality of care for a specific issue in a target population.
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Communicate proposal in a professional and persuasive manner, writing content clearly and logically with correct use of grammar, punctuation, and spelling.
Integrate relevant sources to support assertions, correctly formatting citations and references using APA style.
CONTEXT:
As a master's-prepared nurse, you have a valuable viewpoint and voice with which to advocate for policy developments. As a nurse leader and health care practitioner, often on the front lines of helping individuals and populations, you are able to articulate and advocate for the patient more than any other professional group in health care. This is especially true of populations that may be underserved, underrepresented, or are otherwise lacking a voice. By advocating for and developing policies, you are able to help drive improvements in outcomes for specific populations. The policies you advocate for could be internal ones (just within a specific department or health care setting) that ensure quality care and compliance. Or they could be external policies (local, st.
Develop a 10- to 12- slide PowerPoint Presentation designed for .docxbradburgess22840
Develop a 10- to 12- slide PowerPoint Presentation designed for training the staff at a local high school. The PowerPoint Presentation should focus on strategies that promote communication skills among adolescents.
Students are encouraged to approach the assignment creatively, adding graphics, visuals, charts and/or graphs to their work. Slides should be designed to address the selected topic clearly and concisely. Each slide should be developed with professional presentation style (e.g., bulleted items in brief statements rather than complete sentences). Notes should complement the slides and provide details useful to the speaker if an oral presentation were to be given.
Creating the PowerPoint Presentation
The PowerPoint Presentation:
Must be 10 to 12 slides, and formatted according to APA style as outlined by the Ashford Writing Center.
Must include a title slide with the following:
Title of the training
Student’s name
Course name and number
Instructor’s name
Date submitted
Must present a thesis statement regarding why social skills training would be appropriate for adolescents.
Must explain different types of communication (e.g., aggressive and assertive).
Must share four strategies on how adolescents could improve their communication skills.
Must create at least three hypothetical scenarios of problems that adolescents might encounter, including one that involves cultural/ethnic issues. The scenarios should show how adolescents could use improved communication skills to solve these problems.
Must develop conclusions that reiterate the opening thesis statement, include a summary of the social skills training discussed, and offer evidence of its effectiveness.
Must use at least four scholarly sources (in addition to the course text), including a minimum of two from the Ashford Online Library. References are to be provided as needed within the slides.
Must include a separate reference slide, formatted according to APA style as outlined in the Ashford Writing Center.
.
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Meiosis involves two rounds of cell division that result in four haploid cells from one diploid cell. A cross between a GgBb male and GgBb female would result in a 1:1:1:1 ratio of offspring with green/black, green/brown, purple/black, and purple/brown phenotypes according to a Punnett square. A mating between a normal female and hemophilic male would result in all male offspring being hemophilic according to a Punnett square, with 50% of total offspring being hemophilic. Linked genes are located close together on the same chromosome and may not assort independently during meiosis, but they are not an exception to Mendel's law of
Despite the literature supporting technology use in schools as ben.docxbradburgess22840
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Literature Review
Self-Efficacy toward Technology
According to Bandura (1986) individuals possess a self-system that determines how much effort people will expend on any activity. Bandura also asserts that self-efficacy beliefs may be a strong predictor of related performance. Studies have shown a positive correlation between self-efficacy in technology and technology ability (Anderson & Maninger, 2007; Anderson, Grouulx, & Maninger, 2011). According to the technology acceptance model introduced by Davis (1989), there is a correlation between users' perceived ease of use and predicted adoption of technology. In his study investigating Moodles, Yeou (2016) found self-efficacy to be a critical factor in undergraduates' use of the technology tool. In a similar study investigating pre-service teachers, Albion (2001) found that self-efficacy was the most significant factor in predicting technology use. Pre-service and in-service teachers who possess high self-efficacy in regard to technology are more apt to use technology in the classroom because they are more confident in their ability. In their study investigating teachers' use of technology, Holden and Rada (2011) found that self-efficacy directly influenced individuals' ease of use and usability of technology.
Need for Technology Integration
With the adoption of the National Education Technology Plan (NETP), providing access to technology is no longer sufficient; the NETP stresses that schools are expected to ensure "all students understand how to use technologies as a tool to engage in creative, productive, lifelong learning" (p. 16 Herold, 2016). A key element in the plan is the need to move from passive to active use of technology. Often referred to as the "digital use and divide," a gap exists between learners who are using technology in active, creative ways to support their learning and those who predominantly use technology for passive content consumption.
To develop .
This document contains notifications from Sakai's version control system about recent changes made in Source code repositories. It describes 14 separate revisions made between January 4th and 5th, 2008. The revisions include changes to code related to gradebook, site management, messaging, and other tools.
Description:
Ch .17:
Newborn transitioning
Ch. 18:
Nursing management of the
newborn
Ch.19:
Nursing Management at risk:
Pregnancy-related complications
Ch.20:
Nursing Management of the
Pregnancy at Risk: Health
conditions and vulnerable populations
Ch. 21:
Nursing management of
labor and birth at risk
Ch. 22:
Nursing management of the
postpartum woman at risk
.
Description of the assignment The following 4 men created a p.docxbradburgess22840
Description of the assignment:
The following 4 men created a paradigm shift within Western culture: Luther, Columbus, Gutenberg, and Charles Darwin. In this assignment, explain which one of these you deem to have had the most influence on Western culture. Provide concrete reasons that clarify your position. If you include sources, cite them in current APA format. This assignment must be 250–300 words and must include the word count in parentheses. S
.
Description of the AssignmentThis assignment presents a mo.docxbradburgess22840
Description of the Assignment
This assignment presents a modified method for conducting a concept analysis of
one
concept that is important and useful to the nurse practitioner role. The concept for this assignment must be supported by a published
nursing
theory. The selected concept is identified and then the elements of the analysis process are applied in order to synthesize knowledge for application as demonstrated through the creation of a model case. Theoretical applications of the concept are also discussed. Non-nursing theories may
not
be used. Scholarly literature is incorporated throughout the analysis.
Only the elements identified in this assignment should be used for this concept analysis.
Possible Concepts:
The following concepts are not required; students may select one of these concepts or find another concept. Each selected concept must be associated with a nursing theory; the use of non-nursing theories is
not
allowed. If you have any questions regarding your concept or the nursing theory, please consult with your faculty member for assistance.
Please note: the concepts of caring or cultural humility are not permitted for this assignment.
Adaptation
Burnout
Civility
Comfort
Compassion
Compassion fatigue
Competence
Empowerment
Engagement
Health
Leadership
Meaningfulness
Modeling
Noise
Pain
Palliative care
Quality of life
Resilience
Self-care
Sensory overload
Situational awareness
Criteria for Content
Definition/Explanation of the selected nursing concept
Defines/explains the concept using scholarly literature (a dictionary maybe used for this section
only
)
Support from nursing literature is required.
2.
Defining attributes:
A minimum of
three (3)
attributes are required.
Support from nursing literature is required.
Explanation: An attribute identifies characteristics of a concept. For this question, the characteristics of the selected nursing concept are identified and discussed.
Antecedent and Consequence
1 antecedent
of the selected nursing concept.
1 consequence
of the selected nursing concept.
Support from nursing literature is required.
Explanation:
An antecedent is an identifiable occurrence that happens before an event. An antecedent precedes a selected nursing concept. A consequence follows or is the result of an event. The selected consequence follows or is the result of the selected nursing concept.
4.
Model Case
1 Model Case
is created by the student and discussed substantively by demonstrating within the case each of the following areas:
Definition
All identified attributes
Theoretical Applications of the Concept
Explain how the concept applies to the selected nursing theory.
Support from nursing literature is required.
Reflection
Reflect on how the concept analysis findings apply to your advanced nursing practice, specifically as an NP.
Self-reflection may be written in first-person.
Preparing the Assi.
Description of theNationalMilitary Strategy2018.docxbradburgess22840
Description of the
National
Military
Strategy
2018
The Joint Staff
1
Overview
The 2018 National Military Strategy (NMS) provides the
Joint Force a framework for protecting and advancing U.S.
national interests. Pursuant to statute, it reflects a
comprehensive review conducted by the Chairman with the
other members of the Joint Chiefs of Staff and the unified
combatant commanders.
As an overarching military strategic framework, this
strategy implements the substantial body of policy and
strategy direction provided in the 2017 National Security
Strategy, the 2018 National Defense Strategy (NDS), the
Defense Planning Guidance (DPG), and other documents.
The 2018 NMS provides the Chairman’s military advice for
how the Joint Force implements the defense objectives in
the NDS and the direction from the President and the
Secretary of Defense.
The 2018 NMS also reflects lessons learned from
implementing global integration over the last two years. The
strategy articulates a continuum of strategic direction to
frame global integration into three strategy horizons to meet
the challenges of the existing and future security
environment. Force employment addresses planning, force
management, and decisionmaking to fulfill the defense
objectives of the NDS. Force development adapts functions,
capabilities, and concepts to improve the current Joint
Force. Force design innovates to enable the Joint Force to
do what it does differently to retain a competitive advantage
against any adversary.
The vision of the Joint Force articulated in the 2018 NMS is
a Joint Force capable of defending the homeland and
projecting power globally, now and into the future.
2
Strategic Approach
From its global perspective, the NMS premises an adaptive
and innovative Joint Force capable of employing its
capabilities seamlessly across multiple regions and all
domains -- continuing the transition from a regional to a
global mindset and approach.
This strategy
anchors its
approach against a
set of clearly
identified security
trends outlined in
the NDS (see inset).
These trends,
especially those
posed by the
reemergence of
great power
competition with China and Russia, represent the most
difficult challenges facing the Joint Force. However, the full
scope of global integration must recognize uncertainty and
be vigilant for emerging threats to the security and interests
of the United States, its allies and partners. In a security
environment where the homeland is no longer a sanctuary
and every operating domain is contested, competitors and
adversaries will continue to operate across geographic
regions and span multiple domains to offset or erode Joint
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To achieve military advantage over competitors and
adversaries, the NMS introduces the notion of joint
combined arms, defined as the conduct of operational art
through the integration of joint capabilities.
Description This is a 4 page paper about either a creative genius o.docxbradburgess22840
Description: This is a 4 page paper about either a creative genius of your choosing (Thomas Edison? Einstein? Michelangelo? Beyonce? Lucille Ball?) or a creative business (DuPont, Corning, IDEO? Pixar?). You can either read a full biography or research the person or organization using several sources. The paper should include: Description and background of the person/organization, 2) why you chose him/her/it, 3) what this person/org achieved (briefly), 4) how he/she/it fuels their creativity (his or her own, or if a company, its workforce) and 5) include a self reflection. Knowing what they do, what are some things YOU DO to fuel your creativity? What else could you do going forward? . #4 and #5 are most important. At the end of the paper, summarize by listing at least ten to fifteen things that this individual did to fuel his/her/its creativity. Here are some examples:
Da Vinci kept journals and notebooks. He dissected eyes and other body parts. He learned many mediums - painting sculpting, etc.
Ian Flemming (author), designed golf courses in his spare time.
Steven Hillenburg, the creator of Spongebob, had been a marine biology professor who had a keen interest in art and began drawing visual images for his student which he then began animating. He continuously worked on acquiring new skills. He watched old movies.
Beyonce learned dressmaking from her mom, who designed all of her early costumes. Her mom had sewn clothing for priests and nuns in exchange for Beyonce’s tuition.
Etsy has employee-led workshops where associates teach others their hobbies, and they regularly engage their shop owners in planning
The important thing about this project is that you learn and be able to share not just what they achieved, but what they did to nurture their creativity. You must include sources.
.
Describe your experience with electronic healthmedical record.docxbradburgess22840
Describe your experience with electronic health/medical records (EHR/EMR).
Have you used a health care IT system as a patient/provider? If yes, what system(s) did you use?
What were your impressions of the system?
Did you find it user-friendly?
Did you have concerns about privacy/security?
Did it seem to make health care seeking/delivery easier or more burdensome?
.
Description Develop a paper describing how the knowledge, skill.docxbradburgess22840
Description:
Develop a paper describing how the knowledge, skills, or theories
of this course
have been applied or could be applied, in a practical manner to your current work environment. If you are not currently working, share times when you have or could observe these theories and knowledge applied to an employment opportunity in your field of study.
Requirements:
Provide a >500 word (2 or more pages) paper (excluding title and reference pages in page count). The paper should include a title page, body (include Introduction and Conclusion sections), and a reference page. An abstract is not required for this assignment. Use proper APA formatting of the entire paper including sources on the reference page and citations in the body of the paper.
