Question

Introduction:

With the rise of the internet and digital technologies, starting an online business has become a popular and accessible option for aspiring entrepreneurs. This assignment is designed to give students the opportunity to develop their entrepreneurial skills by creating a comprehensive business plan for an online business (e-logistics/e-commerce).
Assignment Requirements:
Section 1
Conduct market research to identify a gap in the market that your online business will fill.
Develop a business concept and create a detailed business plan, including the following components:
Business overview- A brief description of the business, including its mission and vision.
Product/service offering- A description of the products or services that your online business will offer.
Target market- A description of the target customers for your online business, including demographic information and purchasing habits.
Marketing and sales strategy- A plan for how you will market and sell your products or services,
including the use of digital marketing channels such as social media and search engine optimization(SEO).
Operations plan- A description of how your online business will operate, including the use of technology and processes for fulfilling orders and delivering products or services.
Financial projections- A set of financial projections, including projected income statements, balance sheets, and cash flow statements, based on realistic assumptions about sales and expenses.

Answer 1

To create a business plan for an online business, one must conduct market research to identify a gap and develop a comprehensive plan including a business overview, product/service offerings, target market analysis, marketing and sales strategies, an operations plan, and financial projections.

Step-by-step explanation:

Developing a Business Plan for an Online Business

To address the requirements of the assignment, one must undertake comprehensive market research to ascertain a market gap to be filled by the new e-commerce or e-logistics business. This involves considering the shifts caused by technology and globalization. The substantial improvement in communication technologies and the rise of the internet have paved the way for consumers to order products globally, increasing competition for local retailers. This effect is even more pronounced in business-to-business markets facilitated by online platforms.

The development of a business plan includes an overview outlining the mission and vision of the business, details of the products or services offered, identification of the target market with demographic analysis and purchasing behaviors, as well as a robust marketing and sales strategy incorporating digital marketing channels like social media and SEO. Additionally, an operations plan is needed to describe the technological processes for order fulfillment, and financial projections are crucial for providing insight into the business's potential financial standing.