Assignment On Online Business Platform
4 Pages1876 Words158 Views
Added on 2019-09-25
Assignment On Online Business Platform
Added on 2019-09-25
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Online shopping has been extensively accepted as a mode of consuming goods and services. In fact, according to Bourlakis et al. (2008), it has become a more common process in today’s globalized world. It has been revealed that shopping from the internet offers a further satisfactionto modern consumers pursuing speed and conveniency (Yu and Wu, 2007). Why is the idea important?Due to consumer’s technological inclination, I have selected a business idea which is a market trend in the present time under the digital and technology category and which creates great commercial impact. Basically, the idea is setting up an online business platform where the buying and selling of second-hand products take place using an electronic database. Buyers can purchase products such as tv, mobile phones, laptops etc.at reasonable, negotiated prices; keeping in mind that all customers have to register on the electronic database. Baregheh et. al. (2009) highlights that innovation is a significant need in enterprises since it contributes to adding value and supports a firm to sustain its competitive advantage.Is there a commercial or value-adding need for the idea, and if so, what will it be?Such innovation will contribute to a maximization in revenues since there is an enlarged customer base (Fraser et al. 2000) and due to the reduction in operational costs, along with an increase in the businesses’ efficiency (greater output than input).Furthermore, the opportunity that this business creates is that it creates a loyal relationship with customers, increasing their costs of switching to other dealers, and accordingly contributing to a larger market share. The idea transmutes organizational structures for improved value creation ( Leee, 2001).Additionally, customers have the extravagance not to visit stores and do their shopping anywhereat any time (Hannon, 1998). The idea will deliver more information and selections to compare to consumers (Butler& Peppard, 1998).Since such digital service invention ‘s processes are automated and are capable of delivering products at reduced prices than their rivals, this gives the business a superior performance and competitive advantage over other players. How will you resource this idea (taking into account different types of necessary resources)? The resources I will need to commercialize such business idea are financial, human, physical,, and educational resources. One barrier of commercializing the idea though is whether or not it will be accepted by the market since it is a new concept in such changing market? Similarly, a demanding amount of fund and technological resources (expensive responsive web design and server) should be necessitated which is a challenge to a start-up business. Furthermore, starting such business requires a competent, highly proficient personnel which is another limitation to innovation. How will the idea be implemented and monitored?
To implement such idea, setting up the business should obviously take place. An analysis of the market condition will be conducted as well as the collection of data with regards to competitors in order to maximize profit. Moreover, other sources of data such as journals, books, and surveyswill be assembled which is regarded as a crucial step for the establishment and implementation of the business. The planned approach will be measured by the technique of benchmarking. The idea will be monitored with the support of a certain measurement criteria to assess the success rate of the approach. Consequently, actual performance will be compared with benchmarks in relation to thetotal number of registration in the electronic database. Consumers should not worry anymore about disposing any used commodity. The easy accessibility, choices, and process handling in addition to the reasonable price will certainly attract many customers to this invention.I believe that such knowledge‐intensive and technology‐based industry will be competitive and profitable since it is novel and will fulfill consumer needs. In addition, the issue of disposing used commodities will also be solved in an effectual approach as the value of used and second-hand products will increase. Once the idea is transferred to a service, the business will differentiate itself, compete, advance, and succeed in the marketplace.This “new firm formation” as described by Qian and Haynes (2014) would require risk taking and for one to anticipate the barriers to survive and lead the market. Define Goals:The innovative idea is an online business platform of second-hand products and commodities. The goal of such idea is to offer consumers and other sellers the goods they need at low prices in a convenient way, anywhere and anytime. Such goal should be communicated clearly to everyone in order to fit into the business plan (Cooper & Edgett, 2010).The idea will provide more selections to consumers as well as the advantage of comparing the items with one another. Areas of Strategic Focus:The idea will target the middle class, individuals who want to get rid of any excess orunnecessary items, and people favor convenient shopping.There is an enlarged base of buyers and sellers, since there will be a substantial amount ofcommodities and products in electronics, clothing, books, furniture, and furniture categories. The ability for the business to increase profitability and productivity and grow from a nichemarket is most likely to take place in the future, because of the secure high technical andeconomies of scale through extensive product offerings.Amazon, eBay are some examples of few the market leaders with such idea. There may be some competition due to lower differentiation and increased geographic reach.Thus, such knowledge‐intensive and technology‐based setup strive to become novel gain competitive advantage. Value is delivered to customers through the resources which are economically utilized and whichare difficult to replicate by other rivals in the industry. The value includes marketing and
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