.
Describing Research FindingsResearchers take many steps to p.docxbradburgess22840
Describing Research Findings
Researchers take many steps to prepare, organize, and analyze research data. In this discussion, you will examine the importance of taking a systematic approach to describing research findings. Be sure to address the following in your main post:
What is the purpose of computing descriptive statistics and exploratory analyses?
Why should researchers graph their data? What are the benefits of graphing?
How might you assess the distribution of data?
What does the “spread” of data tell us?
What does Pearson
r
tell us about two variables?
.
Description I. Introduction A. Summarize the client. What is the rat.docxbradburgess22840
Description I. Introduction A. Summarize the client. What is the rationale for seeking counseling?
II. Biopsychosocial Summary
A. Describe the problem that brought the client to treatment. i. Make sure to address any problems, issues, or challenges the client may be facing.
B. Explain the symptoms affecting the client. i. What are the behavioral symptoms? ii. What are the cognitive symptoms? iii. What are the emotional symptoms? iv. What are the physiological symptoms?
C. Identify any environmental factors that may be contributing to the client's problem.
D. Identify any potential harmful behavior: i. Aggression ii. Harm to others iii. Harm to self iv. Criminal activity v. Impulsive behaviors vi. High-risk activity
E. Determine if the client has a family history of the diagnosis. Consider how this may affect the client. F. Use evidence-based research to support the biological factors presented in the case.
G. Outline how the client identifies him- or herself in regard to cultural characteristics. Make sure to add rationale for any answers that are not straightforward. i. What are the addressing factors?
a. Age and generational influences
b. Developmental disabilities (acquired at birth or during childhood)
c. Disabilities acquired later in life (e.g., traumatic brain injury, multiple sclerosis, stroke)
d. Religion and spirituality
e. Ethnic and racial identity
f. Socioeconomic status
g. Sexual orientation
h. Indigenous heritage
i. National origin j. Gender
H. Summarize how the client culturally identifies him- or herself.
i. With the identifiers above, how does the client culturally identify him- or herself? ii. What is the order of importance for the client? Assessment III. Co-occurring Disorders
A. Identify any co-occurring disorders. B. Describe the initial DSM diagnosis. i. What is the overall descriptor of the diagnosis? ii. What criteria must be met to meet the diagnosis? iii. Describe which client behaviors are being used to meet the diagnostic criteria.
C. Discuss the rationale behind the diagnosis. i. Identify what other diagnoses should be ruled out. Make sure to provide rationale. ii. Identify limitations with this diagnosis. Make sure to provide rationale.
D. Use evidence-based research to support your justification. IV. Addiction Assessments
A. Describe how the assessment was administered.
B. Describe the assessment scoring.
C. Summarize the assessment results.
i. How do you interpret the results? Plan V. Recommendations
A. Summarize what you recommend for this client based on the information collected.
i. Describe what you recommend for recovery.
ii. Describe what you recommend for relapse prevention.
resources you would provide to the client. Rubric Guidelines for Submission: Consider using the headings from the critical elements outlined above when drafting your DAP note, as you will do this when you submit for your final project. You may also consider using double spac.
Describes the use of Computers in Nursing in general clearly and com.docxbradburgess22840
Describes the use of Computers in Nursing in general clearly and comprehensively.
Address the significance of Computers, attributes of Computers (i.e., accuracy, cost, accessibility, etc.), and provide specific examples with rationale of situations in which Computers as an educational tool would provide advantages as well as disadvantages.
Relate the use of Computers to the appropriate professional standards and competencies.
.
How to Make a Field Mandatory in Odoo 17Celine George
In Odoo, making a field required can be done through both Python code and XML views. When you set the required attribute to True in Python code, it makes the field required across all views where it's used. Conversely, when you set the required attribute in XML views, it makes the field required only in the context of that particular view.
Main Java[All of the Base Concepts}.docxadhitya5119
This is part 1 of my Java Learning Journey. This Contains Custom methods, classes, constructors, packages, multithreading , try- catch block, finally block and more.
This document provides an overview of wound healing, its functions, stages, mechanisms, factors affecting it, and complications.
A wound is a break in the integrity of the skin or tissues, which may be associated with disruption of the structure and function.
Healing is the body’s response to injury in an attempt to restore normal structure and functions.
Healing can occur in two ways: Regeneration and Repair
There are 4 phases of wound healing: hemostasis, inflammation, proliferation, and remodeling. This document also describes the mechanism of wound healing. Factors that affect healing include infection, uncontrolled diabetes, poor nutrition, age, anemia, the presence of foreign bodies, etc.
Complications of wound healing like infection, hyperpigmentation of scar, contractures, and keloid formation.
How to Setup Warehouse & Location in Odoo 17 InventoryCeline George
In this slide, we'll explore how to set up warehouses and locations in Odoo 17 Inventory. This will help us manage our stock effectively, track inventory levels, and streamline warehouse operations.
A review of the growth of the Israel Genealogy Research Association Database Collection for the last 12 months. Our collection is now passed the 3 million mark and still growing. See which archives have contributed the most. See the different types of records we have, and which years have had records added. You can also see what we have for the future.
Reimagining Your Library Space: How to Increase the Vibes in Your Library No ...Diana Rendina
Librarians are leading the way in creating future-ready citizens – now we need to update our spaces to match. In this session, attendees will get inspiration for transforming their library spaces. You’ll learn how to survey students and patrons, create a focus group, and use design thinking to brainstorm ideas for your space. We’ll discuss budget friendly ways to change your space as well as how to find funding. No matter where you’re at, you’ll find ideas for reimagining your space in this session.
Walmart Business+ and Spark Good for Nonprofits.pdfTechSoup
"Learn about all the ways Walmart supports nonprofit organizations.
You will hear from Liz Willett, the Head of Nonprofits, and hear about what Walmart is doing to help nonprofits, including Walmart Business and Spark Good. Walmart Business+ is a new offer for nonprofits that offers discounts and also streamlines nonprofits order and expense tracking, saving time and money.
The webinar may also give some examples on how nonprofits can best leverage Walmart Business+.
The event will cover the following::
Walmart Business + (https://business.walmart.com/plus) is a new shopping experience for nonprofits, schools, and local business customers that connects an exclusive online shopping experience to stores. Benefits include free delivery and shipping, a 'Spend Analytics” feature, special discounts, deals and tax-exempt shopping.
Special TechSoup offer for a free 180 days membership, and up to $150 in discounts on eligible orders.
Spark Good (walmart.com/sparkgood) is a charitable platform that enables nonprofits to receive donations directly from customers and associates.
Answers about how you can do more with Walmart!"
Chapter wise All Notes of First year Basic Civil Engineering.pptxDenish Jangid
Chapter wise All Notes of First year Basic Civil Engineering
Syllabus
Chapter-1
Introduction to objective, scope and outcome the subject
Chapter 2
Introduction: Scope and Specialization of Civil Engineering, Role of civil Engineer in Society, Impact of infrastructural development on economy of country.
Chapter 3
Surveying: Object Principles & Types of Surveying; Site Plans, Plans & Maps; Scales & Unit of different Measurements.
Linear Measurements: Instruments used. Linear Measurement by Tape, Ranging out Survey Lines and overcoming Obstructions; Measurements on sloping ground; Tape corrections, conventional symbols. Angular Measurements: Instruments used; Introduction to Compass Surveying, Bearings and Longitude & Latitude of a Line, Introduction to total station.
Levelling: Instrument used Object of levelling, Methods of levelling in brief, and Contour maps.
Chapter 4
Buildings: Selection of site for Buildings, Layout of Building Plan, Types of buildings, Plinth area, carpet area, floor space index, Introduction to building byelaws, concept of sun light & ventilation. Components of Buildings & their functions, Basic concept of R.C.C., Introduction to types of foundation
Chapter 5
Transportation: Introduction to Transportation Engineering; Traffic and Road Safety: Types and Characteristics of Various Modes of Transportation; Various Road Traffic Signs, Causes of Accidents and Road Safety Measures.
Chapter 6
Environmental Engineering: Environmental Pollution, Environmental Acts and Regulations, Functional Concepts of Ecology, Basics of Species, Biodiversity, Ecosystem, Hydrological Cycle; Chemical Cycles: Carbon, Nitrogen & Phosphorus; Energy Flow in Ecosystems.
Water Pollution: Water Quality standards, Introduction to Treatment & Disposal of Waste Water. Reuse and Saving of Water, Rain Water Harvesting. Solid Waste Management: Classification of Solid Waste, Collection, Transportation and Disposal of Solid. Recycling of Solid Waste: Energy Recovery, Sanitary Landfill, On-Site Sanitation. Air & Noise Pollution: Primary and Secondary air pollutants, Harmful effects of Air Pollution, Control of Air Pollution. . Noise Pollution Harmful Effects of noise pollution, control of noise pollution, Global warming & Climate Change, Ozone depletion, Greenhouse effect
Text Books:
1. Palancharmy, Basic Civil Engineering, McGraw Hill publishers.
2. Satheesh Gopi, Basic Civil Engineering, Pearson Publishers.
3. Ketki Rangwala Dalal, Essentials of Civil Engineering, Charotar Publishing House.
4. BCP, Surveying volume 1
LAND USE LAND COVER AND NDVI OF MIRZAPUR DISTRICT, UPRAHUL
This Dissertation explores the particular circumstances of Mirzapur, a region located in the
core of India. Mirzapur, with its varied terrains and abundant biodiversity, offers an optimal
environment for investigating the changes in vegetation cover dynamics. Our study utilizes
advanced technologies such as GIS (Geographic Information Systems) and Remote sensing to
analyze the transformations that have taken place over the course of a decade.
The complex relationship between human activities and the environment has been the focus
of extensive research and worry. As the global community grapples with swift urbanization,
population expansion, and economic progress, the effects on natural ecosystems are becoming
more evident. A crucial element of this impact is the alteration of vegetation cover, which plays a
significant role in maintaining the ecological equilibrium of our planet.Land serves as the foundation for all human activities and provides the necessary materials for
these activities. As the most crucial natural resource, its utilization by humans results in different
'Land uses,' which are determined by both human activities and the physical characteristics of the
land.
The utilization of land is impacted by human needs and environmental factors. In countries
like India, rapid population growth and the emphasis on extensive resource exploitation can lead
to significant land degradation, adversely affecting the region's land cover.
Therefore, human intervention has significantly influenced land use patterns over many
centuries, evolving its structure over time and space. In the present era, these changes have
accelerated due to factors such as agriculture and urbanization. Information regarding land use and
cover is essential for various planning and management tasks related to the Earth's surface,
providing crucial environmental data for scientific, resource management, policy purposes, and
diverse human activities.
Accurate understanding of land use and cover is imperative for the development planning
of any area. Consequently, a wide range of professionals, including earth system scientists, land
and water managers, and urban planners, are interested in obtaining data on land use and cover
changes, conversion trends, and other related patterns. The spatial dimensions of land use and
cover support policymakers and scientists in making well-informed decisions, as alterations in
these patterns indicate shifts in economic and social conditions. Monitoring such changes with the
help of Advanced technologies like Remote Sensing and Geographic Information Systems is
crucial for coordinated efforts across different administrative levels. Advanced technologies like
Remote Sensing and Geographic Information Systems
9
Changes in vegetation cover refer to variations in the distribution, composition, and overall
structure of plant communities across different temporal and spatial scales. These changes can
occur natural.
spot a liar (Haiqa 146).pptx Technical writhing and presentation skills
In what manner do the prophets speak to the following 3 issues id.docx
1. In what manner do the prophets speak to the following 3 issues:
idolatry, social injustice, and religious ritualism? Cite examples
of the prophets speaking to each of these issues. Knowing what
the prophets had to say about these issues, what practical
applications can be drawn from those teachings for today?
To our shareowners:
As regular readers of this letter will know, our energy at
Amazon comes from the desire to impress
customers rather than the zeal to best competitors. We don’t
take a view on which of these approaches is more
likely to maximize business success. There are pros and cons to
both and many examples of highly successful
competitor-focused companies. We do work to pay attention to
competitors and be inspired by them, but it is a
fact that the customer-centric way is at this point a defining
element of our culture.
One advantage – perhaps a somewhat subtle one – of a
customer-driven focus is that it aids a certain type of
proactivity. When we’re at our best, we don’t wait for external
pressures. We are internally driven to improve
our services, adding benefits and features, before we have to.
