Alibaba: Competing in China & Beyond

TEACHING NOTE
CASE SUMMARY

This case discusses the success of Alibaba.com Corporation (Alibaba) in China under the
leadership of Jack Ma (Ma), its founder. It talks about the transformation of Alibaba into one of
the most successful e-commerce companies in China and also analyzes its business portfolio. The
case explains in detail the rationale behind Ma starting an e-commerce website and his efforts to
bring about the growth of the company.
Alibaba had emerged as the largest e-commerce company in China. The company tailored its
strategies to meet the needs of the customers and made a mark because of its understanding of the
Chinese language and culture. However, some experts have also raised doubts over the
sustainability of Alibaba’s business model.
The case highlights how Ma successfully competed with foreign e-commerce companies like
eBay Inc. (eBay) by establishing a rival website, Taobao.com, in the online auctions market.
However, Alibaba lagged behind in the Chinese web search market despite acquiring Yahoo!
China’s operations in 2005. Moreover, with Baidu.com (Baidu), China’s leading search engine
announcing its plans to foray into the rapidly growing e-commerce market in 2008, the
competition was expected to intensify for Alibaba. After a successful IPO, the company was
preparing to strengthen its competitive position in China and also to provide tough competition to
other Internet and e-commerce companies in the global arena.
IMMEDIATE ISSUES
• Strategies to be adopted by Alibaba to increase its market share in the rapidly growing
Chinese e-commerce market.
• Strategies to be adopted by Alibaba to defend its market share in the Chinese e-commerce
market considering the competition was intensifying with the entry of other Chinese and
global players.
• Strategies to be adopted by Alibaba to capture a larger share in the Chinese web search
market.
• Strategies to be adopted to make its business model sustainable.
• Decision on global expansion – Should it adapt its business model? If so, how?
BASIC ISSUES
• Industry analysis
 The Chinese e-commerce market
 Competition
• Choice of growth strategies
• Sustainability of business model

INDUSTRY ANALYSIS
The Chinese e-commerce Market
Broadband penetration in China picked up from 2004 after it surpassed South Korea and Japan in
2003. As of 2008, China, with 210 million users, stood second in terms of Internet users after the
US with 216 million users. The broadband penetration in China in 2008 stood at 75 percent. With
the growth of high-speed broadband, the e-commerce market in China also grew.
The concept of e-commerce was introduced in China in 1993. Though it took some time for it to
catch on, it grew at a frantic pace. For instance, the market scale for e-commerce in China grew
from RMB 120 billion in 2001 to RMB 680 billion in 2005. China was also one of the fastest
growing e-commerce markets in the world. In the first quarter of 2008, the Chinese C2C market
created a boom by generating sales of US$ 2.98 billion.
Despite huge opportunities, there were some barriers to the growth of e-commerce in China like
the limited use made of credit cards. Chinese consumers preferred to pay by cash rather than
through credit cards. Moreover, they did not have faith in the security of the payment systems, the
quality of the products purchased, and after sales service. There was also a growing concern
about the rampant sale of counterfeit products through the site.
The e-commerce market was influenced by government regulations related to Internet access,
content regulation, encryption, and domain name. There were also issues related to the censoring
of the content for preventing dissemination of sensitive information related to the Chinese
economy.
Another major constraint hindering the development of e-commerce was an inefficient logistics
system. This was due to inconsistent distribution systems, underdeveloped transportation systems,
and inadequate use of technology in developing a reliable logistics system.
Competition
A firm can formulate its competitive strategy by relating itself to the environment. The industry in
which the firm operates is the key facet of the organizations environment. The structure of the
industry also determines the kind of strategies that the organization adopts. Outside forces also
have a significant impact on the organization’s competitive position. The competition in an
industry can be analyzed by Michael Porter’s (Porter) five forces model (Refer to Figure I for
Porter’s five forces model).
Figure I
Porters’ Five Forces Model
SUBSTITUTES

Threat of
Bargaining new Bargaining
power of substitutes power of
buyers suppliers
COMPETITORS IN
BUYERS THE INDUSTRY SUPPLIERS

