In promoting the digital wallet product, I would adopt the Marketing Strategy Plan Policy. The purpose is to identify potential customers, information, methods and measures in ensuring that the product and necessary information reach the target consumer (Plant, 2000). The first step is to develop the Digital Wallet App, based on consumers’ values. The marketing team will determine the most significant information needed by the consumer on-the-go. Since a considerable number of consumers use smartphones, it is probable that they have an access to Wi-Fi. With the information, the company will develop customized and useful content. It includes the link to business websites, phone numbers, physical address and email.
The next step is to distribute the app to interested users. In addition, the company will promote its usage on the company’s website, and through other forms of communication. For example, the approaches may include social sharing, use of email signature files, and printed content. Lastly, the company will encourage people with the app to use it regularly by providing information on a regular basis, update app functionality, which will offer competition to other apps in the market (Plant, 2000).
When adopting the media policy for a new venture, the company will consider the following prerequisites. The strategies should create awareness and broad support from public and private sectors. Therefore, the strategy must have clear channels, and tools to motivate, educate and reinforce loyalty. One such strategy is showcasing the product on app stores. Prospective customers browse on for new products in app stores. The Apps ranking depends on the number of downloads. For the App to attract more download, it will require a unique name for buyers to remember, and refer to other customers.
Another strategy would be the use of press releases to announce the launch of the App and broadcast information. Lastly, the company would use platform, such as blogs posts to discuss the emerging issues. Additionally, there are several types of media traffic to market mobile Apps. They include ad-networks, social networks, real-time bidding and more, which will be a platform to market the product (Plant, 2000). The strategies will ensure significant market ratings through downloads, public attention through press leases, and acquire customer interest through blogs. The product will interest investors since it will have a wide public acceptance hence a wide customer base, which is part of a promising venture (Ryan & Jones, 2012).
A successful marketing venture requires approaches that balance objectives with management practices to predict uncertainties, plans expenditure, and monitor key activities. For example, business objectives, performance indicators, risk factors and control mechanisms should assist the effectiveness of marketing processes, such as strategy development, planning, execution and evaluation (Plant, 2000).
As the CEO, I will develop business strategies that provide key performance indicators. For example, such an indicator may identify a shift in marketing spend. The company may develop a scorecard of key performance indicators in line with departmental level risk and internal control to assess and adjust supporting practices. Secondly, the company may minimize risk by developing repetitive processes. The approach is effective in minimizing risk in resource allocation. For instance, marketing strategies must stimulate revenues growth, but due to the limited resources, it may be impossible. The framework will be a cycle that evaluates control, risk and performance indicators while improving marketing information and strategies (Plant, 2000).
Stakeholders are entities with interest on the App. Major Stakeholders are the employees, customers and stockholders. Employees accomplish tasks to meet strategic goals of the organization. As a result, employees determine products outcome. Therefore, employees will receive regular updates when developing the product. They should be aware of the benefits derived from the App. For example, if the product is successful in the market, it might derive more human resource rewards. Consequently, employees will give their best, develop the product as required, and minimize resistance to the new strategies (Plant, 2000).
The organization exists to develop products and services that meet the needs of target customers. Therefore, customers have a significant role in product development. For instance, through decision made when purchasing, they select which company will prosper. They also provide feedback, which is valuable in improving features of the product. As a result, I will develop an interactive platform with target customers. It will be an avenue to promote the product, and acquire useful information pertaining the needs and wants of the market (Ryan & Jones, 2012).
Stockholders provide capital for growth and expansion of the company. In this case, their support is necessary when launching the product into the market. They provide strategic guidelines or advice to the company’s management. Therefore, they need convincing evidence that their inputs will yield returns. For example, as the executive officer, I will develop performance matrix, such as profit margins, annual sales or return on investments for the prospect product. As a result, stockholders will have a clear picture of how the product will infiltrate the market, and create revenue for the company. In addition, I will ensure full disclosure of relevant information and maintain the code of ethics within the organization. The approaches will win stockholders confidence and support (Plant, 2000).
Apps receive a lot of scrutiny. Negative reviews, and complains may end the lifecycle of the App. Two main issues that elicit public reaction are App fee, and data privacy policies. App fees should be fully disclosed at the time of download while data privacy policies evolve sharing of user information. It is a good practice to state how the company aims at gathering and protects consumer information. Therefore, application developers should tailor privacy policies to suite customers’ needs and data practices. The approach will reduce consequent concerns on how safe the transactions are when using the digital wallet (Plant, 2000). Secondly, regulations in the App market are still developing. As a result, mobile Apps can fall under scrutiny truth-in-advertising, and data privacy laws regulated by the Bureau of Consumer Protection (Ryan &, Jones 2012). Therefore, the company will develop the app in line with the rules and regulation on mobile app, and data privacy. Additionally, the company will ensure that it provides accurate information, in relation to features of the product, which will reduce public negative perception of the brand.
In conclusion, in promoting the digital wallet product, I would adopt the Marketing Strategy Plan Policy. The approach will identify potential customers, information, methods and measures in ensuring that customers receive a product that will suit their needs. The strategy is also successful since it balances objectives with management practices to predict uncertainties, plans expenditure, and monitor marketing activities. Additionally, the strategy will factor major stakeholder who are employees, stockholders, and customers. Lastly, for the product to receive market acceptance, the company needs to mitigate public concerns, such as data privacy and charges, which should be fully disclosed.