SlideShare ist ein Scribd-Unternehmen logo
1 von 45
[object Object],[object Object],[object Object],[object Object]
[object Object],[object Object],[object Object],[object Object],Go to Market
[object Object],[object Object],What’s Your Path to Market  Map this out and it will reveal players in the value chain All industry sectors have a rhythm
Routes Relationships for Commercialisation ,[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],Articulating this path to market gives investors a look at potential opportunities of your idea
[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],Your Plan of Attack
PORTABILITY PROCESSING CAPABILITY Workstations Desktops Notebooks Handhelds PDA’s Smartphone's Predicted Growth Of the Smartphone Category Circa  2005 Recap on Category & Segments  Example possible  growth area Wendy Kennedy “So What Who Cares Why You”
Definers Context Compatibility Descriptors Segment Definers Commuter trains Commute time QTY travellers Demography % business travellers Context How will the customer Use the product/service E ticketing Train status monitoring Passenger internet access Descriptors Government funded Reduce operational costs Revenue generating services to Passengers on board Buying group Rail commissioners Rail engineers Procurement specialist Compatibility With existing platforms Propriety rail legacy systems Rail certification safety in all Area’s
Definitions ,[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object]
Diagram 1A
Raw Materials Transport Processing Forming Assembly Distribution Sales Service What’s your value chain? What are the margins in each link? Where are your competitive strengths? Where is your strategic intent? Value Chain  G.Royce 2007
Adapted from Michael Porter,  Competitive Advantage , Free Press, New York, 1985, p. 46 Another Example of a Generic Value Chain This could be looked at as and  Ecosystem   Inbound  Logistics Operations Outbound  Logistics Marketing  & Sales Service FIRM INFRASTRUCTURE TECHNOLOGY DEVELOPMENT HUMAN RESOURCE MANAGEMENT PROCUREMENT Margin
[object Object],[object Object],[object Object],[object Object],[object Object],Investors & Your Plan of Attack Adoption Curve  with your phases of your path to market Worksheet 5(A) Everett M Rogers 1962
[object Object],[object Object]
[object Object],The Route A Channel is  A route taken by a product as it moves from manufacturer to end user A Channel Map Helps you see who is involved
[object Object],A Channel Map Hosted Software Provider Enterprise Customers Small/Medium Sized Businesses Small/Medium Sized Businesses Enterprise Integrators Large Account Resellers Value Added Resellers Resellers Distribution Direct Sales Wendy Kennedy “So What Who Cares Why You”
Phases of Your Path to Market #2 #3 #1 Category Leadership Segment  Attack Plan Lead Customer (Early Adopters) Name Each Target  Segment Wendy Kennedy “So What Who Cares Why You”
Your Plan of Attack Lead Customer (Early Adopters) Segment  Attack Plan Category Leadership Timing Timing Timing 5. 4. Measure of Success Measure of Success Measure of Success 3. 2. 1. Major Initiatives Major Initiatives Major Initiatives Top Five Customer Targets
[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],Key Thrusts
[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],Relationships
[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],Relationships Map Out Relationships
[object Object],Worksheet 5(B) Access Point Cisco Cellular Wireless Satellite Bell Antenna Raysat Component Devices PDA - Centrino Mobile Equipment Cisco Equipment Integrators IBM Carriers Vodafone O2 – BT - Orange Mobile WISP O2 Vodaphone WISP O2 - BT Eircom Service Provider Workplace Operator UPS, Police Local Government Mobile Operator ? Facility Operator Starbucks Hilton Operator Mobile Workplace Emergency - Fleet Coach Mobile Hotspots Rail - Bus Car Public Hotspots Coffee Shops - Hotels Airports – Railway Etc Location Provider Specific Type of Business and Company Name Value Chain
[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],A Channel Map Checklist Worksheet 5(C)
Some Lessons on Channel Building  Lesson1 ,[object Object],[object Object],[object Object],[object Object],[object Object]
[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],Lesson 2
[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],Lesson 3
[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],Lesson 4
[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],Lesson 5
[object Object],[object Object],[object Object],[object Object],Where’s the Money Profit?
[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],Where’s the Money
[object Object],[object Object],[object Object],Business Model
[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],Business Model continued The business plan must show the financial opportunity and payback scenario
Value Proposition A Value Proposition Diagram 1B AMCS Ltd The Offering Key Value Features Values What is offered Market  Description  Competitors Domain Customers To who Selling  Points Business Model Pricing How it makes money
[object Object],Business Model continued Types of model Bait to hook model  VOIP Free but selling premium services Flea market model  for online community multiple small charges Content Portal  Information in one spot – advertising fees
[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],Defining your business model
[object Object],How will you make money Auction Fee from bringing buyers and sellers together Bait & Hook Something for free build customer base sell other products Bricks and Clicks Off & On value added services airlines car hire  Content Portal Advertising fees - bring information together charge a fee for use Licensing Charge per user etc software Loyalty Rewards programme commitment to vendor products Subscription Rent out period of time
General business models ,[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object]
[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],Building your business model
[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],Give your business model backbone
Data points for building your financial forecast ,[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],Your Customer ,[object Object],[object Object],[object Object],[object Object],The segment ,[object Object],[object Object],[object Object],[object Object],The Market Tips & data Sources Data Points Topic
[object Object],[object Object],[object Object],[object Object],People ,[object Object],[object Object],[object Object],Operations, Sales, General & Administrative (SG&A) Expenses ,[object Object],[object Object],[object Object],Channels ,[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],Price & Cost ,[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],Product Tips & data Sources Data Points for building financial forecasts Topic
[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],Questions a model for licensing should answer
[object Object],[object Object],[object Object],Support Resources ,[object Object],[object Object],R&D investment ,[object Object],[object Object],[object Object],Costs ,[object Object],Revenue potential ,[object Object],[object Object],[object Object],Path to market ,[object Object],[object Object],[object Object],[object Object],[object Object],Product line fit ,[object Object],[object Object],IP ,[object Object],[object Object],[object Object],Customer Segment Licensing Data Points Topic
[object Object],[object Object],[object Object],[object Object],[object Object],Test drive your business model
[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],Some Back Pocket Metrics
[object Object],[object Object],Your turn

