The concept of regular business and e-business planning differs in its concept and some of the variables. The basic general features are to be followed for proper functioning of e-business.
Characteristics of Business: The purpose of the business, the products being handled, the mission of the company and the services to be provided be clearly mentioned. The description should be elaborate and understandable for the future customers. The aim is to project the business objectivity in a proper and systematic way.Business Concept : The details of the business activity and how the company will achieve the target goal is given to understand.
Every business has to work in its specific industry. Data of the industry is necessary to know how the present supply–chain-management will operate and the future prospects. In e-business plans, the detailed data from the respective industry may not be necessary.The Mission: The target of the business and how it is going to be accomplished by e-business project.
The business needs justification from the industry point of view as to the fulfilling the company’s mission by doing e-business. The mission need to be explained and the target achievement .The mission statement may be variable with the change in business target.Objectives of the Project: The nature of business and the scope will lead to the objectives of the project.
The goal and objectives are interlinked. Achieving the goal may be flexible but the project objectives are always specific. Two types of objectives be made, short term and long term, which should work parallel to each other. Objectives have many advantages-first these add important detail into the plan and secondly they are strategic just as a business plan.
The objective will tell how the problem to be tackled and how the solution can be achieved. To attain the result ht e objective should be realistic clearly showing the schedule of time to achieve the same.Besides the big business even a small business plan with minimum scope and small goals will also be benefited with the inclusion of objectives. With the addition of objectives it carries weight and will show that the business is feasible.
The business plan will look going in the right direction.Value Prospect: Present market is very competitive and unless the business plan is offering something extra, people may not like to purchase, in other terms it should be as best offer sale. The customer will be able to purchase better quality and more in quantity with the same value of money. The other variables are- better customer service, reduction sale, product customization and provision of specialty products.
The customer should be aware that these schemes are applicable in the company’s e-business.Business Model: The specifics of the business model need to be stated, such as whether the company is a trading firm, a brokerage company, a manufacturing company or a charitable institution. Investors are particular to look into the business model to classify their future business activities. Initially the model may concentrate on only one model but gradually it may diversify and add more activities.
Products and Services Offered: The most important part of the plan is to tell the customer the details of the products being handled and the services offered. At times it may not be possible to give a description of each and every product but the list of sections and the items that particular section will handle will serve the purpose. Similarly for services a description is required such as the services offered are completely different from others.Market Examination: A business can’t flourish unless the market is thoroughly analysed,the type of customers, the possibility of growth and the target market.
The needs and services of the customers are to be fulfilled to capture the market. The product price has to be competitive, on the basis of demand and cost unit pricing and working on market fluctuations. The promotional channels to be tapped, like advertising, on-line demonstration, tracking suitable customers and convincing them to purchase the product. The scheme of free delivery at the destination and also free replacement if found non- working within a certain period.
Market environment will change frequently and the company has to change strategy often depending upon the demand analysis.Target Markets in e-business: Consumer behavior such as shopping frequency and willing to do purchases from internet. Also depends on the desire and needs, lifestyle, age, education, occupation and income. Depending upon the market analysis the desired market has to be focused.
If the sale is to be made on web only then anybody having a credit card and access to internet can do purchases. Some customers have taken a decision to opt for a particular brand, in that situation the plan may be to keep some particular brands. Some groups of persons who are categorized in the primary market are considered as premium customers and their needs to be explored. Another group who may come in the secondary group are those who do shopping for somebody else may be they want to gift to any of their friends.
This category has different needs than primary market customers.Research for Target Market: There need to be a correct answer as to how many individuals are marketing on internet. Whether such markets are expanding or declining or just stable. There is always a group of professionals like Doctors, Engineers who can be targeted to sell some specific items.
Data can be collected from many sources to locate the groups.Business Goal: Successful target achievement is termed is called business goal. There may be short term or long term goals and some plans may be a mixture of both. It needs challenge to achieve .
To achieve the goal, good quality products to be maintained, a well designed Web site be made giving all information’s, a product distribution system that should be reliable and it should be under proper management team.Financial Implication: The whole plan depends upon the availability of funds, the resources and the finance required to carry on the business. It all tells the time frame from when it may turn into a profit making company. The financial statement tells the financial health giving information to investors how they are going to react.
References1. Hitt, Michael A, (2001), Strategic e-Management: Competitiveness and Globalization, 4th ed., Thomson Learning.2.
Beaumont,P.B., Applied Microeconomics For Electronic Business Plans, Sage Publications, London,19933. Croney, J.S., Competition In Modern Business Systems : A Study of Vital Issues, Sterling Publishers, HongKong,2000
