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E marketing plan solution

Contents

Introduction. 3

Product description. 4

Customer analysis. 5

Problem... 5

Solution. 6

Market segmentation and target market 6

Positioning strategy. 6

Gap Analysis. 7

Industry Analysis. 9

Competitive analysis. 9

Structure of market 10

Porter’s five forces model 10

Social and cultural factors. 11

Technology. 12

SWOT Analysis. 12

Marketing Strategy. 14

Pricing. 14

Promotion. 14

Analytics: Monitoring & Evaluation. 15

Conclusion. 16

References. 17

 

 

 

 

Introduction

Digital marketing is the term that has constantly been used widely by businesses. It refers to the use of digital means or technology for achieving the marketing goals of the company. Digital marketing entails the use of digital devices, digital platforms, digital media, digital data, and digital technology. Digital devices include mobile applications and business websites. The platforms consist of Instagram, Facebook, Twitter, Google, YouTube, and more. In addition, digital media means advertising, messaging, search engines, email, and more. Digital data means the data collected from the web about the insights of consumers (Kannan 2017). Digital technology refers to the technology used by companies to form collaborating practices from mobile applications. A business model can be defined as a framework that supports the feasibility of the brand of the company and explains how it operates, makes money, and attain its goals. This marketing plan discusses the new business model that uses digital means. The business model is about the mobile application based and it is reliant on the lean method for developing that application. The relevant digital business model that is used here is “the access over ownership model” that is based on the sale of usage. It operates by offering consumers access to services and then pay for them as and when required. In this model, internet power is the most fundamental element (Standing and Mattsson 2018). There are numerous businesses that implemented this digital business model like Airbnb, Zipcar, and more. The revenue streams for this particular business model will be subscription fees, and advertisement fees. Moreover, this marketing plan describes the customer analysis, product description, market segmentation, positioning, and targeting. It also entails the industry analysis such as competitive analysis, SWOT analysis, external factors, and more.

Product description

The product for the business model is a mobile application that is developed for collaborating eHarmony and Flipkey applications so that solo travelers could connect with people with similar desires and needs. The name of the mobile application is e-key. The main motive behind the development of this application is to offer the greatest solution to solo travelers. This app will offer the clients with the added features like it has categories based on the art, food, places, and more that further is an added advantage to the solo traveler in terms of getting suggestions about the destinations. This product will eventually be helpful for solo travelers in collaborating with the people. This app allows travelers to access the information regarding the traveling and a partner within a single platform. The core value propositions for the e-key mobile application are as follows:

  • Cordiality standards
  • Suitability
  • Safety and faith
  • Localization
  • Community
  • Solo traveler association with others.

These values are the building blocks of the digital business model and are the exclusive solution for the matter that consumer segments are fronting.

Customer analysis

The customers for this mobile application are business individuals, guests, hosts, men, and women aged between 18 and 45, and solo travelers. The benefits that these customer segments can attain via using the e-key mobile application are as follows:

  • It is a planned solution for solo travelers
  • This mobile application immediately connects the solo traveler who is based on the database of Flipkey by utilizing a procedure of questionnaire from the eHarmony.
  • This further assists in matching the solo traveler on the basis of their preferences and proposes them instant actions that can derive along.
  • Matches are centered on the personal selection of numerous individuals to form a couple or group experience.
  • The app Flipkey is used here as it is an advisory company that recommends travelers for travel accommodations globally. On the other hand, eHarmony is used here as it used the concept of a questionnaire that filters and generates more definite matches based on the mutual interest of the people.
  • This application offers a better sense of security and trust to the solo travelers where they can take advantage of tailored-made choices. 

Problem

The problem that this mobile application solves for the solo traveler is about fulfilling their matching requirements in terms of people, food, hotel destinations, art, and more.

 

Solution

The e-key mobile application solves the above-identified problem by analyzing the questionnaire filled by the solo traveler on the application given by the eHarmony and then matches their desires and suggests them with an instant solution. 

Market segmentation and target market

Market segmentation is the process of disseminating the market for possible customers into the diverse groups and divisions on the basis of certain features (Haider et al 2017). The market may be segmented using criteria like lifestyle, gender, age, and other aspects. The market for the e-key mobile application consists of the market segments like business people, solo travelers, hosts, guests, men, and women aged between 18 and 45. This mobile is specially developed for solo travelers thus they are the target market for the business having the same desire of traveling alone and desire to collaborate with others. These above market segments are selected as they are consisting of individuals who are linked with both the eHarmony and the Flipkey. Solo travelers are chosen for the target market as they are one who desires to collaborate with the people while traveling. This target market will be attractive and fruitful for the business and improves the profitability of the business.

