eBay is one of the oldest Internet business that continues to thrive even after 25 years in the field.
Founder Pierre Omidyar started this conglomerate of a business when he first launched eBay (formerly called AuctionWeb) after spending his weekend writing code on his computer. His site’s success is all about uniqueness — no other Internet platform did online auction back in the 90s.
Thanks to the guidance of the company’s vision-mission and core values, eBay’s quick growth allowed the company to survive the Dotcom Bubble and dominate the eCommerce market for years along with Amazon. eBay also has been for 14 consecutive years, a Fortune 500 to its name.
Learn about the company’s vision-mission and core values that enabled them to rise from auctioning a broken pointer laser to having a net worth estimated at $45 billion.
|HEADQUARTERS||San José, California|
|STATUS||Public Independent Company of NYSE|
|INDUSTRY SECTOR||Internet Retail|
|TRADING SYMBOL||NASDAQ: EBAY|
eBay’s Mission Statement Analysis
eBay’s mission statement is “to be the world’s favorite destination for discovering great value and unique selection.”
Think of the mission statement as a map for the company. It’s what keeps a corporation running and how they’ll keep on heading towards their destination.
It also shows the strategic methods of a company. Let’s analyze eBay’s mission statement:
- “To be the world’s favorite destination,” eBay, in its mission statement, shows how the company aspires to be the number one site choice on the market when it comes to selling platforms. The company doesn’t limit its demographic to the United States, where it was founded but has the pursuit of being the best choice worldwide.
eBay stays true to this as the company prioritizes progressive growth and sweeping coverage to have a global influence.
- “Discover great value,” in many selling platforms available on the Internet, eBay separates itself for trying to offer the best prices on the variety of their products. Since the company is a customer-to-customer provider, this allows both seller and buyer to provide and discover great value in the site. The system of open market on eBay also encourages the sellers to provide the best value of their product, which the buyers thoroughly enjoys.
- “Unique selection,” is a crucial component for eBay to stand out as e-commerce because having a wide variety of unique selections available on their platform brings customers to their site. This is also reinforcement for the company for them to be the world’s favorite destination.
eBay achieves this by setting up and incorporating a variety of affiliates to their site. By doing this, the company expands its market reach and at the same time, giving their customers a wide market to choose from.
eBay’s Vision Statement Analysis
eBay’s vision statement is “our vision for commerce is one that is enabled by people, powered by technology, and open to everyone.”
A vision statement is all about the company’s purpose and what it wants to achieve. When it comes to eBay, their vision statement highlights to following:
- “Enabled by people.”
- “Powered by technology.”
- “Open to everyone.”
eBay’s vision statement traces back to the company’s roots, where its founder created a platform that is dedicated to bringing buyers and sellers together in an open market. The company’s business model is run by the people engaging with it, and eBay highlights the importance of staying true to their customers. Through this statement, we can see that eBay reciprocates the loyalty shown by the people.
The rise of technology made online trading in eBay seamless and effective while reaching a global audience. By maximizing the power of technology and adapting to new discoveries on the market, eBay managed to continue to rise in the field of e-commerce.
Furthermore, by being a transnational corporation, eBay is open to everyone who wants to utilize their site to push their businesses globally. It doesn’t matter if the buyer or a seller is an individual or part of a company. Such dedication only means that there is no limitation to who can use eBay’s services.
This goes to show that eBay is equally dedicated to both buyers and sellers on their site. With constant innovations applied to a platform that facilitates trade, eBay pushes to reach a wider global audience while at the same time expanding the international reach of both buyers and sellers.
eBay’s Core Values Analysis
eBay’s core values comprise of “family, teamwork, and opportunity.”
A company’s core values are the support of its vision and key components in achieving them. It’s essentially the company’s identity and how it places itself on the market and on the community. Let’s analyze how each of eBay’s core values reflects their company and their services:
- Family. This core value reflects on how eBay strives to create a community where people are brought together with a purpose. In this company, every single person is included and taken care of through their policies in order to provide a safe marketplace.
By treating each member of the community as part of the eBay family, the company can provide policies that safeguard their interests to the best of eBay’s abilities.
- Teamwork. eBay recognizes that its company is built on the efforts of every single people involved in the process of making it and keeping it successful. It’s anchored on the belief that everyone has something to contribute. May it be the investors, stakeholders, or customers, eBay highlights the importance of teamwork and working towards the company’s goals.
- Opportunity. eBay was built when its founder grabbed the opportunity to create a trading platform when no one was offering the same services. Until now, eBay strives under this principle and extends it to its customers. Through eBay, people have extended opportunities to widen their reach, whether they are a seller or a buyer.
eBay is also devoted to providing opportunities outside of their company. The company’ Platform for Good supports humanitarian aid for refugees aside from the numerous charities eBay has founded or donated to. This shows that eBay continues to provide opportunities to the community to the best of their abilities.
eBay’s headquarter is located in San Jose, California, USA.
Address: 2025 Hamilton Avenue, San Jose, California