Threat of new
entrants

NEW ENTRANTS
The combined strength of these forces depicts the potential profitability of the organization.
Every industry has a different profit potential as the competitive forces differ from each other.
The goal of a company in devising a competitive strategy is to find a position where it can defend
itself against other players in the industry. The company can gather knowledge about its
competitors highlighting their critical areas of strengths and weaknesses. It can also analyze the
areas where changes will yield a payoff and where industry trends hold a greater level of
significance than threats or opportunities. This understanding is expected to help a company
identify areas for expansion and diversification.
Suppliers, buyers, new entrants, and substitutes are termed “competitors” in the industry. The five
competitive forces help a firm identify the intensity of the competition and devise their business
strategies accordingly.
Threat of new entrants
Despite having a strong presence in the Chinese e-commerce market, Alibaba’s position as
market leader faced a challenge when Baidu announced its plans to enter the Chinese e-commerce
market. Analysts felt that Baidu’s entry could have a serious impact on Alibaba’s profitability
considering the former’s leadership position in the web search market. Though Alibaba had
conquered the e-commerce market, it had failed to make a mark in the Chinese web search
market because of the presence of dominant players like Baidu and Google Inc. (Google). In an
attempt to garner a share in the rapidly growing web search market, Alibaba acquired Yahoo!
China’s operations in 2005. However, the acquisition did not help it gain a strong foothold in the
web search market because of Baidu’s popularity. The barriers to entry into the Internet industry
were low as far as start-up costs were considered; however, there were other issues, in China,
such as political interference, regulatory hurdles, etc., which could deter some foreign players
from entering the market.
Intensity of rivalry among existing competitors
The intensity of rivalry in the market was high considering the huge target market at stake. The
players in the market were ready to fight it out by providing free takeaways, adding newer value
added services, and also engaging in advertising wars. Global players were also getting into
strategic partnerships with well-connected local players to take care of the disadvantages of
operating in this emerging market.
Pressure from substitutes
Substitutes in an industry limit the returns by putting a ceiling on the prices that firms can fix to
increase their profitability. While there were a few players existing in the Chinese e-commerce
market, they were not close substitutes for Alibaba considering its dominance in the B2B market.
However, eBay EachNet’s choice of JV partner could change the situation. TOM Online had a
significant presence in mobile commerce, which could prove useful in a country where there were
four mobile phone users for every computer user. It was reported that there were some promising
pilot programs running in some parts of China that sought to use mobile phones as the payment
system in place of credit cards. This was expected to pose a threat to Taobao since the use of
credit cards was one of the factors that discouraged buyers and sellers from entering into
transactions on eBay EachNet. With the increasing usage of mobile phones as payment systems,
competition was expected to intensify for Alibaba.
Bargaining power of buyers
Buyers in the industry compete by bargaining for services and quality and the cutting down of
prices, keeping profitability of the industry in check. Their bargaining power was significantly
high in the Chinese market. This was one reason for Alibaba providing free services.
Bargaining power of suppliers
Suppliers exert their power by bringing down the quality or increasing the prices of their
products. However, the abundance of suppliers in the Chinese market meant that their bargaining
power was low.
Alibaba’s suppliers included the manufacturers, agents, wholesalers, distributors, agents, etc. One
of Alibaba’s strengths was its strategic location where thousands of suppliers were available. The
fact that it understood the Chinese language and culture was also considered as an asset for it in
maintaining its supplier directory. However, Alibaba was not well-known in Europe and North
America and had to build its brand and provide a value proposition to them while maintaining a
good working relationship with the suppliers in China.
GROWTH STRATEGIES
Organic growth is growth achieved by the company through increasing output and sales. Also
referred to as ‘internal growth’, organic growth does not include the growth achieved through
mergers, acquisitions, and takeovers. It also excludes the impact of foreign exchange. Organic
growth is considered to represent the true growth of a company as it is a good indicator of the
company’s core strength. It is also a good indicator of how skillful the management of the
company is in using its internal resources to spur growth.
Inorganic growth is the growth achieved by a company through mergers, acquisitions, and
takeovers, rather than through an increase in its own business activity. Inorganic growth, also
referred to as ‘external growth’, provides the company access to new markets and fresh ideas. It is
often viewed as a faster way for a company to grow when compared with organic growth.
Typically, most companies use a combination of the organic and inorganic growth avenues to
spur business growth in line with the company’s vision and mission. However, it is a matter of
debate as to whether organic or inorganic growth results in better shareholder value.
In fall-2007, Alibaba announced its plans to reorganize its corporate strategy and adopt
mechanisms for sustainable business development. As a key competence, it announced that it
would build a strong and robust e-business infrastructure to ensure smooth transactions through
its site.
Alibaba’s growth strategies for the future included accelerating its e-commerce market and
increasing its presence in overseas markets. It aimed to expand globally, especially in the
lucrative European market. In 2007, Alibaba announced its plans to expand into Europe,
considering the growth potential of the European e-commerce market, which had more than 20
million small and medium enterprises (SMEs). It aimed to use its IPO proceeds to fund this
venture.
In addition to targeting the European market, Alibaba aimed to expand into India by collaborating
with Infomedia India Ltd., India’s special interest publishing and largest Yellow Pages company.
This association was expected to provide India’s 8 million SMEs with a single channel for
domestic and global trade. While expanding globally, Alibaba aimed to build its supplier base
outside China by concentrating on the European and rest of the Asia-Pacific markets.
Alibaba also aimed to restructure its Yahoo! China operations since it was not an income
generator for it. Alibaba aimed to merge its e-business and network search capabilities in an
attempt to revive Yahoo! China. In December 2007, as part of its development strategy, Alibaba
restructured its personnel management and in 2008, it laid off nearly 100 employees in Yahoo!
China to build a world-class team. With this, Ma aimed to build its presence in the lucrative
Chinese web search market.
SUSTAINABILITY OF THE BUSINESS MODEL
A business model can be defined as ‘a strategic design for how a company intends to profit from
its strategies, processes, and activities’. It spells out how a company brings in revenues by
specifying where it is positioned in the value chain. It addresses questions on what value
proposition it presents to its customers, which market segment it targets, what the value chain
structure is, the firm’s position and activities in the value chain, how revenues are generated, and
what the firm’s competitive strategy is.
Innovative business models help improve the financial performance of companies by making
them effective as well as efficient. New business models are threatening or even replacing
established companies and conventional ways of doing business in various industries. However, it
is very important that a company’s business model is scalable and sustainable.

