HI6008 Business Enterprise and Capstone Project Assignment

HI6008 Business Enterprise and Capstone Project Assignment

HI6008 Business Enterprise and Capstone Project Assignment

Research Topic and its Significant

A study to explore, analyze and understand how to set up online business and customer buying behavior.

There are four important issues to set up online businesses which are below:

  • Cost
  • Product
  • Marketing
  • Consumer behavior

Furthermore we can classify our online business or internet retailing into three categories. The first category is the studies from customer perspective which focus on customer online purchasing behavior. The second category is the studies from business perspective, focusing on the retailing management, e.g. business model design and online store management. The third category is those from technology perspective, taking the focus on the innovation of emerging IT for the online business.

Research aims

Hence, the aim of the research is to study, analyze as well as investigate the different issues and factors that are directly and indirectly related to the core topic to set up online  business and consumer behavior.

Research objectives

The main aim and purpose of this study is to enhance the understanding regarding the online shopping behavior of the consumers and to understand the factors affecting online shopping behavior of consumers. The following are the objectives of this research:

  • To investigate the cost of online business set up
  • To identify who will be our customer and products
  • What marketing strategies we will be using
  • Finally the consumer behavior and customer satisfaction

To recommend different ways for improving consumer behavior regarding the online shopping behavior

Literature review

Topic 1: Cost of online business setup

In 2015 Australian online sales will exceed $40 Billion. When starting an online business selling products or services there are some costs which we can expect before we make our first sale. Our online store is a sales channel and acts like a sales person for our business Cost of Internet trading is negatively, status of Internet retailing strategy and technology capabilities are positively related to firms’ adoption of Internet retailing. If the costs of Internet trading such as logistics cost, organization expense, and operation cost are so high that the adoption of Internet retailing will reduce a company’s profit; the company will lose its enthusiasm for the adoption. Status of Internet retailing strategy refers to the support from management. Many researchers believed online shopping is superior to offline shopping as you can access 24/7. I believe it is not expensive to set up but expensive to set up when we have a lot of customer. There are logistic and delivery cost which varies that that what delivery method is.

Topic 2: Consumer Behavior

According to Bidgoli, (2004) “Consumer behavior is the investigation of people, gatherings, or associations and the methodologies they use to choose, secure, and dispose of products, services, experiences, or ideas to fulfill needs and the impacts that these processes have on the consumer and society. Consumer behavior of each individual is not quite the same as other relying upon purchasing decisions which is impacted by purchasing propensities and decisions that are turn altered by mental and social drivers that influence buy choice methodology. In addition, Internet makes life straightforward and inventive. Individuals are working together online and exchange has gotten to be all the more simple and quick because of this. Web gives better approaches to advance business. Site turns into the quintessence of online business as to demonstrate their administrations and items. Web accumulates all contenders and shoppers in one spot. It conveys new path to advance, promote items and administrations in business.

Topic 3 Marketing Strategies:

The key points of successful online retailing business are market positioning, business model, and estimation of the market size is the three key factors for a successful online retailing business, these factors can be used by a company to obtain competitive advantage and survive in the market. Kotha found that the Internet-based innovative application such as online Flash games and strong brand of website are effective for attracting consumers. Therefore, applying new techniques and building a good website reputation are key factors for a successful online retailing website.

Peterson et al. pro-posed that business model and marketing strategy should be designed according to the three aspects of products, i.e. purchasing frequency, tangible or intangible, and differentiation. For instance, a firm should choose a strategy of online retailing, high price, and steep price cuts for electronic fashion magazine (the frequently purchased, intangible, and high differentiation products), while for gold bar (the infrequently purchased, tangible, and low differentiation products), the firm should try a strategy of offline retailing with advertising online and stable price.

Topic 4 Products:

The most important decision online business set up is selection and provision of products to potential customer. In the views of Christy & Cheung, (2003) Online shopping is also called online buying behavior and internet shopping/ buying behavior. Online shopping behavior has direct relationship with these five components, for example, e-stores, logistics, products, data trademark and products. As per studies, those individuals who have wired ways of life and who have time obliged, they invest less energy to purchase things on the web. It is likewise expressed by Daniel & Fesenmaier, (2006) purchaser conduct qualities in an unexpected way. Inquires about on online customer conduct and qualities have been finished by such a large number of economic scientists and creators. The exploration on online purchaser conduct is critical in light of the fact that it serves to comprehend when and how online buyer sets them up for acquiring.

Turban has characterized a model on purchaser conduct on the web. In this model, electronic environment comprise of three variables, for example, autonomous variable (which is additionally called individual qualities and environment attributes), interceding or directing variables (it is under merchant's control) and the choice making methodology (effected by free and mediating variables).

Chu & Kim, (2011) predicts that a mindset refers to an “exact cognitive orientation”. As per this hypothesis, each shopper brain set is made out of distinctive thought, methods of feelings and diverse data transforming. In against of this, Heinonen, (2011), predicts that Propensity to shopping is influenced by buyer brain set. Online purchasers are objective situated as opposed to trial in the event that they picked internet shopping. Shopper brain set two sorts of determinants one is objective arranged and second one is exploratory.

Kim, & Ko, (2012) introduce most relevant factors contributing mind set on consumer. According to this, customer pursuit conduct relies on upon site determination, length of site visit and data got has impact on one's personalities. Mentality has a string impact on key subjective, viable and behavioral parts of purchaser's exercises in web shopping. Psyche set offers ideas to reach intellectual introduction through trial and objective arranged. Mentality has capacity to overcome outer environment. This is the solid purpose of brain set to help administrative perspective since it gives noteworthy understanding. Through brain set research in the customer practices serves to increment more open door in business.

