MKTG696 Introduction of Marketing Management Assignment Answers of FacePay

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Introduction to Marketing Management MKTG696

• Product/service background

Facepay is a third-party mobile and online payment platform based on the most popular social network site of modern days, Facebook. Facepay is used in smart phones as a Facepay app. QR codes are used for local and in-store payments. The Facepay app also provides features such as credit card bills payment, bank account management, P2P transfer; prepay mobile phone top-up, bus and train ticket purchase, food order, ride calling, insurance selection, digital identification document storage. Facepay also allows online check-out on Amazon and eBay.

• Market opportunity

Australia is a huge market for Facepay. First, it is one of the few agents that provide e-wallet service in Australia. The target segment of Facepay is huge (All Facebook users).

• Target market

Basically, Facepay app is for everyone. However, this app is based on the Facebook platform; the initial target customers are people who have a Facebook account(s).

Value Proposition

• Value delivering to customers

In modern society, credit cards (or any types of cards) become incredibly popular. Moreover, people nowadays do not need to bring physical cards due to the bank app on their phones. However, there are still some problems that users have to deal with when they use online account/bank apps/credit cards, and Facepay can deal with those problems. To be more specific, Facepay can:

– Integrating all types of credit cards, debit cards, opal cards in just one app.

– Payment process just takes users a few seconds by scanning codes or tapping POS.

– Easily go shopping online, book tickets, pay bills just by an app.

– Provide easy interface, users can use all services just by some clicks or taps.

• Competitive advantages

One of the special capabilities is the convenience in payment that Australians rarely have experienced before. Based on the user of Facebook, Facepay focus on replacing the credit card and cash. Lots of people use so many methods to make a payment or transact their money, such as cash, credit card, money transaction online ODu APP, take cash from ATM, and so on. Facepay is a way which could combine those ways together, and it is totally free of cost for its consumers. This can combine B2B, B2C, C2C, and O2O together and can be dominated on all money transaction system.

Most importantly, Facepay can be used by a large number of users of Facebook.

• Revenue model

B2B, B2C, C2C, O2O cash flow.

B2B: Handing fee for the business company when they will do cash out.

B2C: B2C will be free of cost.

C2C: C2C will be totally free of cost.

O2O: Profit from Electronic Commerce.

• Handling fee from Amazon
• Get interest by the gap week.

Use the money to make an investment while having enough legal reserve.

Competitive environment

Actually, in Australia, there are two channels that have similar functions as Facepay. Those are:

Apple wallet & Paypal.

Apple wallet: it is not for everyone, just for Apple product users.

PayPal: It is from the USA, the main competitor of Facepay.

Another channel is online apps of banks. However, they just provide services for their own customers.

• Value chain

Key partners: Banks, Facebook.

Marketing 696 Blueprint of Facepay

Background: Based on the user of Facebook, Facepay focus on replace the credit card, and cash.

Lots of people use lots of ways to make payment or transaction their money, such as cash, credit card, money transaction by online APP, take cash from ATM .etc. Facepay is a way which could combine those ways together, and it is totally free for the customer.

For Facepay, it could combine B2B, B2C, C2C, O2O together, and becoming domination fall all money transaction.

Target customers: Everyone ( Facebook user + potential FB user)

Situation analysis (PEST):

It is possible to replace those traditional payments. In this era, everybody owns his phone, and it will be a convenience that deals with all matters by cell phone.

SWOT Analysis:

Strength:

1. Great amount of Facebook user
2. Convince, (replace cash, all kinds of card (such as credit card, debit card, opal car.etc), and all kinds of bank app)
3. Safe

Weakness: the Facebook user only; the user has to own a cell phone, and Facebook account

Opportunities: no competitor, Blue Sea

Threats: People cannot change their habits.

 

MKT Mix:

Price: Free for a normal user

Place: everywhere

Position: the best way to make payment or transaction money

Promotion: As for a bunch of Facebooks, the AD and promotion will rely on Facebook.

Physical evidence: Endorsement by Facebook

People: every private customer and business, including online and offline.

 

Budget: the main part of the cost:

Evaluation approximate 1.4Million each month in the beginning

Fix cost: build a platform

Average cost: salary, the fee for Maintenance

Evaluation and control

Way to earn profit:

1. Handling fees from the store.’
2. Investment (use mp
3. Gaping during pay to store
4. AD