HIGHLIGHTS

• The reasons for Alibaba’s dominant position in the Chinese e-commerce market
• A look at Alibaba’s business portfolio
• Threats to Alibaba’s competitive position in China
• Alibaba’s business model and inputs on whether it is scalable, sustainable, and exportable
to other developed and emerging markets
• Implications for other global players

LEVEL OF ANALYSIS AND POTENTIAL USES

This case is intended for use in MBA/MS level programs as part of a course on Business Strategy.
COURSE SECTION OF THE SYLLABUS
Business Strategy Competition
Growth strategies
International Management International business environment

TEACHING OBJECTIVES
This case will help the learner to
a) Understand the issues and challenges faced by a Chinese e-commerce company in
growing its business
b) Study Alibaba’s business model and see whether it is sustainable
c) Study how Alibaba achieved a balance in catering to global customers while customizing
its practices to suit the needs of its Chinese consumers
 d) Understand how e-commerce companies operate in emerging markets
e) Examine the challenges faced by Alibaba in expanding its business globally

SUGGESTED TEACHING APPROACH

The students can be given a preparatory assignment wherein they are asked to go through the case
and list the basic issues that need to be discussed in the classroom (Refer to section: Suggested
Assignments for Students). The additional readings and references given will help the students to
get a thorough understanding of the case.
The teacher/moderator can start the classroom discussion by giving a brief overview of
Alibaba.com’s success in China. He/she can also briefly describe Ma’s entrepreneurial skills
which helped Alibaba face competition from other players. The moderator can further discuss the
sustainability of Alibaba’s business model. He/she can then divide the class into groups of five or
six. The groups can discuss the basic issues and the questions given to facilitate further
discussion. The analysis of the discussion questions can be presented by one of the groups, to be
followed by an interactive session. The moderator can lead the discussions and then conclude
with a summary of the highlights of the case.