Kotler, (2011) found that, goal oriented consumer behavior is known as utilitarian shopping conduct. It is deliberatively, effectively and preplanned with choice making reason. Objective situated online buyers are errand arranged, particular coordinated, reasonable and productive in choice making. They are continually looking to finish their undertaking rapidly immediately on the grounds that they are centered and determinant about their motivation of shopping. As perspective to online buyer, they generally are objective arranged. The purpose for is that ease draw in them to purchase electronic merchandise on the web. It is demonstrated via research that objective situated online customers incline toward web shopping on the grounds that it is advantageous. Objective arranged online buyers have trademark that they have esteem comfort and they are prone to purchase electronic merchandise over the web.

Research Question(s)

What marketing strategies should be adopted by the companies to attract a number of customers to buy products online, when they start new business

Research Methods

The primary and secondary research method are used to answer the above question. This method explain when, where and how the research was done. Some of the research was already done and published on internet which includes Survey, Interview and online business research. Because it will help for the critical analysis of previous research on the subject.

Interview

Interview of the local business JB HI FI” located in Bankstown Centro will be conduct, who  has online business conduct with local online business entrepreneur. Which help to identify the main area which help to attract more customers

Gantt chart

Following is the project plan that I have done during the start of the session of Statistics and Business Research Methods subject.

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Research Process

Meeting will be conducted during start of January 2017 with the local business located in Bankstown Centro who has online and retail store business Name “JB HI FIfor conduct research about the Marketing strategy adopt to attract consumer. The researcher will be in touch with and have a number of different question which will ask them to participate in the research after explaining the nature and the scope of the study further researcher also design some question which help to know about different area need to consider for attract new customers and retain old customers. The discussions will take place at the office of the business in Centro Bankstown and duration of interview will be approximately 20 to 25 minutes. During the interviews researcher will take important notes, in order to help the researcher to analyze the gathered data. During the conduction of the interview, respondents will be free to express their views about the strategy adopted by him by using different advertisement methods to attract customers. Such as Business Website, online post daily content for growth, Using images, banners for posting on social media, google advertisement, Safelist business marketing, Run and launch rock campaign, Create micro content, create different title on block post, survey to improve services, run a twitter Q&A. create a website link on all method of advertisement which help customer direct to the website which help to grow traffic on website and increase sales.

Data Collection and Analysis

The Process of Data Analysis

Content analysis will be used to analyze the data which will gathered from personal interviews. According to the store Manager, this type of research whereby data gathered is categorized in themes and sub-themes, so as to be able to be comparable. A main advantage of content analysis is that it helps in data begin reduced and simplified, while at the same time producing results that may then measure using quantitative techniques. Moreover, content analysis will give the ability to researcher objectives. However, human error is highly involved in content analysis, since there is the risk for researchers to misinterpret the data gathered , thereby generating false and unreliable conclusion.

For data collection, in addition to designing a data collection framework, the researcher should also resorted to some traditional data collection methods as well as technologically advanced that they should keep records of respondents opinions regarding the influence of corporate identity on consumer purchase behavior and to evaluate perceptions of targeted also  the respondents to obtain factual revelations on the object in question. In simple descriptive research, analysis may be relevant to determine compliance.

Strength of anticipated findings and how they relate to aims and objectives of study

This research methodology, there is a particular process of citation and references; reduce the probability of bias and one-sided analysis. The reason for selecting the methodology described is that qualitative research methods bias is eliminated by providing references; these references may belong to several online and offline sources.

Research limitations:

In due course, all the necessary measures, such as using credible resources, limiting interviews with entity directly associated with the business domain of research etc. were implemented by the researcher to say that search concluded facts are valid and reliable by all means. Meaning, validity and reliability of research were confirmed to be determined based on facts  and figures used in the search. In contrast, extra elaborate measurements are required to confirm that the research is reliable and valid. So, you might have reflected that reliability and validity are key aspects for any project based on research. Strength of expected results and how they relate to the aims and  objectives of the study.

Research Outcomes

Conclusively there are six incentives for firms’ intention of adopting Internet retailing, i.e., improving business communication, operational efficiency, facing competition, enhancing customer services, reaching out to a wider audience, and improving relations with suppliers. Secondly, two factors cost of

Internet trading and consumer preference have negative impact on Internet retailing adoption while five factors. Internet retailing strategy, Internet communication preference have positive impact on Internet retailing adoption. Thirdly, five factors (market positioning, Internet based innovative application) are the key for a successful online retailing website, and online business model and marketing strategy should be designed ac-cording to product purchasing frequency, product tangible or intangible, and product differentiation. Fourthly, the cross- channel conflict may be reduced effectively by reconstructing the business process or adjusting the pricing strategy. Fifthly, zero inventory policy, in-stock inventory policy, and dynamic inventory policy are able to reduce Internet retailing inventory cost. Finally, high- value-package strategy and emergency transshipments are able to enhance the quality of logistics and delivery

Reference

Bendat, J. S., & Piersol, A. G. (2011). Random data: analysis and measurement procedures.
USA: John Wiley & Sons.
Bidgoli, H. (2004). The Internet encyclopedia. Canada: John Wiley and Sons. Bryman, A. (2012). Social research methods. UK: Oxford university press.
Christy M. K. Cheung, L. Z. (2003). Online Consumer Behavior: A Review and Agenda for Future research. Hong kong: 16th Bled eCommerce Conference eTransformation.