A 24-hour marketplace, broad customer reach and low transaction costs are among the core advantages of an online business. Efficient and affordable marketing options and streamlined ordering systems are also benefits.Know More
Physical store locations are costly to operate for 24 hours, and the level of patronage often doesn't justify the investment. In contrast, a company can present its brand messages and product offerings to online customers 24 hours each day without major changes to infrastructure. Additionally, a physical business location is only accessible to customers who can make the trip to the location. An e-business has a global reach to any part of the world where people have reliable Internet connections. This allows a small operation in the United States potentially to reach an international marketplace.
An online-only business doesn't require the same level of building infrastructure and utility fees that a typical physical operation does. Also, an Internet company often saves on labor costs because it is able to streamline or automate ordering processes and other activities that require manual operation in a physical business. The Web also provides a business with greater access to affordable and efficient marketing and communication strategies, such as a company website, email marketing and social media marketing.Learn more about Managing a Business
Advantages of online retailing include lower start-up costs, lower operating costs and a broader customer reach. In addition, the online retail environment offers many marketing opportunities.Full Answer >
Some advantages to teamwork are greater resources, a wider range of ideas and a broader skill set, all of which lead to increased productivity. A group working as a team is usually able to resolve issues and complete tasks more quickly and more efficiently than an individual working alone.Full Answer >
Business expansion includes selling more of a core product or service, offering a variety of products and services, and buying other companies. Business expansion begins with developing a strategy to guide business growth.Full Answer >
A project charter is a small document that states the scope, core goals and intent of a project. It identifies the key participants, outlines the project objectives and establishes the authority of the project manager. A project charter acts as a reference for the future of a project.Full Answer >