PROPOSED SESSION PLAN

 Introduction of the case – 10 min

 Class discussion to identify the basic issues of the case: 15 min
 Class discussion for question 1: 15 min
 Class discussion for question 2: 15 min
 Class discussion for question 3: 15 min
 Discussion on follow-up assignment (optional): 10 min
 Summary: 10 min
Total expected session time: 90 min

SUGGESTED QUESTIONS FOR DISCUSSION

1. Critically analyze the factors that led to Alibaba sustaining its leadership position in the
Chinese e-commerce market.
2. Discuss the rationale behind Ma establishing Taobao.com. What are the factors that led to
Taobao’s success as compared to eBay in the Chinese online auctions market? With Baidu’s
entry into the e-commerce market, discuss the challenges that Alibaba faces with regard to
sustaining its position in the growing e-commerce market in China.
3. Critically examine Alibaba’s business model. Do you think it is sustainable? After having
captured the Chinese e-commerce market, what steps should Alibaba take to expand glob-
ally?

SUGGESTED ASSIGNMENTS FOR STUDENTS

Preparatory Assignment:
The students may be given the following assignments before the actual discussion of the case.
They can be formed into groups and asked to prepare a note on any of the two questions given
here.
• Prepare a brief note analyzing the opportunities and threats faced by Chinese e-commerce
companies.
• Analyze the factors that led to the success of Alibaba in the Chinese e-commerce market.
Follow-up Assignment:
• Going forward, what should Alibaba’s strategy be for expanding its business models
in China and emerging Internet markets? Give reasons justifying your choice of
targets.

OTHER ISSUES

Nature of the case

This is a case study prepared through secondary research. It has been compiled by the authors
from published sources.

