Business Plan for E-Commerce Product
In the contemporary, there is a great need for consumer satisfaction and ease of access to products. With the advancement in technology, consumers demand for easy accessibility to products and service. The e-commerce product and service offering being presented in this case is mobile money transfer. It will be referred to as c-money. Basically, the consumers will be able to transfer funds through their mobile phones to other individuals, for transaction and billing payment and also forwarding such funds to their own bank accounts. The market that is fit for this service ranges to all industries and market segments. Any business set within any industry can employ this service to enable the consumers pay for their transactions and any billings sent to the consumers. Therefore, not only will the consumers be able to pay for the transactions through their phones, the businesses will also be able to have easy transactions through their business numbers.
The objectives outline the goals and aims that the company purposes to attain by the end of a certain period, not only in the short-term but also in the long-run.
1. Attain market presence and dominating the payment systems in different industries.
2. Attain a profit revenue of 20% in the first year of business
3. Increase market share of the e-commerce service by having cut-throat rates compared to other services such as banks.
Our mission is to facilitate the transfer of funds and money by using one’s phone wherever and whenever the consumer pleases. We plan to ease the lives of consumers through setting prices, which are economical and reducing the hassle of going to banks or automated teller machines (ATMs).
It is important to point out that the success level of Transcent Financial Bank will be reliant on the capability of the management team to establish products, which are not only economical, but also products, which can be retailed to a wider market. The management team of Transcent Financial Bank will consist of five individuals who have gained massive experience in the financial and e-commerce industry and will have the responsibility of steering the business forward. The following is a chart indicating the setup of the management team:
1. James Brown, Chief Executive Officer
The ormer CEO of Commercial Bank, Inc., a multi-million dollar financial company with specialty in investment, commercial, mortgages and retail banking.
2. John Matte, Director of Marketing
Matte has had over a decade worth of experience in financial and commercial marketing. He has specifically been a marketer in the financial industry for the past five years and has great knowledge on how to market products.
3. Steve Blake, Ecommerce Manager
Blake worked together with James Brown at Commercial Bank. He was the main instigator of e-commerce businesses for the company for about 8 years, and contributed a large part to the institution’s best-selling internet banking and e-commerce products.
4. Virginia Hansen, Financial Manager
Hansen has attained an MBA at Yale and in the past six years, has worked with start-up companies. She has massive experience in ensuring the financial health of a company that is starting out does not become bankrupt.
5. Stephen Gold, HR Manager
Gold will play a big part in the company. He will be responsible of ensuring that the personnel recruited within the company are competent and motivated enough to steer the company ahead. Gold previously functioned as the assistant HR manager of Barclays bank for four years.
Every member of this management team will play a vital part in the development and success of this company. The management team has confidence that the projected revenue and returns as well as the forecasted market share will be realized and attained in the time period that has been projected for the company (Anti venture capital, 2015).
Market Fit/Value Chain
The e-commerce product and service fits with all players in other industries. Consumers and businesses across the board will benefit from the e-commerce product and service, through the ease of financial transactions for payments and billings.
Targeted Segments and Positioning
The product and service is targeted at all consumers that make use of financial transactions. In particular, the product and service targets the individuals who constantly partake in different transactions and billings and do not have the time. This reduces the hassle for constantly moving to the bank premises.
1. The e-commerce product and service has much comfort and ease as it will enable the consumers to be able to transfer funds and pay bills right from their mobile phones.
2. The product is un-matched at the present moment and therefore will not face significant competition from other products of their own kind.
3. The charges and rates presented by this e-commerce service is significantly lower compared to other bank charges or credit card charges.
4. Consumers will not need to carry cash everywhere as they will be able to transact through their phones.
1. The service is dependent on the mobile phone and cannot be undertaken devoid of it.
2. The target market encompasses normal individuals who have an inclination and preference for cash and credit cards.
3. The service is reliant for businesses to accept such transactions instead of cash and credit cards.
1. The e-commerce product and service has the massive prospect of dominating the consumer service. This is a service that is presently needed and yet to be exploited to great lengths.
2. Social media serves as an opportunity for Transcent Financial Bank to make the most of its name to attain new consumers and grow its brand. Through social media, the company is able to reach an extensive range of consumers and also interact with them on a personal and cohort basis to understand their preferences and needs.
1. One of the key threats is that other financial services as well as communication companies can imitate this e-commerce product/service and offer it to consumers.
2. One other threat is that consumers might have a preference to purchase products, pay for billings and transactions with their own credit cards or cash.
3. This system will necessitate constant updates and system audits to ascertain that the consumers do not face any kind of glitches or malfunctions.
Implementation: Marketing Mix
The new product and service offering is not just the increase with regard to ease of transactions and payments of the consumers but also to decrease the long queues in the bank premises. The intangible qualities of this product offering are its capacity to meet or surpass customer expectations dependably. However, the downside to this is that other companies can easily copy these attributes. However, being the initial company to implement this increases the competitive advantage of Transcent Financial Bank (Kotler and Armstrong, 2004).
Pricing is considered to be one of the vital strategies in the marketing mix. This is because amongst the four, it is the only component variable that generates revenue to the company. This can decide whether a business declines or subsists ultimately. Transcient will make use of competition pricing. Basically, the company will offer prices that are more economical compared to the rival companies in the market. The company will offer similar and lower prices compared to the rival companies and provide the same services and the same amenities to the consumers. This will act as an appealing tactic to attract more and more consumers (Kotler and Armstrong, 2004).
Being an e-commerce product, this product will be undertaken through the internet. The consumers will be able to access such services through their different devices.
Promotions will be employed by the company through direct promotional endeavors for the consumers visiting the premises of the bank through pamphlets and exhibitions. In addition, the financial entity will employ direct-mail and text promotions to its prevailing consumers to alert them of this new service. In addition, in the first year of operation, the company will also use social media, billboards and bus slides to promote the e-commerce service (Kotler, 1997).
Marketing Budget for Transcent Financial Bank
For the current financial year 2016
Wages and Salaries
Product give away
Research and Development
Research company fees
Five-Year Forecasts of Costs/Revenues
Marketing Budget for Transcent Financial Bank
For the current financial year 2016
Mobile to bank transfers
Wages and Salaries
Product give away
Research and Development
Research company fees
There are performance metrics that would be significant to monitor the company’s strategic planning. To start with, there is the return on investment (ROI), which measures the amount of revenue that is generated by the business e-service in comparison to the cost that was incurred in undertaking the instigation of the e-commerce product and service. Basically, this metric will measure whether the company is regaining the cash lost while implementing the business operations. Another metric is increased revenue. This particular marketing metric is indicative of the impact of the company’s determinations to increase the revenue generated. It shows the immediate link between revenue and marketing and how it helps an organization (Sandhusen, 2008).
Kotler, P. (1997). Marketing management; analysis, planning, implementation and control. United Sates: Pearson education Inc.
Kotler, P., Armstrong, G. (2004). Principles of marketing. United States: Pearson education Inc.
Sandhusen, R. (2008). Marketing. New York: Barron’s Educational Series.
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