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Developing an Opportunity Assessment Framework - Literature review Example

Summary
The paper "Developing an Opportunity Assessment Framework " is a wonderful example of a literature review on management.  Products in the IT industry are very dynamic so much so that even a product that is produced today has to continuously undergo changes to match the needs of the market every few months, or in some severe cases, weeks…
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Extract of sample "Developing an Opportunity Assessment Framework"

Opportunity Assessment Framework Student Name: Student Number: Course: 28th May, 2016 Value Proposition Products in the IT industry are very dynamic so much so that even a product that is produced today has to continuously undergo changes to match the needs of the market every few months, or in some severe cases, weeks. The mobile apps market is a very volatile one that requires very keen interpretation of market trends and a very ready or willing developer who has to match the speed of advancements. What our product will add onto the market experience is an improved way of carrying out business. As a platform for payment similar to Apple Pay, our product, Mobile Cash, will ensure that the customers have a platform through which they may transfer money with the convenience associated with credit cards, but in this case, they will have an option to transfer money from their various bank accounts through the single platform that is our mobile app, Mobile Cash (Davidson, pg. 1, 2014). Apple Pay is associated with a reputable company, Apple, Inc., but it has encountered a bigger challenge in the form of a slower than pre-empted acceptance by the customer base as opposed to its regular market that buys Apple Inc. products like the iPhone. As a means to achieving a better differentiation for customers, Mobile Cash will offer a platform through which customers may link as many bank accounts with the platform and be able to transfer cash to their online wallet, thereby being able to transact without having the inconvenience of walking around with various cards. As things stand, more and more people are faced with the possibility of having to carry out transactions from mobile phones due to the dynamic nature of payments offered by different companies. In line with this thought, it is only prudent to offer a mode of payment that will come in handy in taking care of their needs in a timely manner, and that which will factor in various payment options so that they minimize time spent making necessary transactions. Silbert (2015) posits that mobile money transactions are about to grow exponentially in 2016. She places the fact that 52% of Americans are aware of it as a very critical point that is the key towards realizing an even bigger share of people who use mobile money transactions in their day-to-day activities. This means that there is the presence of a highly unexploited market that will soon be festering with willing customers. A better statement of this positioning can be confirmed with the assertion, by Silbert (2015) that the growth in mobile transactions will rise by a colossal percentage of 210 percentage points, from $8.71b to $27.05 b. this means, therefore, that as a new product besides other like Apple Pay, Mobile Cash will be a well-positioned entity in the market as a mobile app. Customer Segments In all sincerity, competition within the mobile apps industry is bigger than even the various applications which the same mobile apps serve. As initially noted, mobile apps are a very dynamic piece of technology so much so that there is a very high differentiation in each and every category, ranging from use for each segment, to other factors that influence buying of each one of these apps. The biggest share of customers for this segment will automatically be the tech savvy X and Y generations since they are wont to purchase things online, more than the baby boomers. For this reason, the mobile apps are a favourite for these mentioned groups more than any other. The Economist (2009) and Feinstein (2015) place mobile money as an alternative to other forms of payment that are cheaper and more convenient. For instance, besides the convenience that allows a person to transact practically anywhere with an internet connection, it carries an even a bigger advantage of enabling people to transact face-to-face, or otherwise. There are a number of people who benefit from this app besides the markets that have already been identified. The most common users of such platforms will have to transfer money from their bank accounts to the mobile platform through the app. This means that banks too will benefit from the mobile app since the app is a sure way of increasing flow of cash from and to the bank accounts held be these customers. Secondly, there are the companies that customers will be purchasing products and services from. This means that besides the customers, banks and other financial institutions together with product and service providers are one among the many entities that are bound to benefit from the mobile app. For instance, if a transaction were to be carried out, involving the transfer of money from a bank account, and is to be used to purchase a product from an online store, then the bank, customer and the online store just but three of the entities who are set to benefit from the product – Mobile Cash. As things stand, mobile money transfer has proved to be a favourite among low income earners in Africa. American consumers of services such as Apple Pay, Am Ex and Chase Pay are indeed satisfied with the service and may need an even bigger platform for money transfer due to the convenience offered by the mobile app. Channels The most important channels for promoting the mobile app is, realistically, online platforms like social media. Besides being the biggest online area where the generations X and Y are likely to be found, it offers a pretty much cheap