Unit 5 DB: The Tailored Business Model This week we look at tailoring business m

Question

Unit 5 DB: The Tailored Business Model

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 yourself 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.

Explanation / Answer

The business that I would love to start is the export import business. I always have a passion for international trade. Hence, I did a small research to know the basic guidelines such as documentation, market segment, etc. It is highly important to tailor the business model to cater to my requirements. Since I have plans of exporting dried mushrooms, the business model need to be tailored so as to match the demand with the supply. The mushrooms that are cultivated are not in large quantities. Hence, my marketing and promotional mix needs to be limited markets to avoid huge demand and customer needs and avoid cost complexity. It is highly pertinent the business model is customized to meet the organizational requirements to be successful. Thus, tailoring business models avoids cost complexity, adds value to the variety of products and services offered at least cost and optimized complexity.

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