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E-Folder - eBay Auction Bidding Strategies--Overcoming the most Frustrating Situation on eBay
The Problem...
It's happened to the best of us.
You've been watching the auction all week, and finally you're about to claim your prize--a rare bronze statue from the Qing Dynasty. Or something just as tantalizing.
You log on a few minutes before the auction closes, and confirm that you're still the top bidder -- no one has challenged you in several days. You're already picturing "your" s
It's happened to the best of us.
You've been watching the auction all week, and finally you're about to claim your prize--a rare bronze statue from the Qing Dynasty. Or something just as tantalizing.
You log on a few minutes before the auction closes, and confirm that you're still the top bidder -- no one has challenged you in several days. You're already picturing "your" s
According to USFDA, a combination product is one composed of any combination of a drug and device; biological product and device; drug and biological product
tatue prominently displayed on the living room mantelpiece, your friends green with envy as you tell them about the great deal you got on eBay. You refresh the page a few times, to make sure you're still number 1. You even up your bid a little just to make sure no body tries to outbid you at the last minute.
50 seconds to go...30...10...the auction has ended and the statue is yours!! You refr
50 seconds to go...30...10...the auction has ended and the statue is yours!! You refr
; or drug, device, and biological product and fixed dose combination would include two or more combinations of drug.
Examples of combination products may in
Examples of combination products may in
sh the page for the last time so you can see your eBay ID announced as the winning bidder. And that's when your heart drops to your toes. It's not your eBay ID at all, but some joker who calls themselves "SpeedyFingers123".
How could this have happened?
You were the winning bidder with only 10 seconds to go!! Speedy or not, it just doesn't seem humanly possible.
Well, you're right. No one i
How could this have happened?
You were the winning bidder with only 10 seconds to go!! Speedy or not, it just doesn't seem humanly possible.
Well, you're right. No one i
lude drug-coated devices, drugs packaged with delivery devices in medical kits, and drugs and devices packaged separately but intended to be used together.
that fast. SpeedyFingers123 (I made that one up, so if it's your actual eBay ID, please don't sue me!) won the auction in the final 4 seconds. It isn't humanly possible because "speedy" didn't actually place the bid. The bid was place on his or her behalf, from a remote server, using something called Bidding Software.
You've Been Sniped!
The act of placing a bid during the final seconds of
You've Been Sniped!
The act of placing a bid during the final seconds of
here is enormous increase in the number of combination products entering the market in the recent years. Combination products have proven advantages but fixe
n online auction is called "Sniping" and it's perfectly legal on eBay. Bidding wars and sniping are an eBay sellers dream and a buyer's nightmare. Why, you're asking yourself, don't these people just use eBay's trusty proxy bidding process? Why not just discreetly enter the maximum they're willing to pay at the beginning of the auction, then let the cards fall where they may? Well, for a coupl
d dose combinations are still in the process of convincing regulatory authority on their advantages over the single ingredient formulations.
Combination pro
Combination pro
of reasons. First, it's not human nature. If all you have to do is outbid the next guy by fifty cents or even five dollars to win, wouldn't you?
Second, it doesn't make economic or strategic sense to place a bid anytime before the last five minutes of an auction.
Think about it. eBay encourages bidders to use the proxy system and place bids early. What this means is that an inexperienced bi
Second, it doesn't make economic or strategic sense to place a bid anytime before the last five minutes of an auction.
Think about it. eBay encourages bidders to use the proxy system and place bids early. What this means is that an inexperienced bi
ucts have become life saving products for the pharmaceutical companies who doesn’t have many innovative molecules in their product pipeline and have been inc
dder who wants an item will want to be the highest bidder right away, and will keep upping their bid to hold that winning position. They'll only stop when the bidding exceeds their budget. Then the next guy comes along and continues the process. If this starts at the beginning of a seven or ten day auction, and ends with a bidding war in the last 10 minutes, the final price for the item can sp
easingly used in the product life cycle management. Even the companies having product patents are trying to extend their product life cycle through the combi
ral out of control. Many items sell for far more than fair market value because people get caught up in "bidding fever" -- all they want is to WIN, they're not even thinking about whether the price is realistic.
What to Do?
A better strategy would be for everyone to "watch" the auction until the very end. Again, there's two good reasons. One, the price doesn't spiral up as just illustrated.
What to Do?
A better strategy would be for everyone to "watch" the auction until the very end. Again, there's two good reasons. One, the price doesn't spiral up as just illustrated.
nation products and maximize the revenues. But the companies involved in this practice are overlooking that they are burdening the patients both economically
wo, the auction has zero bids, so it attracts fewer bidders-- less competition. It's a fact that once an auction has at least 1 bid, it becomes a magnet for additional bidders. Shoppers scanning an auction page tend to jump to the ones with bids, figuring there must be something that attracted other bidders. The more bids, the more interesting the item looks.
Wouldn't it be great if a seller
Wouldn't it be great if a seller
and physically. They need to rightly judge the benefits of the combination products and they have to even look at the risks involved when combining the produ
tarted a two carat diamond ring at $0.99 and no one bid until the last five minutes, and they all bid in fifty cent increments? Someone might win the ring for just a few bucks!! Of course, that never happens, but it would be the ideal situation for a buyer-- and it would put eBay out of business in a hurry. eBay encourages early bidding and smiles upon the snipers of the world. eBay makes thei
ts. Some of the combination products were well accepted by physicians while others suffered. Companies involved in development of combination products are fi
profits on listing fees and "final value" fees. The more the item sells for the higher the "final value". This makes eBay very happy. That's why you'll never find any tutorials anywhere on eBay telling you to wait until the end of an auction to bid.