alternative that reaches more people in record time, and with the least of ease. Currently, Facebook alone boasts of a population of subscribers that is higher than the population of china alone. This means that there is a higher possibility of scoring more market segments among even the most distant customers without having to pay high levies for it. This is an example of a virtual online channel for reaching customer. More realistically, online customers are more likely to use mobile apps that utilize the internet for service delivery, hence a bigger presence online is more important than any other channel. Be that as it may, there is also a very big opportunity when mobile apps are advertised physically through channels like billboards, on which when advertisements turn out successful, then direct channels are established through service providers to enable customers reach the product. Pine (2000) notes that customers value their privacy so much so that any businesses that cannot protect the same is bound to fail. In this regard, Mobile Cash, a mobile app that allows customers to transfer money through various platforms, will be developed in such a way as to ensure that any money that passes through the app is protected through sealed loopholes that may reveal, to scammers, details of the customers like bank details and other confidential details that are important for transactions to be completed. There are various channels used to reach customers. However, there needs to be a very carefully crafted strategy that ensures that each and every one of these channels are integrated in such a manner as to keep the customers engaged. For instance, when using billboards to advertise the product, contacts for customers to reach the business may include the website and social media pages that may direct them to more information on the product. Customer Relationships The relationship between buyer and seller ever needs to be maintained at a respectful level so that more loyalty is earned. More often than not, businesses employ different tactics to achieve this. It is naturally expected that businesses have customer care departments that operate for a great part of the day to respond to queries raised by customers on different challenges they encounter while using the products. As a duly registered business entity, Mobile Cash is always expected to have a professional relationship with all of its customers, be it the business to business kind (banks and online stores), alongside the business to customer kind (online buyers). However, the big challenge is how to maintain a good one with each and every segment. While the generations X and Y can be easily classified as one, there are certain intricate details that may be used to classify them in such a manner as to make them more reachable. For instance, the generation X are more likely to be in their thirties, in more stable jobs and are more focused on their careers. The generation Y, on the other hand, may be more focused on finishing school and starting out on their careers. As such, it would be prudent to find ways of reaching out to each one of them in a manner that is unique to them. For instance, it is highly likely that the generation Y are bigger consumers of social media in the form of sites like Facebook and Whatsapp. On the other hand, the generation X are more likely to be consumers of social media sites like LinkedIn and Twitter, thereby creating a divide that can easily be exploited for the benefit of the whole business (Bonson et al., pg. 127, 2012). In line with the above-mentioned thought, it would be prudent for Mobile Cash to be marketed among students and those who are already in their career since it is common that students purchase things they need for school and in their day-to-day life. The generation Y equally need the mobile app in their day-to-day lives, only that their needs are more tailored towards consuming products that are in their social stratification like class and trend. It is not out of ordinary to find online stores that sell items that are en vogue and which a certain class feel more attached to, but will often purchase them through online portals or stores for outlets. Ha and Stoel (2012) report that apparel stores are making a killing through their online stores. This is one area where Mobile Cash will come in handy in ensuring that customers can purchase products online in a smooth way that is convenient to them. Revenue Streams The generally accepted model of business through which channels of payment like Apple Pay, PayPal, Payoneer and Skrill operate is such as to cap the charges as a percentage of the transferred amounts. Besides this, there may be hidden charges like the cost of carrying out the transactions in between the businesses that help in money transfer. In our case, there will only be a single charge, which will be calculated upon the value or cost of transaction. This is a step to further ensure that the customers earn a value that so far, none of the many money transfer companies are yet to offer. When assessed qualitatively, the current channels through which customers pay for goods in online stores, like PayPal and Payoneer, charge a premium for their services since they offer a unique service that is mainly found online in the virtual sense. However, Mobile Cash offers a platform that bridges between banking and online platforms so that customers can access their bank accounts, transfer funds to their Mobile Cash wallets, and use it to pay for goods on online stores. Key Partners There is usually a number of players to make a business successful. In the case of Mobile Cash, there is the point from which customers draw money. More often than not, these may be banks, or even virtual banks that are found online. In the case of online banks, the duty may be simpler in attaining customers who use such platforms. It would be more sensible to offer customers good discounts when they use our service through these virtual banks as the virtual banks