Weitere ähnliche Inhalte

Was ist angesagt?

Competitor Analysis Templates Our Competitors Losing Market Gaining Market
Competitor Analysis Templates Our Competitors Losing Market Gaining Market Competitor Analysis Templates Our Competitors Losing Market Gaining Market
Competitor Analysis Templates Our Competitors Losing Market Gaining Market SlideTeam
 
Industry and Competitor Analysis | Five Competitive Forces | Five Primary Ind...
Industry and Competitor Analysis | Five Competitive Forces | Five Primary Ind...Industry and Competitor Analysis | Five Competitive Forces | Five Primary Ind...
Industry and Competitor Analysis | Five Competitive Forces | Five Primary Ind...FaHaD .H. NooR
 
Market opportunity analysis
Market opportunity analysisMarket opportunity analysis
Market opportunity analysisgihan aboueleish
 
Go-To-Market Strategy - Entrepreneurship 101 (2012/2013)
Go-To-Market Strategy - Entrepreneurship 101 (2012/2013)Go-To-Market Strategy - Entrepreneurship 101 (2012/2013)
Go-To-Market Strategy - Entrepreneurship 101 (2012/2013)MaRS Discovery District
 
Reverse Engineering Force.com's Approach to the Cloud Computing Market
Reverse Engineering Force.com's Approach to the Cloud Computing MarketReverse Engineering Force.com's Approach to the Cloud Computing Market
Reverse Engineering Force.com's Approach to the Cloud Computing MarketLustratus REPAMA
 
Competitor Analysis Powerpoint Presentation Slides
Competitor Analysis Powerpoint Presentation SlidesCompetitor Analysis Powerpoint Presentation Slides
Competitor Analysis Powerpoint Presentation SlidesSlideTeam
 
