Describe the factors you should consider if you are planning to conduct business online
|NU Year||Set: 4.(a) Marks: 5 Year: 2012|
Only by meticulously analyzing the market you can pen down precise market strategies. A market analysis is one of the prominent ways to be familiar with the operations and trends of the market you are going to enter.
The main aim of competitive analysis is to gauge the weaknesses and strengths of your competitors. Once you know what makes your competitor’s business thrive and what can impact it negatively, you can then create your distinct advantageous strategies.
Design & Development Plan:
The design & development plan should be intriguing and distinct enough as this is the only thing that will help you luring investors. Make this plan descriptive enough so that your investors would know the advantages of your products and services in one go.
Operation & Management Plan:
This plan should be created in such a way that it would describe the functioning of your business in a clear manner. While creating this plan, you must highlight the logistics of your company in a well-defined way.
Although financial data is generally at the back of the business plan, it plays a crucial part in the entire plan. If you know the exact amount of investment beforehand, things will be easier in the future for you.