Selection of business
Selection of business and the sector it belongs to is one of the essential characteristics of e-business. For example, sale of flowers or specialized candies, candy wrapping or gift basket business is a pure consumer based e-business in the present instance. One has to exercise extra working and research in choosing before venturing into any business.
While Internet technology facilitates buying of e-business plan, e-business marketing plan and strategies in the form of software solutions and packages, a thorough knowledge of business is required especially in selling products, handling customers and most importantly making profits out of business. Some of the important ingredients for starting off an e-business are : (1) capital (2) a suitable product (3) web site (4) marketing plan (5) strategies of plan (6) periodical review of achievements.
Marketing plan has to be extremely professional such that customers must refer products to others and that is how marketing brings new customers. For example virtualflowers. com,amazon. com which are 100 per cent e-business companies have excellent database of customers turning the volumes of business into earning of greater revenues. An attractive web site and a secured place in search engine (google, yahoo, sify) is an easy way to invite customers to website for selling products.
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Proper writing of marketing plan, execution of plan, perfect monitoring, a clear analysis of market trend about products and setting goals for achievements with accurate timing. Above all, lot of time in research, consumer pattern, modes and methods of advertising and budget for each module has to be clearly worked out and must be strictly adhered to whereas change in budget plans causes excessive investment of funds and much of disturbance and chaos in marketing plans.