We lower prices and increase value for customers
before we have to. We invent before we have to. These
investments are motivated by customer focus rather than
by reaction to competition. We think this approach earns more
trust with customers and drives rapid
2. improvements in customer experience – importantly – even in
those areas where we are already the leader.
“Thank you. Every time I see that white paper on the front page
of Amazon, I know that I’m about to get
more for my money than I thought I would. I signed up for
Prime for the shipping, yet now I get movies, and TV
and books. You keep adding more, but not charging more. So
thanks again for the additions.” We now have more
than 15 million items in Prime, up 15x since we launched in
2005. Prime Instant Video selection tripled in just
over a year to more than 38,000 movies and TV episodes. The
Kindle Owners’ Lending Library has also more
than tripled to over 300,000 books, including an investment of
millions of dollars to make the entire Harry Potter
series available as part of that selection. We didn’t “have to”
make these improvements in Prime. We did so
proactively. A related investment – a major, multi-year one – is
Fulfillment by Amazon. FBA gives third-party
sellers the option of warehousing their inventory alongside ours
in our fulfillment center network. It has been a
game changer for our seller customers because their items
become eligible for Prime benefits, which drives their
sales, while at the same time benefitting consumers with
additional Prime selection.
We build automated systems that look for occasions when we’ve
provided a customer experience that isn’t
up to our standards, and those systems then proactively refund
customers. One industry observer recently
received an automated email from us that said, “We noticed that
you experienced poor video playback while
watching the following rental on Amazon Video On Demand:
Casablanca. We’re sorry for the inconvenience and
have issued you a refund for the following amount: $2.99. We
hope to see you again soon.” Surprised by the
3. proactive refund, he ended up writing about the experience:
“Amazon ‘noticed that I experienced poor video
playback…’ And they decided to give me a refund because of
that? Wow…Talk about putting customers first.”
When you pre-order something from Amazon, we guarantee you
the lowest price offered by us between
your order time and the end of the day of the release date. “I
just received notice of a $5 refund to my credit card
for pre-order price protection. . . What a great way to do
business! Thank you very much for your fair and honest
dealings.” Most customers are too busy themselves to monitor
the price of an item after they pre-order it, and our
policy could be to require the customer to contact us and ask for
the refund. Doing it proactively is more
expensive for us, but it also surprises, delights, and earns trust.
We also have authors as customers. Amazon Publishing has just
announced it will start paying authors their
royalties monthly, sixty days in arrears. The industry standard
is twice a year, and that has been the standard for a
long time. Yet when we interview authors as customers,
infrequent payment is a major dissatisfier. Imagine how
you’d like it if you were paid twice a year. There isn’t
competitive pressure to pay authors more than once every
six months, but we’re proactively doing so. By the way –
though the research was taxing, I struggled through and
am happy to report that I recently saw many Kindles in use at a
Florida beach. There are five generations of
Kindle, and I believe I saw every generation in use except for
the first. Our business approach is to sell premium
hardware at roughly breakeven prices. We want to make money
when people use our devices – not when people
4. buy our devices. We think this aligns us better with customers.
For example, we don’t need our customers to be
on the upgrade treadmill. We can be very happy to see people
still using four-year-old Kindles!
I can keep going – Kindle Fire’s FreeTime, our customer
service Andon Cord, Amazon MP3’s AutoRip –
but will finish up with a very clear example of internally driven
motivation: Amazon Web Services. In 2012,
AWS announced 159 new features and services. We’ve reduced
AWS prices 27 times since launching 7 years
ago, added enterprise service support enhancements, and created
innovative tools to help customers be more
efficient. AWS Trusted Advisor monitors customer
configurations, compares them to known best practices, and
then notifies customers where opportunities exist to improve
performance, enhance security, or save money. Yes,
we are actively telling customers they’re paying us more than
they need to. In the last 90 days, customers have
saved millions of dollars through Trusted Advisor, and the
service is only getting started. All of this progress
comes in the context of AWS being the widely recognized
leader in its area – a situation where you might worry
that external motivation could fail. On the other hand, internal
motivation – the drive to get the customer to say
“Wow” – keeps the pace of innovation fast.
Our heavy investments in Prime, AWS, Kindle, digital media,
and customer experience in general strike
some as too generous, shareholder indifferent, or even at odds
with being a for-profit company. “Amazon, as far
as I can tell, is a charitable organization being run by elements
of the investment community for the benefit of
consumers,” writes one outside observer. But I don’t think so.
To me, trying to dole out improvements in a just-
in-time fashion would be too clever by half. It would be risky in
5. a world as fast-moving as the one we all live in.
More fundamentally, I think long-term thinking squares the
circle. Proactively delighting customers earns trust,
which earns more business from those customers, even in new
business arenas. Take a long-term view, and the
interests of customers and shareholders align.
As I write this, our recent stock performance has been positive,
but we constantly remind ourselves of an
important point – as I frequently quote famed investor Benjamin
Graham in our employee all-hands meetings –
“In the short run, the market is a voting machine but in the long
run, it is a weighing machine.” We don’t
celebrate a 10% increase in the stock price like we celebrate
excellent customer experience. We aren’t 10%
smarter when that happens and conversely aren’t 10% dumber
when the stock goes the other way. We want to be
weighed, and we’re always working to build a heavier company.
As proud as I am of our progress and our inventions, I know
that we will make mistakes along the way –
some will be self-inflicted, some will be served up by smart and
hard-working competitors. Our passion for
pioneering will drive us to explore narrow passages, and,
unavoidably, many will turn out to be blind alleys.
But – with a bit of good fortune – there will also be a few that
open up into broad avenues.
I am incredibly lucky to be a part of this large team of
outstanding missionaries who value our customers as
much as I do and who demonstrate that every day with their
hard work. As always, I attach a copy of our original
1997 letter. Our approach remains the same, and it’s still Day 1.
Jeffrey P. Bezos
Founder and Chief Executive Officer
6. Amazon.com, Inc.
April 2013
1997 LETTER TO SHAREHOLDERS
(Reprinted from the 1997 Annual Report)
To our shareholders:
Amazon.com passed many milestones in 1997: by year-end, we
had served more than 1.5 million customers,
yielding 838% revenue growth to $147.8 million, and extended
our market leadership despite aggressive
competitive entry.
But this is Day 1 for the Internet and, if we execute well, for
Amazon.com. Today, online commerce saves
customers money and precious time. Tomorrow, through
personalization, online commerce will accelerate the
very process of discovery. Amazon.com uses the Internet to
create real value for its customers and, by doing so,
hopes to create an enduring franchise, even in established and
large markets.
We have a window of opportunity as larger players marshal the
resources to pursue the online opportunity
and as customers, new to purchasing online, are receptive to
forming new relationships. The competitive
landscape has continued to evolve at a fast pace. Many large
players have moved online with credible offerings
and have devoted substantial energy and resources to building
awareness, traffic, and sales. Our goal is to move
quickly to solidify and extend our current position while we
begin to pursue the online commerce opportunities
in other areas. We see substantial opportunity in the large
7. markets we are targeting. This strategy is not without
risk: it requires serious investment and crisp execution against
established franchise leaders.
It’s All About the Long Term
We believe that a fundamental measure of our success will be
the shareholder value we create over the long
term. This value will be a direct result of our ability to extend
and solidify our current market leadership position.
The stronger our market leadership, the more powerful our
economic model. Market leadership can translate
directly to higher revenue, higher profitability, greater capital
velocity, and correspondingly stronger returns on
invested capital.
Our decisions have consistently reflected this focus. We first
measure ourselves in terms of the metrics most
indicative of our market leadership: customer and revenue
growth, the degree to which our customers continue to
purchase from us on a repeat basis, and the strength of our
brand. We have invested and will continue to invest
aggressively to expand and leverage our customer base, brand,
and infrastructure as we move to establish an
enduring franchise.
Because of our emphasis on the long term, we may make
decisions and weigh tradeoffs differently than
some companies. Accordingly, we want to share with you our
fundamental management and decision-making
approach so that you, our shareholders, may confirm that it is
consistent with your investment philosophy:
• We will continue to focus relentlessly on our customers.
• We will continue to make investment decisions in light of
8. long-term market leadership considerations
rather than short-term profitability considerations or short-term
Wall Street reactions.
• We will continue to measure our programs and the
effectiveness of our investments analytically, to
jettison those that do not provide acceptable returns, and to step
up our investment in those that work
best. We will continue to learn from both our successes and our
failures.
• We will make bold rather than timid investment decisions
where we see a sufficient probability of
gaining market leadership advantages. Some of these
investments will pay off, others will not, and we
will have learned another valuable lesson in either case.
• When forced to choose between optimizing the appearance of
our GAAP accounting and maximizing
the present value of future cash flows, we’ll take the cash flows.
• We will share our strategic thought processes with you when
we make bold choices (to the extent
competitive pressures allow), so that you may evaluate for
yourselves whether we are making rational
long-term leadership investments.
• We will work hard to spend wisely and maintain our lean
culture. We understand the importance of
continually reinforcing a cost-conscious culture, particularly in
a business incurring net losses.
• We will balance our focus on growth with emphasis on long-
term profitability and capital management.
9. At this stage, we choose to prioritize growth because we believe
that scale is central to achieving the
potential of our business model.
• We will continue to focus on hiring and retaining versatile and
talented employees, and continue to
weight their compensation to stock options rather than cash. We
know our success will be largely
affected by our ability to attract and retain a motivated
employee base, each of whom must think like,
and therefore must actually be, an owner.
We aren’t so bold as to claim that the above is the “right”
investment philosophy, but it’s ours, and we
would be remiss if we weren’t clear in the approach we have
taken and will continue to take.
With this foundation, we would like to turn to a review of our
business focus, our progress in 1997, and our
outlook for the future.
Obsess Over Customers
From the beginning, our focus has been on offering our
customers compelling value. We realized that the
Web was, and still is, the World Wide Wait. Therefore, we set
out to offer customers something they simply
could not get any other way, and began serving them with
books. We brought them much more selection than
was possible in a physical store (our store would now occupy 6
football fields), and presented it in a useful, easy-
to-search, and easy-to-browse format in a store open 365 days a
year, 24 hours a day. We maintained a dogged
focus on improving the shopping experience, and in 1997
substantially enhanced our store. We now offer
customers gift certificates, 1-ClickSM shopping, and vastly
10. more reviews, content, browsing options, and
recommendation features. We dramatically lowered prices,
further increasing customer value. Word of mouth
remains the most powerful customer acquisition tool we have,
and we are grateful for the trust our customers
have placed in us. Repeat purchases and word of mouth have
combined to make Amazon.com the market leader
in online bookselling.
By many measures, Amazon.com came a long way in 1997:
• Sales grew from $15.7 million in 1996 to $147.8 million – an
838% increase.
• Cumulative customer accounts grew from 180,000 to
1,510,000 – a 738% increase.
• The percentage of orders from repeat customers grew from
over 46% in the fourth quarter of 1996 to
over 58% in the same period in 1997.
• In terms of audience reach, per Media Metrix, our Web site
went from a rank of 90th to within the top
20.
• We established long-term relationships with many important
strategic partners, including America
Online, Yahoo!, Excite, Netscape, GeoCities, AltaVista,
@Home, and Prodigy.
Infrastructure
During 1997, we worked hard to expand our business
infrastructure to support these greatly increased
11. traffic, sales, and service levels:
• Amazon.com’s employee base grew from 158 to 614, and we
significantly strengthened our
management team.
• Distribution center capacity grew from 50,000 to 285,000
square feet, including a 70% expansion of our
Seattle facilities and the launch of our second distribution
center in Delaware in November.
• Inventories rose to over 200,000 titles at year-end, enabling us
to improve availability for our customers.
• Our cash and investment balances at year-end were $125
million, thanks to our initial public offering in
May 1997 and our $75 million loan, affording us substantial
strategic flexibility.
Our Employees
The past year’s success is the product of a talented, smart, hard-
working group, and I take great pride in
being a part of this team. Setting the bar high in our approach to
hiring has been, and will continue to be, the
single most important element of Amazon.com’s success.
It’s not easy to work here (when I interview people I tell them,
“You can work long, hard, or smart, but at
Amazon.com you can’t choose two out of three”), but we are
working to build something important, something
that matters to our customers, something that we can all tell our
grandchildren about. Such things aren’t meant to
be easy. We are incredibly fortunate to have this group of
dedicated employees whose sacrifices and passion
build Amazon.com.
12. Goals for 1998
We are still in the early stages of learning how to bring new
value to our customers through Internet
commerce and merchandising. Our goal remains to continue to
solidify and extend our brand and customer base.
