Now that you have completed this course and covered all the basics of business,
ID: 1107088 • Letter: N
Question
Now that you have completed this course and covered all the basics of business, go back and read your response to Discussion 1.2 and reflect on your answers.
In a Word document, answer these questions:
What kind of business did you say you would start in Discussion 1.2? Would you still start that type of business? Why or why not?
Do you still think it will be successful? Why or why not?
Have your thoughts on the key to business success changed over the duration of the course?
What was the most valuable thing you learned about business in this course?
Your paper should be 1-2 pages long double-spaced in Times New Roman 12-point or similar font.
Hello, 1.2 discussion below
The business which I selected is the online retailing.
Any one mainly selected the business industry keeping two factors in mind are the business opportunities and the competitive advantages which one can gain. I selected this industry as the online retailing is currently one of the fastest growing industries all over the world. The customers are now moving to online buying of the products and services. The future is definitely going to be of online marketing, Thus I selected this stream of business.
Yes, I am hopeful that the business will be successful as I have a very large variety of products with good quality at reasonable prices.
I would definitely enjoy owning this type of business as I always wanted to work in online retailing, this career always attracted me. Moreover, I understand the customer’s requirements and expectations and I have devised various strategies to entertain these expectations.
The main things which will make me different from other players in the industry are the unique pricing strategies in which I would provide various price options for the different products. I will also ensure the 100% quality check of all the products which are provided to the customers. I will also take the feedback from the customers and implement in the business processes.
Explanation / Answer
What will be sold at the online retail store ?? Will it be like eBay or Amazon selling everything or any specific good? I have taken an online store selling branded clothes. (most of the answer is neutral to this)
I would start an online retail business. Online retailing is the future of marketplaces. With growing internet penetration and tech-savvy generations online retails have attracted the attention of many people. It has certain advantages which make it better than the simple brick and mortar stores.
The future of shopping is moving online so I believe this venture is going to be very successful. The very nature of customers and marketplace is that it keeps evolving with time. Online retail stores are the requirement for the fast moving life we are living. Apart from all this, our online retail store will provide quality products and a wide variety which will help us establish it as a trusted and most loved online store across the world.
The most important thing about business success is to innovate and get new ways to satisfy the consumers' demand. Every single day a new innovation is coming up and it changes the way we interact with our customers. To be successful in business an organization has to judge the mood and requirement of the consumer rightly and offers their product accordingly. For the success of an online store quality and supply chain is as important as price management.
We will be developing our unique selling point by which will be our pricing strategy. We will be buying directly from the factories and warehouses and even have a small designing unit and get some custom made apparels according to the need of consumer. Our pricing will help us grap the attention and our variety and quality will prompt them to visit our online retial store again and again. Moreover, we will design our advertisement campaigns to attract attention of specific consumer groups.
Conclusion
In present time to be successful in any business its important to knwo the needs of consumer and adapting to their need and providing them the right service as per their demand. Online stores are going to be the next big thing in coming times. It provides information and variety at an unmached price to the consumer.
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