E-Loan Company and Lending tree Features
E-Loan offers CDs and savings accounts, personal loans, auto loans, refinancing. The company’s website contains information about financial intelligence (eloan). Lending Tree Offers personal loans, refinance, home mortgage loans, and auto loans (Lending tree).
The two companies have very many similarities; not only in sharing the same business platform. The companies have robust websites through which potential customers can get access. They offer services such as refinance, Mortgage, personal loans, credit card and business loans among other services.
Most of the services offered by the two companies are common on the market. For instance, mortgage takes care of house needs and is accessible in most banks and financial institutions. The availability of services on the mobile platform is on top of priority for many banking corporations.
For the two companies to gain a larger market share, they should advertise their products on every social media platform and other places that attract communities. Also, the companies would do better if they collaborated to achieve the greater good, to avoid the price wars.
Loan programs and grants exist to help small businesses acquire capital (SBA).
SBA website is full of resources that could help a company grow from scratch. It includes mentorship programs, training and at times, e-conferences for small and medium owners.
Facebook is the largest social media site worldwide. The company entered the market as a free communication tool through which people from different parts of the world could interact. The ads-supported freeware kept the business alive, and at the moment, the CEO is worth more than $30. The company pioneered the active app-based chat systems that connected people via the Internet. The company employs many American citizens. Being supported by companies who buy advertisement space, Facebook invests heavily in building better algorithms that connect and entertain people well enough.
Netflix is an entertainment company that offers movies and TV series through streaming. Since its foundation in 1997, the company has dominated the entertainment world. It has positioned itself as a global leader in the making. The company employs top-notch software programmers to write more sophisticated algorithms that render movies in a better way. Due to the high quality of experience that customers get from the company, the customers often finds a reason to come back and refer friends. The biggest strategic advantage is that Netflix has the best quality of videos and its massive global presence. The two are ingredients of a successful company (Keating).
Imitation of business ideas is a common practice in the corporate world. All technological equipment, medicines, and other products are made by different companies, each adding a personal flavor that creates a connection with the customer. Ideas are meaningless unless one puts them into action. This statement espouses the notion that ideas belong to no one. However, implementation and packaging of a product takes the time of an innovator along with his/her resources. There are some inventors and innovators who choose to open-source their products. It is ethical to use material that has no limitations under the intellectual property. However, it would be very unethical for a company to steal ideas that are patented or copyrighted by another company or individual.
Should Price wars that drive small businesses out of operation be declared illegal?
In the interest of reducing prices and thus affordability of commodities for citizens, a government could allow price wars to take place. The government terms such a practice as fair competition. However, any intentions by a company to form a monopoly or belong to an oligopoly are prohibited. The ethical consideration is that companies need to fight for customers in affair manner that offers value for money and gets profit to remain in business. Every company struggles to keep a share of the market. As a result, the companies should be competitive and offer innovation at the best prices. Every company begun small but has grown over the years amidst tough economic situations. Therefore, price wars should be kept within margins that allow other companies to make a profit. Every company deserves a fair chance to show a customer what they have. Anti-trust laws take care of companies that aim to form monopolies within an area or industry.