Positioning strategy

Positioning refers to the competency of business to influence the vision of individuals for its products and services. The positioning strategy of the business will be to differentiate itself from the products and services offered by others (Iyer et al 2019). Moreover, the strategic approach of business for the positioning of its mobile application in the market is to offer more and unique features within the application that further can establish trust and security for solo travelers. Moreover, it will position itself be demonstrating their hospitality standards to the clients so that they could be appealed to the e-key mobile application.

Gap Analysis

The gap analysis can be studied using the gap theory given by Parasuraman, Leonard L. Berry, and Valarie Zeithaml. This theory usually helps in getting insights about client satisfaction (Dutta and Das 2019). The first gap occurs in case of improper evaluation of the desires and needs of the customers by the management of the business. This gap leads to the poor reputation of business, bad insights of customers for other products and services offered by the business. The value proposition of the e-key mobile application is designed in such a way that it meets all the necessities of the client’s desires. However, one gap occurs in this setting that is of face-to-face conversations with them, reluctance to ask their prospects, and the absence of market segmentation to know the desires.  The management is lagging in building robust customer relationships that lead to less familiarity with business with their desires.

The second gap occurs in the case of not offering the standards and policies regarding services. In numerous businesses, the situation may arise where managers could not be able to change their familiarity with the expectations of clients in the service excellence requirement. In respect of service quality, a business can be trusted and safe as per the value proposition elements of the business. This mobile application for collaborating with the solo traveler with identical needs people is lagging in terms of service quality offered by the management. This is a clear sign of improper planning and absence of management committee for their novel product. One solution in order to overcome the situation is high-level training for the employees and adopts the novel practices in business. This eventually ensures the excellent services offered to the solo traveler.

The third gap occurs in case of poor services offered by the personnel of the business to the clients. It arises because of the incompetency to meet the standards set for the service quality and lack of proper training. Other reasons could be the absence of educated personnel, ineffective internal marketing by them, and gaps in HR policies such as conflict management, compensation, recruitment, and more. Although the e-key mobile application has numerous features that are educating the users like art, food, and destination preferences, but still business is lagging in certain policies regarding the same. Moreover, People can choose these and discover them as per their choice.  One of the chief activities of the business model for the e-key mobile application is the HR management that means it considers its people at its topmost priority and offers the best solutions for meeting their needs first before anyone else.

Forth gap arises between service delivery and external communication. The reasons behind this may be a letdown to handle the client expectations, it may be extra promises done to them and more. However, this gap is not occurring in the case of the e-key mobile application. This is due to the fact that customers of the application are being guided frequently for using the app in an improved manner. Moreover, business conduct numerous activities linked with advertising and promotion of the business either via online or off-line so that users could be aware of such a best solution to them.  There does not occur the chance of miscommunication between the operations and sales team as they know accurately what they both promised to the clients in respect of services. Hence, quality is maintained at large.

Industry Analysis

Competitive analysis

There are numerous competitors for the mobile application like e-key that connect solo travelers with people carrying identical needs. The main competitors for this particular mobile application are Bumble BFF and Tourlina. The Bumble BFF is the mobile application for solo travelers who truly desire to share their involvement with similar needs individuals. The business of bumble BFF is about a mobile app that connects people with similar needs. It operates like a dating app and it a fermium model and makes money with the subscription fees. It is unique as it is dating as well as a social networking app. Within a single platform, the solo traveler can date, make friends, and build a career. Tourlina is another competitor of the e-key mobile app that enables a female traveler to meet and connect with other travelers. It usually targets the female travelers looking for any guide or friends with identical needs. The customers of both the apps Bumble BFF and Tourlina are solo travelers. The value proposition of the bumble BFF is kindness, accountability, and equality. The value proposition of the Tourlina is safe and reliable, quality than quantity, secure, and more. Talking about the prices for these apps, these are free apps however, in case anyone wants to purchase the upgraded membership, there are options available to them and these are chargeable in the subscription form. The benefits that both the apps are offering to the solo traveler can be evident from the cost-effective services, the robust channel of distribution, and more.

Structure of the market

Porter’s five forces model

Porter’s five forces model is the strategic analysis framework that defines and evaluates the attractiveness of the industry or market (Gautam et al 2019). There are five forces of porter's model which are described as follows:

Bargaining power of supplier: The bargaining power of suppliers in the software mobile application industry is low since there are no suppliers to speak of in this industry as all it requires is efficient ideas and certain coders to make it run and successful. The suppliers in this respect can be the manufacturers for platforms like android, IOS, and others. For example, the Tourlina mobile app can only be operated on an IOS device.

Bargaining power of the buyers: The buyers, in this case, are solo travelers who are available in a large amount. Thus, they can bargain for the fewer prices for the subscription of the up-gradation. They can bargain for the quality customer service for operating the site like knowledge to be given by the management of the business to guide users in case of any query. Therefore, the bargaining power of the users is high in this industry.