Porters 5 Forces And Mapping
Porters 5 Forces And MappingPorters 5 Forces And Mapping
Porters 5 Forces And Mappingsmehro
 
Smartphone Industry and Apple iPhone Rising
Smartphone Industry and Apple iPhone RisingSmartphone Industry and Apple iPhone Rising
Smartphone Industry and Apple iPhone RisingRobin Thieu
 
Practice of International Trade EIMSO2 Lecture V3
Practice of International Trade EIMSO2 Lecture V3Practice of International Trade EIMSO2 Lecture V3
Practice of International Trade EIMSO2 Lecture V3Fan DiFu, Ph.D. (Steve)
 
Competitor Analysis Framework PowerPoint Presentation Slides
Competitor Analysis Framework PowerPoint Presentation SlidesCompetitor Analysis Framework PowerPoint Presentation Slides
Competitor Analysis Framework PowerPoint Presentation SlidesSlideTeam
 
Competitor Analysis Framework PowerPoint Presentation Slides
Competitor Analysis Framework PowerPoint Presentation SlidesCompetitor Analysis Framework PowerPoint Presentation Slides
Competitor Analysis Framework PowerPoint Presentation SlidesSlideTeam
 
Go to market strategy (gtm) for get my parking app
Go to market strategy (gtm) for get my parking appGo to market strategy (gtm) for get my parking app
Go to market strategy (gtm) for get my parking appBharat Narayan
 

Was ist angesagt? (20)

Competitor Analysis Templates Our Competitors Losing Market Gaining Market
Competitor Analysis Templates Our Competitors Losing Market Gaining Market Competitor Analysis Templates Our Competitors Losing Market Gaining Market
Competitor Analysis Templates Our Competitors Losing Market Gaining Market
 
Industry and Competitor Analysis | Five Competitive Forces | Five Primary Ind...
Industry and Competitor Analysis | Five Competitive Forces | Five Primary Ind...Industry and Competitor Analysis | Five Competitive Forces | Five Primary Ind...
Industry and Competitor Analysis | Five Competitive Forces | Five Primary Ind...
 
Competitive intelligence, How to get it...
Competitive intelligence, How to get it...Competitive intelligence, How to get it...
Competitive intelligence, How to get it...
 
Market opportunity analysis
Market opportunity analysisMarket opportunity analysis
Market opportunity analysis
 
Competitor analysis
Competitor analysis Competitor analysis
Competitor analysis
 
Go-To-Market Strategy - Entrepreneurship 101 (2012/2013)
Go-To-Market Strategy - Entrepreneurship 101 (2012/2013)Go-To-Market Strategy - Entrepreneurship 101 (2012/2013)
Go-To-Market Strategy - Entrepreneurship 101 (2012/2013)
 
Reverse Engineering Force.com's Approach to the Cloud Computing Market
Reverse Engineering Force.com's Approach to the Cloud Computing MarketReverse Engineering Force.com's Approach to the Cloud Computing Market
Reverse Engineering Force.com's Approach to the Cloud Computing Market
 
Competitor Analysis Powerpoint Presentation Slides
Competitor Analysis Powerpoint Presentation SlidesCompetitor Analysis Powerpoint Presentation Slides
Competitor Analysis Powerpoint Presentation Slides
 
Porters 5 Forces And Mapping
Porters 5 Forces And MappingPorters 5 Forces And Mapping
Porters 5 Forces And Mapping
 
Smartphone Industry and Apple iPhone Rising
Smartphone Industry and Apple iPhone RisingSmartphone Industry and Apple iPhone Rising
Smartphone Industry and Apple iPhone Rising
 
Practice of International Trade EIMSO2 Lecture V3
Practice of International Trade EIMSO2 Lecture V3Practice of International Trade EIMSO2 Lecture V3
Practice of International Trade EIMSO2 Lecture V3
 
