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Unit II Planning Online Business For E Commerce Bcom Sem 4 Delhi University Study Notes

Unit II Planning Online Business For E Commerce Bcom Sem 4 Delhi University  Study Notes

Unit II Planning Online Business For E Commerce Bcom Sem 4 Delhi University : E-commerce plays an increasingly important role in the way in which products and services are purchased. E-commerce systems such as your website can be used to market and sell to customers, and to provide after-sales support. E-commerce can also be an important part of strengthening relationships and improving the efficiency of your dealings with suppliers and other key trading partners.

This guide looks at the key issues to consider when planning for the introduction of e-commerce. It provides advice on how best to identify the opportunities for e-commerce within your business and the solutions available. It also emphasises the need to plan for the ongoing development and maintenance of any e-commerce system at the outset.

Unit II Planning Online Business For E Commerce Bcom Sem 4 Delhi University  Study Notes

Unit II Planning Online Business For E Commerce Bcom Sem 4 Delhi University :  Nature’s Candy is an e-commerce company designed to become the market leader in Web based sales of naturopathic and homeopathic nutritional supplements.  The company is located in Portland, OR.  Although many Internet companies have recently failed, the Internet is still poised to support e-commerce retailers.  Most of the dot-coms failed because of too easy access to capital and unproven business models with no true revenue streams.  Nature’s Candy will overcome these problems with an easy-to-use website and an efficient distribution system.

In the next three years Nature’s Candy intends to create an icon e-commerce brand through laser-focused marketing and will grow to $319,000 in revenue.

Download here Unit II Planning Online Business For E Commerce Bcom Semester 4 Delhi University  Study Notes In pdf format 

Unit II Planning Online Business For E Commerce Bcom Sem 4 Delhi University  Study Notes

Unit II Planning Online Business For E Commerce Bcom Sem 4 Delhi University : Even if you don’t actually need funding for your business or need to submit a business plan to anyone, there are still some compelling reasons you should consider writing one for yourself.

Why You Need a Business Plan

For example, let’s say that you’re just starting out. You’ve created an online store, you may even be making some sales. Creating a business plan at this stage could help you see the bigger picture and chart a strategic course for future growth.

Or maybe you’re five years into running your business and you’re starting to feel stuck and things are beginning to plateau. Creating a business plan at this stage could help you think outside of the day-to-day grind of running of your business and discover new ways to market it or new products you could be selling to boost revenue.

On the flip side, maybe your business is trending downward. Creating a business plan in this scenario could potentially help you either change the way your business works as a whole or cut your losses before you’re in deeper trouble.

The point is, if you haven’t written a business plan, you should take the time to do so, no matter what point in your business’s lifecycle you’re in.

And the best part? It’s not that hard.

Let’s look at how you can do it.

Components of a Good Business Plan

Remember, if you’re just doing this for yourself, there’s no need to go overboard and turn this into a major project that holds you back from launching and making some initial sales. Think of it as something designed to help open up some ideas for your business and shed light on some angles that maybe you haven’t thought of yet.

In the future, if you actually need to submit a formal business plan to someone, you could always use this one as a starting point and spruce it up as opposed to having to start from scratch.

The key areas of a business plan include the following. Find out how defining each can help your business.

Executive Summary – While it’s the last thing you will write, it’s the first part of the business plan. This part summarizes the main highlights of the rest of the sections.

Company Description – This is a high level overview of your company, products or services, types of consumers, and competitive advantages. Ultimately, think of it like what you would tell someone in an elevator ride about your business if you wanted them to invest in it. Also known as an extended elevator pitch.

Market Analysis – This is your research about your industry and target market. If you haven’t formally defined your target customer, this will help you do so.

Operational Plan – This covers the day to day operations of your business, from location and hours to inventory and accounting. As you go through this, you can make sure that each of the vital processes in your business are running as smoothly and efficiently as possible.

Organization & Management – This tells people about the main players in your business – who owns it, who manages it, etc. It will help you define all parties involved with the foundation of your business so everyone has a clear understanding of where they fit and who does what.