The threat of new entrants: Since there is a large number of players in the market therefore, the threat of entry in this industry is extremely high. Moreover, the cost of developing a mobile app requires less investment and hence there are low barriers to enter this market.

The threat of substitute products: The limitations of the virtual software market are extremely unclear. There is the availability of numerous substitutes in this market as there are many mobile applications available for users or solo travelers to accomplish their need for collaboration.

The threat of competitive rivalry: In the mobile application market, there is intense competition due to its attractiveness for cost-effectiveness. This market enables the business to earn higher profits and hence there is severe competition available in this market. Every business tries to add some attractive features and differentiate itself in order to attain a competitive advantage.

Social and cultural factors

Social and cultural factors entail factors like beliefs, attitudes, education, and other aspects that can influence the users to use the product and aids in buying the decision-making process (Chen and Hung 2016). Usually the mobile applications for the solo traveler who want to connect with other people are utilized by the young people aged between 18 and 40. The target market for the e-key is a solo traveler market and they have diverse cultures. Hence, their cultures may impede the use of this mobile application. The social circumstances that are provided by the e-key have been a mixture of cultures and philosophies from the diverse parts over the globe. The cultural trends are in the form of beliefs of the solo traveler belonging to different cultures. These can lead to creating certain issues due to diverse cultures.

Technology

It is true that the e-key mobile application is heavily dependent on contemporary technology. In this application, the solo travelers based on the database of Flipkey can connect with the people, and find food, the art of their choice by filling a questionnaire algorithm offered by the eHarmony. All these things need a suitable technology for the collaboration of two applications. Without suitable technology, solo travelers are not being able to discover such things and improve their experience. It can be said that technology is the driver of development and behind every emergent novel business model, there is smart expertise.  The e-key mobile app has created a system that is based on smart technologies and it offers unified interaction between the users and the sellers. There is disruptive technology usage in this market that can impact the e-key business. Most frequently, the novel mobile apps like this are entering into the market and hence make the market more competitive in respect of new innovations and technology. Moreover, this product can easily be duplicated in terms of technology and other features of one business. Since there has been a high competition in this market, hence e-key mobile app must innovate itself on a frequent basis in order to position itself in the minds of solo travelers.

SWOT Analysis

SWOT analysis is one of the most collaborating methods that need vast management among diverse sections in the business such as processes, marketing, strategic planning, and organization information systems. The outline of SWOT analysis is helpful for the organization in classifying the interior strategic aspects like strengths and weaknesses and external strategic aspects like opportunities and threats (Phadermrod, Crowder, and Wills 2019). The SWOT analysis for the e-key mobile application is demonstrated as follows:

  • Strengths: There are numerous strengths of the e-key apps. Since it collaborates the solo traveler based on the database of Flipkey using the eHarmony app. Therefore, there is a large database available for the app and that is its biggest strength. Moreover, its business model allows it to compete with lower prices comparatively. There are more competent and well-trained staff people operating this mobile application in the business.
  • Weaknesses: There are weak points also. Since it is a new application hence needs some time to get it established successfully. Moreover, the business model can be imitated by others. It is reliant on the internet to use this app. There are certain rules and regulations to follow for not violating the laws. Its presence is limited to certain locations and hence needs to be marketed at the fruitful locations to increase its customer base.
  • Opportunities: The e-key app has the opportunity to expand its presence in developing countries and increase its customer base. Moreover, it has the opportunity to differentiate itself in terms of technological solutions. It has numerous opportunities as it is offering a unique solution to the solo travelers and connecting them with the eHarmony people and takes advantage of the sharing economy. Despite its current business model, it has many opportunities to expand in other areas like upgrading services, offers, novel features, and more.
  • Threats: Competition is growing at an alarming rate and thus it needs to be prepared to tackle such a situation. Moreover, there has been changing demands of the customers in respect of effective prices, quality thus; e-key has to keep these fulfilled in order to thrive in the long run. 

Marketing Strategy

Pricing

The pricing strategy can be defined as the tactic or method that helps the business to make money from the product or mobile application in this case (Dogu and Albayrak 2018). The pricing strategy for the first few months will be free meaning that the app will be free to download in the app store in which the key source of revenue for the business will be in the form of advertisements. This free pricing strategy is for customer retention, customer service, and more associations. After some time, the pricing strategy will get changed to a freemium pricing model in which developers will charge for the extra advanced features or for the up-gradation of the services. The Freemium monetization strategy helps the business to attain numerous revenue streams for mobile apps. The cost that will incur to make the mobile application will be approximately $20 k.  The profit margins that are expected for the starting six months will be around 25% (Bonnie 2019).