Competitor Analysis Framework PowerPoint Presentation Slides
Competitor Analysis Framework PowerPoint Presentation SlidesCompetitor Analysis Framework PowerPoint Presentation Slides
Competitor Analysis Framework PowerPoint Presentation Slides
 
E-Commerce 09
E-Commerce 09E-Commerce 09
E-Commerce 09
 
Competitor Analysis Framework PowerPoint Presentation Slides
Competitor Analysis Framework PowerPoint Presentation SlidesCompetitor Analysis Framework PowerPoint Presentation Slides
Competitor Analysis Framework PowerPoint Presentation Slides
 
Nokia
NokiaNokia
Nokia
 
Competitor analaysis
Competitor analaysisCompetitor analaysis
Competitor analaysis
 
Competitor Analysis
Competitor AnalysisCompetitor Analysis
Competitor Analysis
 
2nd Quadrant Channels
2nd Quadrant Channels2nd Quadrant Channels
2nd Quadrant Channels
 
Go to market strategy (gtm) for get my parking app
Go to market strategy (gtm) for get my parking appGo to market strategy (gtm) for get my parking app
Go to market strategy (gtm) for get my parking app
 
Timing Of Entry
Timing Of EntryTiming Of Entry
Timing Of Entry
 

Ähnlich wie Path To Market M4

A Recipe for Success: Today’s Integrated Marketing Strategy.
A Recipe for Success: Today’s Integrated Marketing Strategy.A Recipe for Success: Today’s Integrated Marketing Strategy.
A Recipe for Success: Today’s Integrated Marketing Strategy.tspellman
 
“A Recipe for Success: Today’s Integrated Marketing Strategy.”
“A Recipe for Success: Today’s Integrated Marketing Strategy.”“A Recipe for Success: Today’s Integrated Marketing Strategy.”
“A Recipe for Success: Today’s Integrated Marketing Strategy.”tspellman
 
Growth Strategies Across the Product Lifecycle
Growth Strategies Across the Product LifecycleGrowth Strategies Across the Product Lifecycle
Growth Strategies Across the Product LifecyclePaul Morgan
 
Crossing The Chasm
Crossing The ChasmCrossing The Chasm
Crossing The ChasmSrini Kumar
 
Entrepreneurship Summit Iit Kgp How To Write A Business Plan 03 11 2007
Entrepreneurship Summit Iit Kgp How To Write A Business Plan 03 11 2007Entrepreneurship Summit Iit Kgp How To Write A Business Plan 03 11 2007
Entrepreneurship Summit Iit Kgp How To Write A Business Plan 03 11 2007Prof Parameshwar P Iyer
 
Entrepreneurship Summit IIT Kgp How To Write A Business Plan 03 11 2007
Entrepreneurship Summit IIT Kgp How To Write A Business Plan 03 11 2007Entrepreneurship Summit IIT Kgp How To Write A Business Plan 03 11 2007
Entrepreneurship Summit IIT Kgp How To Write A Business Plan 03 11 2007Prof Parameshwar P Iyer
 
Business Model Innovation Tool Kit
Business Model Innovation Tool KitBusiness Model Innovation Tool Kit
Business Model Innovation Tool Kitaaltoglobalimpact
 
Mmi strategy 2
Mmi strategy 2Mmi strategy 2
Mmi strategy 2gatecomro
 
Feasibility And Rfp Design Final
Feasibility And Rfp Design FinalFeasibility And Rfp Design Final
Feasibility And Rfp Design FinalAnn Treacy
 
Panel Presentation Template
Panel Presentation TemplatePanel Presentation Template
Panel Presentation Templatesteve tice
 
Principles And Strategies For Technology Startups 10 09 09
Principles And Strategies For Technology Startups  10 09 09Principles And Strategies For Technology Startups  10 09 09
Principles And Strategies For Technology Startups 10 09 09tomysawyer
 
technology entrepreneurship
technology entrepreneurshiptechnology entrepreneurship
technology entrepreneurshipandrewmaxwell
 
