by Marcus Maurice
Groupon is what the dot-com boom was supposed to be about.
In the past, if
singles or small families wanted to get lower
prices on items, they had to buy them
in bulk. Times have changed, and now a new service has _(1)_ bulk buying with the
lightning-fast technology of the Internet. Groupon, a
combination of the words group and
coupon, is a deal-of-the-day website that _(2)_
discounted gift
certificates and has become one of the biggest success stories the Internet has ever seen.
Like most people in Internet businesses, Groupon
founder and CEO Andrew Mason had to fail first to succeed. His first Internet
start-up, The Point, was
well-intentioned but _(3)_ being used for
pranks. However, Mason found that
customers liked
banding together to buy things, so he started a blog that _(4)_ turned into Groupon. The
premise of Groupon is that a
deal on a product becomes _(5)_ if a certain number of people buy it. For example,
yoga lessons will be half their regular price if 100 customers _(6)_. Once the magic number is hit, Groupon gets _(7)_ half the money the customers pay for the coupons. If the
targeted number is not reached, no one gets the deal that day.
Each day, Mason would _(8)_ emails to everyone on his list, and things grew
rapidly from there. Small businesses understood that even if they didn't make much money, it was still a great way to _(9)_ their products or services. Now, Groupon is in more than 500 markets and 44 countries. One of Groupon's biggest problems is that because it's so
internationally successful,
imitators have _(10)_ everywhere. For Mason,
competition is the least of his worries as he
is focused on expanding and becoming the fastest company ever to
bring in US$1 billion.
(A) ended up (B) available (C) popped up (D) send out (E) combined (F) approximately (G) sign up (H) features (I) eventually (J) publicize