Promotion

Promotion refers to all the communications platforms that are used by businesses for marketing purposes. The promotional strategies used by the mobile application e-key will be numerous. Since it is a startup app and it has less money for investing enormously for promotional purposes. Hence, the promotional strategy for the promotion of the e-key mobile app will mostly reliant on word-of-mouth. (Li et al 2018). Certain strategies are as follows:

  • Social media marketing: This is the cost-effective way of promoting the app as it just requires marketing using accounts on social media platforms like Facebook, Twitter, Instagram, and more.
  • Personal branding: This strategy creates numerous prospects for businesses like media coverage, speaking engagement, and more. It helps in making personal interactions with the people with the help of a personal brand.
  • Influencer marketing: In this, one person who is an influencer is to be hired by a business and he will influence the large public over social media. 
  • Hashtag marketing: This is the effect of today's' business environment for promotional purposes. It is a great way of boosting the positive brands of the business and progresses the searchability of the content and inspires more people for the brand.

Analytics: Monitoring & Evaluation

Monitoring and evaluation are necessary for measuring the performance of the mobile application. For this purpose, web analytics can be utilized to capture the performance of the e-key app. The metrics for the app could be measured by Google analytics. The performance is to be measured in terms of the number of downloads & installations growth rate, uninstallations, registrations crashes, in-app purchase frequency, upgrades, networks used to access the app, and more (Kurzweg 2020).

Conclusion

From the above e-marketing plan of the e-key mobile application, it can be concluded that the product taken for the marketing plan is a mobile application that collaborates solo travelers based on the database of Flipkey using the questionnaire algorithms offered by the eHarmony. The Flipkey is the mobile app that already exists and it connects the hosts and guests at the same place. Moreover, eHarmony is an online dating app that also connects people. This product is designed in order to connect the solo traveler with other people of similar needs according to the eHarmony questionnaire. This method allows the solo traveler to discover people, food, art, and more of their own choice while traveling. Furthermore, it can be concluded that the social circumstances that are provided by the e-key have been a mixture of cultures and philosophies from the diverse parts over the globe. There is an intense level of competition within this market and anyone can easily enter this market with less investment. Moreover, it can be inferred that promotional strategies are mostly based on word-of-mouth due to the shortage of funds for many promotions. Further, there are numerous opportunities available for business in terms of innovations and technology and to expand its presence more in developing countries.

 

 

 

References

Bonnie, E. 2019. App monetization strategies: 6 bankable ways to turn a profit. [online] Available at https://clevertap.com/blog/app-monetization/. Accessed on 26 May 2020

Chen, S.C. and Hung, C.W.2016. Elucidating the factors influencing the acceptance of green products: An extension of the theory of planned behavior. Technological Forecasting and Social Change112, pp.155-163.

Dogu, E. and Albayrak, Y.E. 2018. Criteria evaluation for pricing decisions in strategic marketing management using an intuitionistic cognitive map approach. Soft Computing22(15), pp.4989-5005.

Dutta, M.R., and Das, A. 2019. Service Quality and its Effect on Customer Satisfaction in Digital Banking Services. The Management Accountant Journal54(2), pp.89-95.

Gautam, S., Sharma, N.L., Gautam, B. and Gautam, D.K. 2019. Strategic Analysis Models and Strategic Analysis for Edible Oil Industry. International Journal of Research and Analytical Reviews E-ISSN, pp.2348-1269.

Haider, A.A., Zafar, A., Khalid, A., Majid, A., Abdullah, M.A., and Sarwar, M.B. 2017. Marketing Management. Head, B, p.22.

Iyer, P., Davari, A., Zolfagharian, M., and Paswan, 2019. Market orientation, positioning strategy, and brand performance. Industrial Marketing Management81, pp.16-29.

Kannan, P.K. 2017. Digital marketing: A framework, review, and research agenda. International Journal of Research in Marketing34(1), pp.22-45.

Kurzweg, J. 2020. The ultimate guide to mobile app KPI's in 2020. [online] Available at https://uxcam.com/blog/top-50-mobile-app-kpis/. Accessed on 26 May 2020

Li, P., Yang, X., Yang, L.X., Xiong, Q., Wu, Y. and Tang, Y.Y 2018. The modeling and analysis of word-of-mouth marketing. Physica A: Statistical Mechanics and its Applications493, pp.1-16.

Phadermrod, B., Crowder, R.M., and Wills, G.B. 2019. Importance-performance analysis based SWOT analysis. International Journal of Information Management44, pp.194-203.

Standing, C. and Mattsson, J. 2018. “Fake it until you make it”: business model conceptualization in digital entrepreneurship. Journal of Strategic Marketing26(5)

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