在研究流程的部分，本研究依序探討傳直銷、加盟連鎖、電子商務與商業模式的過往文獻，接著透過個案研究法與Osterwalder & Pigneur (2010)所提出的「商業模式圖(Business Model Canvas)」來探究M公司的商業組成與商業運作模式。
;This study’s object is M company. In the past, data collected from the newspapers, magazines and the websites, according to the different purposes of the authors, the M company would be classified as multi-level marketing or franchising or internet marketing company. However, the one-side classification can’t describe the business model of M company completely and can’t explain M company’s business achievement. Therefore, it leads great interesting to investigate and analyze M company’s business model and business operation.
In the study process, according to previous literature, the multi-level marketing, franchising, internet marketing and business model are well evaluated sequentially. And then useing Case Studies and Business Model Canvas to explore the M company′s business component and business model.
In summary, this study found that M company is a hybrid business model that combines with the product brokerage, internet marketing, multi-level marketing, franchise chain, and one-to-one marketing. Moreover, it also leads to its success, and makes it carry out its unique platform strategy. During the previous decade, through its unique vision and products, it quickly recruited a large number of products supporters and distributors. And in the following decade, the M company was using this buying power to carry out partner store program, which is a kind of horizontal alliances strategy that can quickly expands the number of items, and to be branched out into the field of e-commerce. Such a strategy is rare, but it is steady. It can provide a strategy guide reference for the business communities.