KINGS COLLEGE LONDON

6CCYM325- Business Strategy

Assignment
Yahoo! Vs. Google

Student Name: Santiago Tomas Clausse

Student Number: 0918913
Candidate Number: P13986
Date of Submission: Friday 18th of November, 2011

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Candidate Number: P13986
Student Number: 0918913

Originality Avowal

I hereby certify that I understand the nature of plagiarism and collusion, and that I
understand the Colleges Academic Regulations regarding Examination Misconduct.
I verify that I am the sole author of this report, except where explicitly stated to the
contrary.

Santiago Tomas Clausse

Clausse, S. 3
Candidate Number: P13986
Student Number: 0918913

Table of Contents

1. Introduction..........4
2. Industry Analysis.5
2.1. Porters Five Forces Framework...5
3. Analysis and Discussion..10
3.1. Core Competencies..11
3.2. Competitive Advantage Differentiation...14
3.3. Differentiation Strategies..16
4. Forecast.18
4.1. Forecast Performance.18
4.2. Investment and Recommendations..19
5. Conclusion....20
6. Bibliographies and References..21

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Candidate Number: P13986
Student Number: 0918913

1. Introduction
Two very different companies, but still two giants in the .com industry and global
search engine market, Yahoo! and Google both seek to dominate the cyberspace
traffic flow, each with their distinctive strategies. Yahoo! focuses on creating a
content, communications, and community platform that delivers rich consumer
experiences and advertising solutions across the screens of peoples lives (Yahoo!,
2011). On the other hand, Googles mission is to organize the worlds information
and make it universally accessible and useful (Google, 2011).
This paper compares and evaluates both Yahoo!s and Googles strategies, but
first an analysis of the .com search engine industry is performed using Michael
Porters five forces framework. Then, Porters theory of competitive advantage is
applied, to appreciate how both Yahoo! and Google grow advantages over each
other through their generic strategy. Subsequently, the strategic capabilities in
terms of the core competences and resources of Yahoo! and Google are compared
and evaluated to analyse how these strategic capabilities provide sustainable
competitive advantage. Lastly, based on the aforementioned, the performance of the
two companies is forecasted, and recommendations are given in terms of which
company to invest.

Clausse, S. 5
Candidate Number: P13986
Student Number: 0918913

2. Industry Analysis
To analyse the .com search engine industry where Google and Yahoo! compete
and operate, Porters five forces framework is used, which helps identify the
attractiveness of an industry in terms of the five competitive forces.
2.1 Porters Five Forces Framework
Figure 1: Porters Five Forces

Bargaining
Power of
Buyers
Bargaining
Power of
suppliers

Threat of
New Entry

Threat of
Substitutes
Competitive
Rivalry

Competitive Rivalry:

The main competitors in the internet search engine industry are Google,
Yahoo!, Microsofts Bing, Ask Jeeves, Baidu and AOL. There are other

competitors but they have a negligible amount of traffic flow.

Growing and always improving market.

Numerous numbers of firms creates stronger rivalry.

No customer switching cost between search engines enhances competition.

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Candidate Number: P13986
Student Number: 0918913

The following pie chart compares the market share percentage for each company in
the internet search engine industry for the last three years.
Figure 2: Market Share of Internet Search Engines as of October, 2011
0.04%
0.59%

0.35%

0.02%
1.41%

4.07%
3.79%

Google - Global

6.84%

Yahoo - Global
Bing
Baidu
Ask - Global

AOL - Global
Excite - Global

82.89%

Lycos - Global
Other

(NetMarketShare, 2011)
As figure 2 displays, Google has approximately 83% of the market share,
followed by Yahoo! with a market share nearly 12 times smaller than Googles. Bing
and Baidu both have roughly four per cent of the market with the rest of the
competitors taking less than one per cent of the market share each. This shows
Googles dominance in the internet search engine industry.
Overall, there is high competition between Yahoo! and Google, which keeps both
companies busy developing innovative search algorithms and products to attract
internet users and gain market share. There is also competitive rivalry with Bing and
Baidu, but Yahoo! and Google are the primary competitors.

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Candidate Number: P13986
Student Number: 0918913

Threat of Substitutes:

The threat of substitutes is very low, as there are no real substitutes for internet

search engines.

not present a threat to the search engine industry.

Possible substitutes are online encyclopaedias and libraries; however these do

It is costly for customers to switch alternatives, as encyclopaedias are

expensive or there may be an entrance fee for libraries; however internet search
engines are free.

