So what does BEENZ stand for? The dotcom flop was based on arbitrage. But, it was not all bad. Before it collapsed, the company was a customer relationship management tool. In the following paragraphs, we’ll explore Beenz’s history and how the slacknews company ended up being sold to Carlson Marketing Group. You might even want to know what it stood for before you read this article.
Beenz was a customer relationship management tool
Beenz was invented by Charles Cohen, who later co-founded the parent company along with John Hogg, Philip Letts, and Dave King. In fact, the first Beenz was used by Neil Forrester at Oxford University, and he was later joined by fellow Oxford students Dave King, John Hogg, and Philip Letts, who eventually became CEOs and led marketing efforts. In the end, beenz became a global business, with the company’s headquarters moving to New York City.
Beenz was sold to Carlzon Marketing Group in 2001. Its management was interested in the points technology, and wanted to incorporate it into their CRM software. During this period, consumers were able to collect points by purchasing on-line goods. The company also partnered with MasterCard, allowing rewardz card holders to transfer their points to their MasterCard account. This partnership was one of the first of its kind.
It was based on arbitrage
While the company was originally a purely US company, it quickly expanded to other countries, including the United States, France, Germany, Italy, Japan, Australia, and China. Its operations spread across the world, and its website included translations into factival several languages. Its long-term goal was to allow consumers to purchase BEENZ directly from the company, but some countries were opposed to this concept. However, Cohen was able to overcome the problems associated with implementing an alternative currency scheme and he created a company that provided services to consumers around the world.
Beenz’s business model was based on arbitrage, as companies purchased its “beenz” at a local exchange rate. They could then award these “beenz” to consumers for certain actions, such as making on-line purchases. To acquire “beenz” from seatgurunews consumers, users simply entered the email address that was linked to their account. They could then use these points to purchase goods from merchants on the internet. The merchants could exchange their “beenz” for a local currency or sell them back to the company at a pre-determined exchange rate.
It was a dotcom disaster
A dotcom disaster is a dotcom that goes bust. This time, the dotcom was BEENZ. While it’s true that the dotcom bubble was overvalued, it wasn’t because all the companies were inept. Many of these failed due to the lack of a business model and imetapressnews unrealistic promises. Despite these warnings, the companies simply roared ahead with a “grow big, grow fast” mindset. But, that wasn’t enough: the dot-com bubble burst and the stocks of most of them went down.
Conclusion
The company’s underlying technology had been developed in Sweden, France, Germany, Italy, Japan, Australia, and the United States. The company operated in twelve countries and translated its website into many languages. After its collapse, Carlzon savetoby Marketing Group bought Beenz and its technology, and merged it with Hasbeenz to relaunch it in a different way. Sadly, the company never went public and its technology was eventually sold to Carlzon Marketing Group and acquired by Hasbeenz.
