INFT2150 Business Analysis

Introduction

In the process of conducting business, one needs to do lots of activities to be successful. In the process of planning to operate the development of strategies, many things are involved in the business. The report aims to develop the ideas and knowledge regarding traditional business that helps to grow in the future and be competitive in the market. The report will analyze what one can gain from the process of developing what challenges one can face. In addition, the process of business and the action required to develop a business. It helps to enhance an individual's experience that will help in future decision making.

Discussion

Part 1

The course is to develop the understanding of the business operation, more specifically, increase knowledge on traditional business management. The course will help to develop the plan and strategies that are resued for a business to operate. Form the term work; one can be able to know various things such as the strategies of the traditional business. The term work helps to address the goal of an entrepreneur and develop future prospects (Shapira, Gök, & Salehi, 2016). My goal is to develop a traditional clothing business that will provide high-quality products to its customers and establish a brand reputation in the market. It helps to increase the share of the market and increase profit. I gather the knowledge related to the planning and development of an attractive website that is easy to handle so that customers can order easily.

It will help to reach the goal of and enhance the business strategy of an individual. The gap is to develop technical knowledge and awareness by taking proper training (Prodanova et al., 2019). In the path of creating a traditional business, it is necessary to have a technological understanding. The regular training and course in website development and practice will help bridge the gap and help develop a successful traditional business platform with a strong future. The website is an important part of a traditional business for that purpose to handle a traditional business; it is necessary to have expert knowledge in the development of the website, not only that they also need to manage the social media marketing, supply chain and others to reach the customers and provide the high-quality service (Smaliukiene, Chi-Shiun, & Sizovaite 2015).

In the process, social media play an important role in grabbing the customers' attention and staying in the market, and I will learn that. The process and course help an individual in various ways, such as the knowledge and the idea one can get from the term work that will help them in the future. It will again develop the business knowledge and experience. It is an opportunity for me to establish a strong business prospect that will help them in the future to enhance business growth (Prokhorova et al., 2016). It is necessary to have effective leadership and communication skills to establish a successful business. The leaders and managers of the business need to share the goals of the business with the stakeholders and make them aware of the scope of the company. It helps to be motivated throughout the process. From time to time training the knowledge of the market and the technology are reque3d to be innovative and analyse the business opportunities and threats to reduce the risk.

Part 2

The traditional business is a vast area, and the competition in e-commerce is increasing day by day. The business work is to develop in the area of traditional selling of cloths to the target customers. The target customers are the young generation who spend most of their time searching for high-quality products. The service needs to be online and online both. The stores of a company need to be easily accessible and the online selling platform ne3eds to be attractive. For the business, strategies need to develop; first of all, a strong website needs to develop that is user-friendly and provides all data related to the target audience (Ungureanu, Pop, & Ungureanu, 2016). The intention for me is to provide the correct information to the customers and associate them 24*7. The website needs to have a chatbox that helps solve all customers' queries. In addition, they also intended to introduce the option of customization for the customers so that it provides value and provides importance to the preference to the customers.

I gather the knowledge can be gathered related to the planning and development of an attractive website that is easy to handle so that customers can order easily. In addition, at the time of payment options, customers will get many options such as traditional payment via card, bank transfer, and offline payment as per the need of the customers that increase the sustainability of the business (Ngoasong, Paton, & Korda, 2015). The main three actions are required to develop the business are the planning. The blueprint of any business idea development shows the path for business continuation. The second action is the development of the website; for the development of the website, a software engineer and expert in IT needs to hire so that the website can be designed that is able to attract the target audience to earn profit. The third action is marketing. It is necessary to conduct the marketing efficiently. Specifically, social media marketing is necessary to spread awareness in the market. For that, the social media expert needs to hire and handle the digital page; a quick response is necessary.

These three actions play a vital role in the development and growth of the business and increase the market share (Ioanas, 2020). The supply chain is also important in the process of business activities. It is necessary to take care of the customer's needs and prioritize their preference. Continuous updating is also required. The computer, internet connection and skilled employees are vital in the process. For that, the recruitment needs to be effective and as per the need of the business. The risk is the lack of technological knowledge in the business field and the negative rumours spread on social media can impact the image of the company on the market and re3fuce the business growth.

 I need to improve my skills so that I can handle tactfully this situation and develop strategies therefore company is able to hold its position in the market and reach its goal (Ijaz, & Rhee, 2018). In addition, the success of a business also depends on the sustainability and ethics of the company so the management also develops policy on equal opportunity for employees and create a healthy environment for work.

Conclusion

The above analyses provide the idea of the new business framework development. It helps to increase the share of the market and increase profit. The knowledge can be gathered related to the planning and development of an attractive website that is easy to handle so that customers can order easily. The target customers are the young generation who spend most of their time traditional. For the business, strategies need to develop; first of all, a strong website needs to develop that is user-friendly and provides all data related to the target audience. It provides growth in the future and helps to be competitive.

Reference

Ijaz, M. F., & Rhee, J. (2018). Constituents and consequences of Traditional -shopping in Sustainable E-Business: An experimental study of Traditional -Shopping Malls. Sustainability, 10(10), 3756.

Ioanas, E. (2020). Social media and its impact on consumers behavior. Jurnal Analisa Kesehatan, 1(1), 1-1.

Ngoasong, M., Paton, R., & Korda, A. (2015). Impact investing and inclusive business development in Africa: a research agenda.

Prodanova, N. A., Savina, N. V., Kevorkova, Z., Korshunova, L. N., & Bochkareva, N. (2019). Organizational and methodological support of corporate self-assessment procedure as a basis for sustainable business development. Entrepreneurship and Sustainability Issues, 7(2), 1136.

Prokhorova, V. V., Klochko, E. N., Kolomyts, O. N., & Gladilin, A. V. (2016). Prospects of the agro-industrial complex development: economic diversification, business development, mono-industry town strengthening and expansion. International review of management and marketing, 6(6S), 159-164.

Shapira, P., Gök, A., & Salehi, F. (2016). Graphene enterprise: mapping innovation and business development in a strategic emerging technology. Journal of Nanoparticle Research, 18(9), 1-24.

Smaliukiene, R., Chi-Shiun, L., & Sizovaite, I. (2015). Consumer value co-creation in traditional  business: the case of global travel services. Journal of Business Economics and Management, 16(2), 325-339.

Ungureanu, M., Pop, N., & Ungureanu, N. (2016). Innovation and technology transfer for business development. Procedia Engineering, 149, 495-500.

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