This requires sustained investment in systems and infrastructure
to support outstanding customer convenience,
selection, and service while we grow. We are planning to add
music to our product offering, and over time we
believe that other products may be prudent investments. We also
believe there are significant opportunities to
better serve our customers overseas, such as reducing delivery
times and better tailoring the customer experience.
To be certain, a big part of the challenge for us will lie not in
finding new ways to expand our business, but in
prioritizing our investments.
We now know vastly more about online commerce than when
Amazon.com was founded, but we still have
so much to learn. Though we are optimistic, we must remain
vigilant and maintain a sense of urgency. The
challenges and hurdles we will face to make our long-term
vision for Amazon.com a reality are several:
aggressive, capable, well-funded competition; considerable
growth challenges and execution risk; the risks of
product and geographic expansion; and the need for large
continuing investments to meet an expanding market
opportunity. However, as we’ve long said, online bookselling,
and online commerce in general, should prove to
be a very large market, and it’s likely that a number of
companies will see significant benefit. We feel good about
what we’ve done, and even more excited about what we want to
do.
13. 1997 was indeed an incredible year. We at Amazon.com are
grateful to our customers for their business and
trust, to each other for our hard work, and to our shareholders
for their support and encouragement.
Jeffrey P. Bezos
Founder and Chief Executive Officer
Amazon.com, Inc.
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 10-K
(Mark One)
È ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d)
OF THE SECURITIES EXCHANGE ACT OF 1934
For the fiscal year ended December 31, 2012
or
‘ TRANSITION REPORT PURSUANT TO SECTION 13 OR
15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the transition period from to .
Commission File No. 000-22513
AMAZON.COM, INC.
(Exact name of registrant as specified in its charter)
Delaware 91-1646860
(State or other jurisdiction of
14. incorporation or organization)
(I.R.S. Employer
Identification No.)
410 Terry Avenue North
Seattle, Washington 98109-5210
(206) 266-1000
(Address and telephone number, including area code, of
registrant’s principal executive offices)
Securities registered pursuant to Section 12(b) of the Act:
Title of Each Class Name of Each Exchange on Which
Registered
Common Stock, par value $.01 per share Nasdaq Global Select
Market
Securities registered pursuant to Section 12(g) of the Act:
None
Indicate by check mark if the registrant is a well-known
seasoned issuer, as defined in Rule 405 of the Securities Act.
Yes È No ‘
Indicate by check mark if the registrant is not required to file
reports pursuant to Section 13 or Section 15(d) of the Exchange
Act. Yes ‘ No È
Indicate by check mark whether the registrant (1) has filed all
reports required to be filed by Section 13 or 15(d) of the
Securities Exchange Act
of 1934 during the preceding 12 months (or for such shorter
period that the registrant was required to file such reports), and
15. (2) has been subject to
such filing requirements for the past 90 days. Yes È No ‘
Indicate by check mark whether the registrant has submitted
electronically and posted on its corporate Web site, if any,
every Interactive Data
File required to be submitted and posted pursuant to Rule 405 of
Regulation S-T during the preceding 12 months (or for such
shorter period that the
registrant was required to submit and post such files). Yes È No
‘
Indicate by check mark if disclosure of delinquent filers
pursuant to Item 405 of Regulation S-K is not contained herein,
and will not be
contained, to the best of registrant’s knowledge, in definitive
proxy or information statements incorporated by reference in
Part III of this Form 10-K
or any amendment to this Form 10-K. ‘
Indicate by check mark whether the registrant is a large
accelerated filer, an accelerated filer, or a non-accelerated filer.
See definition of
“accelerated filer and large accelerated filer” in Rule 12b-2 of
the Exchange Act.
Large accelerated filer È Accelerated filer ‘
Non-accelerated filer ‘ (Do not check if a smaller reporting
company) Smaller reporting company ‘
Indicate by check mark whether the registrant is a shell
company (as defined in Rule 12b-2 of the Exchange Act). Yes ‘
No È
Aggregate market value of voting stock held by non-affiliates of
16. the registrant as of June 30, 2012 $ 83,001,105,646
Number of shares of common stock outstanding as of January
18, 2013 454,551,069
DOCUMENTS INCORPORATED BY REFERENCE
The information required by Part III of this Report, to the extent
not set forth herein, is incorporated herein by reference from the
registrant’s
definitive proxy statement relating to the Annual Meeting of
Shareholders to be held in 2013, which definitive proxy
statement shall be filed with the
Securities and Exchange Commission within 120 days after the
end of the fiscal year to which this Report relates.
AMAZON.COM, INC.
FORM 10-K
For the Fiscal Year Ended December 31, 2012
INDEX
Page
PART I
Item 1. Business . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2
Item 1A. Risk Factors . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5
Item 1B. Unresolved Staff Comments . . . . . . . . . . . . . . . . . . . .
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 14
Item 2. Properties . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 15
18. Matters . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
. . . . . . . . . . . . . . . . . . . . . . . . . . . 77
Item 13. Certain Relationships and Related Transactions . . . . . .
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 77
Item 14. Principal Accountant Fees and Services . . . . . . . . . . .
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 77
PART IV
Item 15. Exhibits, Financial Statement Schedules . . . . . . . . . . .
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 78
Signatures . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 79
1
AMAZON.COM, INC.
PART I
Item 1. Business
This Annual Report on Form 10-K and the documents
incorporated herein by reference contain forward-
looking statements based on expectations, estimates, and
projections as of the date of this filing. Actual results
may differ materially from those expressed in forward-looking
statements. See Item 1A of Part I—“Risk
Factors.”
Amazon.com, Inc. was incorporated in 1994 in the state of
Washington and reincorporated in 1996 in the
state of Delaware. Our principal corporate offices are located in
Seattle, Washington. We completed our initial
19. public offering in May 1997 and our common stock is listed on
the Nasdaq Global Select Market under the
symbol “AMZN.”
As used herein, “Amazon.com,” “we,” “our,” and similar terms
include Amazon.com, Inc. and its
subsidiaries, unless the context indicates otherwise.
General
Amazon.com opened its virtual doors on the World Wide Web
in July 1995 and offers Earth’s Biggest
Selection. We seek to be Earth’s most customer-centric
company for four primary customer sets: consumers,
sellers, enterprises, and content creators. In addition, we
provide services, such as advertising services and co-
branded credit card agreements.
We have organized our operations into two principal segments:
North America and International. See Item 8
of Part II, “Financial Statements and Supplementary Data—Note
12—Segment Information.” See Item 7 of
Part II, “Management’s Discussion and Analysis of Financial
Condition and Results of Operations—Results of
Operations—Supplemental Information” for supplemental
information about our net sales.
Consumers
We serve consumers through our retail websites, and focus on
selection, price, and convenience. We design
our websites to enable millions of unique products to be sold by
us and by third parties across dozens of product
categories. Customers access our websites directly and through
our mobile websites and apps. We also
manufacture and sell Kindle devices. We strive to offer our
20. customers the lowest prices possible through low
everyday product pricing and shipping offers, including through
membership in Amazon Prime, and to improve
our operating efficiencies so that we can continue to lower
prices for our customers. We also provide easy-to-use
functionality, fast and reliable fulfillment, and timely customer
service.
We fulfill customer orders in a number of ways, including
through the U.S. and international fulfillment
centers and warehouses that we operate, through co-sourced and
outsourced arrangements in certain countries,
and through digital delivery. We operate customer service
centers globally, which are supplemented by co-
sourced arrangements. See Item 2 of Part I, “Properties.”
Sellers
We offer programs that enable sellers to sell their products on
our websites and their own branded websites
and to fulfill orders through us. We are not the seller of record
in these transactions, but instead earn fixed fees,
revenue share fees, per-unit activity fees, or some combination
thereof.
2
Enterprises
We serve developers and enterprises of all sizes through
Amazon Web Services (“AWS”), which provides
access to technology infrastructure that enables virtually any
type of business.
21. Content Creators
We serve authors and independent publishers with Kindle Direct
Publishing, an online platform that lets
independent authors and publishers choose a 70% royalty option
and make their books available in the Kindle
Store, along with Amazon’s own publishing arm, Amazon
Publishing. We also offer programs that allow authors,
musicians, filmmakers, app developers, and others to publish
and sell content.
Competition
Our businesses are rapidly evolving and intensely competitive.
Our current and potential competitors
include: (1) physical-world retailers, publishers, vendors,
distributors, manufacturers, and producers of our
products; (2) other online e-commerce and mobile e-commerce
sites, including sites that sell or distribute digital
content; (3) media companies, web portals, comparison
shopping websites, and web search engines, either
directly or in collaboration with other retailers; (4) companies
that provide e-commerce services, including
website development, fulfillment, customer service, and
payment processing; (5) companies that provide
information storage or computing services or products,
including infrastructure and other web services; and
(6) companies that design, manufacture, market, or sell
consumer electronics, telecommunication, and media
devices. We believe that the principal competitive factors in our
retail businesses include selection, price, and
convenience, including fast and reliable fulfillment. Additional
competitive factors for our seller and enterprise
services include the quality, speed, and reliability of our
services and tools. Many of our current and potential
competitors have greater resources, longer histories, more
22. customers, and greater brand recognition. They may
secure better terms from suppliers, adopt more aggressive
pricing, and devote more resources to technology,
infrastructure, fulfillment, and marketing. Other companies also
may enter into business combinations or
alliances that strengthen their competitive positions.
Intellectual Property
We regard our trademarks, service marks, copyrights, patents,
domain names, trade dress, trade secrets,
proprietary technologies, and similar intellectual property as
critical to our success, and we rely on trademark,
copyright, and patent law, trade-secret protection, and
confidentiality and/or license agreements with our
employees, customers, partners, and others to protect our
proprietary rights. We have registered, or applied for
the registration of, a number of U.S. and international domain
names, trademarks, service marks, and copyrights.
Additionally, we have filed U.S. and international patent
applications covering certain of our proprietary
technology. We have licensed in the past, and expect that we
may license in the future, certain of our proprietary
rights to third parties.
Seasonality
Our business is affected by seasonality, which historically has
resulted in higher sales volume during our
fourth quarter, which ends December 31. We recognized 35%,
36%, and 38% of our annual revenue during the
fourth quarter of 2012, 2011, and 2010.
Employees
We employed approximately 88,400 full-time and part-time
23. employees at December 31, 2012. However,
employment levels fluctuate due to seasonal factors affecting
our business. Additionally, we utilize independent
contractors and temporary personnel to supplement our
workforce, particularly on a seasonal basis. Although we
3
have works councils and statutory employee representation
obligations in certain countries, our employees are
not represented by a labor union except where required by law
and we consider our employee relations to be
good. Competition for qualified personnel in our industry has
historically been intense, particularly for software
engineers, computer scientists, and other technical staff.
Available Information
Our investor relations website is www.amazon.com/ir and we
encourage investors to use it as a way of
easily finding information about us. We promptly make
available on this website, free of charge, the reports that
we file or furnish with the Securities and Exchange Commission
(“SEC”), corporate governance information
(including our Code of Business Conduct and Ethics), and select
press releases and social media postings.
Executive Officers and Directors
The following tables set forth certain information regarding our
Executive Officers and Directors as of
January 18, 2013:
Executive Officers
24. Name Age Position
Jeffrey P. Bezos . . . . . . . . . . . . 49 President, Chief Executive
Officer, and Chairman of the Board
Jeffrey M. Blackburn . . . . . . . . 43 Senior Vice President,
Business Development
Andrew R. Jassy . . . . . . . . . . . . 45 Senior Vice President, Web
Services
Diego Piacentini . . . . . . . . . . . . 52 Senior Vice President,
International Consumer Business
Shelley L. Reynolds . . . . . . . . . 48 Vice President, Worldwide
Controller, and Principal Accounting Officer
Thomas J. Szkutak . . . . . . . . . . 52 Senior Vice President and
Chief Financial Officer
H. Brian Valentine . . . . . . . . . . 53 Senior Vice President,
Ecommerce Platform
Jeffrey A. Wilke . . . . . . . . . . . . 46 Senior Vice President,
Consumer Business
David A. Zapolsky . . . . . . . . . . 49 Vice President, General
Counsel, and Secretary
Jeffrey P. Bezos. Mr. Bezos has been Chairman of the Board of
Amazon.com since founding it in 1994 and
Chief Executive Officer since May 1996. Mr. Bezos served as
President of the Company from founding until
June 1999 and again from October 2000 to the present.
Jeffrey M. Blackburn. Mr. Blackburn has served as Senior Vice
President, Business Development, since
April 2006.
