Business idea using information systems Many industry firms rely on good information systems to manage daily activities

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Business idea using information systems Many industry firms relyon good information systems to manage daily activities and somerely on information systems to compete in both domestic and globalmarkets. Fims who do not implement information systems are findingit challenging and or impossible to run a business bothdomestically and internationally. Indeed information systems helpfirms to compete and without it they cannot survive in thischallenging business environment. As such, firms need to implementgood information systems to help with business operations, usingsophisticated information systems in real time communication withemployees, stakeholders, business partners, customers, and sourcingproducts from all over the world while meeting a growing need ofcustomers worldwide. You are considering establishing a new venturebusiness that you believe there is a niche product, niche marketand an opportuntity to run online business, improve sales andprofits by marketing products/services to many customers worldwide,and due to customers worldwide have grown significantly over theyears. You see this is a very good opportunity and motivation tolaunch a new product/service that is uniquely different tocompetitors within the same industry. You are to establish a brandnew business and website that has not been previousy established.In this task you are required to select one industry from thefollowing table list, select both product and service together intoone business idea. Your main target market is domestic or foreignmarket. You need to choose the product/service that you areinterested to run business and able to operate the business withthe help of information systems that would reach your target marketworldwide and attract as many customers as possible. You are notlimited to domestic market. You are required to select one industryfrom the following: Manufacturing clothing Retail Food serviceTransportation Education and training Airline Entertainment TradeHealth/Pharmecutical Financial and Insurance services AutomobileAgriculture Real estate Hospitality and tourism personal servicesPlease conduct research in the following: a. Select a business andindustry that you are interested to venture in domestic or globalmarket. Provide two paragraphs about your new e-commerce businessidea, including product/service to be launched, industry backgroundinformation and any other relevant information. You must not exceedtwo paragraphs. b. Explain the reasons you want to venture a brandnew business- domestic market or global market using a website toreach your target market. You may consider new market opportunity,market size, demographic profiles of worldwide customers,competition, niche market, cost savings with outsouring strategy,less taxes, minimal government intervention or regulations withinthe industry, minimal government or industry restrictions onselling or advertising, lower cost of running global onlinebusiness, and any relevant information that you believe you makethe right decision to choose online business rather a physicalpremise. You may also consider a joint venture partnership to helpwith running the business, if you select this option you also needto provide explanation based on this option. c. Consider thecurrent issues impacting your online business. You may considercurrent global logistics issues, labour shoratges, supplyconstraints, demand constraints, war, the impact of COVID onbusiness/labour, uncertainty with customer demand ofproducts/services, government restrictions, and any other relevantinformation impacting your business. Discuss the challenges ofthese issues. d. A proposed budget between $200,000 - $5,000,000for your new business, you must not exceed this budget and considerall costs involved in running online business. You need to berealistic with the budget as this is a new venture. Justify yourbudget requirements including expenses and any relevant informationrelated to taxes, low cost of sourcing products, third partycharges and so on. e. Discuss about your selection of informationsystem requirements to run online business and create a website.You may consider special software that are commonly used bybusinesses such as allowing customers to make online booking,customer chat software, customer order app, social media software,software for customers to design a product menu, click &collect app, software that is used by business operators, and anyother software that you believe are suitable to your business. Youneed to search for suitable software requirements for your newbusiness. f. Design a brand new website that is suitable to yourbusiness needs, attract many customers and enhance sales traffic.The website needs to be unique in the eyes of customers. You needto be creative with designing the website, include real images ofproducts/services as much as as possible. The website needs to becusotmised to suit your business needs. Briefly discuss why thewebsite is unique and how would it enhance sales traffic. Pleaseregister at wix.com and create a free online business. You arerequired to submit the report together with the link of your onlinebusiness. Please publish the link. word count must be 1750 for thisassignment.