Marketing Plan 750 1000 words Essay Example | Topics and Well Written Essays - 750 words

Marketing Plan 750 1000 words - Essay Example The business, therefore, takes the advantage of the opportunities in the online business environment to create a product that will meet demands and expectations of the customers. By definition, a digital wallet is an application or software where users can store their crucial information thus it serves as the electronic version of the traditional physical wallet (Sneider, 2014). The product has the potential of storing up to fine details of the users, and they come available for use upon signing up to the website. In this case, developing the product will involve creating a website where users can login and secure their wallets identifiably through their usernames. The product will depend on internet connectivity and offers the users more chance to store more information than the physical wallets. The target market are the learners whose studying mode have changed to e-learning where managing their portfolio is also crucial for their success. Therefore, the product primary aims at providing students with a quick method of keeping their learning documents while at the same time maintaining privacy and security of the stored information. The product is on the introduction phase of the product cycle because digital wallet is a new business model yet to be fully accepted by users worldwide. The stage of the product implies there will be more intensive advertisement as well as promotional activities to create more awareness. Therefore, prices will be initially a bit high to cater for the expenditure on promotional activities but later reduced to make it affordable to the customers. There are myriad of opportunities for developing new products. For instance, the business can refocus on offering financial digital wallets to help people manage their finances. On the other hand, there is the opportunity to venture into a more affordable e-banking services as it has been success with pioneers in the industry like PayPal, Skrill, and Payoneer though the