Amazon placed very little weight on Inbound Logistics and Operations. In the same filing, under “Results of Operations,” they mention “a current-year focus on balancing revenue growth with operating efficiency.” This is an indication that the first three parts of the value chain were being paid less attention than the last two. We will describe what this re-balancing was in a moment, but it is interesting that by 2003, operational efficiency took a much more prominent role in the Part 1 of the 10-K filing. In the 2003 10-K (reflecting information up to December 2002), the stated strategy is: