Podcast
Questions and Answers
The weaknesses of the system include limited financial resources and no existing user base.
The weaknesses of the system include limited financial resources and no existing user base.
True
One of the opportunities mentioned is the potential to capture a significant share of the market.
One of the opportunities mentioned is the potential to capture a significant share of the market.
True
Threats include the low market entry cost and the rapid pace of technology development.
Threats include the low market entry cost and the rapid pace of technology development.
False
The two components of system design mentioned are logical design and physical design.
The two components of system design mentioned are logical design and physical design.
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Outsourcing involves hiring vendors to provide services involved in building the site.
Outsourcing involves hiring vendors to provide services involved in building the site.
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One of the weaknesses mentioned is the lack of existing user base.
One of the weaknesses mentioned is the lack of existing user base.
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One of the opportunities mentioned is the ability to address a large market with unmet needs.
One of the opportunities mentioned is the ability to address a large market with unmet needs.
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The system analysis stage precedes the system design stage.
The system analysis stage precedes the system design stage.
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Outsourcing involves building the system in-house without hiring external vendors.
Outsourcing involves building the system in-house without hiring external vendors.
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Physical design in system design specifies the actual physical and software components of a system.
Physical design in system design specifies the actual physical and software components of a system.
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Threats include the potential lack of interest from advertisers to try a new site.
Threats include the potential lack of interest from advertisers to try a new site.
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A small startup e-commerce website can cost up to $5000.
A small startup e-commerce website can cost up to $5000.
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Existing e-commerce sites are meeting the market needs according to the text.
Existing e-commerce sites are meeting the market needs according to the text.
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SWOT analysis is not mentioned as a recommended step in building an e-commerce presence.
SWOT analysis is not mentioned as a recommended step in building an e-commerce presence.
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Email is not listed as a platform activity for e-commerce presence.
Email is not listed as a platform activity for e-commerce presence.
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A large corporate website typically costs less than $100,000.
A large corporate website typically costs less than $100,000.
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One of the components of the e-commerce vision is 'Development timeline'.
One of the components of the e-commerce vision is 'Development timeline'.
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Study Notes
Building an E-commerce Presence
- E-commerce vision components include mission statement, target audience, intended market space, strategic analysis, marketing matrix, development timeline, and preliminary budget.
Financial Aspects
- Identify business and revenue models to outline financial strategies.
- Target audience assessment encompasses demographics, lifestyle choices, and consumption patterns.
Market Characterization
- Characterize the marketplace regarding size, growth potential, demographics, and structure to understand overall market dynamics.
Content Creation
- Determine sources for content production to ensure a steady flow of relevant information for customers.
Self-Assessment
- Conduct a SWOT analysis (Strengths, Weaknesses, Opportunities, Threats) to gain insight into internal capabilities and external market conditions.
E-commerce Presence Map
- Develop a map outlining various elements of the e-commerce presence to visualize and strategize the approach.
Timeline and Milestones
- Create a development timeline with key milestones to track progress and achieve goals efficiently.
Cost Considerations
- Estimate costs for different website types:
- Simple website: up to $5,000
- Small startup: $25,000 to $50,000
- Large corporate website: over $100,000 to millions.
Presence Types
- Assess various presence types that include website, app, social media, email, and offline media.
Platform Activity
- Engage customers through different platforms: traditional mobile and tablet, search engines, display ads, and affiliate marketing.
- Utilize social media channels like Facebook, Twitter, Instagram, and TikTok for conversation and engagement with the audience.
Marketing Strategies
- Utilize internal and purchased email lists for newsletters and updates, while employing print, TV, and radio for brand exposure and education.
Strengths Identified
- Current market strategies do not fully address consumer needs; emphasis on unique approaches, easy navigation, personalized experiences, and a growing customer base focused on high-value market segments.
- Superior social media engagement strategies are present.
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Description
Test your understanding of building an e-commerce presence by exploring topics like mission statement, target audience, strategic analysis, marketing matrix, revenue models, target audience characteristics, market size, and more.
