Consumer Market Problem
Discuss about the Business Report on “The Iconic E-commerce Company“.
In the recent era of competition, it has been observed that most of the organizations lack strategic initiative regarding the management of business operations. This has resulted in increased risk within the organization and for this reason, in order to develop its business strategies, they require to develop wider perspectives (Alias et al., 2015). Considering the same, the assignment considers “The Iconic” online retail store for evaluating effectiveness, feasibility and appropriateness of its recent business practices. The Iconic will be positioned as an online store for the fashion items. After its establishment it has turned out to be one of the efficient fashion website in Australia.
Lack of certain privacy policies and cookies has increased the difficulties of all its users in the areas of the account use (Lüdeke-Freund & Dembek, 2017). In case the loans concerned with the security software purchase are not repaid in a timely manner, it serves as a compromise with the consumer needs along with their requirements and demands. Absence of supervising the login of its users within the accounts and applications offers increased access to the hackers concerning the intervention within the personal information of all its consumers. This has resulted in increased loss for employees of the software companies in consideration to the wellbeing of all its consumers.
It has been gathered that there is diversified manner in which the users are supported to use account along with the applications. It is also gathered that organizing a training course for the employees might have been advantageous in consideration offering practical experience of employing the Wishlist applications. Making them carrying out such steps themselves in facilitating them turning out to be familiar with the innovative activities of the shopping site. It is also considered introducing a privacy policy (Porter et al., 2015). In consideration to same, the new business will have installed security software within the users account so that no third party might intervene into the personal information of the consumers. Moreover, the recommendations are also provided regarding offering employees with training that might have improved their preconceived skills, knowledge on consumer service along with knowledge. Practical experience might also have facilitated them in conducting the tasks in a better manner.
In addition to that, the business will also consider informing the lake personnel concerning the constructed plans. This can also support in terms of maintaining the legal business practices. Analysis is among the most vital steps that the business has considered to be followed. This is in consideration to bring down and explain the limitations in the ways and manner of conducting the business activities. The new idea generation has focussed on maintaining consistency within the implementation of analysis for upgrading quality and standards of employee performance (Quak, Balm & Posthumus, 2014). In such analysis, the new business consider attaining support of feedback and survey for the consumers in order to attain an idea regarding their approach in the direction of levied services. Gathering the feedback and survey forms through its website along with social networking sites might facilitate the individual in reaching huge consumer base.
Benefits of New Idea to Solve the Problem
The new business might also consider conducting lecture sessions along with seminars for the employees along with encouraging them to participate. This might widen their perspectives in the direction of effective and better manners of conducting the tasks. In addition, the new business idea considered motivating the employees in getting involved within group discussions. This might improve the teamwork factor between them along with improving the workplace diversity. Such improvement serves as the key regarding attaining infrastructural development.
Business model canvas facilitates the companies in gaining an insight regarding their recent business information regarding its operations (Traganos et al., 2015). The business model explained under is focussed on the business strategies of “The Iconic:
Getting associated with the partnerships, with the staple centresalong with the Loss Angeles Lakers leads to the emergence of lucrative deals, trades along with transactions in order to improve the productivity of “The Iconic”. In consideration to same, consultation with the trade union members facilitates in stabilising the financial parameter. Such support, in turn facilitates in setting prices of all its products (Aversa & Haefliger, 2016). In alignment with the terms and conditions associated with the contracts, the e-commerce site acts as an agent in sustaining the stability in relationship with shareholders as well as stakeholders. Such media of apps along with social media closes the gap among the employees and the consumers. Efficient along with judicious implementation of effective technology facilitates the employees in attaining trust, loyalty along with reliance of all its target consumers. Return policy along with access to all the users in consideration to the mobile apps within the value proposition facilitates in improving the brand image of “The Iconic” (Salgado 2015).
Generation of a Wishlist application indicates the effective business strategy of “The Iconic” employees in ensuring that they influence the purchasing power of the consumers. Low priced products make the application renowned among all its target consumers. Such type of marketing facilitated the employees in implementing direct marketing in order to improve the stability in the prelateship with all its consumers (Breuer & Lüdeke-Freund, 2017). This maketing approach made the company an effective online shopping platform. This application addressed all the changing consumer needs from this online retail shop.