Andrew R. Jassy. Mr. Jassy has served as Senior Vice President,
Web Services, since April 2006.
Diego Piacentini. Mr. Piacentini has served as Senior Vice
25. President, International Consumer Business,
since February 2012, and as Senior Vice President, International
Retail, from January 2007 until February 2012.
Shelley L. Reynolds. Ms. Reynolds has served as Vice
President, Worldwide Controller, and Principal
Accounting Officer since April 2007.
Thomas J. Szkutak. Mr. Szkutak has served as Senior Vice
President and Chief Financial Officer since
joining Amazon.com in October 2002.
H. Brian Valentine. Mr. Valentine has served as Senior Vice
President, Ecommerce Platform, since joining
Amazon.com in September 2006.
Jeffrey A. Wilke. Mr. Wilke has served as Senior Vice
President, Consumer Business, since February 2012,
and as Senior Vice President, North America Retail, from
January 2007 until February 2012.
4
David A. Zapolsky. Mr. Zapolsky has served as Vice President,
General Counsel, and Secretary since
September 2012, and as Vice President and Associate General
Counsel for Litigation and Regulatory matters
from April 2002 until September 2012.
Board of Directors
Name Age Position
Jeffrey P. Bezos 49 President, Chief Executive Officer, and
26. Chairman of the Board
Tom A. Alberg 72 Managing Director, Madrona Venture Group
John Seely Brown 72 Visiting Scholar and Advisor to the
Provost, University of Southern
California
William B. Gordon 62 Partner, Kleiner Perkins Caufield &
Byers
Jamie S. Gorelick 62 Partner, Wilmer Cutler Pickering Hale and
Dorr LLP
Alain Monié 62 President and Chief Executive Officer, Ingram
Micro Inc.
Jonathan J. Rubinstein 56 Former Chairman and CEO, Palm,
Inc.
Thomas O. Ryder 68 Retired, Former Chairman, Reader’s
Digest Association, Inc.
Patricia Q. Stonesifer 56 Vice Chair, Board of Regents,
Smithsonian Institution
Item 1A. Risk Factors
Please carefully consider the following risk factors. If any of
the following risks occur, our business,
financial condition, operating results, and cash flows could be
materially adversely affected. In addition, the
current global economic climate amplifies many of these risks.
We Face Intense Competition
Our businesses are rapidly evolving and intensely competitive,
and we have many competitors in different
industries, including retail, e-commerce services, digital content
and digital media devices, and web services.
Many of our current and potential competitors have greater
resources, longer histories, more customers, and
greater brand recognition. They may secure better terms from
27. vendors, adopt more aggressive pricing and devote
more resources to technology, infrastructure, fulfillment, and
marketing.
Competition may intensify as our competitors enter into
business combinations or alliances and established
companies in other market segments expand into our market
segments. In addition, new and enhanced
technologies, including search, web services, and digital, may
increase our competition. The Internet facilitates
competitive entry and comparison shopping, and increased
competition may reduce our sales and profits.
Our Expansion Places a Significant Strain on our Management,
Operational, Financial and Other
Resources
We are rapidly and significantly expanding our global
operations, including increasing our product and
service offerings and scaling our infrastructure to support our
retail and services businesses. This expansion
increases the complexity of our business and places significant
strain on our management, personnel, operations,
systems, technical performance, financial resources, and
internal financial control and reporting functions. We
may not be able to manage growth effectively, which could
damage our reputation, limit our growth and
negatively affect our operating results.
Our Expansion into New Products, Services, Technologies and
Geographic Regions Subjects Us to
Additional Business, Legal, Financial and Competitive Risks
We may have limited or no experience in our newer market
segments, and our customers may not adopt our
new offerings. These offerings may present new and difficult
28. technology challenges, and we may be subject to
5
claims if customers of these offerings experience service
disruptions or failures or other quality issues. In
addition, profitability, if any, in our newer activities may be
lower than in our older activities, and we may not be
successful enough in these newer activities to recoup our
investments in them. If any of this were to occur, it
could damage our reputation, limit our growth and negatively
affect our operating results.
We May Experience Significant Fluctuations in Our Operating
Results and Growth Rate
We may not be able to accurately forecast our growth rate. We
base our expense levels and investment plans
on sales estimates. A significant portion of our expenses and
investments is fixed, and we may not be able to
adjust our spending quickly enough if our sales are less than
expected.
Our revenue growth may not be sustainable, and our percentage
growth rates may decrease. Our revenue
and operating profit growth depends on the continued growth of
demand for the products and services offered by
us or our sellers, and our business is affected by general
economic and business conditions worldwide. A
softening of demand, whether caused by changes in customer
preferences or a weakening of the U.S. or global
economies, may result in decreased revenue or growth.
Our sales and operating results will also fluctuate for many
29. other reasons, including due to risks described
elsewhere in this section and the following:
• our ability to retain and increase sales to existing customers,
attract new customers, and satisfy our
customers’ demands;
• our ability to retain and expand our network of sellers;
• our ability to offer products on favorable terms, manage
inventory, and fulfill orders;
• the introduction of competitive websites, products, services,
price decreases, or improvements;
• changes in usage or adoption rates of the Internet, e-
commerce, digital media devices and web services,
including outside the U.S.;
• timing, effectiveness, and costs of expansion and upgrades of
our systems and infrastructure;
• the success of our geographic, service, and product line
expansions;
• the outcomes of legal proceedings and claims;
• variations in the mix of products and services we sell;
• variations in our level of merchandise and vendor returns;
• the extent to which we offer free shipping, continue to reduce
product prices worldwide, and provide
additional benefits to our customers;
• the extent to which we invest in technology and content,
30. fulfillment and other expense categories;
• increases in the prices of fuel and gasoline, as well as
increases in the prices of other energy products
and commodities like paper and packing supplies;
• the extent to which our equity-method investees record
significant operating and non-operating items;
• the extent to which operators of the networks between our
customers and our websites successfully
charge fees to grant our customers unimpaired and
unconstrained access to our online services;
• our ability to collect amounts owed to us when they become
due;
• the extent to which use of our services is affected by spyware,
viruses, phishing and other spam emails,
denial of service attacks, data theft, computer intrusions,
outages, and similar events; and
• terrorist attacks and armed hostilities.
6
We May Not Be Successful in Our Efforts to Expand into
International Market Segments
Our international activities are significant to our revenues and
profits, and we plan to further expand
internationally. In certain international market segments, we
have relatively little operating experience and may
not benefit from any first-to-market advantages or otherwise
31. succeed. It is costly to establish, develop and
maintain international operations and websites and promote our
brand internationally. Our international
operations may not be profitable on a sustained basis.
In addition to risks described elsewhere in this section, our
international sales and operations are subject to a
number of risks, including:
• local economic and political conditions;
• government regulation of e-commerce, other online services
and electronic devices, and competition,
and restrictive governmental actions (such as trade protection
measures, including export duties and
quotas and custom duties and tariffs), nationalization and
restrictions on foreign ownership;
• restrictions on sales or distribution of certain products or
services and uncertainty regarding liability for
products, services and content, including uncertainty as a result
of less Internet-friendly legal systems,
local laws, lack of legal precedent, and varying rules,
regulations, and practices regarding the physical
and digital distribution of media products and enforcement of
intellectual property rights;
• business licensing or certification requirements, such as for
imports, exports and electronic devices;
• limitations on the repatriation and investment of funds and
foreign currency exchange restrictions;
• limited fulfillment and technology infrastructure;
• shorter payable and longer receivable cycles and the resultant
32. negative impact on cash flow;
• laws and regulations regarding consumer and data protection,
privacy, network security, encryption,
payments, and restrictions on pricing or discounts;
• lower levels of use of the Internet;
• lower levels of consumer spending and fewer opportunities for
growth compared to the U.S.;
• lower levels of credit card usage and increased payment risk;
• difficulty in staffing, developing and managing foreign
operations as a result of distance, language and
cultural differences;
• different employee/employer relationships and the existence of
works councils and labor unions;
• laws and policies of the U.S. and other jurisdictions affecting
trade, foreign investment, loans and
taxes; and
• geopolitical events, including war and terrorism.
As international e-commerce and other online services grow,
competition will intensify. Local companies
may have a substantial competitive advantage because of their
greater understanding of, and focus on, the local
customer, as well as their more established local brand names.
We may not be able to hire, train, retain, and
manage required personnel, which may limit our international
growth.
The People’s Republic of China (“PRC”) regulates Amazon’s
33. and its affiliates’ businesses and operations in
the PRC through regulations and license requirements
restricting (i) foreign investment in the Internet, IT
infrastructure, retail, delivery, and other sectors, (ii) Internet
content and (iii) the sale of media and other
products. For example, in order to meet local ownership and
regulatory licensing requirements, www.amazon.cn
is operated by PRC companies that are indirectly owned, either
wholly or partially, by PRC nationals. Although
we believe these structures comply with existing PRC laws, they
involve unique risks. There are substantial
uncertainties regarding the interpretation of PRC laws and
regulations, and it is possible that the PRC
7
government will ultimately take a view contrary to ours. If our
Chinese business interests were found to be in
violation of any existing or future PRC laws or regulations or if
interpretations of those laws and regulations
were to change, the business could be subject to fines and other
financial penalties, have licenses revoked or be
forced to shut down entirely. In addition, the Chinese
businesses and operations may be unable to continue to
operate if we or our affiliates are unable to enforce contractual
relationships with respect to management and
control of such businesses.
If We Do Not Successfully Optimize and Operate Our
Fulfillment Centers, Our Business Could Be Harmed
If we do not adequately predict customer demand or otherwise
optimize and operate our fulfillment centers
successfully, it could result in excess or insufficient inventory
34. or fulfillment capacity, result in increased costs,
impairment charges, or both, or harm our business in other
ways. A failure to optimize inventory will increase
our net shipping cost by requiring long-zone or partial
shipments. Orders from several of our websites are
fulfilled primarily from a single location, and we have only a
limited ability to reroute orders to third parties for
drop-shipping. We and our co-sourcers may be unable to
adequately staff our fulfillment and customer service
centers. As we continue to add fulfillment and warehouse
capability or add new businesses with different
fulfillment requirements, our fulfillment network becomes
increasingly complex and operating it becomes more
challenging. If the other businesses on whose behalf we perform
inventory fulfillment services deliver product to
our fulfillment centers in excess of forecasts, we may be unable
to secure sufficient storage space and may be
unable to optimize our fulfillment centers. There can be no
assurance that we will be able to operate our network
effectively.
We rely on a limited number of shipping companies to deliver
inventory to us and completed orders to our
customers. If we are not able to negotiate acceptable terms with
these companies or they experience performance
problems or other difficulties, it could negatively impact our
operating results and customer experience. In
addition, our ability to receive inbound inventory efficiently
and ship completed orders to customers also may be
negatively affected by inclement weather, fire, flood, power
loss, earthquakes, labor disputes, acts of war or
terrorism, acts of God and similar factors.
Third parties either drop-ship or otherwise fulfill an increasing
portion of our customers’ orders, and we are
increasingly reliant on the reliability, quality and future
35. procurement of their services. Under some of our
commercial agreements, we maintain the inventory of other
companies, thereby increasing the complexity of
tracking inventory and operating our fulfillment centers. Our
failure to properly handle such inventory or the
inability of these other companies to accurately forecast product
demand would result in unexpected costs and
other harm to our business and reputation.
The Seasonality of Our Business Places Increased Strain on Our
Operations
We expect a disproportionate amount of our net sales to occur
during our fourth quarter. If we do not stock
or restock popular products in sufficient amounts such that we
fail to meet customer demand, it could
significantly affect our revenue and our future growth. If we
overstock products, we may be required to take
significant inventory markdowns or write-offs, which could
reduce profitability. We may experience an increase
in our net shipping cost due to complimentary upgrades, split-
shipments, and additional long-zone shipments
necessary to ensure timely delivery for the holiday season. If
too many customers access our websites within a
short period of time due to increased holiday demand, we may
experience system interruptions that make our
websites unavailable or prevent us from efficiently fulfilling
orders, which may reduce the volume of goods we
sell and the attractiveness of our products and services. In
addition, we may be unable to adequately staff our
fulfillment and customer service centers during these peak
periods and delivery and other fulfillment companies
and customer service co-sourcers may be unable to meet the
seasonal demand. We also face risks described
elsewhere in this Item 1A relating to fulfillment center
optimization and inventory.
36. We generally have payment terms with our vendors that extend
beyond the amount of time necessary to
collect proceeds from our customers. As a result of holiday
sales, at December 31 of each year, our cash, cash
8
equivalents, and marketable securities balances typically reach
their highest level (other than as a result of cash
flows provided by or used in investing and financing activities).