A.T. Kearney: Positioning for the Telematics Tipping Point
A.T. Kearney: Positioning for the Telematics Tipping PointA.T. Kearney: Positioning for the Telematics Tipping Point
A.T. Kearney: Positioning for the Telematics Tipping PointbengillTU
 

Ähnlich wie Path To Market M4 (20)

Go To Market Workshop
Go To Market WorkshopGo To Market Workshop
Go To Market Workshop
 
A Recipe for Success: Today’s Integrated Marketing Strategy.
A Recipe for Success: Today’s Integrated Marketing Strategy.A Recipe for Success: Today’s Integrated Marketing Strategy.
A Recipe for Success: Today’s Integrated Marketing Strategy.
 
“A Recipe for Success: Today’s Integrated Marketing Strategy.”
“A Recipe for Success: Today’s Integrated Marketing Strategy.”“A Recipe for Success: Today’s Integrated Marketing Strategy.”
“A Recipe for Success: Today’s Integrated Marketing Strategy.”
 
Growth Strategies Across the Product Lifecycle
Growth Strategies Across the Product LifecycleGrowth Strategies Across the Product Lifecycle
Growth Strategies Across the Product Lifecycle
 
Market Analysis
Market AnalysisMarket Analysis
Market Analysis
 
Crossing The Chasm
Crossing The ChasmCrossing The Chasm
Crossing The Chasm
 
Entrepreneurship Summit Iit Kgp How To Write A Business Plan 03 11 2007
Entrepreneurship Summit Iit Kgp How To Write A Business Plan 03 11 2007Entrepreneurship Summit Iit Kgp How To Write A Business Plan 03 11 2007
Entrepreneurship Summit Iit Kgp How To Write A Business Plan 03 11 2007
 
Entrepreneurship Summit IIT Kgp How To Write A Business Plan 03 11 2007
Entrepreneurship Summit IIT Kgp How To Write A Business Plan 03 11 2007Entrepreneurship Summit IIT Kgp How To Write A Business Plan 03 11 2007
Entrepreneurship Summit IIT Kgp How To Write A Business Plan 03 11 2007
 
Business Model Innovation Tool Kit
Business Model Innovation Tool KitBusiness Model Innovation Tool Kit
Business Model Innovation Tool Kit
 
Mmi strategy 2
Mmi strategy 2Mmi strategy 2
Mmi strategy 2
 
Feasibility And Rfp Design Final
Feasibility And Rfp Design FinalFeasibility And Rfp Design Final
Feasibility And Rfp Design Final
 
Module 3.pptx
Module 3.pptxModule 3.pptx
Module 3.pptx
 
Panel Presentation Template
Panel Presentation TemplatePanel Presentation Template
Panel Presentation Template
 
Principles And Strategies For Technology Startups 10 09 09
Principles And Strategies For Technology Startups  10 09 09Principles And Strategies For Technology Startups  10 09 09
Principles And Strategies For Technology Startups 10 09 09
 
Gol presentation copy
Gol presentation copyGol presentation copy
Gol presentation copy
 
Gol presentation copy
Gol presentation copyGol presentation copy
Gol presentation copy
 
technology entrepreneurship
technology entrepreneurshiptechnology entrepreneurship
technology entrepreneurship
 
test
testtest
test
 
A.T. Kearney: Positioning for the Telematics Tipping Point
A.T. Kearney: Positioning for the Telematics Tipping PointA.T. Kearney: Positioning for the Telematics Tipping Point
A.T. Kearney: Positioning for the Telematics Tipping Point
 
Finding money with business plan
Finding money with business planFinding money with business plan
Finding money with business plan
 

Mehr von Graham Royce (20)