Overall, this presents a very positive characteristic of the online search engine
industry as there is low or no threat of substitutes.

Threat of New Entry:

High barriers to entry as current competitors have many years of data

accumulated, through servers worldwide.
Very difficult for new entrants to gain market share, as it is very hard to gather
enough reputation to pull customers off Yahoo! and Google.

Maturing market, requiring more sophisticated search algorithms.

engine being introduced to the market.

There is no perfect search engine, so there is always risk of a better search

Search algorithms can easily be copied by competitors.

Yahoo! and Google provide additional services to internet users to establish a
strategic lock-in. i.e. Google and Yahoo! provide users with email, and social
networking which retains users to their sites.

Overall, there is a low threat of new entry as internet users are locked-in to Yahoo!
and Google through additional services. Also, it is difficult for new entrants to gather
enough data and reputation quickly. However, it is important to note that when
Google started in 1998, Yahoo!, Altavista and Excite were the market leaders, and
Google still managed to outrun them (Viney, D., 2007).

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Candidate Number: P13986
Student Number: 0918913

Bargaining Power of Suppliers:

Strong threat of forward integration as search engines may not work as

efficiently with new Microsoft or Apple software. These companies can create
their own search engines to prevent other search engines from performing

well.
Online search engine firms can buy their computers and networking devices
from many suppliers, lowering supplier power.
Software engineers, web developers and programmers are growing in
numbers, so internet search engine firms have more available resources to

choose from, decreasing the power of suppliers.

Search engine companies rely on advertising companies to provide ads and
on users to view the ads, in order to make a profit. Hence firms must maintain
a firm supplier-seller relationship to keep the power of suppliers low. (Clarke,
C., 2011)

Overall, the bargaining power of suppliers is low as there are many available
suppliers and a low switching cost, however, this is always compromised by forward
integration as Microsofts and Apples software can take a search engine firm out of
business.

Bargaining Power of Buyers:

The numerous internet users and no switching cost between search engines
lowers power of buyers.
Users require and demand more sophisticated search engines and additional

services to remain loyal to a firm.

receive money from advertising companies.

Since search engines are free, firms depend on the amount of traffic flow to

Greater or lower traffic flow implies that advertising firms will pay more or less
to the search engine company, respectively.
Buyers are not very powerful but firms cannot increase price as there are
numerous online search engines available to users.

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Candidate Number: P13986
Student Number: 0918913

Overall, the bargaining power of buyers is low because customers have no other
option to search the internet than using search engines. However, companies must
be always improving their search tools to adjust to the needs of users and need to
provide additional services to achieve customer loyalty and gain market share.

On the whole, Porters five force analysis identifies the online search engine
industry as a worthy industry to be involved in. The high barriers to entry and
the numerous competitors make it a difficult industry to enter and survive, although
Google has shown how it is possible and how successful and profitable a company
can become. Furthermore, there is plenty of room for further innovations and the
online search engine is an ever-improving and growing market, making it an ideal
industry to be part of.

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Candidate Number: P13986
Student Number: 0918913

3. Analysis and Discussion

After Porters five forces analysis, both Yahoo! and Google should focus on
developing a competitive advantage. Porters theory of competitive advantage
argues that businesses want to grow a differentiation or a cost advantage over its
competition in the market. Since the online search engines are free, Google and
Yahoo! cannot grow a cost-focused competitive advantage over each other, and
hence they must focus on differentiating themselves by providing additional services
which are different to each others to attract users.
Porter introduced Three Generic Strategies as the basic types of competitive
strategy for businesses to gain advantage over competitors. Porters Generic
Strategies are shown in figure 3.
Figure 3: Porters Generic Strategies

Competitive Advantage
Target Scope

Broad
(Industry Wide)

Narrow
(Market Segment)

Low Cost

Product Uniqueness

Cost Leadership
Strategy

Differentiation
Strategy

Cost Focus
Strategy

Differentiation Focus
Strategy

(QuickMBA, 2007)

Yahoo! and Google should follow

this strategy
As figure 3 shows, Yahoo! and Google should adopt a differentiation strategy. Under
this strategy, businesses achieve brand loyalty, and rivals have a hard time
competing. By differentiating, Yahoo! and Google would develop core competencies
and specialized products which can discourage potential new entrants to the
industry, and competitors would not be able to meet differentiated customer needs
(QuickMBA, 2007), hence growing customer loyalty.

