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Assessing requirements for Online Business Design
'Steps for assessing and planning an online business
Steps for assessing and planning an online business are:
1. Create a map of scenarios for aligning business strategy and Internet initiatives in the future.
2. Communicate a vision from top management to drive Internet initiatives.
3. Identify and transform key value constellations, specifically what business core practices and processess the Internet. This steps identifies possible opportunities.
4.Develop a portfolio of electronic commercrinitiatives your company wants to pursue.
5.Develop year-by-year objectives and plans for chosen initiatives, including measurements of effectiveness and their effect on the business.
6.Implement the change.
7.Monitor the overall plan, learn lessons, adjust and improve.
Question for Assessing Requirement for Online Business Designing - Planning Online Business, E-CommerceTry yourself: What is the first step in assessing and planning an online business?View Solution
Competitive intelligence over Internet
For gaining competitive intelligence over Internet you can
- Review competitor’s Web sites
- Analyze related newsgroups
- Examining publicly available financial documents
- You can give prizes
- Use an information delivery service
- Use research companies
- Solicit opinions in a chat room Electronic Commerce Opportunities and Application
For Uncovering Specific electronic commerce Opportunities and Application:
First you have to understand:
- How digital markets operate
- How Internet customers behave
- How competition is created and what infrastructure is needed
- What are the dynamics of electronic commerce
Then map opportunities that match current competencies and markets.
Various opportnities to created new products and services are:
- Matchmaking - matching buyers’ needs from seller without a priori knowledge of either one
- Aggregation of services - combines several existing services to create a new service
- Bid/ask engine - creates a demand/supply floating pricing system
- Notification service - tells you when the service becomes available, or when it becomes cheaper
- Smart needs adviser - if you want, then you should ...
- Negotiation - price, quantity, or features are negotiated
- Up sell - suggests an additional product or service
- Consultative adviser - provide tips on using the product
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FAQs on Assessing Requirement for Online Business Designing - Planning Online Business, E-Commerce - E-Commerce - B Com
| 1. What is the importance of planning in online business designing? |  |
Ans. Planning is crucial in online business designing as it allows businesses to set clear goals, identify target audiences, allocate resources effectively, and develop a strategic roadmap for success. It helps in organizing and coordinating various aspects of the business, such as website design, product selection, marketing strategies, and customer service, to ensure a seamless and efficient online experience for customers.
| 2. What factors should be considered when planning an online business? | |
Ans. When planning an online business, several factors need to be considered. These include:
- Market research: Understanding the target audience, their needs, and preferences is essential for developing products, services, and marketing strategies that resonate with them.
- Competition analysis: Analyzing competitors' strengths and weaknesses helps in identifying opportunities and differentiating the business from others in the market.
- Technology infrastructure: Assessing the required technology, platforms, and tools for website development, online payment, inventory management, and customer relationship management is crucial for a smooth online operation.
- Marketing and promotion: Planning effective marketing strategies, such as SEO, social media, email marketing, and content creation, is vital for attracting and retaining customers.
- Legal and regulatory compliance: Complying with laws and regulations related to online business, such as data protection, consumer rights, and intellectual property, ensures legal and ethical operations.
| 3. How can e-commerce benefit a B Com student in planning an online business? | |
Ans. E-commerce can benefit a B Com student in planning an online business in several ways:
- Practical application: E-commerce provides real-world examples and case studies that allow students to apply theoretical concepts learned in their B Com program.
- Market insights: Studying e-commerce exposes students to various market trends, consumer behavior, and industry practices, helping them understand the dynamics of online business planning.
- Hands-on experience: B Com students can gain hands-on experience by participating in e-commerce projects, internships, or starting their own online businesses during their studies.
- Networking opportunities: E-commerce platforms and events provide opportunities for students to connect with industry professionals, entrepreneurs, and potential mentors who can guide them in planning their online businesses.
- Supplementing business knowledge: E-commerce knowledge complements B Com education by providing insights into online marketing, digital technology, customer relationship management, and supply chain management, which are essential components of online business planning.
| 4. How can market research help in designing an online business? | |
Ans. Market research plays a crucial role in designing an online business. It helps in:
- Identifying target audience: Through market research, businesses can gather data on their potential customers, such as demographics, preferences, and buying behavior. This information helps in tailoring the online business to meet the specific needs and preferences of the target audience.
- Understanding competition: Market research helps in analyzing competitors' strengths, weaknesses, and market positioning. This knowledge allows businesses to differentiate themselves, identify unique selling points, and develop strategies to gain a competitive edge.
- Identifying market trends: Market research helps in identifying emerging trends, customer demands, and market gaps. This information enables businesses to capitalize on opportunities, offer innovative products or services, and stay ahead of the competition.
- Assessing market size and demand: Market research provides insights into the size of the target market and the demand for specific products or services. This information helps businesses determine the potential profitability and viability of their online business ideas.
- Pricing and marketing strategies: Market research helps in determining optimal pricing strategies and effective marketing channels to reach the target audience. It provides insights into what customers are willing to pay, their preferred distribution channels, and the most effective promotional tactics.
| 5. What are the key considerations for selecting technology infrastructure for an online business? | |
Ans. Selecting the right technology infrastructure is crucial for the success of an online business. Key considerations include:
- Scalability: The technology infrastructure should be able to handle the anticipated growth of the online business. It should be scalable to accommodate increased website traffic, transactions, and data storage without compromising performance.
- Security: Ensuring the security of customer data, online transactions, and sensitive business information is essential. The technology infrastructure should have robust security measures in place, such as encryption, firewalls, and secure payment gateways.
- User-friendliness: The technology infrastructure should be user-friendly, both for the business owner/administrator and the customers. It should be intuitive, easy to navigate, and offer a seamless user experience to enhance customer satisfaction.
- Integration capabilities: The technology infrastructure should be capable of integrating with various software applications, such as inventory management systems, CRM tools, and payment gateways. This integration streamlines operations, reduces manual work, and enhances overall efficiency.
- Technical support and maintenance: It is essential to consider the availability of technical support and maintenance services for the technology infrastructure. Prompt assistance and regular updates ensure that the online business operates smoothly and remains up-to-date with the latest technological advancements.
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