The Solution...
OK, so now that we understand the benefits of sniping, lets get back to our friend "SpeedyFingers123". Speedy probably started
The Solution...
OK, so now that we understand the benefits of sniping, lets get back to our friend "SpeedyFingers123". Speedy probably started
ding difficulty in defining their combination products and facing various challenges from selecting a combination to marketing it.
Following aspects would a
Following aspects would a
out in life just like I did. She learned everything she knew about eBay from eBay and never realized there was such a thing as bidding software. Never knew a computer could do your sniping automatically, bid on your behalf in the last 2 to 8 seconds of an auction, and do it while you're asleep. With sniping software, you tell the software program which auctions you're interested in and how muc
dd to the challenges in developing combination products:
Which markets to tap where the combination products can do fairly well?
Which combination prod
Which markets to tap where the combination products can do fairly well?
Which combination prod
you're willing to pay. eBay never knows you've seen the auction until your friendly sniping service swoops in and places your bid with only seconds to spare. Neither does your competition. They never see you coming. The only way you can lose is if someone else uses the same program sets their maximum bid higher than yours.
(Yes, my friend, you can still lose. There's no guarantee of winning
(Yes, my friend, you can still lose. There's no guarantee of winning
cts are meaningful and rational?
Which therapeutic categories to select?
Which Combinations can address unmet needs of the patients?
Do combin
Which therapeutic categories to select?
Which Combinations can address unmet needs of the patients?
Do combin
n auction no matter what system you use, if someone else is willing to pay more. If you set your maximum bid at a million dollars for a hunk of Elvis' belly button lint and some nut is willing to pay a million ten, you're still going to lose!)
"Bidding Fever" Cured
Let's face it, there IS a positive side to losing an auction. It's the satisfaction of knowing that you didn't lose your head an
"Bidding Fever" Cured
Let's face it, there IS a positive side to losing an auction. It's the satisfaction of knowing that you didn't lose your head an
tions increase the patient compliance?
What would be the developing cost?
How to tackle the risks encountered during combination product developmen
What would be the developing cost?
How to tackle the risks encountered during combination product developmen
spend more than you could afford!! Trust me, I've been there, done that, and come to regret it. With sniping programs, you can "set it and forget it" and walk away knowing that if you don't win, you couldn't have afforded it anyway.
What's that I hear you saying? "But I could have had it if I'd just upped my bid by another fifty cents!" Hey, did you listen to anything I just said? Do you wan
What's that I hear you saying? "But I could have had it if I'd just upped my bid by another fifty cents!" Hey, did you listen to anything I just said? Do you wan
t?
As combination products don't fit into the traditional categories of drugs, medical devices, or biological products, the USFDA is in the process of devel
As combination products don't fit into the traditional categories of drugs, medical devices, or biological products, the USFDA is in the process of devel
to drive yourself nuts? It's only stuff, after all. You can't take it with you, and there will always be more. The beauty of eBay is that there will probably be another just like it, or at least something just as fabulous.
You're in Control
There's another big advantage to using bidding software. Two things, actually. First, sniping programs allow you to do something called "contingency
You're in Control
There's another big advantage to using bidding software. Two things, actually. First, sniping programs allow you to do something called "contingency
ping new procedures for reviewing their safety, efficacy and quality.
Professional from academic institutions, pharmaceutical industries, health care indust
Professional from academic institutions, pharmaceutical industries, health care indust
bidding". Suppose you're interested in several very similar items and you want to win at least one of them but not all. Provided they're not all ending at the same time, you can create a contingency plan telling the bidding software to cancel your bids on the other items as soon as you win one of them.
Second, you can change your mind about an item you're bidding on at any time (except in app
Second, you can change your mind about an item you're bidding on at any time (except in app
y and representatives from various regulatory agencies are working out to design the regulatory requirements for manufacture and sale of combination products
oximately the last 15 minutes).
On eBay, it's a huge "no-no" to retract a bid. You can only do this under the most dire of circumstances. Do it too many times you'll be politely asked to leave. Permanently. But, because eBay doesn't register your bid until the Sniping program enters it for you, (at the very end of the auction) you can cancel your "snipe" with no penalty. You're canceling wha
.
As there is an increasing trend of the combination products companies manufacturing such products should be able to tackle the problems involved in the de
As there is an increasing trend of the combination products companies manufacturing such products should be able to tackle the problems involved in the de
you've programmed into the sniping software, not an actual bid on eBay.
Isn't that nice? No more "watching" an auction you're unsure about, and then forgetting to bid on it. No more babysitting your computer so you can be there for the final moments of the auction. No more finding out you've read the description wrong and you're bidding on an item you don't want. Or finding something you lik
elopment. They need to be wiser in analyzing the market trends and the regulatory requirements.
Companies that provide selfless information through particip
Companies that provide selfless information through particip
better after you've already committed yourself to another item, and having to pass on it. (Or worse, spending way too much on both!) And, finally, you have the satisfaction of knowing that winning doesn't depend on the speed of your fingers or your internet connection.
Believe me, the first time you snatch an item away from SpeedyFingers123-- or anyone else for that matter-- you'll be hooked
Believe me, the first time you snatch an item away from SpeedyFingers123-- or anyone else for that matter-- you'll be hooked
tion in industry events and feedback to regulatory authorities would be able to face the challenges and will be successful in developing combination products
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