This operating cycle results in a corresponding
increase in accounts payable at December 31. Our accounts
payable balance generally declines during the first
three months of the year, resulting in a corresponding decline in
our cash, cash equivalents, and marketable
securities balances.
Our Business Could Suffer if We Are Unsuccessful in Making,
Integrating, and Maintaining Commercial
Agreements, Strategic Alliances, and Other Business
Relationships
We provide e-commerce services to other businesses through
our seller programs and other commercial
agreements, strategic alliances and business relationships.
Under these agreements, we provide technology,
fulfillment and other services, as well as enable sellers to offer
products or services through our websites and
power their websites. These arrangements are complex and
require substantial personnel and resource
commitments by us, which may limit the agreements we are able
to enter into and our ability to integrate and
deliver services under them. If we fail to implement, maintain,
37. and develop the components of these commercial
relationships, which may include fulfillment, customer service,
inventory management, tax collection, payment
processing, licensing of third-party software, hardware, and
content, and engaging third parties to perform
hosting and other services, these initiatives may not be viable.
The amount of compensation we receive under
certain of these agreements is partially dependent on the volume
of the other company’s sales. Therefore, if the
other company’s offering is not successful, the compensation
we receive may be lower than expected or the
agreement may be terminated. Moreover, we may not be able to
enter into additional commercial relationships
and strategic alliances on favorable terms. We also may be
subject to claims from businesses to which we
provide these services if we are unsuccessful in implementing,
maintaining or developing these services.
As our agreements terminate, we may be unable to renew or
replace these agreements on comparable terms,
or at all. We may in the future enter into amendments on less
favorable terms or encounter parties that have
difficulty meeting their contractual obligations to us, which
could adversely affect our operating results.
Our present and future e-commerce services agreements, other
commercial agreements, and strategic
alliances create additional risks such as:
• disruption of our ongoing business, including loss of
management focus on existing businesses;
• impairment of other relationships;
• variability in revenue and income from entering into,
amending, or terminating such agreements or
38. relationships; and
• difficulty integrating under the commercial agreements.
Our Business Could Suffer if We Are Unsuccessful in Making,
Integrating, and Maintaining Acquisitions
and Investments
We have acquired and invested in a number of companies, and
we may acquire or invest in or enter into
joint ventures with additional companies. These transactions
create risks such as:
• disruption of our ongoing business, including loss of
management focus on existing businesses;
• problems retaining key personnel;
• additional operating losses and expenses of the businesses we
acquired or in which we invested;
• the potential impairment of tangible assets, such as inventory,
and intangible assets and goodwill
acquired in the acquisitions;
• the potential impairment of customer and other relationships
of the company we acquired or in which
we invested or our own customers as a result of any integration
of operations;
9
• the difficulty of incorporating acquired technology and rights
into our offerings and unanticipated
39. expenses related to such integration;
• the difficulty of integrating a new company’s accounting,
financial reporting, management, information
and information security, human resource and other
administrative systems to permit effective
management, and the lack of control if such integration is
delayed or not implemented;
• for investments in which an investee’s financial performance
is incorporated into our financial results,
either in full or in part, the dependence on the investee’s
accounting, financial reporting and similar
systems, controls and processes;
• the difficulty of implementing at companies we acquire the
controls, procedures and policies
appropriate for a larger public company;
• potential unknown liabilities associated with a company we
acquire or in which we invest; and
• for foreign transactions, additional risks related to the
integration of operations across different cultures
and languages, and the economic, political, and regulatory risks
associated with specific countries.
As a result of future acquisitions or mergers, we might need to
issue additional equity securities, spend our
cash, or incur debt, contingent liabilities, or amortization
expenses related to intangible assets, any of which
could reduce our profitability and harm our business. In
addition, valuations supporting our acquisitions and
strategic investments could change rapidly given the current
global economic climate. We could determine that
such valuations have experienced impairments or other-than-
40. temporary declines in fair value which could
adversely impact our financial results.
We Have Foreign Exchange Risk
The results of operations of, and certain of our intercompany
balances associated with, our international
websites are exposed to foreign exchange rate fluctuations.
Upon translation, operating results may differ
materially from expectations, and we may record significant
gains or losses on the remeasurement of
intercompany balances. As we have expanded our international
operations, our exposure to exchange rate
fluctuations has increased. We also hold cash equivalents and/or
marketable securities primarily in Euros,
Japanese Yen, British Pounds, and Chinese Yuan. If the U.S.
Dollar strengthens compared to these currencies,
cash equivalents, and marketable securities balances, when
translated, may be materially less than expected and
vice versa.
The Loss of Key Senior Management Personnel Could
Negatively Affect Our Business
We depend on our senior management and other key personnel,
particularly Jeffrey P. Bezos, our President,
CEO, and Chairman. We do not have “key person” life
insurance policies. The loss of any of our executive
officers or other key employees could harm our business.
We Could Be Harmed by Data Loss or Other Security Breaches
As a result of our services being web-based and the fact that we
process, store and transmit large amounts of
data, including personal information, for our customers, failure
to prevent or mitigate data loss or other security
41. breaches, including breaches of our vendors’ technology and
systems, could expose us or our customers to a risk of
loss or misuse of such information, adversely affect our
operating results, result in litigation or potential liability for
us and otherwise harm our business. We use third party
technology and systems for a variety of reasons, including,
without limitation, encryption and authentication technology,
employee email, content delivery to customers, back-
office support and other functions. Some subsidiaries had past
security breaches, and, although they did not have a
material adverse effect on our operating results, there can be no
assurance of a similar result in the future. Although
we have developed systems and processes that are designed to
protect customer information and prevent data loss
and other security breaches, including systems and processes
designed to reduce the impact of a security breach at a
third party vendor, such measures cannot provide absolute
security.
10
We Face Risks Related to System Interruption and Lack of
Redundancy
We experience occasional system interruptions and delays that
make our websites and services unavailable
or slow to respond and prevent us from efficiently fulfilling
orders or providing services to third parties, which
may reduce our net sales and the attractiveness of our products
and services. If we are unable to continually add
software and hardware, effectively upgrade our systems and
network infrastructure and take other steps to
improve the efficiency of our systems, it could cause system
interruptions or delays and adversely affect our
42. operating results.
Our computer and communications systems and operations
could be damaged or interrupted by fire, flood,
power loss, telecommunications failure, earthquakes, acts of
war or terrorism, acts of God, computer viruses,
physical or electronic break-ins, and similar events or
disruptions. Any of these events could cause system
interruption, delays, and loss of critical data, and could prevent
us from accepting and fulfilling customer orders
and providing services, which could make our product and
service offerings less attractive and subject us to
liability. Our systems are not fully redundant and our disaster
recovery planning may not be sufficient. In
addition, we may have inadequate insurance coverage to
compensate for any related losses. Any of these events
could damage our reputation and be expensive to remedy.
We Face Significant Inventory Risk
In addition to risks described elsewhere in this Item 1A relating
to fulfillment center and inventory
optimization by us and third parties, we are exposed to
significant inventory risks that may adversely affect our
operating results as a result of seasonality, new product
launches, rapid changes in product cycles and pricing,
defective merchandise, changes in consumer demand and
consumer spending patterns, changes in consumer
tastes with respect to our products and other factors. We
endeavor to accurately predict these trends and avoid
overstocking or understocking products we manufacture and/or
sell. Demand for products, however, can change
significantly between the time inventory or components are
ordered and the date of sale. In addition, when we
begin selling or manufacturing a new product, it may be
difficult to establish vendor relationships, determine
43. appropriate product or component selection, and accurately
forecast demand. The acquisition of certain types of
inventory or components may require significant lead-time and
prepayment and they may not be returnable. We
carry a broad selection and significant inventory levels of
certain products, such as consumer electronics, and we
may be unable to sell products in sufficient quantities or during
the relevant selling seasons. Any one of the
inventory risk factors set forth above may adversely affect our
operating results.
We May Not Be Able to Adequately Protect Our Intellectual
Property Rights or May Be Accused of
Infringing Intellectual Property Rights of Third Parties
We regard our trademarks, service marks, copyrights, patents,
trade dress, trade secrets, proprietary
technology, and similar intellectual property as critical to our
success, and we rely on trademark, copyright, and
patent law, trade secret protection, and confidentiality and/or
license agreements with our employees, customers,
and others to protect our proprietary rights. Effective
intellectual property protection may not be available in
every country in which our products and services are made
available. We also may not be able to acquire or
maintain appropriate domain names in all countries in which we
do business. Furthermore, regulations governing
domain names may not protect our trademarks and similar
proprietary rights. We may be unable to prevent third
parties from acquiring domain names that are similar to,
infringe upon, or diminish the value of our trademarks
and other proprietary rights.
We may not be able to discover or determine the extent of any
unauthorized use of our proprietary rights.
Third parties that license our proprietary rights also may take
44. actions that diminish the value of our proprietary
rights or reputation. The protection of our intellectual property
may require the expenditure of significant
financial and managerial resources. Moreover, the steps we take
to protect our intellectual property may not
adequately protect our rights or prevent third parties from
infringing or misappropriating our proprietary rights.
11
We also cannot be certain that others will not independently
develop or otherwise acquire equivalent or superior
technology or other intellectual property rights.
Other parties also may claim that we infringe their proprietary
rights. We have been subject to, and expect to
continue to be subject to, claims and legal proceedings
regarding alleged infringement by us of the intellectual
property rights of third parties. Such claims, whether or not
meritorious, may result in the expenditure of
significant financial and managerial resources, injunctions
against us or the payment of damages. We may need
to obtain licenses from third parties who allege that we have
infringed their rights, but such licenses may not be
available on terms acceptable to us or at all. In addition, we
may not be able to obtain or utilize on terms that are
favorable to us, or at all, licenses or other rights with respect to
intellectual property we do not own. These risks
have been amplified by the increase in third parties whose sole
or primary business is to assert such claims.
Our digital content offerings depend in part on effective digital
rights management technology to control
access to digital content. If the digital rights management
45. technology that we use is compromised or otherwise
malfunctions, we could be subject to claims, and content
providers may be unwilling to include their content in
our service.
We Have a Rapidly Evolving Business Model and Our Stock
Price Is Highly Volatile
We have a rapidly evolving business model. The trading price
of our common stock fluctuates significantly
in response to, among other risks, the risks described elsewhere
in this Item 1A, as well as:
• changes in interest rates;
• conditions or trends in the Internet and the e-commerce
industry;
• quarterly variations in operating results;
• fluctuations in the stock market in general and market prices
for Internet-related companies in
particular;
• changes in financial estimates by us or securities analysts and
recommendations by securities analysts;
• changes in our capital structure, including issuance of
additional debt or equity to the public;
• changes in the valuation methodology of, or performance by,
other e-commerce or technology
companies; and
• transactions in our common stock by major investors and
certain analyst reports, news, and speculation.
46. Volatility in our stock price could adversely affect our business
and financing opportunities and force us to
increase our cash compensation to employees or grant larger
stock awards than we have historically, which could
hurt our operating results or reduce the percentage ownership of
our existing stockholders, or both.
Government Regulation Is Evolving and Unfavorable Changes
Could Harm Our Business
We are subject to general business regulations and laws, as well
as regulations and laws specifically
governing the Internet, e-commerce, and electronic devices.
Existing and future laws and regulations may
impede our growth. These regulations and laws may cover
taxation, privacy, data protection, pricing, content,
copyrights, distribution, mobile communications, electronic
device certification, electronic waste, electronic
contracts and other communications, competition, consumer
protection, web services, the provision of online
payment services, unencumbered Internet access to our services,
the design and operation of websites, and the
characteristics and quality of products and services. It is not
clear how existing laws governing issues such as
property ownership, libel, and personal privacy apply to the
Internet, e-commerce, digital content and web
services. Jurisdictions may regulate consumer-to-consumer
online businesses, including certain aspects of our
seller programs. Unfavorable regulations and laws could
diminish the demand for our products and services and
increase our cost of doing business.
12
47. We Do Not Collect Sales or Consumption Taxes in Some
Jurisdictions
U.S. Supreme Court decisions restrict the imposition of
obligations to collect state and local sales taxes with
respect to remote sales. However, an increasing number of
states have considered or adopted laws that attempt to
impose obligations on out-of-state retailers to collect taxes on
their behalf. We support a Federal law that would
allow states to require sales tax collection under a nationwide
system. More than half of our revenue is already
earned in jurisdictions where we collect sales tax or its
equivalent. A successful assertion by one or more states
or foreign countries requiring us to collect taxes where we do
not do so could result in substantial tax liabilities,
including for past sales, as well as penalties and interest.
