Market Dojo is a software company dealing in procurement and based in the United Kingdom. It helps in negotiation between businesses in the global community especially in ensuring that the market prices for services and goods are reached at effectively. The negotiation is carried out online and further advice on how to negotiate effectively in the business community. It uses technologies and thus the internet whereby businesses trade by bidding on the various goods or services offered by other business. It is an important platform where business easily meet to carry out their functions.
What are the key components of Market Dojo’s existing business strategy?
The key components of Market Dojo are procurement software, procurement professionals, professional advice, transparent pricing, professional processes, hosts, qualification bid, participant and a host. This entire components merge together to form an effective professional service that helps people to readily obtain effective solutions for their business dealings. Transparent pricing is an important component that further helps many businesses to get the right prices in finding business solutions especially when buying goods and services.
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Furthermore, professional processes help in ensuring that the business obtain the best solution to their business especially in giving them advice on how to carry out their business operations efficiently. A host is another component that represents the person managing the online negotiation among different business and who wants to sell services and goods. Participants further take part in a Market Dojo by bidding online. The participants usually do not have to pay before they bid. A lot is another component, which is the services or goods, which the hosts collectively places for bidding on the online platform. A qualification bid is the accepted bid from a participant when he or she reaches a level in pricing.
How can the company stay on pole position to grow rapidly and carve out their share of the market using their existing business strategy?
Market Dojo as a business strategy uses various components to help in meeting its objectives especially in providing for procurement services to various sectors or individuals in an economy. The use of a software that has revolutionalised the procurement process especially where business seek to set the right prices and buy the necessary goods and services from the appropriate suppliers or companies. As such, businesses are able to set up the right prices and use the platform to buy or sell goods. The business strategy of using a software tailored towards improving negotiation skills among businesses wanting to buy or sell goods has enabled the business acquire many customers since its inception in 2010. The company can further improve on its software especially where it includes more features that attract customers to suppliers and the use of professionals further aids the businesses and attracts companies to use the platform to set the right prices and further find the rights goods or services they need (Wetherly & Otter, 2011).
Bidding on the platform is easier when compared to other online platforms. Users find the interface easy to use and thus do not need training to operate. In addition, the bidding process is centralized and thus makes it easy for the users to bid easily. As such it quickens the bidding and sales process. Such an interface and software with easy to use features for both parties participating in sourcing especially in placing bids makes it a sought after business software for businesses. Innovation is further embraced by market dojo especially where it continues to improve the software processes and include advice for different functions associated with the software. The Market Dojo further provides more options for businesses to connect with the appropriate suppliers or other business that have the needed goods and services.
Market Dojo ha further provided a platform where it has enabled businesses to access various platforms about the software especially in the provision of innovation and category dojo. Attracting large companies is another milestone for the company in addition to the various e-auctions that have been conducted on the platform. Therefore, though the software used in Market Dojo is easy to use it provide quality services to the customers and further enhances their business especially in locating their business needs using the software. The software further serves many countries and is not limited to a certain locality, which enables business to easily find other relevant business in terms of obtaining the different commodities and services.
Going forward how can IS tools like reverse auction models, dynamic environment strategy, be used by a micro company like Market Dojo to scale the business organically that is going to address challenges like investment, strategy and globalization?
The use of information systems in business is important as it helps the companies to come up with various processes that are geared towards gathering information to help the company in determining the various strategies and where it can improve on its investments, strategies and globalization. Reverse auction models are an important part of online auctions. Such actions involving reverse auctions are an important part of any company like Market Dojo and thus help the company to get more buyers on the global platform especially large corporations who may source raw materials from different seller from different countries. Such movement of resources including material and financial aids in increasing globalization and furthering production in organization in the manufacturing and processing industry (Conklin 2011). The resultant finished goods are further exported to other countries by the corporations or multinationals and thus help in coming up with networks among businesses. The market Dojo in such a case will comprise of different networks involving different businesses who will further have efficient systems of operations because of forming stable relationships that help the companies get the goods and services at appropriate times.
A dynamic environment strategy is an important tool for a company to use in ensuring that it studies it market together with the various competitors in the market and thus ensure that it understands tis competitors to the required level. The market environment has many components that the company can study to determine who to target its product and thus provide a better platform on which it can improve on its services. As such, the company in having an environment strategy that is dynamic will further help it to be flexible and adapt to changes that occur in the market about the competitors and the new features introduced in the software together with the dynamics affecting the sourcing platforms in the market. It is pioneering company especially where it uses a transparency pricing mechanism, which further enables businesses to set up the convenient prices and further find sellers who have the prices they find more appealing about their business needs. As such, the business is a pioneer in the industry and thus brings with it a different way of handling the operations in the digital divide together with giving business unique ways of conducting their businesses. The information systems will further help the company gather important information that twill help in generating data to make decision making important. Therefore, the company will be better placed to decide on the various operations and the changes it needs to make to ensure that the company strategically considers the company’s interests together with those of the customers.
Critically analyses the statement, ‘MarketDojo are pioneers in this changing environment or will they just become a ‘me too’ by identifying directions that MarketDojo could move into without breaking out of the directive of e-sourcing?
Market Dojo has significantly brought about innovations to the electronic sourcing platforms especially where they help companies in buying or selling goods. The changing environment brought about by market Dojo has greatly changed the sourcing platform. More business can engage the easy platform and quickly operate with ease without difficult. Such a platform enhances the business tasks and thus enables the various businesses engaged in the platform to have an effective way of accessing various buyers and sellers respectively to obtain their desired ends. Market Dojo usually deal with the various mechanisms that help them in providing effective services on their software platforms especially services in regard to effective software solution for the various businesses.
As such, the company seeks innovative ways in which it can conduct the various services it has and thus is in a better position to deal with the various services that its customers need (Mcnall et al. 2011). The changing environment involving the digital platform is further a competitive environment especially where businesses seek for the best services more businesses than before are looking for digital platforms that provide more services that suit their business needs. As such, the Market Dojo has substantially provided more services that have greatly improved the digital marketing involving procurement. As a result, more businesses are able to conduct their services easily and the customers do not have difficulty when dealing with the software platform.