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Candidate Number: P13986
Student Number: 0918913

Yahoo! and Google are constantly looking to outrun each other by improving their
search engines and providing additional services to users in order to retain
customers. A comparison of the core competencies of both Yahoo! and Google is
next performed, to evaluate how both companies deliver customer value,
differentiate their business, and to evaluate their future potential as the market
changes.
3.1. Core Competences
Yahoo! and Google are very different companies, each taking different paths to
become the cyberspace leader. Yahoo! is the premier digital media company
(Yahoo!, 2011), whereas Google is primarily a search engine based on technological
innovation. Each company however, has their own core competences which help
them succeed and deliver qualitative customer value. These competences are next
identified, individually for Google and Yahoo!.
Google:

Google has the best programmers and engineers creating superior search
engine technology to provide the best and fastest results than any other

search engine. (Google, 2011)

Google is all about search engine devoting more engineering time to search
than to any other product, because search can always get better and faster

(Google, 2011).
Google offers advertisers measurable, cost-effective and highly relevant
advertising (Google, 2011), through their advertising technologies such as

AdWords, Display Network, Double Click, and mobile advertising.

Googles AdSense advertising technology selects particular ads, and places
them on sites with information related to these ads, making them useful to

users and advertisers. (Google, 2011)

Google offers advertisers the ability to run search ad campaigns on mobile
devices with popular mobile-specific ad formats, such as click-to-call ads

(Google, 2011).
Google has a strong social media, YouTube, which generates a high traffic
flow, and Google+ to compete with the social networking giants.

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Student Number: 0918913

Google offers software like Google Chrome to help users browse the web
quickly and easily (Google, 2011).
Google has an extended product line, including Gmail, Google Buzz, Android,
Google Earth, Maps, News, Documents, Translators, Google Scholar and

Google Sketch up to name a few.

Google is an innovative firm, always improving, developing and inventing new
products.

Overall, Googles main strength is its investment in product development and in its
core business. Googles core business is the search engine, using top level
technology to provide with fast and reliable search results. Googles technology
overcomes Yahoo!s by large margins.
Yahoo!:

Yahoo! is a digital media company not a technological innovator.

Yahoo! is one of the most visited and trusted websites because they pair
innovative technology with a human touch to personalize the digital world

(Yahoo!, 2011).
Yahoo! focuses strongly on creating a content, communications, and
community platform that delivers rich consumer experiences and advertising

solutions (Yahoo!, 2011).

As a media company, Yahoo! is about news, meeting people, chatting,
emailing, shopping, travel, games, lifestyle and even search engine.
Yahoo! is very successful as a media company presenting and creating
content, such as Yahoo! Finance, the OMG celebrity news hub, and its

content in general.
Yahoo! News is still the No. 1 news site, and Flickr continues to grow and
remain a highly successful photo Web site (Bilton, N., 2010).
Yahoo! is very competent as a web portal or content website, hosting news
and content in bigger and better than Google. The following figure compares
the news page of Yahoo! and Google, where Yahoo!s is clearly better
presented.

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Student Number: 0918913

Figure 4: Google (left) vs. Yahoo! (right)

Figure 4 shows how Yahoo! is better at content, whereas Google is primarily about
searching. Yahoo! presents news like a newspaper and Google is used to search
news.

Yahoo! has a big branded advertising business.

Yahoo! is a very successful company, with its core business focused on the media
content and web portal. Yahoo! delivers content, communication, social networking,
and advertising through personalized portals and the unique combination of
Science + Art + Scale (Yahoo!, 2011). However, Yahoo!s weakness is the
divergence in investment and development in its core businesses (Cybion, 2008).
Yahoo! is not exactly a media company, nor is it a technology company, and hence
they ended up being something that was neither here nor there (Graham, P.,
2010).

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Candidate Number: P13986
Student Number: 0918913

3.2. Competitive Advantage - Differentiation

To analyse the competitive advantage that Yahoo! and Google grow over each
other, firstly, a direct comparison of certain features is performed. This is show in the
following chart.
Figure 5: Comparing Yahoo! vs. Google
Features/Services
Video/Voice/ IM Chat

Google

Yahoo!
Google Talk

Yahoo! Messenger

Google+

Partnership with Twitter

Google Toolbar and Google

Yahoo! Companion

Personal Search Tool

Email
Social Network
News
Toolbar

Desktop
Ad Network

AdWords and Display Network

Yahoo! Network and Right

Media Exchange

Web Browser

Google Chrome

Video Content
Pictures/Images Storage

Picasa

Flickr

Checkout and

Partnership with eBay and

Google Product Search

Yahoo! Shopping

Google Documents and Google

No Yahoo! Documents

Translate

Babel Fish translator

Google Games and games on

Yahoo! Games

Calendar
Maps
Shopping

Business Software
Mobile Apps
Mobile Software
Mobile Hardware
Home & Office Tools