We Could be Subject to Additional Income Tax Liabilities
We are subject to income taxes in the United States and
numerous foreign jurisdictions. Significant
judgment is required in evaluating and estimating our provision
and accruals for these taxes. During the ordinary
course of business, there are many transactions for which the
ultimate tax determination is uncertain. Our
effective tax rates could be adversely affected by earnings being
lower than anticipated in countries where we
have lower statutory rates and higher than anticipated in
countries where we have higher statutory rates, by losses
incurred in jurisdictions for which we are not able to realize the
related tax benefit, by changes in foreign
currency exchange rates, by entry into new businesses and
geographies and changes to our existing businesses,
by acquisitions (including integrations) and investments, by
changes in the valuation of our deferred tax assets
48. and liabilities, or by changes in the relevant tax, accounting and
other laws, regulations, administrative practices,
principles, and interpretations, with a number of countries
actively considering changes in this regard. In
addition, we are subject to audit in various jurisdictions, and
such jurisdictions may assess additional income tax
liabilities against us. Although we believe our tax estimates are
reasonable, the final outcome of tax audits and
any related litigation could be materially different from our
historical income tax provisions and accruals.
Developments in an audit or litigation could have a material
effect on our operating results or cash flows in the
period or periods for which that development occurs, as well as
for prior and subsequent periods.
Our Supplier Relationships Subject Us to a Number of Risks
We have significant suppliers, including licensors, and in some
cases, limited or single-sources of supply,
that are important to our sourcing, services, manufacturing, and
any related ongoing servicing of merchandise
and content. We do not have long-term arrangements with most
of our suppliers to guarantee availability of
merchandise, content, components or services, particular
payment terms, or the extension of credit limits. If our
current suppliers were to stop selling or licensing merchandise,
content, components or services to us on
acceptable terms, or delay delivery, including as a result of one
or more supplier bankruptcies due to poor
economic conditions, as a result of natural disasters or for other
reasons, we may be unable to procure
alternatives from other suppliers in a timely and efficient
manner and on acceptable terms, or at all.
We May be Subject to Risks Related to Government Contracts
and Related Procurement Regulations
49. Our contracts with U.S., as well as state, local and foreign,
government entities are subject to various
procurement regulations and other requirements relating to their
formation, administration and performance. We
may be subject to audits and investigations relating to our
government contracts and any violations could result
in various civil and criminal penalties and administrative
sanctions, including termination of contract, refunding
or suspending of payments, forfeiture of profits, payment of
fines and suspension or debarment from future
government business. In addition, such contracts may provide
for termination by the government at any time,
without cause.
We May Be Subject to Product Liability Claims if People or
Property Are Harmed by the Products We Sell
Some of the products we sell or manufacture may expose us to
product liability claims relating to personal
injury, death, or environmental or property damage, and may
require product recalls or other actions. Certain
13
third parties also sell products using our e-commerce platform
that may increase our exposure to product liability
claims, such as if these sellers do not have sufficient protection
from such claims. Although we maintain liability
insurance, we cannot be certain that our coverage will be
adequate for liabilities actually incurred or that
insurance will continue to be available to us on economically
reasonable terms, or at all. In addition, some of our
agreements with our vendors and sellers do not indemnify us
50. from product liability.
We Are Subject to Payments-Related Risks
We accept payments using a variety of methods, including
credit card, debit card, credit accounts (including
promotional financing), gift certificates, direct debit from a
customer’s bank account, consumer invoicing,
physical bank check and payment upon delivery. As we offer
new payment options to our customers, we may be
subject to additional regulations, compliance requirements, and
fraud. For certain payment methods, including
credit and debit cards, we pay interchange and other fees, which
may increase over time and raise our operating
costs and lower profitability. We rely on third parties to provide
payment processing services, including the
processing of credit cards, debit cards, electronic checks, and
promotional financing, and it could disrupt our
business if these companies become unwilling or unable to
provide these services to us. We are also subject to
payment card association operating rules, including data
security rules, certification requirements and rules
governing electronic funds transfers, which could change or be
reinterpreted to make it difficult or impossible for
us to comply. If we fail to comply with these rules or
requirements, or if our data security systems are breached
or compromised, we may be liable for card issuing banks’ costs,
subject to fines and higher transaction fees and
lose our ability to accept credit and debit card payments from
our customers, process electronic funds transfers,
or facilitate other types of online payments, and our business
and operating results could be adversely affected.
We also offer co-branded credit card programs that represent a
significant component of our services revenue. If
one or more of these agreements are terminated and we are
unable to replace them on similar terms, or at all, it
51. could adversely affect our operating results.
In addition, we qualify as a money services business in certain
jurisdictions because we enable customers to
keep account balances with us and transfer money to third
parties, and because we provide services to third
parties to facilitate payments on their behalf. In these
jurisdictions, we may be subject to requirements for
licensing, regulatory inspection, bonding, the handling of
transferred funds and consumer disclosures. We are
also subject to or voluntarily comply with a number of other
laws and regulations relating to payments, money
laundering, international money transfers, privacy and
information security and electronic fund transfers. If we
were found to be in violation of applicable laws or regulations,
we could be subject to additional requirements,
such as maintaining capital and segregating funds, and civil and
criminal penalties, or forced to cease providing
certain services.
We Could Be Liable for Fraudulent or Unlawful Activities of
Sellers
The law relating to the liability of providers of online payment
services is currently unsettled. In addition,
governmental agencies could require changes in the way this
business is conducted. Under our seller programs,
we may be unable to prevent sellers from collecting payments,
fraudulently or otherwise, when buyers never
receive the products they ordered or when the products received
are materially different from the sellers’
descriptions. Under our A2Z Guarantee, we reimburse buyers
for payments up to certain limits in these
situations, and as our marketplace seller sales grow, the cost of
this program will increase and could negatively
affect our operating results. We also may be unable to prevent
52. sellers on our sites or through other seller sites
from selling unlawful goods, from selling goods in an unlawful
manner, or violating the proprietary rights of
others, and could face civil or criminal liability for unlawful
activities by our sellers.
Item 1B. Unresolved Staff Comments
None.
14
Item 2. Properties
As of December 31, 2012, we operated the following facilities
(in thousands):
Description of Use
Square
Footage (1) Location
Lease
Expirations (1)
Owned office space 1,802 North America
Leased office space 3,236 North America
From 2013
through 2027
Leased office space 1,660 International
From 2013
through 2021
53. Sub-total 6,698
Owned fulfillment, datacenters, and other 339 North America
Leased fulfillment, datacenters, and other 35,261 North America
From 2013
through 2027
Owned fulfillment, datacenters, and other 22 International
Leased fulfillment, datacenters, and other 30,761 International
From 2013
through 2031
Sub-total 66,383
Total 73,081
(1) For leased properties, represents the total leased space
excluding sub-leased space.
We own and lease our corporate headquarters in Seattle,
Washington. Additionally, we own and lease
corporate office, fulfillment and warehouse operations, data
center, customer service, and other facilities,
principally in North America, Europe, and Asia.
Item 3. Legal Proceedings
See Item 8 of Part II, “Financial Statements and Supplementary
Data—Note 8—Commitments and
Contingencies—Legal Proceedings.”
Item 4. Mine Safety Disclosures
54. Not applicable.
15
PART II
Item 5. Market for the Registrant’s Common Stock, Related
Shareholder Matters and Issuer Purchases of
Equity Securities
Market Information
Our common stock is traded on the Nasdaq Global Select
Market under the symbol “AMZN.” The
following table sets forth the high and low per share sale prices
for our common stock for the periods indicated,
as reported by the Nasdaq Global Select Market.
High Low
Year ended December 31, 2011
First Quarter $191.60 $160.59
Second Quarter 206.39 175.37
Third Quarter 244.00 177.10
Fourth Quarter 246.71 166.97
Year ended December 31, 2012
First Quarter $209.85 $172.00
Second Quarter 233.84 183.65
Third Quarter 264.11 212.61
Fourth Quarter 263.11 218.18
Holders
55. As of January 18, 2013, there were 3,075 shareholders of record
of our common stock, although there are a
much larger number of beneficial owners.
Dividends
We have never declared or paid cash dividends on our common
stock. See Item 7 of Part II, “Management’s
Discussion and Analysis of Financial Condition and Results of
Operations—Liquidity and Capital Resources.”
Recent Sales of Unregistered Securities
None.
Issuer Purchases of Equity Securities
None.
16
Item 6. Selected Consolidated Financial Data
The following selected consolidated financial data should be
read in conjunction with the consolidated
financial statements and the notes thereto in Item 8 of Part II,
“Financial Statements and Supplementary Data,”
and the information contained in Item 7 of Part II,
“Management’s Discussion and Analysis of Financial
Condition and Results of Operations.” Historical results are not
necessarily indicative of future results.
Year Ended December 31,
56. 2012 2011 2010 2009 2008
(in millions, except per share data)
Statements of Operations:
Net sales $61,093 $48,077 $34,204 $24,509 $19,166
Income from operations 676 862 1,406 1,129 842
Net income (loss) (39) 631 1,152 902 645
Basic earnings per share (1) $ (0.09) $ 1.39 $ 2.58 $ 2.08 $ 1.52
Diluted earnings per share (1) $ (0.09) $ 1.37 $ 2.53 $ 2.04 $
1.49
Weighted average shares used in computation of earnings
per share:
Basic 453 453 447 433 423
Diluted 453 461 456 442 432
Statements of Cash Flows:
Net cash provided by operating activities $ 4,180 $ 3,903 $
3,495 $ 3,293 $ 1,697
Purchases of property and equipment, including internal-use
software and website development (3,785) (1,811) (979) (373)
(333)
Free cash flow (2) $ 395 $ 2,092 $ 2,516 $ 2,920 $ 1,364
December 31,
2012 2011 2010 2009 2008
(in millions)
Balance Sheets:
Total assets $32,555 $25,278 $18,797 $13,813 $ 8,314
Total long-term obligations 5,361 2,625 1,561 1,192 896
57. (1) For further discussion of earnings per share, see Item 8 of
Part II, “Financial Statements and Supplementary
Data—Note 1—Description of Business and Accounting
Policies.”
(2) Free cash flow, a non-GAAP financial measure, is defined as
net cash provided by operating activities less
purchases of property and equipment, including capitalized
internal-use software and website development,
both of which are presented on our consolidated statements of
cash flows. See Item 7 of Part II,
“Management’s Discussion and Analysis of Financial Condition
and Results of Operations—Results of
Operations—Non-GAAP Financial Measures.”
17
Item 7. Management’s Discussion and Analysis of Financial
Condition and Results of Operations
Forward-Looking Statements
This Annual Report on Form 10-K includes forward-looking
statements within the meaning of the Private
Securities Litigation Reform Act of 1995. All statements other
than statements of historical fact, including
statements regarding guidance, industry prospects, or future
results of operations or financial position, made in
this Annual Report on Form 10-K are forward-looking. We use
words such as anticipates, believes, expects,
future, intends, and similar expressions to identify forward-
looking statements. Forward-looking statements
reflect management’s current expectations and are inherently
uncertain. Actual results could differ materially for
58. a variety of reasons, including, among others, fluctuations in
foreign exchange rates, changes in global economic
conditions and consumer spending, world events, the rate of
growth of the Internet and online commerce, the
amount that Amazon.com invests in new business opportunities
and the timing of those investments, the mix of
products sold to customers, the mix of net sales derived from
products as compared with services, the extent to
which we owe income taxes, competition, management of
growth, potential fluctuations in operating results,
international growth and expansion, the outcomes of legal
proceedings and claims, fulfillment and data center
optimization, risks of inventory management, seasonality, the
degree to which the Company enters into,
maintains, and develops commercial agreements, acquisitions,
and strategic transactions, payments risks, and
risks of fulfillment throughput and productivity. In addition, the
current global economic climate amplifies many
of these risks. These risks and uncertainties, as well as other
risks and uncertainties that could cause our actual
results to differ significantly from management’s expectations,
are described in greater detail in Item 1A of
Part I, “Risk Factors.”
Overview
Our primary source of revenue is the sale of a wide range of
products and services to customers. The
products offered on our consumer-facing websites primarily
include merchandise and content we have purchased
for resale from vendors and those offered by third-party sellers,
and we also manufacture and sell Kindle devices.