like the one offered by Payoneer already have use in online purchase of goods and services. Be that as it may, online virtual banks also have a period within which transactions can take place, meaning that their efficacy is slowed down by bureaucratic red tape. To achieve a better performance than online virtual banks that take a longer time, Mobile Cash will offer instant payment options that are done at minimal costs. Mullins (2012) attests to the fact that online billing procedures are tiresome and keep companies moving large sums. With Mobile Cash, the monies will be set up within customer’s accounts, meaning the app will only be a conduit for cash transfer, and will never at any one point store the same within its servers. The main out-sourcing will probably come in the form of app developers who will always be at hand to implement necessary tweaks to the software so that users may be able to customize the product to their liking, only that the central purpose of having to perform its core function of transferring cash will remain. Key Activities The market for mobile apps, as earlier intimated, is quite challenging, and a steep climb is inevitable since most competitors are already-established businesses that run on a platform that is already figured out for them. Being a relatively new idea that has worked in Africa and America, Mobile Cash will seek to carry out a very effective market research before being rolled out. In between the different market segments, there is likely to be a market research carried out among 300 generation Y and the same number from the generation X. this is basically important as a way of establishing the usefulness of the app as more people are fast embracing new applications in mobile telephony. When the market research finds the venture as highly viable an initial product, herein referred to as minimum viable product, will be deployed to a similar number of consumers in what will be taken as a pilot test. Pilot tests are a great way of testing whether a product will be useful, especially when dealing with online platforms that require several pilot tests to make sure that a product works very well and is up to the required standards. Key Resources Online platforms require a heavy presence of software developers who ensure that each and every component of the app works to perfection so that there is no long downtime that affects the product functions. This means that there shall always be a dedicated team of developers round the clock to ensure that the application functions well, and that any reported problems are handled in a timely manner and functionality restored if at all it is tampered with by attacks. Secondly, the use of plugins to keep the various add-ons functional is a very pivotal tactic to ensure that the platform hosts the various clients who work in synergy to ensure that the platform succeeds. This means that a frequent check on the app shall be done, with the eye to upgrade to the necessary version of Oss that are available in the market. In line with the above demands, the organization chart shall be as follows: At the top, there will be the operations department, which will double as the management team. Closely following this department will be the sales and marketing team. While the finance department is very critical to the operations in the company, it will be treated as a department that is independent since its operation heavily influence that of the others. Cost Structure A basic application that is fully functional costs anything between $10000 and $20000. This means that there is need to have a well-planned strategy to ensure that the company develops a very able application that have the best functionality across all platforms and Oss. A top shelf application that can run on the iOS platform can cost anything between $150000 and $200000. This means that besides the developers’ cost, there will be an extra maintenance cost associated with frequent tweaking and such. In accordance with this, the total cost for developing, marketing and finally running such an app successfully will be upwards of $300000. While this is so, it is only realistic to mention that such apps take quite some time before they can start bringing forth any profits. This means that the break even analysis shall reveal a state where it takes some time before the profits trickle in. However, the abovementioned factors have not factored in the period within which the pilot exercise to try out the app will be used. This means that there is a possibility of shortening the period within which the breakeven point may be achieved. Bibliography Bonsón, E., Torres, L., Royo, S. and Flores, F., 2012. Local e-government 2.0: Social media and corporate transparency in municipalities. Government information quarterly, 29(2), pp.123-132. Davidson, J., 2014. Apple Pay is Here – and There’s Just one Big Problem. Money. Available at http://time.com/money/3311917/apple-pay-iphone-iwatch-passbook/ {Accessed on 1st June, 2016}. Feinstein, E., 2015. The 3 Benefits of Mobile Payments in Africa. Mobile Payments Today. Available at http://www.mobilepaymentstoday.com/articles/top-3-benefits-of-mobile-payments-in-africa/ {Accessed on 2nd June, 2016}. Ha, S. and Stoel, L., 2012. Online apparel retailing: roles of e-shopping quality and experiential e-shopping motives. Journal of Service Management, 23(2), pp.197-215. Mullins, J., 2012. The new business road test: What entrepreneurs and executives should do before writing a business plan. Pearson UK. Pine, B.J., 2000. Markets of one: Creating customer-unique value through mass customization. Harvard Business Press. Silbert, S., 2015. How Mobile Payments will Grow in 2016. Fortune. Available at http://fortune.com/2015/10/29/mobile-payments-grow-2016/ {Accessed on 2nd June, 2016}. The Economist, 2009. The Power of Mobile Money. The Economist. Available at http://www.economist.com/node/14505519 {Accessed on 3rd June, 2016}. Read More

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