NOTE: by ‘APP’ i mean an application that one uses on the iPhone or android phone
Brief of the business Idea
PLEASE TAKE A LOOK AT THE PRESENTATION THAT I HAVE ATTACHED IT CONTAINS ALL THE INFORMATION ABOUT THE BUSINESS PLAN HOWEVER I BRIEFLY MENTIONED BELOW IN THIS DOCUMENT FOR YOU AS WELL.
Name of app: EvenTick
EvenTick is a ticket sales and distribution ‘App’ that aims sells tickets primary tickets to customers similar to TICKETMASTER (please research this app)
The USP of this app is that it has a finger recognition feature which means customers can their finger print as a means of conformation-of-ticket-purchase.
This app will only be compatible with touch-screen devices
How it will operate :
customers buys a ticket online – gives their personal details i/e name address etc- gives their bank details to make the payment.
Next stage – the app will ask for the finger print of the customer as a conformation-of-ticket-purchase rather than a sending them a hard copy of the ticket or an PDF form online ticket
Next stage – the app stores all the customers data against their finger print
On the day of the event: when the customer come to the venue they will be a member of the staff at the entrance
The member of staff will be carrying a touch screen device
The member of staff will ask the customer to give their finger print on the touch screen device they are carrying
As soon as they give their thumb print the app will bring up all the data information of that person
Which in other words is basically their online ticket that they purchased via that app
The aim is to defeat the purpose of ticket forgery and ticket duplication at events such as concerts etc. as no one else will have the same finger print as one customer.
using this app also means people won’t have to worry about losing their ticket on the day of the event
The app will be compatible with APPle and Android
The app will cost £0.69 to a customer on app store or playstore
NOTE: Below is a structure of all the questions that MUST be answered in plan
It doesn’t have to be in the same order as long as you answer every question
Please make sure YOU write it in the form of a business plan.
Don’t just answer every question under where I have written it. It needs to go in a flow of paragraphs like a business plan does.
Please make it as detailed as possible and try to justify the approches that you make such as for the marketing techniques that you use and say why it will work for this plan
When talking about the product at the start please look at the brief i have given above and more importantly the presentation that i have attached. and obiously word it academically not the way i have mentioned it above
Please talk about the product in detail as the marker will not know anything about the product therefore you need to make it as detailed and clear as possible.
Lastly please note its Report on a business plan.
ALL QUESTIONS BELOW MUST BE ANSWERED AND ADDRESSED IN THE Business plan.
Where does your company stand right now?
Does the product already exist in the market?
What stage are you at i.e development / marketing etc
Have you had a trial experience of the app?
Has the trail help generate any revenue?
2) What is the product/service?
Product description in detail (should mention about the key feature of ‘finger print recognition)
Why should people purchase the app?
What are the key benefits that customers will receive?
Unique selling point? (the finger print recognition)
How will it improve the current service that already exists in the market? (Talk about apps like TicketMaster)
MARKETING PLAN!
3) What is your market?
Who will the app be targeted at?
Market size?
Market segmentation?
Actual and projected growth rates in the target market market?
Geographic bread and variation?
How will the market change in the future? (talk about legal regulation- i.e of taking peoples personal data)
How do people make money in this market?
talk about Competition (Ticketmaster and other apps), Price (of selling the app to organisers and customers that will buy the app on app store), differentiation, discount structure (if any).
Nature and number o substitutes
The ease and difficulty of gaining market entry.
Where will this app fit into the market?
Why have you gone for those approaches?
Why those are the right approaches for you to take for this product?
Who is the target customer and why?
Key buying factors?
How will you get the app out there to the market?
How will this app compete within the ticketing industry?
I.E by Price, Performance, Image, Quality (main focus)
customer service retention?
Does it have scope for follow up sales?
IMP: When writing about market research please talk about basic marketing techniques and use factual evidence (i.e when you talk about its competitors such as TicketMaster.)
Notes:
Market definition – WHO
Market attractiveness – WHY
Market focus – Where will this app compete
Market Approach – What approach will be used to get the app known/out in the market
4) How will the product reach the market?
Marketing and promotion strategies
Selling: Converting customer interests into sales
Distribution : How will it reach the customer?
5) Who will this app compete against in the market?
Talk about competitors such as TicketMaster and any others you can think off.
Talk about the service competitors give and compare with what this app can offer?
Identify the app and also make relevance to the app
6) How will it be produced?
I.E operational Plan – Talk about the app developer that will be hired to produce the application.
7) Who are the people?
Investors – i.e bank and stake holders
Hiring people – i.e app developer
Distributors – who will get the app out there to the market.
Promotion – How?
Relationship marketing?
8) What are the financial projections?
Cashflow – create a basic cash flow
Profit and loss balance sheet – create a basic profit and loss statement as well
How much money will i need to develop the app and get it out there to the market
How will i make return on investment?
9) What are the risks associated with this plan?
Swot analysis?
will it work?
Talk about the biggest risk which is – will people want to give their finger print as it is quite confidential
Talk about the legal regulations related to taking peoples finger print.
TUTOR instructions:
Individual Business plan –
You will devise a small business venture idea for the events industry and from this produce a comprehensive business venture plan in a professional format similar to those presented in industry.
Please ensure that your Presentation and Business Plan has a strong academic foundation including theory, empirical evidence and references. If you use material from case studies or company websites remember that these need to be properly quoted and referenced just like all other materials.
App design completed with all the main features that the app must contain.
There are many ticket buying applications that exist in the market today however what will make this application stand out from all the other applications will be its high-tech finger print recognition feature that no other application in the market offers. The purpose of this application is to provide its customers a safer and a quicker route to online/E-ticket purchasing. This application will be a game changer in the online ticket buying industry as many of the other application such as ‘Ticket master’ offer the ‘typical’ ticket buying process of paying for the ticket by entering all the your details and then either having to wait for a hard copy of the ticket to arrive via post or getting a PDF form ticket with a bar code, which in most cases tends to be a QR code or ten digit number barcode. Although there has been forums arguing against such ticket buying process as it increases the chances of ticket forgery and duplication therefore defeats the whole purpose of having an individual barcode to the buyer, this has become a common form of cyber crimes in the past few years and the entire purpose of this application will be to tackle such arguments by filling a niche in the ticketing industry.
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