Games

Google chrome
TV
eBooks

Ebookstore

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Student Number: 0918913

As figure 5 shows, Yahoo! and Google have very similar features and provide mostly
the same services. Based on figure 5, there are four features that Google has that
Yahoo! does not: eBooks, mobile hardware and software, and a web browser. This is
mainly because Yahoo! is not a technology company; it focuses mainly on media
content, whereas Google is purely a technological innovator always seeking to take
the lead with new technological features.
Yahoo! and Google are always trying to grow a differentiation advantage over each
other. In 2006, Google bought YouTube to increase its social content, and Yahoo!
reacted by engaging in a partnership with well-known selling company, eBay. Later
in 2009, Google launched its own web browser, Google Chrome. Not to stay behind,
Yahoo! formed a partnership with Microsoft to have Yahoo! as the main portal for
Internet Explorer. Then, in 2010, Google developed a social networking service,
Google Buzz, while at the same time, Yahoo! partnered with Twitter to expand
Yahoo! into the social networking services.
Yahoo! gains competitive advantage with its media content and especially with
Yahoo! mail. Yahoo! reported statistics having 302 million mail users worldwide.
Research from Return Path reported that Gmail finished 2010 with roughly 193
million mail users. Overall, Yahoo! aims to keep more than half a billion people
connected and to connect advertisers to the consumers (Yahoo!, 2011) through
its web portal. On the other hand, Googles goal as a search engine is to provide fast
answers, so it aims to have people leave our website as quickly as possible
(Google, 2011). Clearly Googles search engine is the best internet searching tool,
giving Google a competitive advantage, but the search engine directs users out of
Googles pages, hence why Google also focuses on developing other technologies
such as Google Chrome, mobile software and hardware which keep it at the top of
the market.

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Candidate Number: P13986
Student Number: 0918913

3.3. Differentiated Strategies

Undoubtedly, Yahoo! and Google have different strategies. Googles strategy is
built on a strong foundation of broad differentiation of complementary products
(Morrow, B., 2008), whereas Yahoo! instead of competing with the social media,
believes in partnering with them so as to generate traffic through them (Ahmedzai,
M., 2011).
Back in 1999, Yahoo! focused on getting users to see their ads, because thats what
at the time generated the most profits. Yahoo! considered itself a portal not a
search engine because they were more interested in having large traffic so their ads
would be seen, rather than passing traffic to other destinations like search engines
do. Search was only 6% of traffic (Graham, P., 2010) for Yahoo!, who had not yet
realized that search traffic is worth more than other traffic (Graham, P., 2010). Now
Google, on the contrary, was always a search engine, and only focused on getting
search traffic. As time progressed and search traffic grew, Google started profiting
more than Yahoo!. Nowadays Google has a market capital of 199.7 billion British
Pounds, while the Yahoo! market capital is 19.76 billion, roughly ten times smaller
(Yahoo! Finance, 2011).
At its early stages, Yahoo! considered itself a media company not a technological
innovator. Yahoo! made money by selling ads, but what Yahoo! really needed to be
was a technology company, and by trying something else, they ended up being
neither one nor the other (Graham, P., 2010). This unclear strategy left Yahoo!
behind while Google with its clear and defined strategy to become purely a search
engine outpaced Yahoo! and grew to become the current market leader of the
search engine industry.
Yet another failure in strategy for Yahoo! was that Yahoo! didnt take programming
seriously enough (Graham, P., 2010). Companies in the software and internet
business must strive to have hacker-centric cultures (Graham, P., 2010), so that
user-facing software works efficiently and qualitatively. Google always had hackercentric cultures focusing on developing the best possible search engines and
software. Googles search engine and user-facing software is more qualitative and
efficient than Yahoo!s because Google has always had better programmers.

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Candidate Number: P13986
Student Number: 0918913

The overall strategies of each company are next outlined to further distinguish the
differences in strategic management.
Google:

Dominate the cyberspace by building and acquiring its own social media
(YouTube, and Google +)

Focus on developing and improving technology.

Technological innovator.

Focus on building better and faster search engine.

challenge Apple and Microsoft.

Doesnt spend money on acquisitions, invests in product development.