ANALYSIS

1. Critically analyze the factors that led to Alibaba sustaining its leadership position in the
Chinese e-commerce market.
Some of the factors that contributed to the success of Alibaba in the Chinese e-commerce
industry were:
• First mover advantage: Alibaba started its operations when e-commerce in China was
in its infancy stage. Considering the potential of the budding e-commerce market,
Alibaba started with operations that concentrated on providing B2B services to SMEs
that were aspiring to go global.
• Smart competitive and marketing strategies: From an early stage, Alibaba had been
focusing on differentiating itself by providing better services to its customer. It put an in -
novative business model in place where customers could try out its services without any
cost. Over time, it was able to generate revenue from alternative streams and increase
revenue as the willingness of the users to pay for additional services increased.
• Local knowledge: The knowledge of the local market also proved crucial for Alibaba’s
success. For instance, its decision to start a payment system in collaboration with a re -
puted bank in China was due to its local knowledge. Though credit cards were used in
China, they were not the preferred medium of transaction as the Chinese were not com-
fortable using it. Alibaba’s payment system provided them with a sense of safety and
contributed to their willingness to transact online. It was also able to provide a simple yet
efficient website that helped SMEs which were not too tech savvy to navigate the site ef-
fectively.
• Negotiating regulatory and other hurdles: Regulatory hurdles could pose huge chal-
lenges to companies operating in emerging markets like China. The Internet was highly
regulated in the country and that was one of the reasons that foreign companies found it
difficult to succeed in China. It can be said that Alibaba had negotiated the challenges
 posed by the emerging market quite well – it had taken advantage of the opportunities
while mitigating the risks of operating in such a market.
• Leadership and vision: Finally, the leadership and vision of Jack Ma cannot be underes-
timated. He was able to build up an Internet business in China from scratch and this led to
the flourishing of the Internet market in China. His entrepreneurial skills and vision con-
tributed hugely to the success of Alibaba. His approach to competition was almost play-
ful, but effective nevertheless. Acquiring Yahoo! China and weaning away customers
from eBay Eachnet at a time when eBay was bullish on the Chinese market was indeed
laudable.
2. Discuss the rationale behind Ma establishing Taobao.com. What are the factors that led to
Taobao’s success as compared to eBay in the Chinese online auctions market? With Baidu’s
entry into the e-commerce market, discuss the challenges that Alibaba faces with regard to
sustaining its position in the growing e-commerce market in China.
Alibaba’s increasing popularity and the burgeoning e-commerce market in China attracted several
foreign e-commerce companies to China. In 2002, eBay entered China by acquiring a 33 percent
stake in EachNet to form eBay EachNet. In the same year, eBay EachNet emerged as the leading
player in the Chinese online auctions market. By 2003, eBay EachNet had captured a market
share of 79 percent in the Chinese online auctions market.
Considering the growth outlook of the Chinese online auctions market, Alibaba launched a rival
website Taobao.com by teaming up with Masayoshi Son (Son), CEO, Softbank, in 2003. Alibaba
launched Taobao to tap the opportunities in the fast growing C2C e-commerce market in China.
The company already held a dominant position in the B2B arena and felt that its local knowledge
would help it topple eBay and dominate the C2C market as well.
Taobao soon captured the C2C e-commerce market and the market shares of eBay EachNet and
Taobao were reversed. This was despite the fact that the CEO of eBay was very bullish about the
Chinese markets.
Taobao’s understanding of the Chinese language, culture, and consumer preferences helped it
emerge as a successful player in the Chinese online auctions market. Taobao leveraged on its
knowledge of the local market to wean customers away from eBay EachNet. Some factors that
contributed to Taobao’s success were:
 Ma differentiated Taobao from eBay EachNet by allowing free product listings on its site.
eBay EachNet, on the other hand, charged for its services. eBay EachNet which initially
criticized the Taobao business model calling it unsustainable, was forced to adopt a simil-
ar approach later.
 eBay EachNet’s growth was hampered by a lack of the trust factor among Chinese buyers
and sellers while trading online. The company required its consumers to pay through
credit cards while the Chinese consumers preferred to pay by cash. Alibaba, was at an ad-
vantage as it launched AliPay, a payment system that held the money in an escrow ac-
count before the buyers and sellers struck a deal.
 Other factors that helped Taobao succeed over eBay EachNet were its aggressive promo-
tional strategies. Taobao posted ads on online sites and placed billboards in major cities.
Taobao’ easy-to-use features also helped it attract consumers, resulting in users making a
shift from eBay EachNet to Taobao.
 Analysts felt that there were various factors behind eBay’s problems in China. The
biggest complaint against it was its lack of customer service. It did not provide a phone
number that customers could call in case of any queries. On the other hand, Taobao en-
abled its buyers and sellers to communicate through an instant messenger service.
  Taobao allowed its customers to interact with other users before buying a product.
However, eBay kept the users’ contact information a secret till a buyer had won the bid.
This was eBay’s way of ensuring that the users did not come into direct contact with each
other until a transaction had been completed.
 The eBay EachNet site was not tailored to Chinese consumers. Taobao’s auction site, on
the other hand, was perceived to be more in tune with the Chinese consumers’ buying be-
havior. It had a layout that was similar to a Chinese department store with separate sec -
tions for women’s and men’s departments.
 Taobao also took advantage of eBay’s misplaced decision to extend its globally success-
ful business model in China. This was a big mistake on eBay’s part, considering that the
ground realities in China were very different from those in other more developed nations.
