Why should customers buy from your digital business

Reference no: EM133193068 , Length: word count:2000

Assessment details

As an individual, brainstorm 3 ideas at a high level to start a digital business. Investigate the feasibility of each idea, determine which is the most feasible, and write a business report about these ideas. The business report should be comprehensive and include details of the businesses, the products or services the businesses will sell, main competitors, and competitive advantage.

You are required to submit the business report and present it to the class in your scheduled workshop. The business report and the presentation should primarily target potential investors for your digital business and should be written and presented in a suitable professional language. Avoid using jargon (whether business or technical terms) and ensure that specialised terms and acronyms are explained if they are used.

Claims and justifications in the business report and presentation should be substantiated with evidence through reference to existing reliable information in reports and the Web. There are no specific number of references required. You may use and adapt existing business report templates, however, the following structure is recommended for the business report.

Introduction
Provide an introduction to the business report.

Digital business ideas
List at least 3 digital business ideas at a high level.
Include the business and revenue models, and the products or services the business offers. The digital business idea must include the use of an e-commerce website to generate income. Income generation cannot be primarily based on advertising.

Your digital business ideas must have clear competitive advantages. This may be because your competitors do not have a strong digital or online presence. If your competitors do have a digital or online presence, your business must offer a strong point of differentiation from its competitors. For example, personalisation or customisation of products or an interesting/novel combination of a product with a service.
Select and justify one of the digital business ideas to implement.

Digital business details
Provide the following details about the selected business to implement:
• Business name: A suitable name for your business.
• Business description: More details about your business' products or services.

Products/Services
List 2 categories of products or services the business will offer. Each category should have at least 3 products or services.
Business model
Address the following components of your business model.
• Value proposition
o Why should customers buy from your digital business?
• Revenue model
o How will your digital business make money? Select and justify one of the major revenue models
• Competitive environment
o Who are the main competitors to your digital business? Ensure that you consider companies selling similar products/services and substitute products/services.
o List at least 3 main competitors. Provide an analysis of each competitor. The analysis should include a discussion of what the competitor does well in its offering and where the competitor is deficient
• Competitive advantage
o What special advantage does your digital business have?
o Provide at least 2 competitive advantages that your digital business has over its competitors
You can ignore the following business model components for this assessment (as you will address these when you form a team in the subsequent assessment):
• Market opportunity
• Market strategy
• Organisational development
• Management team

References
Include all references you have used in the writing of the business report.

Reference no: EM133193068

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