97% of revenue is from ads out of which 70% is from the search engine.

Looking to expand business horizons by developing own operating system to

Google is working on Smartphones which is the next target for searching.

Yahoo!:

Partners with major social media, like Tweeter, to drive traffic to its website,

instead of competing with them.

Internet Explorer web browser.

Microsoft operates Yahoo!s search engine and promotes Yahoo! in the

Focus on partnering with ad agencies.

Content creation to drive traffic.

Receives revenue from mail, ads, and other features.

Content and media company, its a web portal not just a search engine.

Spends money on acquisitions and partnerships.

Focus on marketing to build brand.

User attractive portal.

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Candidate Number: P13986
Student Number: 0918913

4. Forecast
By looking into Yahoo!s and Googles strategies and considering the previous
effects on both, it is possible to forecast their future performance.
4.1 Forecast Performance
The internet is a rapidly changing market, where businesses can grow or die out very
quickly. The internet has been growing significantly in the last decades, and it will
continue to do so, as one cannot imagine the future without it. However, the future of
Yahoo! and Google is uncertain.
It can be seen from Googles strategies that they are already envisioning the future
and focusing on technologies that will keep them market leaders. The future of
search engines probably lies within the mobile phone industry. Google has
developed Android and it is working on Google phones and applications. Yahoo! has
itself developed applications for mobile use and it has integrated itself with Apple
products, but it has not shown any indications of developing their own mobile phone
operative system. Yahoo! could succeed by forming partnerships with phone
companies to include Yahoo! within the phones, like they are already doing with
Apples IPhones.
The rapidly evolving social networks also should be kept in mind for both Yahoo! and
Google. Yahoo! users can already connect via Yahoo! with the main social networks
(i.e. Facebook and twitter), and Google has developed its own social network,
Google+, which makes connecting on the web more like connecting in the real
world, sharing thoughts, links and photos (Google+, 2011), taking search engines to
a whole new level.
Yahoo!s future performance aims at maintaining users constantly connected through
the Yahoo! portal which connects with social networks, search engines and all other
services within Yahoo!, creating an unique multifunctional web portal.
Googles future performance is based upon Google producing their own computers
and operative systems, with Google Chrome and all Google applications, because
from Googles perspective, the more uses a person has for Googles services, the

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Student Number: 0918913

more opportunity there will be to show them ads (Morrow, B., 2008). Google could
possibly diversify into many technological industries, dominating the cyberspace.
4.2 Investment recommendations
Investing in either Yahoo! or Google seems beneficial; however it depends on the
type of investment. For advertising firms for example, Yahoo! is a better bet, as
Yahoo! aims at partnering with them. Google has been growing tremendously over
the last few years, thus investing in Google shares could be profitable as Google has
fairly extended product lines and it is expanding into the mobile, social network and
web browsers industry. Nonetheless, almost all of the revenue Google receives
comes from its ad network (Valor, J., 2004), presenting a good reason not to invest
in Google stock.
Yahoo!s future appears uncertain as Yahoo! is not developing a web browser or
moving into the mobile phone industry, and because the internet market is a rapidly
changing market, Yahoo! could easily vanish as a media company. Google, on the
contrary, has Google Chrome, Android and Google Phones, as well as other
services to diversify itself from the search engine industry. A new and better search
engine could be invented anytime soon, causing Googles search engine to fade, but
it is these other features and technologies that Google has which will keep it alive.
Furthermore, theres always the possibility of Google developing its own operative
system, to compete with Microsoft and Apple, whereas Yahoo! does not have these
technological backups to keep it alive in case of a big change in the internet
industry.
In summary, Google portrays itself as a better investment than Yahoo! as it is
already the market leader and it keeps growing with its broad and differentiated
product lines. Google currently dominates a young, explosively growing market,
which has more potential than almost any other market (invest-your-moneynow.com, 2009), making Google a potentially profitable source of investment.

