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Business idea is an innovative concept. This concept is used for financial growth that is centered on a service or product. Mainly its an idea is a prior concept of a future business development. A business plan is actually a roadmap for the goal wanted to be achieved. Now e-commerce is a new innovation.
Vision of a business idea is to grow a business to its next level. Another purpose regarding this business plan is to show the banks that the institution has a clear business idea to improve the business. Objectives of this business plan are categorized in four important parts. These are economic, organic, social and human objectives (McKenzie and Sansone, 2019). Economic objectives are related with the impact of the company on the economy, organic objectives are based on the quality of the business, social objectives are related to the impact of the business on society and the human objective is related with the customers and employees.
In this current situation, Covid-19 pandemic has completely changed the way in which people operate and consume the products and the services. Still there are some businesses and services that are completely shattered during this lockdown. In this case the proposed idea for business is starting an e-commerce business which can sell a variety of services and works (McKeever, 2018). Initially the e-commerce website will focus on some specific products and then set the aim to expand into other services and products over time. The e-commerce industry started growing even before the pandemic, in 2010. Now as the pandemic is destroying the physical business and the services the e-commerce websites are only providing the virtual services and products to the customers. The E-commerce business is taking over the market now. There are some ways to improve this business. First the proper idea about the product is necessary. In the next step identifying the resources to run the business is important. Next steps are building a future plan, gaining knowledge about the competitors and opportunity understanding.
SWOT means Strength, Weakness, Opportunities and Threats. SWOT analysis for an e-commerce company is a concrete model of audit of a company (Dal Mas et al, 2021). In these four components strength and weakness are internal for a business and opportunities and threats are external components for a business. Internal components are analyzed by a comparative benchmark and other two components are analyzed by the market analysis.
4P Model The 4P matrix is related to four main categories of the market which are controllable. They are Product, Price, Place and Promotion.
Product is something that is entirely dependent on the customer demand. It can be tangible and intangible. Business is important as the need of the product is by the customer and the demand is also dependent on the customer's need (Bhatti et al. 2020). Improving the product means giving customers something that they need before their competitors present in the market.
Price section the product price needs to be set properly looking at the demand and the profit margin. Looking at the material, facility and competitor price are necessary in case of determining the price of the product. Customer response depends on this price section.
Place is an important factor to increase the sale of the product. In this part the environment of the customer is targeted. A change is made in the product depending on the nature of the customer. This can increase the demand and sales.
Promotion is needed to make a clear thought about a product in the mind of the customer. It is needed to attract the customer. First analyzing the customer needs then inventing the promotion idea is needed. This can improve the sales.
Customers need to research their products, compare their products on different websites and buy online. It is easier than buying it in the physical stores (Oláh et al. 2018). So ecommerce websites are needed to get more investment to improve their websites more user friendly and to expand their product range. This customer gets the product at their home. This saves time. It makes the business more credible and increases the sales of products.
As the world becomes digital day by day the ecommerce sites are also improving. In the case of an ecommerce website the SWOT analysis is done and the 4P model is also explained well. In the future it will increase business.
Journal
Bhatti, A., Akram, H., Basit, H.M., Khan, A.U., Raza, S.M. and Naqvi, M.B., 2020. E-commerce trends during COVID-19 Pandemic. International Journal of Future Generation Communication and Networking, 13(2), pp.1449-1452.
Dal Mas, F., Massaro, M., Paoloni, P. and Kianto, A., 2021. Translating knowledge in new entrepreneurial ventures: the role of business plan development. VINE Journal of Information and Knowledge Management Systems.
McKeever, M.P., 2018. How to write a business plan. Nolo.
McKenzie, D. and Sansone, D., 2019. Predicting entrepreneurial success is hard: Evidence from a business plan competition in Nigeria. Journal of Development Economics, 141, p.102369.
Oláh, J., Kitukutha, N., Haddad, H., Pakurár, M., Máté, D. and Popp, J., 2018. Achieving sustainable e-commerce in environmental, social and economic dimensions by taking possible trade-offs. Sustainability, 11(1), p.89.1452.
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