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unities: the forum, the shop, the club, and the bazaar. The bazaar involves activities where the members themselves are buying and selling physical and now virtual products as well. This type of activity is being more and more prevalent. These authors have recognized the entertainment as well as the mercial value that munities have. In this paper we focus primarily on the entertainment segment of virtual munities and aim to understand the business model dynamic of this industry. Many users are willing to pay for munities such as the Inter Chess Club Even in a structured game such as chess, members introduced “chekels,” a moary unit that could be exchanged for dollars. It is thus not surprising to see that the social aspects of these munities are rapidly transforming into mercial opportunities for users as well. Design assumptions of the munity will often determine whether developers want to encourage or discourage the profit motives of users. Lack of pany control can cause difficulties. Even though there are millions of people around the world who are active in these virtual worlds, scholars have only recently begun to understand the dynamics of these munities. Because of the revenue streams that virtual worlds are now able to generate, this study focuses on the business model aspects of those munities. Business model literature has grown rapidly over the past five years and is helpful in understanding the challenges that VW developers and users are likely to face in their attempts to develop profitable businesses based on virtual property. Contributions from scholars in business models can be divided into three areas: studies that focus on single factors to highlight their importance, studies that identify several elements that make a business model successful, and studies that identify business model ponents. One of the reasons why we want to focus on the business model aspects of this industry is because of its large economic potential. Even with its relatively low adoption percentage in China, the industry is already generating large revenues. We thus want to understand how the industry has evolved and how it will be able to generate further growth. The business model literature is quite rich and sometimes overwhelming. In many instances scholars 浙江工業(yè)大學(xué)之江學(xué)院畢業(yè)設(shè)計(jì)(論文) 外文翻譯 10 have tended to emphasize some aspects over others and many of their models have involved static analysis of the ponents that the authors believe affect the economic success of panies. These static models are, to a certain extent ineffective when we are analyzing an emerging industry, as they have to go through many challenges before they have a viable business model. MacInnes (2021a) provides a four stage dynamic business model framework that takes into consideration the dynamic aspects of an evolving industry. The model was designed specifically for emerging industries such as the Chinese online game market. . The dynamic business model framework The dynamic business model framework was designed to take into consideration the evolution that businesses experience as they bee more knowledgeable about their industry. This is particularly true for business segments that are just emerging as is the case with virtual world game developers/operators. The model is posed of four interrelated stages. Fig. 1 shows the different stages. Fig1 Dynamic business model framework for emerging technologies. The factors that affect the success of a pany’s business model at its early stages are different from those affecting the business at a more mature stage. In the first stage technical issues are of greatest importance. In the second stage environmental factors such as law and adoption should be considered. In the third stage developers can begin to incorporate traditional revenue model factors. The fourth stage focuses on fac