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Student Number: 0918913

5. Conclusion
The internet market is growing more competitive, where companies cannot be
guaranteed success. Every company has to maintain continuous efforts to develop
innovative ideas in-order to remain profitable. This is the case in the internet industry
with Yahoo! and Google who are constantly striving to develop innovative ideas in
order to grow. Yahoo! and Google are both successful, but in different terms.
Yahoo! is the premier digital media company (Yahoo!, 2011), and is better than
Google with its web content. Yahoo!s news portal is bigger, better structured and
better presented than Googles. Yahoo! owns OMG, a celebrity news hub, which is
quite successful and differentiates Yahoo! from Google. Yahoo! is better as a web
portal, presenting information and retaining users to their website.
On the other side, Google does not write its own news, nor does it present news as
qualitatively as Yahoo! because that is not their focus. Google is primarily a search
engine, and that is what they are best at. Googles technology clearly surpasses
Yahoo!s technologies by a great margin. Google has better technological products
such as Android, Chrome, Google Earth, and Dropbox to name a few. Google is
constantly developing new online tools and services, whereas Yahoo! focuses
more on its core business, being a media company, as technology is no longer its
strength. Yahoo! should be more innovative, flexible/fast to capture/retain the
market (Corporate Strategy Forum, 2006).
Based on their core competences, both Yahoo! and Google each implement
their own strategy to succeed, where Google is a search engine and Yahoo!
is a portal with a search engine product (Card, D., 2006).

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Student Number: 0918913

6. Bibliographies and References

Bilton, N., (2010) A Big-Picture Look at Google, Microsoft, Apple and Yahoo!.
[Online] Available from:
http://bits.blogs.nytimes.com/2010/01/22/a-big-picture-look-at-google-microsoftapple-and-Yahoo!/ [Accessed 14th November 2011]

Card, D., Carlson, N., (2006) Analysts: You cant compare Yahoo! to Google.
[Online] Available from:
http://www.internetnews.com/xSP/article.php/3647916/Analysts+You+Cant+Compar
e+Yahoo!+to+Google.htm [Accessed 14th November 2011]
Clancy, C., (2011) How do Search Engines Like Google Make Money? [Online]
Available from:
http://www.netregistry.com.au/blog/seo/how-do-search-engines-like-google-makemoney
[Accessed 16th November 2011]
Corporate Strategy Forum (2006) Google Inc Vs Yahoo! Inc - Strategies : Summary
of Case Studies. [Online] Available from:
http://corporatestrategy-forum.blogspot.com/2006/05/google-inc-vs-Yahoo!-incstrategies.html [Accessed 14th November 2011]
Cybion, (2008) Yahoo! vs. Google. [Online] Available from:
http://www.veille.com/IMG/pdf/Cybion-Yahoo!-Google.pdf
[Accessed 14th November 2011]
Google. (2011) Corporate Information Company. [Online] Available from:
http://www.google.com/intl/en/about/corporate/company/index.html
[Accessed 14th November 2011]
Google+ (2011) A Quick Look at Google+. [Online] Available from:
http://www.google.com/intl/en/+/learnmore/ [Accessed 14th November 2011]

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Student Number: 0918913

John. Mbtgoogle2. (2008) Porters Five Forces for Google. [Online] Available from:
http://mbtgoogle2.blogspot.com/2008/09/porter-5-forces-for-google.html
[Accessed 11th November 2011]

NetMarketShare. (2011) Search Engine Market Share. [Online] Available from:

http://marketshare.hitslink.com/search-engine-market-share.aspx?qprid=4&qpmr=25
[Accessed 12th November 2011]
Olsem SM. (2011) Internet and Search Engine Industry Porters Five Forces.
[Online] Available from:
http://olsensm.blogspot.com/2011/09/internet-and-search-engine-industry.html
[Accessed 11th November 2011]

Parr, B., (2010) Google vs. Yahoo!: Who Has the Right Social Strategy? [Online]
Available from: http://mashable.com/2010/03/08/Yahoo!-google-social-colum/
[Accessed 15th November 2011]

Valor, J., (2004) Investing in Google: Am I Feeling Lucky? [Online] Available from:
http://www.iese.edu/en/files/Art_Valor_Google_May04-translated_tcm4-5647.pdf
[Accessed 14th November 2011]
Viney, D., (2007) Search Engine History - Web Search Before Google. [Online]
Available from:
http://www.seo-expert-services.co.uk/blog/posts/search-engine-history-%11-websearch-before-google.html
[Accessed 11th November 2011]

Yahoo! (2011) Company Info - Overview. [Online] Available from:

http://pressroom.Yahoo!.net/pr/ycorp/overview.aspx
[Accessed 14th November 2011]

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Graham, P., (2010) What Happened to Yahoo!. [Online] Available from:

Http: //www.paulgraham.com/Yahoo!.Html [Accessed 1st November 2011]
(2009) Why You May Want to Invest In Google Stock. [Online] Available from:
http://www.invest-your-money-now.com/invest-in-google-stock.html
[Accessed 15th November 2011]