SWYP Card Entry to Hong Kong Market - Example

BUSINЕSS РLАN FОR SWYР САRD ЕNTRY TО НОNG KОNG MАRKЕT University Student Id Course Date Table of Contents Executive summary 2 Industry and the company 2 Market analysis 3 Marketing plan 5 Operation plan 6 Sustainability and impact 6 Overall schedule 7 Risk, problem, and assumptions 8 Conclusion 10 References 11 Executive summary The business plan is about the SWYP card entry into the Hong Kong market. The SWYP card is among the innovations that have been taking place in the market globally as many organizations accept the use of SWYP card. Considering the move to the cashless economy SWYP card stands high chances of being successful in the market. SWYP card is used in paying bills, shopping and in other businesses that embrace technology and aware of using cash in making transactions. The market is analyzed with the aim of assessing the competitiveness of the cards in the Hong Kong market. This involves assessing the trend that has been taking place in the industry to help in developing the necessary strategies that can help in improving the market share of the SWYP cards in the market. Industry and the company The Hong Kong market has a high potential for the success of SWYP card as the demand for electronic means of making payments is increasing. Technological advancements are the major cause of the changes that have been taking place in the industry. The level of rivalry in the industry is high as many firms are entering the market. The ease of substitution is also high as there are many firms that are offering similar products. The barraging power of the suppliers is low due to the availability of many suppliers in the industry. The bargaining power of the buyers is high as they can easily switch to the products of the rivals (Kerzner, 2010). People are now embracing technology in money market where they are making payments and receiving payment online. The use of the cards is becoming convenient in the Hong Kong market where many businesses accept the cards in the process of making payments. The industry is discouraging the use of cash payments due to the risks that are associated with the use of the cash money. Market analysis The market in Hong Kong is promising for the successful launch of the cards as many businesses are innovative in their operations. Business owners are encouraging their clients to use paperless money in transactions where SWYP card forms important electronic means of making payments. Using VPC model to analyze the market in Hong Kong with aim of analyzing the competitiveness of the cards in the market. Value proposition canvas can be important in the process of understanding the needs of the customers in the market. It is understanding the needs of the customers that the competitiveness of the SWYP card in the market can be realized. The products that are launched in a new market are expected to be in line with the needs of the consumers in the market. The product being launched in the market can then be designed with the necessary features that can help in enhancing the service experience of the targeted customers (Silverstein, DeCarlo and Slocum, 2007). The needs of the customers can best be realized through conducting market research to assess the preferences of the clients. However, analyzing the trend that has been taking place in terms of the taste of the consumers can crucial in developing services that can ensure proper development of the products. Creating value to the customers is the secret to the success of the new product being launched. SWYP card in the market has to be in line with the needs of the market to meet the expectations of the customers. For instance, in the Hong Kong market, there is high demand for innovative ways of conducting transactions. Therefore, to create value SWYP cards has to ensure that they offer the best innovative ways of making payments in the market. It is through innovations that the service delivery can be made effective and efficient hence helping in addressing the needs of the customers (Rahatullah and Raeside, 2008). Considering the high levels of competition in the market filling the market gap by offering services that are unique can be the best way of achieving competitive advantages. The value proposition canvas can assist in formulating the best strategies that can be employees in the process of coming up with the most innovative services. SWYP card can make sure the necessary value is delivered to the targeted customers through engaging the customers in the market. The customers can then be in a position to communicate their service needs. Besides, the failures of the market competitors can easily be identified hence developing strategies that can ensure SWYP card is competitive. The market gaps can be identified through assessing the services that have been provided in the market and coming up with the most competitive ways of achieving the set objectives (Payne, 2006). The objectives of SWYP card include increasing the market share in the market through offering unique services that can meet the expectations of the customers in the market. The VPC model can be used by the management to make sure that SWYP card is able to deliver services that are of great value to the customers. Convenience in the business world has been among the many reasons for the increased use of credit cards in business transactions. However, the aspect of security has been a major issue of concern hence assuring the customers that they are secure as they use the cards can be an important way of creating value. Marketing plan The use of social media will be the primary marketing strategy that will be used in making people aware of the SWYP cards in the market. The SWYP card will be launched in the Hong Kong market to compete with other companies hence the use of social media can be crucial in increasing the popularity of the product in the market. This is because social media platforms like Facebook has many users hence it is effective and efficient. Many people can be in a position to be made aware of the uses of SWYP card and the benefits of using the cards in transactions. The promotions will entail the use of roadshow campaigns aimed at making the targeted customers aware of the products launched in the Hong Kong market. The promotional campaigns will be useful in the process of making the customers aware of the benefits of the cards and what sets them different from those of the competitors. The place of positioning the products will be strategic with the aim of improving the accessibility of the targeted customers. Positioning the SWYP cards in a strategic place is crucial in enhancing the market share of the company. The prices for acquiring and the costs of using the cards will be competitive in the market. The prices will be more affordable than those of the competitors to increase the demand in the market. The product will be made competitive in the market by developing very innovative features that can be of help in enhancing the level of satisfaction. Designing products that have innovative features can be crucial in the process of meeting the expectations of the consumers. Operation plan The management of the company is planning to be very innovative in the way it delivers its services into the market. The plans of the company are to make sure that it is competitive in the market through offering very innovative services to its customers. The company expects to increase its market share by adopting very competitive strategies that will ensure the needs of the customers are best met. The major opportunity that the company can utilize in its operations is the technological advancements taking place. The company can ensure that it makes use of the new technology to enhance its service delivery. Besides, the demand for electronic cards in payments is increasing as the economy in Hong Kong is becoming a cashless economy. Many businesses are now moving from cash payments to the use of credit cards due to the many benefits of using credit cards. The