Paraphrase

Please paraphrase the following for me,

Venkatraman (2000) suggests a five-stage strategy process for what he describes as a 'dot-com strategy', for existing businesses intending to make use of new digital media. The five stages are presented as five questions for a management team:

1. What is your strategic vision? This includes consideration of business models to achieve differentiation.

2. How do you govern dot-com operations? Governance is divided into operational decisions (production, sourcing, logistics, marketing and human resources) and the trade-off with financial decisions (investment logic, funding sources and performance criteria (i.e. objectives)).

3. How do you allocate key resources for the dot-com operations? To operationalise the e-business which techniques are used for resourcing: commit internal resources, form strategic alliances or outsource?

4. What is your operating infrastructure for the dot-com operations? Venkatraman emphasises the importance of the infrastructure in adding value to the customer through functionality, personalisation and ensuring privacy.

5. Is your management team aligned for the dot-com agenda? This considers the responsibilities and structures used for executing the other aspects of the strategy such as vision, resourcing and infrastructure.

Questions 2-5 imply a more strategic implementation. The importance of resourcing and structuring for the move to e-business is a characteristic of e-business

Venkatraman (2000) also highlights the need to continuously scan the environment and so revise the strategy. He says “We need to abandon calendar-driven models of strategy perfected under the predictable conditions of the Industrial Age. We should embrace the philosophy of experimentation since the shape of future business models is not obvious”.