STRATEGIC PLAN 21 Strategic Plan 3 Assessment Item 2 - Strategic Plan 3 E-Commerce Business
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CARLSON school of management
Strategic Planning (MGT 321)
Added on 2020-02-24
About This Document
The following paper examines a strategy plan for an e-commerce business that has experienced rapid growth in recent years, as well as subjects such as eBusiness, business goals, and SWOT analysis. The external environment, marketing, and advertising tactics are also examined in the document.
STRATEGIC PLAN 21 Strategic Plan 3 Assessment Item 2 - Strategic Plan 3 E-Commerce Business
CARLSON school of management
Strategic Planning (MGT 321)
Added on 2020-02-24
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STRATEGIC PLAN 1Assessment Item 2 – Strategic Plan Student’s NameCourse IDUniversityDateStudent’s NameStudent ID
STRATEGIC PLAN 2Executive SummaryWith changing behaviour of the consumers and developing technology, the concept of e-commerce business has grown at a tremendous rate in the recent years. E-commerce business helps a firm to go beyond the geographical boundaries and reach higher target demographics. In the same manner, Style Icon can develop an effective e-commerce strategic plan to sell its products over the online platform and seek growth in the Australian market. The development of e-business with competitive pricing policy and extensive marketing strategy will help the company to increase brand awareness and seek competitive advantage in the market.Student’s NameStudent ID
STRATEGIC PLAN 3Table of ContentsIntroduction......................................................................................................................................4Description of the eBusiness...........................................................................................................5Business Goals.................................................................................................................................6E-Commerce Strategy......................................................................................................................7SWOT Analysis.........................................................................................................................10External Environment Analysis.....................................................................................................11Marketing and Advertising Strategy..............................................................................................13Conclusion.....................................................................................................................................17References......................................................................................................................................18Appendices....................................................................................................................................21Appendix 1: Financial Projection for E-commerce Business....................................................21Student’s NameStudent ID
STRATEGIC PLAN 4IntroductionModernisation of global business has developed the E-commerce business platform to be used by contemporary entrepreneurs (Barnes-Vieyra and Claycomb, 2011). The identified study report has been structured to introduce a strategic plan to initiate an E-commerce business. Precisely, the entrepreneur’s idea is to set up a clothing E-commerce business using the internet platform. In the study, the detailed description of the eBusiness including the products and/or services offered to the target demographics has been provided. Moreover, the strategic report for the clothing E-commerce business identifies three business goals to be taken into consideration for the futuristic growth of the business. By identifying the specific business goals of the entrepreneur, the reported study addresses the E-commerce strategy to be used to meet the business goals. Invariably, the report also describes value proposition, revenue models, target markets, business model, capital structure, and SWOT analysis of the clothing E-commerce business (Chaffey, 2011). In addition,by using Porter’s Five Forces Model, the external business environment has been scanned to identify the key success factors influencing the growth. In the meanwhile, the strategic plan elaborates the marketing and advertising strategy to impress the target audience. Evidently, the behaviour models, consumer profile, use of social media and mobile apps, transaction logs, and cost benefit analysis of the E-commerce business have been analysed in detail (Rodríguez, 2013). Student’s NameStudent ID
STRATEGIC PLAN 5Description of the eBusinessThe entrepreneur has selected a clothing E-commerce business namely Style Icon in the target market of Melbourne, Australia. At the inception of the E-commerce business, the business organiser will set a website offering branded clothing accessories to the both men and women demographics located in the Melbourne and nearby suburbs. In the meanwhile, the eBusiness of Style Icon will offer shipment to the target demographics of Melbourne only. After six months of business start-up, the eBusiness will cover the entire Australian territories and major metropolitan cities. Style Icon will offer different branded clothing categories for men and women target audience. For men, the E-commerce website will offer trending shirts, t-shirts, jeans, trousers, jackets, suits, and cargo etc. apart from the clothing and apparel, different types of branded footwear will be displayed to the target audience. For female customers, latest designer’s tops, shirts, jeans, skirts, and lingerie etc will be sold via the website. Also, clothing accessories such as belts, handbags, and other fashionable products have been offered to the visitors. Primarily, the outlook and accessibility of the website can be termed as one of the main aspects to attract the clients. Apart from the official shopping website, android and iOS app of Style Icon will be launched so that interested target audience can order clothing items from their Smartphone and devices. The display and presentation of the website have been developed considering the preferences of the target audience to make it easy for the web-surfers to get the right product at the right price (Chircu and Kauffman, 2010). In the website, a chat option will beadded so that customers can ask for the help of the executives to select the accurate product at a Student’s NameStudent ID
STRATEGIC PLAN 6nominal time. Moreover, the eBusiness portal of Style Icon will offer a safe and secure portal to purchase items using all type of cards (Martinsons, 2016).Business GoalsSetting up definite business goals can be one of the vital instruments to achieve success in the eBusiness platform (Chesher, Kaura and Linton, 2013). In the underlying section, three business goals of Style Icon have been discussed stating the purpose as follows:Identifying Latest Consumer Trends: In order to develop a vast target audience pool for the E-commerce business, identifying the latest consumer trend can be one of the most primary business goals for Style Icon. Matching the ever-changing consumer trends,the eBusiness of Style Icon can stay viable and promote massive demand as well. Achieving Brand Recognition: Moreover, gaining brand recognition will be another vital business goal for Style Icon to create lucrative prospects in the E-commerce business. By strengthening brand recognition of the eBusiness, Style Icon can achieve substantial competitive advantage over the other market players influencing the target audience to purchase at a higher price from the online retail store (Lockett, 2014). Maintaining sustainability and profitability: Effectively, maintaining continuous business growth and profitability can be identified as a leading business target for the E-commerce business of Style Icon. Meanwhile, the business must secure incurred profitability at a regular interval by increasing revenue over costs (Zhuang and Lederer, 2014). Precisely, by balancing the cash flow, sustainable business growth can be achieved as well. Student’s NameStudent ID
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