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Virtual Vineyards Business Model Essay

4511 words - 18 pages

1 Executive SummaryVirtual Vineyards have used a broad range of Information Technology (IT) initiatives to realize electronic commerce strategies in the digital age.Implementation of these initiatives can bring about significant changes of business processes or even industry structures, as early examples have demonstrated. Combining a knowledge of wine and high technology, the company's founders took their business online with a shopping-cart model that lets customers see what's actually in stock when they place an order as well as building a sense of community among suppliers, end users and the site's managers.The advent of the Internet and electronic commerce (e-commerce) provide interesting new choices to industries and businesses, and the ubiquitous digital space provided a fertile economy of ideas, Virtual Vineyards being one of them.In the nascent days of e-commerce, emerging technologies have been utilized to automate business transactions, to facilitate communication between business partners, to disseminate information to a global audience, or to set up electronic marketplaces and virtual organizations (Turban et al. 1999).Electronic commerce systems that Virtual Vineyards employed was significant value as a lever for new customer management strategies, mainly because they directly connect buyers and sellers; supported fully digital information exchange between them; suppressed time and place limits; supported interactivity and therefore could dynamically adapt to customer behaviour, and could be updated in real-time, therefore always up-to-date.Virtual Vineyards was a result of market forces that existed at the time of its implementation.2 Virtual Vineyards Business ModelVirtual Vineyards Business Model according to Porters Strategy Model could be acknowledged as pursuing a Niche Strategy by focusing the business on a particular segment of the market then pursuing a differentiation strategy. (Aaker D, 2001) Differentiation strategy requires constant innovation and leadership on the benefits that matter most to the customer (Aaker D, 2001).Virtual Vineyards market was that of specialty labels. Its market comprised women/men with moderate income that are interested in learning more about wine. Virtual Vineyards services those customers who are interested in wine but lack resources.Virtual Vineyards achieves business value through their website in several stages. In order to attract customers, Virtual Vineyards deliver premium content on the Web. This is free of cost to provide valuable information to customers, and to promote the company wines and services e.g. articles, research, product catalogues, etc. Next is specialised activities aimed at establishing communication linkages between Virtual Vineyards and its current and prospective customers over email (Cork Dork) (Cavaye A; Sankaran S, 2003). The next step is the transaction stage where customers interface with automated ordering system of the company (Hameed I, 2003).3 Value to...

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