eBay’s complacency and decision not to rely too much on the EachNet team (who had
better knowledge of the market) also created problems for it.
 Taobao’s decision to launch B2C services on Taobao was another blow to eBay Eachnet.
This allowed a potential 10 million users of Alibaba’s B2B site to visit Taobao’s B2C
site.
Baidu’s entry into the Chinese C2C market was a potential threat for Alibaba. Baidu had already
defeated Alibaba in the Chinese web search market and could use its knowledge of the local
market to snatch away customers from Taobao. Baidu already accounted for 60 percent of the
Chinese web search market and it aimed to leverage on its strength of search engine user base to
foray into the C2C market.
Baidu’s popularity as a Chinese language search engine was due to its strong understanding of the
subtleties of the Chinese language and culture. Because of its intimate knowledge of the local
language, culture, and dealings with the government, Baidu would have an edge in the Chinese
C2C market. Moreover, it too was prepared to play the ‘free’ game. And with the Chinese e-
commerce market still in its early stages of development there was always a possibility of a shake
up in the market. Taobao weaning away customers from eBay Eachnet was a case in point.
But there was a difference between Taobao’s success and what Baidu faced: Taobao had to
contend with eBay Eachnet which could not hold on to its position due to an inadequate
knowledge of the Chinese market and unwillingness to reengineer its business model. Baidu, on
the other hand, had to contend with Taobao. Web search business and e-commerce require
different capabilities and the capabilities are not necessarily transferable to each other. We have
seen how Alibaba, which was so successful in e-commerce, struggled in the web search market.
The same can happen to Baidu when it enters the e-commerce business. However, Taobao would
do well not to be complacent. We saw what complacency did to eBay Eachnet.
3. Critically examine Alibaba’s business model. Do you think it is sustainable? After having
captured the Chinese e-commerce market, what steps should Alibaba take to expand glob-
ally?
Adopting a free strategy formed the core of Alibaba’s business model. Most of the sellers and
buyers were attracted to its site because of Ma’s strategy of not charging any listing and
transaction fees from its buyers and sellers in contrast to other e-commerce sites that charged for
their services.
The business model at Alibaba entailed that Ma in conjunction with his employees developed the
corporate strategy. The model was arrived at after a thorough review of the company’s
performance with respect to competitors. This is how it identified areas for improvement and
created a unique value proposition. Its decision to focus on the business segment was also a plus
as it provided it with the scope to achieve for organic growth without being subjected to
significant risks.
Alibaba’s ‘free’ strategy was questioned on various fronts. Experts were skeptical about its
growth and the sustainability of its business model if it continued to provide free listings and
charged no transaction fees for its services through the site. In a market like China many people
still had not had an experience of the Internet and of those who were experienced, the majority
had still not attained the same level of sophistication as their peers in developed nations. In such
circumstances, Alibaba.com realized that it had to build a loyal customer base before it started
charging for its services. In addition to this, it focused on providing enhanced service to its
customers and on innovation. As the users gained sophistication, and as their willingness to pay
for value added services increased, Alibaba expected that it would be able to increase its
revenues. Adopting such a long-term orientation is crucial if one is to succeed in an emerging
market like China. Till then, one has to rely on alternative streams of revenue. Alibaba had
proved that its business model was a force to reckon with. For instance, some of its competitors
who had initially criticized its business model, later decided to adopt certain aspects of it.
Human capital too formed a big part in Alibaba’s business model. It focused on providing
employees with better working conditions. The advantages of providing employees with good
working conditions were threefold – increased employee productivity, retention of top talent, and
the ability to attract top talent. These three factors also helped Alibaba achieve a sustainable
business performance.
Global foray:
With the business environment becoming increasingly competitive in China, Alibaba’s decision
to focus on the global market seemed to be a logical one. After having established its presence in
the Chinese e-commerce market with sales offices in Beijing, Seoul, Silicon Valley, London, and
Latin America, Alibaba aimed to expand its operations mainly to the rest of the Asia Pacific, the
US, Russia, and Eastern Europe. With money coming in from its IPO, it had the opportunity to
increase its global footprint.
It can extend its business model in other emerging markets too. For instance, in India for which
Alibaba had grand plans, the ground realities are similar – huge population, strong GDP growth,
growing middle class, huge increase in Internet users, low credit card usage, etc. In markets such
as these, Alibaba’s business model would work well provided the cultural aspects are taken into
account. Alibaba would therefore do well to forge some strategic alliance with some local player
in these markets.
Even in more developed markets, a business model such as this could work. For instance, there is
always a section of the population to whom a ‘free’ model seems attractive. However, the key to
developed market would be to provide more value-added services that a majority of the users in
developed markets covet. Alibaba was already doing reasonably well in Europe and it is not
hidden from the company that it could get more revenues in the short term catering to users in
these markets.
Balancing global and local priorities will be very important for Alibaba. The Internet market in
China is still in its early stages of maturity and losing focus could lead to Alibaba losing its
dominant position. The company should also have a relook at its business portfolio. For instance,
questions such as ‘Does something like Alimama indeed add any value to its customers in China
or in the global market?’ should be seriously considered.