company products will be geared towards ensuring efficiency in operations where they will be made competitive through developing the necessary product features that can help in meeting the market needs. In the process of differentiating the company products from those of the rivals, the company will ensure it is aware of the services offered by the competitors with the aim of making its services unique in the market. Sustainability and impact SWYP card has great potential for ensuring sustainable growth considering the fact that the company has managed to employ the most recent technology development. The technological changes are leading to new developments that have assisted in achieving success in the money market in Hong Kong. The potential consumers for SWYP card include the business people and businesses that embrace new innovations in the money market. The current and potential competitors in the Hong Kong market include the other ventures in the electronic credit cards. However, considering the innovation level of the SWYP card, the company is likely to increase its market share through differentiation its products. SWYP cards are unique products in the market due to their innovativeness in making transactions and the wide range of the possible uses. The customers in the market are likely to start using SWYP card due to the efficiency and convenience associated with their use. The first adopters of the product are the businesses as they will start using SWYP card in their transactions after realizing the benefits of the new innovation in the market. The second adopter is the people engaging in business transactions as they are likely to welcome the new innovation due to its efficiency in use as it ensures low transaction costs as compared to the alternatives available in the market. The market size for SWYP card is large and is expected to continue growing in the future as the company will keep adding new and innovative product features. Overall schedule The product is planned to be launched in the market 23rd April. However, the management has to conduct the necessary market research to make sure that the products are competitive in the Hong Kong market. Therefore, the third week of March will be utilized in doing market research to understand the foreign market. The research will help in developing the necessary strategies for operating in the market. For instance, after the research, the market culture and the general profile of the customers will be properly known. Besides, the profile of the competitors in the market will be known to ensure that the strategies formulated are in line with the market conditions hence increasing the chances of success in the Hong Kong market. Risk, problem, and assumptions The risks that are likely to be faced by the company can include the cultural barriers that are common in the foreign markets. The culture of the customers in any foreign market affects the business operations. In the Hong Kong market, the customers have their unique culture that is likely to affect the operations of the company. For instance, the marketing activities can be greatly affected by the culture of the customers. Besides, the company has to make sure that its services are in line with the cultural orientation of the customers. The cultural practices and beliefs of the customers are important in the process of determining the taste and preferences of the clients to certain services. Therefore, the culture of the customers in the Hong Kong market is crucial in determining the consumer behavior as the buying decisions largely depend on the cultural orientation. Rapid technological changes are among the major risks that face the company in the market. Technology has been changing making the company service irrelevant in the market as the competitors continuously adopt the new technologies. The level of competition in the Hong Kong market can entirely be associated with the changes in technology as firms compete by adopting the technology changes (Caldwell, et al, 2012). Many of the firms operating in the Hong Kong market have realized the competitiveness that is associated with technology hence they are quickly adopting the new technologies. The risk that faces SWYP card include the rapid changes in technology that can make the company irrelevant. Besides, keeping pace with the changes in technology can be costly to the company hence is a potential risk in its operations in the Hong Kong market. The changes in the economic factors like taxation is another risk that faces SWYP card as an increase in the taxation rate is likely to affect the profitability of the company. the company is taxed for operating in the Hong Kong market by the relevant government body hence changes in the tax regulations have negative impacts on the company operations. The increased taxes results in an increase in the costs of operations hence leading to low profits realized. Also, the changes in regulations are part of the risks that face SWYP card. The regulations change can negatively affect operations of the company hence posing some risks in its future profitability. Some of the regulations can include legal issues that govern the operations of the company in the Hong Kong market. For example, the regulation and licensing regulations can change hence altering operations of the company. The major problem facing the company can include the changing taste of the customers in the market. The taste of the consumers is changing due to the many inventions that are being introduced in the market. Many firms are introducing competitive services that are very innovative leading to the increase alternatives for the consumers. The preferences of the consumers change with technological advancements hence the need for keeping pace with the shifts in the taste of the consumers. This can be a problem to SWYP card due to the need for numerous changes to make sure that the company remains relevant in the market. An organization can only remain relevant in the market by offering relevant products that are in line with the taste of the consumers. The primary assumption is that Hong Kong will continue embracing cashless transactions hence leading to increased demand for electronic money services. Also, the company assumes that the business in the Hong Kong market accepts the use of credit cards in transactions. Conclusion SWYP card offers competitive services that are likely to be competitive in the Hong Kong market. The competitiveness of the products can be associated with the innovative features that can best meet the needs of the customers in the market. There are several opportunities that SWYP card can utilize to be successful in the Hong Kong market. For instance, SWYP card can make use of the technological advancements to develop the necessary product features that are innovative to meet the needs of the consumers. Also, the business climate in Hong Kong market is conducive for operating businesses. However, the management needs to come up with the most innovative strategies that can help in making the organization competitive by offering high-quality services. Therefore, the company needs to be mainly focused on the needs of the customers to be competitive in Hong Kong market. References Caldwell, C., Dixon, R.D., Floyd, L.A., Chaudoin, J., Post, J. and Cheokas, G., 2012. Transformative leadership: Achieving unparalleled excellence. Journal of Business Ethics, 109(2), pp.175-187. Kerzner, H.R., 2010. Project Management-Best Practices: Achieving Global Excellence (Vol. 14). John Wiley & Sons. Rahatullah, M.K. and Raeside, R., 2008. Toward operational excellence in franchising: achieving synergy, adding value, and security competitive advantage by exploiting entrepreneurial traits and core competencies. SAM Advanced Management Journal, 73(3), p.25. Silverstein, D., DeCarlo, N. and Slocum, M., 2007. Insourcing innovation: how to achieve competitive excellence using TRIZ. CRC Press. Payne, A., 2006. Handbook of CRM: achieving excellence in customer management. Routledge. Read More