It has been gathered from a survey that this application attained first position in the Australian retail online market in which the site has its outlets. Facebook has enhanced the sales revenue of the online retail shop by around 500 million. Such advertisements on Facebook has added to increased value for consumers that has further resulted in expansion of its business.
Business model canvas
The refund policy of “The Iconic” indicated the approaches of the employees in the direction of maintaining wellbeing of the consumers (Breuer & Lüdeke-Freund, 2017). Strictness in the adherence of such policy has led to enhanced organizational values and culture.
The process of marketing of “The Iconic” is observed to be conducted through online medium that can result in increased risk of cybercrime. Self-attempts in order to repair the systems can facilitate in delaying the effective execution of the projects. This also served as a loss in consideration to the company resources that can increase the complexities in the time of the crisis. Such conditions facilitate the employees to deal with the illegal concerns resulting in the productivity. Implementing new systems in case the employees lack certain basic capabilities on of the likely risks (Luft et al., 2016). This is in consideration to the maintaining the pace with the contemporary brands within the competitive business environment. In addition, it adds an interrogative parameter to the unique personal capability of the employees in consideration to carrying out the assigned responsibilities and duties. In such condition, lack of supervising the performance serves as a further difficult in consideration attaining effectiveness in business operations.
Conclusion
The assignment considers “The Iconic” online retail store for evaluating effectiveness, feasibility and appropriateness of its recent business practices. It has been gathered from the paper that Getting associated with the partnerships, with the staple centresalong with the Loss Angeles Lakers leads to the emergence of lucrative deals, trades along with transactions in order to improve the productivity of “The Iconic”. In consideration to same, consultation with the trade union members facilitates in stabilising the financial parameter. Such support, in turn facilitates in setting prices of all its products. In alignment with the terms and conditions associated with the contracts, the e-commerce site acts as an agent in sustaining the stability in relationship with shareholders as well as stakeholders.
The various change aspects within the industry performance are characterized through change within the preferences and tastes of customers within the market. The assessment along with workshop conduced with my team members, facilitated me in realizing several factors of change which is accepted by the industry. The team members were also effective in evaluating the requirements of the consumers. The decision making of the team members considering the industry is facilitated by means of understanding of certain tends and situation within the market. In addition, the situation identification by my team members has facilitated me in considering idea generation within the industry by means of fishbone and brainstorming models. This has facilitated the team in attaining an understanding regarding distinct change forms by means of issues analysis that can affect the sustainability approach of the businesses.
References
Alias, C., Goudz, A., Jawale, M., &Noche, B. (2015, May). Generating a business model canvas for Future-Internet-based logistics control towers. In Advanced Logistics and Transport (ICALT), 2015 4th International Conference on (pp. 257-262). IEEE.
Aversa, P., &Haefliger, S. (2016). Building Business Model Portfolios: Implications for Strategic Diversification.
Breuer, H., & Lüdeke-Freund, F. (2017). Values-based network and business model innovation. International Journal of Innovation Management, 21(03), 1750028.
Breuer, H., & Lüdeke-Freund, F. (2017). Values-based network and business model innovation. International Journal of Innovation Management, 21(03), 1750028.
Lüdeke-Freund, F., &Dembek, K. (2017). Sustainable business model research and practice: Emerging field or passing fancy?. Journal of Cleaner Production, 168, 1668-1678.
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Quak, H., Balm, S., &Posthumus, B. (2014). Evaluation of city logistics solutions with business model analysis. Procedia-Social and Behavioral Sciences, 125, 111-124.
Salgado, C. E., Teixeira, J., Machado, R. J., &Maciel, R. S. (2014, September). Generating a Business Model Canvas through Elicitation of Business Goals and Rules from Process-level Use Cases. In International Conference on Business Informatics Research (pp. 276-289). Springer, Cham.
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Traganos, K., Grefen, P. W. P. J., den Hollander, A., Turetken, O., &Eshuis, R. (2015). Business model prototyping for intelligent transport systems: a service-dominant approach. Beta Wroking Papers, Eindhoven University of Technology.
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