The paper "What’ s Hot App in the Australian Market" is a perfect example of a marketing business plan. The application What’ s Hot is a newly designed app, which can show venues, events, concerts or festivals using the newest geolocation technology. Globally, smartphones have become the most available communication mode. We, therefore, created this application to fill the hole in the market with only one such app available in the Australian market. This paper entails a business model and plans on how to form a company that will manage this product and ensures it grabs a large market share in Melbourne and later in the whole of Australia through special marketing and growth strategies. Major issues that were addressed in the business model include customer segments, value proposition, customer relationships, channels, Minimum Viable Product, Key Resources, key activities, key partners, revenue and cost structure. The business plan discussed the market feasibility where the emphasis was put on the projected market size and some external environmental factors that might influence the market.
Technical feasibility and human feasibility, which is mainly the human resource part, are also discussed.
Finally, the financial feasibility is discussed where the emphasis is put on the projected revenues, projected profit and loss account for the first three years and the approximate startup capital. Business model Customer segments The segment dimension of the customers presents a market that is multi-sided. The customer segment is described as multi-sided because the company will target the people of Melbourne and its nightlife and the advertisers. Teaming up with most of Melbourne's venues is an indication that the What's Hot needs advertisers. The customer segments are divided based on several demographic factors including age and gender.
Psychographics that may include lifestyle and personality. Geography, which entails customer location and distance. The customer segments for this application is mainly classified according to demographic factors of age and gender. The application customer segment will comprise of main males for their love of technology and gadgets. Women will also make up about 40% because they love to attend events (Research Reports, 2017). When it comes to age, the application targets adults and therefore most of the users will be adults aged 18 to 27 years.
However, a small percentage projected to be about 10% will be adults aged above 27 years. Value Propositions The value propositions can be either social or economic. Social values include making the whole event experience effective and easier since prior information about the event can be found in the application including dress code and time. Besides it also improves networking as people can connect with one another and it provides a platform for an event to promote itself without favors. Concerning economic values, the app provides the consumer with options so that he or she can weigh an event or nightclub that can be economical or suit his economic status.
Moreover, it also improves the tourism of Melbourne and Australia, in general, earning both the local and national government foreign exchange (Klofsten, 1998). Customer relationships Customers can interact with one another or with the company through several social media platforms such as Instagram, Twitter, Facebook, and LinkedIn, which act as promotional platforms (Zarrella, 2010). Customer relations is also improved through running competitions and free drinks. These offers improve customer relations to high levels.
Besides, we provide points for users who refer their friends to the application and these points can be redeemed for special offers. Overall, the consumer interacts with us and with one another in these ways through the sale of product and services.
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