References and Suggested Readings:

 1. “Fast as a Rabbit, Patient as a Turtle,” www.resources.alibaba.com, July 3, 2000.
2. Justin Deobele, “B2B for the Little Guys,” www.forbes.com, July 24, 2000.
3. “Alibaba’s Magic Carpet is Losing Altitude,” www.businessweek.com, April 9, 2001.
4. “eBay and EachNet Team up in China,” www.investing.ebay.com, March 17, 2002.
5. “Alibaba is to Land at Japan, as Planned,” www.resources.alibaba.com, October 17, 2002.
6. Sumie Kawakami, “China’s Visionary B2B: Who Says the Dot-com Era is over?
Alibaba.com Thrives as Chinese Imports and Exports Boom. CEO Jack Ma Has a
Vision: Helping SMEs Buy and Sell Goods through his Sites - Upfront - Company
Profile,” www.encyclopedia.com, May 2003.
7. Susan Kuchinskas, “Jack Ma, CEO, Alibaba,” www.venturetdf.com, October 22, 2004.
8. “eBay Outlines Global Business Strategy at 2005 Analyst Conference,”
www.investor.ebay.com, February 10, 2005.
9. Justin Doebele, “Standing up to eBay,” www.forbes.com, March 18, 2005.
10. “China’s Online Auction Market,” www.bbb.typepad.com, March 2005.
11. “Open Sesame to the Net Highway,” www.crienglish.com, April 17, 2005.
12. “Ebay Oversold Recently Standing up to a Giant,” www.marketmillionaires.com, April
2005.
13. “Meet Jack Ma, Who Will Guide Yahoo in China,” www.bdachina.com, August 12, 2005.
14. Bill Powell and Jeffrey Resner, “Why Ebay Must Win in China,” www.time.com, August
22, 2005.
15. Ina Steiner, “Alibaba Calls on eBay to Make China Site Free, eBay Responds,”
www.auctionbytes.com, October 20, 2005.
16. “Alibaba’s Chief Vows to Beat Google in China,” www.blog.searchenginewatch.com,
November 17, 2005.
17. “Watch Jack Ma,” www.battellemedia.com, November 19, 2005.
18. Chua Chin Hon, “Yahoo! Jack Wants it to be No.1 in China,” www.asiamedia.ucla.edu,
April 28, 2006.
19. “Taobao.com Launches B2C Services,” www.resources.alibaba.com, May 10, 2006.
20. “China Online Shopping Market Survey Report,” www.cnnic.cn, May 2006.
21. John Heilemann, “Jack Ma Aims to Unlock the Middle Kingdom,” www.money.cnn.com,
October 2, 2006.
22. Matt Marshall, “China Wars: Zhou Fights Back, Says Alibaba’s Ma is Desperate,”
www.venturebeat.com, November 5, 2006.
23. “eBay’s Exit from China Opens the Door for News Corp.,” www.seekingalpha.com,
December 21, 2006.
24. Sonia Kolesnikov-Jessop, “Spotlight: Jack Ma, Co-founder of Alibaba.com,”
www.iht.com, January 5, 2007.
25. Christopher Bodeen, “Yahoo China Portal to Be Reorganized,” www.washingtonpost.com,
January 8, 2007.
26. Elizabeth Millard, “The Mushrooming Chinese Internet Market,”
www.ecommercetimes.com, January 11, 2007.
27. “China E-commerce Profit Model Report, 2006-2007,” www.researchinchina.com,
January 2007.
28. “Alibaba.com,” www.lupaworld.com, May 29, 2007.
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30. Simon Burns, “Going Local No Help for eBay in China,” www.vnunet.com, August 23,
2007.
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