List and briefly describe four activities that a company might undertake in the
ID: 1205346 • Letter: L
Question
List and briefly describe four activities that a company might undertake in the formation of an online business initiative.I have the four activities down as 1. Identify and analyze the proposed business ideas that will be the focus of an online business setup. 2. Conduct demand analysis of the selected idea and identify the target customer. 3. Identify the business model to deliver products to your customers and/or networking with the suppliers and vendors. 4. Selection of technology and security measures to establish online portals that will be accessed by customer for purchase of products.
The problem is how do I briefly describe the four activities List and briefly describe four activities that a company might undertake in the formation of an online business initiative.
I have the four activities down as 1. Identify and analyze the proposed business ideas that will be the focus of an online business setup. 2. Conduct demand analysis of the selected idea and identify the target customer. 3. Identify the business model to deliver products to your customers and/or networking with the suppliers and vendors. 4. Selection of technology and security measures to establish online portals that will be accessed by customer for purchase of products.
The problem is how do I briefly describe the four activities
I have the four activities down as 1. Identify and analyze the proposed business ideas that will be the focus of an online business setup. 2. Conduct demand analysis of the selected idea and identify the target customer. 3. Identify the business model to deliver products to your customers and/or networking with the suppliers and vendors. 4. Selection of technology and security measures to establish online portals that will be accessed by customer for purchase of products.
The problem is how do I briefly describe the four activities
Explanation / Answer
1. IDENTIFICATION AND ANALYSIS THE BUSINESS MODEL IS A DIFFICULT TASK. HOWEVER FOR THIS PURPOSE WE CAN TAKE HELP OF THE RESEARCH PROCESS TO IDENTIFY A USEFUL BUSINESS OPPORTUNITY FOR US. WE CAN START BY READING SOME ARTICLES ONLINE OR WE TAKE A LOOK INTO SOME LATEST BOOKS OR MAGAZINE AVAILABLE IN THE LIBRARY OR WE CAN GO AHEAD BY READING THE NEWSPAPER TO IDENTIFY SOME PROSPECTIVE AREAS FOR DOING ONLINE BUSINESS. WE CAN ALSO DO SOME BRAIN STORMING WITH FRIENDS ALSO. THEN WE CAN GO AHEAD BY FINALIZING ONE OR TWO OF THEM AND DO MORE DETAILED RESEARCH IN THIS RESPECT. THIS WILL HELP IN THE SELECTION AN ONLINE BUSINESS.
2. FOR DEMAND ANALYSIS THE BEST METHOD IS TO GO AHEAD WITH A MARKET RESEARCH PROJECT. THIS PROJECT CAN BE DONE WITH THE HELP OF SEVERAL TOOLS. LIKE SURVEY, QUESTIONNAIRE, OR INTERVIEW. THE QUESTIONNAIRE METHOD IS QUITE APPROPRIATE FOR THIS PURPOSE. UNDER METHOD A SAMPLE SURVEY QUESTIONNAIRE CAN BE MADE TO CONDUCT A SAMPLE SURVEY. ON THE BASIS OF THIS A FINAL SURVEY QUESTIONNAIRE CAN BE MADE. THIS FINAL QUESTIONNAIRE CAN THEN BE USE TO COLLECT INFORMATION FROM DIFFERENT PEOPLE TO UNDERSTAND THE MARKET DEMAND AND THE INTEREST OF THE PEOPLE IN THE PROJECT. AND WHAT MIGHT BE THE REQUIREMENTS OF THE CUSTOMERS AND GAIN INSIGHTS INTO THE BUSINESS TO BE STARTED. SURVEY CAN BE DONE PERSONALLY, OVER THE TELEPHONE OR BY SENDING E- MAILS TO THE RESPONDENTS.
3. THE BUSINESS MODEL TO BE USED DEPENDS ON SEVERAL FACTORS LIKE THE AVAILABILITY OF THE PRODUCT, ITS PHYSICAL SIZE, PRICES, SHELF LIFE AND MODE OF DELIVERY TO THE CUSTOMERS. THERE RE SEVERAL OPTIONS AVAILABLE IN THIS REGARD LIKE DELIVERY FROM OWN WAREHOUSE WHICH WILL REQUIRE KEEPING ITEMS IN STOCK, OR DIRECT DELIVERY FROM THE COMPANY'S WAREHOUSE WHICH REDUCES OUR STORAGE COSTS BUT WILL AFFECT THE PROFIT MARGIN. WE CAN ALSO TAKE THE HELP OF TECHNOLOGY IN THIS REGARD THAT MAY AUTOMATICALLY CONNECT THE DIFFERENT SUPPLY AND CUSTOMER POINTS, THROUGH MOST OF THE SALES PROCESS CAN BE COMPLETED AUTOMATICALLY. ALSO SEVERAL AGREEMENTS NEEDS TO BE IN PLACE TO PROVIDE PAYMENT GATEWAY, CASH ON DELIVERY SERVICE AND VARIOUS DELIVERY MODES LIKE SUPER FAST, FAST OR NORMAL DELIVERY PERIOD.
4. FOR ONLINE BUSINESS MODEL WE NEED SEVERAL PLATFORMS THAT CAN WORK IN TANDEM AND SHOULD BE SAFE FROM ANY CORRUPTION AND HACKING PROBLEMS. IN THE PRESENT DAY ONLINE BUSINESS THE BUSINESS CAN BE DONE THROUGH A WEBSITE AS WELL THROUGH OUR PHONE APPLICATIONS. FOR THESE TECHNOLOGIES WE NEED SOME OUTSIDE AGENCIES AND ALSO SOME IN HOUSE EXPERTS TEAM TO HANDLE THE DAY TO DAY OPERATIONS, SMOOTH WORKING OF THE SYSTEM AND IMMEDIATE OR FAST HANDLING OF ANY TECHNICAL, HARDWARE AND SOFTWARE RELATED PROBLEMS.
BY ADHERING TO THE ABOVE PROCEDURE WE CAN START AN ONLINE BUSINESS.
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