Chapter 18
Chapter 18Chapter 18
Chapter 18
 
Chapter 17
Chapter 17Chapter 17
Chapter 17
 
Chapter 16
Chapter 16Chapter 16
Chapter 16
 
Chapter 15
Chapter 15Chapter 15
Chapter 15
 
Chapter 14
Chapter 14Chapter 14
Chapter 14
 
Chapter 13
Chapter 13Chapter 13
Chapter 13
 
Chapter 12
Chapter 12Chapter 12
Chapter 12
 
Chapter 11
Chapter 11Chapter 11
Chapter 11
 
Chapter 10
Chapter 10Chapter 10
Chapter 10
 
Chapter 09
Chapter 09Chapter 09
Chapter 09
 
Chapter 08
Chapter 08Chapter 08
Chapter 08
 
Chapter 07
Chapter 07Chapter 07
Chapter 07
 
Chapter 06
Chapter 06Chapter 06
Chapter 06
 
Chapter 05
Chapter 05Chapter 05
Chapter 05
 
Chapter 04
Chapter 04Chapter 04
Chapter 04
 
Chapter 03
Chapter 03Chapter 03
Chapter 03
 
Chapter 02
Chapter 02Chapter 02
Chapter 02
 
Chapter 01
Chapter 01Chapter 01
Chapter 01
 
13 java in oracle
13 java in oracle13 java in oracle
13 java in oracle
 
Java tut1 Coderdojo Cahersiveen
Java tut1 Coderdojo CahersiveenJava tut1 Coderdojo Cahersiveen
Java tut1 Coderdojo Cahersiveen
 

Path To Market M4

  • 1.
  • 2.
  • 3.
  • 4.
  • 5.
  • 6. PORTABILITY PROCESSING CAPABILITY Workstations Desktops Notebooks Handhelds PDA’s Smartphone's Predicted Growth Of the Smartphone Category Circa 2005 Recap on Category & Segments Example possible growth area Wendy Kennedy “So What Who Cares Why You”
  • 7. Definers Context Compatibility Descriptors Segment Definers Commuter trains Commute time QTY travellers Demography % business travellers Context How will the customer Use the product/service E ticketing Train status monitoring Passenger internet access Descriptors Government funded Reduce operational costs Revenue generating services to Passengers on board Buying group Rail commissioners Rail engineers Procurement specialist Compatibility With existing platforms Propriety rail legacy systems Rail certification safety in all Area’s
  • 8.
  • 10. Raw Materials Transport Processing Forming Assembly Distribution Sales Service What’s your value chain? What are the margins in each link? Where are your competitive strengths? Where is your strategic intent? Value Chain G.Royce 2007
  • 11. Adapted from Michael Porter, Competitive Advantage , Free Press, New York, 1985, p. 46 Another Example of a Generic Value Chain This could be looked at as and Ecosystem Inbound Logistics Operations Outbound Logistics Marketing & Sales Service FIRM INFRASTRUCTURE TECHNOLOGY DEVELOPMENT HUMAN RESOURCE MANAGEMENT PROCUREMENT Margin
  • 12.
  • 13.
  • 14.
  • 15.
  • 16. Phases of Your Path to Market #2 #3 #1 Category Leadership Segment Attack Plan Lead Customer (Early Adopters) Name Each Target Segment Wendy Kennedy “So What Who Cares Why You”
  • 17. Your Plan of Attack Lead Customer (Early Adopters) Segment Attack Plan Category Leadership Timing Timing Timing 5. 4. Measure of Success Measure of Success Measure of Success 3. 2. 1. Major Initiatives Major Initiatives Major Initiatives Top Five Customer Targets
  • 18.
  • 19.
  • 20.
  • 21.
  • 22.
  • 23.
  • 24.
  • 25.
  • 26.
  • 27.
  • 28.
  • 29.
  • 30.
  • 31.
  • 32. Value Proposition A Value Proposition Diagram 1B AMCS Ltd The Offering Key Value Features Values What is offered Market Description Competitors Domain Customers To who Selling Points Business Model Pricing How it makes money
  • 33.
  • 34.
  • 35.
  • 36.
  • 37.
  • 38.
  • 39.
  • 40.
  • 41.
  • 42.
  • 43.
  • 44.
  • 45.