This week we look at tailoring business models to existing conditions and differ

Question

This week we look at tailoring business models to existing conditions and different industry environments: But I thought that in starting a business, or in fact growing a business, you need to "stand out" from the crowd. You need to distinguish your fact and your business. So just how important then, in your opinion, is tailoring the business models? 1. Select a business that that either already exists, or you would love to start 2. Support your thoughts. Show us why it is, or is not important to tailor the models. Please give me some things that is not already on Chegg site. Thanks

Explanation / Answer

The business in which I would prefer stepping into is BUSINESS TO BUSINESS GOODS in the online sector. This is already existing in the market and have some big names such as Alibaba and Indiamart but still there is a lot to explore and tap those untapped areas to earn bigger profits and satisfy the needs of the customer.
It is extremely important to tailor the business model for a variety of reasons:
•   The needs of every customer segment is different and hence not tailoring would mean loss of huge business opportunities.
•   The market trend and the tastes of the customer are changing at an extremely rapid pace and be in sync is important to stay ahead in the market and hence tailoring business models is a must.
•   In the end this is proven fact that innovation is the only trick that can make you a market leader and hence ignoring tailoring the business model will only lead to decline of the business.

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