In recent years, many small businesses have begun to develop their websites, online banner advertisements, social media programs, and general digital marketing strategies to complement their traditional marketing efforts. They are carrying out these activities in accordance with the theories of digital advertising.
Before you start thinking about business frameworks, double-check that you’ve covered all of your bases. Your small firm should get off to a good start with:
- An e-commerce website (a website that allows customers to purchase your items or services) Email marketing is a type of marketing that uses electronic messages to communicate with a target audience (to reach your customers in their inbox).
- Marketing using social media (to expand your product message and engage with potential customers). If relevant, new videos are uploaded to video outlets on a daily basis. The truth is that a small firm does not need to be well-versed in every theoretical framework related to internet business sales. It’s possible that you’ll be able to locate a niche in one of the numerous buckets that make up the digital marketing universe.
See also: Successful Online Business Ideas 2021
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What is the Theoretical Framework for Business?
A theoretical framework is a collection of related ideas that can serve as a foundation for research and/or the development of a corporate strategy or endeavor, among other things. It is possible to create a theoretical framework in order to better understand and anticipate certain phenomena.
It can also be used to challenge existing knowledge about a topic and to develop new viewpoints on it, among other things. Generally speaking, a theoretical framework consists of concepts and their explanations, as well as the justification for how to utilize the concepts in order to pursue some research or to use the concepts as the basis for building a company strategy or embarking on a business venture.
Consider the following factors while deciding which framework to use:
- Appropriateness of the language
- Convenience in Use
- The ability to provide explanations
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What is Theoretical Framework Example?
Use of the Internet and communication technologies has increased dramatically during the last two decades (ICT). Using the Internet and related technology has a significant impact on how businesses operate. Internet and e-business technologies give organizations new ways to compete in the worldwide market and to play a significant part in the global economy.
Despite the numerous studies done on e-business, more research is needed to fully understand the competitiveness of e-business and the indicators that can be used to assess that competitiveness. A theoretical framework for e-business competitiveness will be developed in a study.
A conceptual model exhibiting the competitiveness of e-commerce as one of the most significant activities of e-business is offered after an examination of e-business diversity. This model incorporates four levels of analysis: the company level, the industry level, the country level, and the global level. Each level is interconnected with the other.
What are the Types of Business Theoretical Framework?
There are mainly 2 types of theoretical frameworks.
Conceptual Framework
A conceptual framework is an analytical technique that can be used to gain a full knowledge of a phenomenon or set of phenomena. There are numerous applications for it in various domains of work, with the most prevalent being to visually convey the key concepts or variables and the interactions between them that need to be examined in greater detail.
A conceptual framework is a visual representation of what you hope to discover during your investigation. It identifies the variables that are significant to your research and shows how they might be related to one another. Before you begin collecting data, you should create a conceptual framework to guide your research. It is frequently depicted in a visual representation.
Blue Ocean Concept
In business, the Blue Ocean Strategy (BOS) is a strategic organizational strategy that is founded on the notion that organizations should avoid engaging in a competitive fight and instead should concentrate their efforts on uncontested markets and opportunities.
This strategic action contributes to the development of value for both the businesses involved and for potential buyers as a whole. The fundamental premise of Blue Ocean Strategy is to map out new markets (‘blue oceans’) in addition to (and in addition to) existing markets (‘red oceans’). These blue oceans serve as a record of emerging markets and business potential.
The concept of Blue Ocean Strategy is sometimes likened to the concept of Venture Strategy. Large multinational corporations have been employing venture tactics for decades. There is, however, a significant difference between the two procedures described above.
Venture strategies are concerned primarily with the technological innovation of businesses in order to compete in a dynamic market. The Blue Ocean Strategy is concerned with value innovation in general, and there is little emphasis placed on shortening the time to market in this strategy.
The blue oceans, on the other hand, are all industries that do not exist or are not well-known at the present time. This is the uncharted territory. Demand is created rather than resisted in blue waters because it is completely unaffected by competition. When operating in such a climate, there is an abundant chance for both rapid and lucrative growth to take place. In these “blue oceans,” competition is almost meaningless.
Because the rules of the game haven’t been established yet, there aren’t any major market share holders, but there is still plenty of room for growth. The metaphorical concept of a blue ocean is used to indicate the greater potential that can be discovered in places where no firm has ever been present. The potential for profit in a blue ocean is vast, powerful, and deep, much like the ocean itself.
Related: How to Start an Online Business?
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