Products & Services – This is where you describe the products and services offered by your business. You should think about them from your customer’s perspective. It will help you to better sell your products and services once you’ve defined them using this approach.

Marketing & Sales – This is where you layout how you will reach your target market, identify prospects, and sell your products and services. While composing this section, creative marketing and sales strategies might emerge.

Financial Projections – This is where you really dig in and figure out how much your business will make over the next five years. As an established business, you will include historical data and be able to make your predictions based off of that. Coming up with these numbers could be a huge motivation boost and keep you working towards a specific goal as opposed to just seeing what happens.

Funding Request – This is the part of the plan where you define your outside funding needs and exactly how you plan on using those funds as well as pay them back. Even if you’re just investing your own money into your business, this can help you really focus your spending so it is all allocated and documented properly.

As you can see, creating a business plan can be a huge eye-opener for your business, no matter what stage you’re at.

Unit II Planning Online Business For E Commerce Bcom Sem 4 Delhi University  Study Notes

Unit II Planning Online Business For E Commerce Bcom Sem 4 Delhi University :  We know that starting an e-commerce business is exciting and it can be tempting to jump right in, without constructing a business plan. READ: PLEASE DON’T DO THIS.

Taking the time to write a business plan might seem like a lot of work but it can save you a lot of time and money in the long-run by better preparing you for potential challenges and opportunities that you’ll face as a first time entrepreneur.

When writing a business plan, YOU are your target audience! The point of a business plan is to help you get your ideas down on paper – so don’t worry about making it fancy or excessively long.

So what should one hope to get out of a business plan?

  • Knowledge. A better sense of what you know and more importantly, what you don’t know.
  • Resources. The resources you’ll need to make your business successful (e.g. money, partners, employees).
  • Road map. Helping you set clear goals for your business from the outset.
  • Viability. Probably the most important thing – once you write your business plan, you should have a better sense of the viability of the opportunity.

Business Plan Templates & Resources

Fortunately, there are a lot of great resources on the web that you can use to make the business plan writing easier. Best of all, many of them are free. Here are just a few.

  • SBA Create Your Business Plan – This guide walks you through each section of your business plan with all of the details you need to craft them. They also have a Business Plan Tool that will walk you through the process, step by step.
  • SCORE Business Plan & Financial Statements Templates – Fully detailed sample templates for start-ups, established businesses, and non-profits.
  • Sample Business Plans – Over 500 sample business plans for various industries including restaurants, retail, medical, health, services, fitness, pet services, and many more.

Unit II Planning Online Business For E Commerce Bcom Sem 4 Delhi University  Study Notes

Unit II Planning Online Business For E Commerce Bcom Sem 4 Delhi University : Before you start diving into the weeds, it’s a good idea to first develop a framework for your business model. Once you go through the different sections of the business plan and conducted extensive research, you will definitely want to make some tweaks to your business model so no need to make this perfect.

There are a number of ways to sell a product on the internet and several different business models one could employ. Depending on what you intend to sell, it’s important to think through which business model makes the most sense for your product.

What are you selling?

  • Physical products: Clothing, shoes, home goods
  • Digital products: Software as a Service products, ecourses, ebooks
  • Services: Consulting services, home cleaning

Who are you selling to?

  • Business to Business (B2B): You are selling to organizations, corporations and non-profits rather than individual customers
  • Business to Consumer (B2C): This means you are selling to individual consumers rather than businesses
  • Marketplace: You are acting as a middleman by bringing businesses and (B2B or B2C) customers to one website.

How are you sourcing your product?

  • Manufacture In-house: You make your product or service in-house
  • Third party manufacturer: You outsource manufacturing of your product or service to a third party manufacturer
  • Dropship: You partner with a dropship manufacturer. Basically this means that they make your product, package it and ship it directly to your customer while your company handles the entire customer relationship
  • Wholesale:You buy goods or services from other companies in bulk and re-sell those products on your website

Unit II Planning Online Business For E Commerce Bcom Sem 4 Delhi University  Study Notes

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