Generally, we recognize gross revenue from items we sell from
our inventory as product sales and recognize our
net share of revenue of items sold by other sellers as services
sales. We also offer other services such as AWS,
59. fulfillment, publishing, digital content subscriptions,
advertising, and co-branded credit cards.
Our financial focus is on long-term, sustainable growth in free
cash flow1 per share. Free cash flow is
driven primarily by increasing operating income and efficiently
managing working capital2 and capital
expenditures. Increases in operating income primarily result
from increases in sales of products and services and
efficiently managing our operating costs, partially offset by
investments we make in longer-term strategic
initiatives. To increase sales of products and services, we focus
on improving all aspects of the customer
experience, including lowering prices, improving availability,
offering faster delivery and performance times,
increasing selection, increasing product categories and service
offerings, expanding product information,
improving ease of use, improving reliability, and earning
customer trust. We also seek to efficiently manage
shareholder dilution while maintaining the flexibility to issue
shares for strategic purposes, such as financings,
acquisitions, and aligning employee compensation with
shareholders’ interests. We utilize restricted stock units
as our primary vehicle for equity compensation because we
believe they align the interests of our shareholders
and employees. In measuring shareholder dilution, we include
all vested and unvested stock awards outstanding,
without regard to estimated forfeitures. Total shares outstanding
plus outstanding stock awards were 470 million
and 468 million at December 31, 2012 and 2011.
1 Free cash flow, a non-GAAP financial measure, is defined as
net cash provided by operating activities less
purchases of property and equipment, including capitalized
internal-use software and website development,
both of which are presented on our consolidated statements of
60. cash flows. See “Results of Operations—Non-
GAAP Financial Measures” below.
2 Working capital consists of accounts receivable, inventory,
and accounts payable.
18
We seek to reduce our variable costs per unit and work to
leverage our fixed costs. Our variable costs
include product and content costs, payment processing and
related transaction costs, picking, packaging, and
preparing orders for shipment, transportation, customer service
support, costs necessary to run AWS, and a
portion of our marketing costs. Our fixed costs include the costs
necessary to run our technology infrastructure;
to build, enhance, and add features to our websites, our Kindle
devices, and digital offerings; and to build and
optimize our fulfillment centers. Variable costs generally
change directly with sales volume, while fixed costs
generally increase depending on the timing of capacity needs,
geographic expansion, category expansion, and
other factors. To decrease our variable costs on a per unit basis
and enable us to lower prices for customers, we
seek to increase our direct sourcing, increase discounts
available to us from suppliers, and reduce defects in our
processes. To minimize growth in fixed costs, we seek to
improve process efficiencies and maintain a lean
culture.
Because of our model we are able to turn our inventory quickly
and have a cash-generating operating
cycle3. On average, our high inventory velocity means we
generally collect from consumers before our payments
61. to suppliers come due. Inventory turnover4 was 9, 10, and 11
for 2012, 2011, and 2010. We expect variability in
inventory turnover over time since it is affected by several
factors, including our product mix, the mix of sales by
us and by other sellers, our continuing focus on in-stock
inventory availability and selection of product offerings,
our investment in new geographies and product lines, and the
extent to which we choose to utilize outsource
fulfillment providers. Accounts payable days5 were 76, 74, and
72 for 2012, 2011, and 2010. We expect some
variability in accounts payable days over time since they are
affected by several factors, including the mix of
product sales, the mix of sales by other sellers, the mix of
suppliers, seasonality, and changes in payment terms
over time, including the effect of balancing pricing and timing
of payment terms with suppliers.
We expect spending in technology and content will increase
over time as we add computer scientists,
software engineers, and merchandising employees. We seek to
efficiently invest in several areas of technology
and content such as digital initiatives and expansion of new and
existing physical and digital product categories
and offerings, as well as in technology infrastructure to enhance
the customer experience and improve our
process efficiencies. We believe that advances in technology,
specifically the speed and reduced cost of
processing power and the advances of wireless connectivity,
will continue to improve the consumer experience
on the Internet and increase its ubiquity in people’s lives. To
best take advantage of these continued advances in
technology, we are investing in initiatives to build and deploy
innovative and efficient software and devices. We
are also investing in AWS, which provides technology services
that give developers and enterprises of all sizes
access to technology infrastructure that enables virtually any
62. type of business.
Our financial reporting currency is the U.S. Dollar and changes
in exchange rates significantly affect our
reported results and consolidated trends. For example, if the
U.S. Dollar weakens year-over-year relative to
currencies in our international locations, our consolidated net
sales, and operating expenses will be higher than if
currencies had remained constant. Likewise, if the U.S. Dollar
strengthens year-over-year relative to currencies
in our international locations, our consolidated net sales, and
operating expenses will be lower than if currencies
had remained constant. We believe that our increasing
diversification beyond the U.S. economy through our
growing international businesses benefits our shareholders over
the long term. We also believe it is useful to
evaluate our operating results and growth rates before and after
the effect of currency changes.
In addition, the remeasurement of our intercompany balances
can result in significant gains and charges
associated with the effect of movements in currency exchange
rates. Currency volatilities may continue, which
3 The operating cycle is number of days of sales in inventory
plus number of days of sales in accounts receivable
minus accounts payable days.
4 Inventory turnover is the quotient of trailing-twelve-month
cost of sales to average inventory over five quarter-
ends.
5 Accounts payable days, calculated as the quotient of accounts
payable to current quarter cost of sales,
multiplied by the number of days in the current quarter.
63. 19
may significantly impact (either positively or negatively) our
reported results and consolidated trends and
comparisons.
For additional information about each line item summarized
above, refer to Item 8 of Part II, “Financial
Statements and Supplementary Data—Note 1—Description of
Business and Accounting Policies.”
Critical Accounting Judgments
The preparation of financial statements in conformity with
generally accepted accounting principles of the
United States (“GAAP”) requires estimates and assumptions
that affect the reported amounts of assets and
liabilities, revenues and expenses, and related disclosures of
contingent assets and liabilities in the consolidated
financial statements and accompanying notes. The SEC has
defined a company’s critical accounting policies as
the ones that are most important to the portrayal of the
company’s financial condition and results of operations,
and which require the company to make its most difficult and
subjective judgments, often as a result of the need
to make estimates of matters that are inherently uncertain.
Based on this definition, we have identified the critical
accounting policies and judgments addressed below. We also
have other key accounting policies, which involve
the use of estimates, judgments, and assumptions that are
significant to understanding our results. For additional
information, see Item 8 of Part II, “Financial Statements and
Supplementary Data—Note 1—Description of
Business and Accounting Policies.” Although we believe that
64. our estimates, assumptions, and judgments are
reasonable, they are based upon information presently available.
Actual results may differ significantly from
these estimates under different assumptions, judgments, or
conditions.
Inventories
Inventories, consisting of products available for sale, are
primarily accounted for using the first-in first-out
(“FIFO”) method, and are valued at the lower of cost or market
value. This valuation requires us to make
judgments, based on currently-available information, about the
likely method of disposition, such as through
sales to individual customers, returns to product vendors, or
liquidations, and expected recoverable values of
each disposition category.
These assumptions about future disposition of inventory are
inherently uncertain. As a measure of
sensitivity, for every 1% of additional inventory valuation
allowance at December 31, 2012 we would have
recorded an additional cost of sales of approximately $60
million.
Goodwill
We evaluate goodwill for impairment annually or more
frequently when an event occurs or circumstances
change that indicate that the carrying value may not be
recoverable. Our annual testing date is October 1. We test
goodwill for impairment by first comparing the book value of
net assets to the fair value of the reporting units. If
the fair value is determined to be less than the book value or
qualitative factors indicate that it is more likely than
not that goodwill is impaired, a second step is performed to
65. compute the amount of impairment as the difference
between the estimated fair value of goodwill and the carrying
value. We estimate the fair value of the reporting
units using discounted cash flows. Forecasts of future cash flow
are based on our best estimate of future net sales
and operating expenses, based primarily on expected category
expansion, pricing, market segment share, and
general economic conditions. Certain estimates of discounted
cash flows involve businesses and geographies
with limited financial history and developing revenue models.
Changes in these forecasts could significantly
change the amount of impairment recorded, if any.
During the year, management monitored the actual performance
of the business relative to the fair value
assumptions used during our annual goodwill impairment test.
For the periods presented, no triggering events
were identified that required an update to our annual
impairment test. As a measure of sensitivity, a 10%
decrease in the fair value of any of our reporting units as of
December 31, 2012 would have had no impact on the
carrying value of our goodwill.
20
Financial and credit market volatility directly impacts our fair
value measurement through our weighted
average cost of capital that we use to determine our discount
rate and through our stock price that we use to
determine our market capitalization. During times of volatility,
significant judgment must be applied to
determine whether credit or stock price changes are a short-term
swing or a longer-term trend. As a measure of
sensitivity, a prolonged 20% decrease from our December 31,
66. 2012, closing stock price would not be an indicator
of possible impairment.
Stock-Based Compensation
We measure compensation cost for stock awards at fair value
and recognize it as compensation expense
over the service period for awards expected to vest. The fair
value of restricted stock units is determined based on
the number of shares granted and the quoted price of our
common stock. The estimation of stock awards that will
ultimately vest requires judgment for the amount that will be
forfeited, and to the extent actual results or updated
estimates differ from our current estimates, such amounts will
be recorded as a cumulative adjustment in the
period estimates are revised. We consider many factors when
estimating expected forfeitures, including
employee class, economic environment, and historical
experience. We update our estimated forfeiture rate
quarterly. A 1% change to our estimated forfeiture rate would
have had an approximately $22 million impact on
our 2012 operating income. Our estimated forfeiture rates at
December 31, 2012 and 2011, were 27% and 28%.
We utilize the accelerated method, rather than the straight-line
method, for recognizing compensation
expense. For example, over 50% of the compensation cost
related to an award vesting ratably over four years is
expensed in the first year. If forfeited early in the life of an
award, the compensation expense adjustment is much
greater under an accelerated method than under a straight-line
method.
Income Taxes
We are subject to income taxes in the U.S. and numerous
67. foreign jurisdictions. Significant judgment is
required in evaluating and estimating our provision and accruals
for these taxes. During the ordinary course of
business, there are many transactions for which the ultimate tax
determination is uncertain. Our effective tax
rates could be adversely affected by earnings being lower than
anticipated in countries where we have lower
statutory rates and higher than anticipated in countries where
we have higher statutory rates, by losses incurred in
jurisdictions for which we are not able to realize the related tax
benefit, by changes in foreign currency exchange
rates, by entry into new businesses and geographies and changes
to our existing businesses, by acquisitions
(including integrations) and investments, by changes in the
valuation of our deferred tax assets and liabilities, or
by changes in the relevant tax, accounting, and other laws,
regulations, administrative practices, principles, and
interpretations, with a number of countries actively considering
changes in this regard. In addition, we are subject
to audit in various jurisdictions, and such jurisdictions may
assess additional income tax liabilities against us.
Although we believe our tax estimates are reasonable, the final
outcome of tax audits and any related litigation
could be materially different from our historical income tax
provisions and accruals. Developments in an audit or
litigation could have a material effect on our operating results
or cash flows in the period or periods for which
that development occurs, as well as for prior and subsequent
periods.
Recent Accounting Pronouncements
See Item 8 of Part II, “Financial Statements and Supplementary
Data—Note 1—Description of Business and
Accounting Policies—Recent Accounting Pronouncements.”
68. 21
Liquidity and Capital Resources
Cash flow information is as follows (in millions):
Year Ended December 31,
2012 2011 2010
Cash provided by (used in):
Operating activities $ 4,180 $ 3,903 $ 3,495
Investing activities (3,595) (1,930) (3,360)
Financing activities 2,259 (482) 181
Our financial focus is on long-term, sustainable growth in free
cash flow. Free cash flow, a non-GAAP
financial measure, was $395 million for 2012, compared to $2.1
billion and $2.5 billion for 2011 and 2010. See
“Results of Operations—Non-GAAP Financial Measures” below
for a reconciliation of free cash flow to cash
provided by operating activities. The decrease in free cash flow
in 2012 and 2011, compared to the comparable
prior year periods, was primarily due to increased capital
expenditures partially offset by higher operating cash
flows. Operating cash flows and free cash flows can be volatile
and are sensitive to many factors, including
changes in working capital, the timing and magnitude of capital
expenditures, and our net income. Working
capital at any specific point in time is subject to many
variables, including seasonality, inventory management
and category expansion, the timing of cash receipts and
payments, vendor payment terms, and fluctuations in
foreign exchange rates.