Company Mission & Strategic plan

Question: Discuss about the Company Mission Strategic Plan. Answer: Introduction The Australian market is doing very well in the sector for computer systems design, which has given rise to employment by 1.6 percent in Australia compared to 1.2 percent in the United States. The app economy does not only involve people who design them but has a good support system with respect to the sales, marketing and administrative roles (Cochrane 2014). It was reported that around 47,000 people in Australia were employed for the designing, development and marketing of the apps and may soon cross the employment figure in the iron ore mining industry. Companies as Atlassian currently employs around a thousand people and will soon start hiring 700 people more out of which almost one-thirds will be from Australia (Holler et al. 2014). Reji Eapen and Adam Naor launched Pennybox in the year 2016. The app helps in teaching the kids who are aged between six and sixteen about the value of money and helping them to save their pocket money through this app. The idea struck the mind of Naor who was previously working for the edutech space and an employee of the UBS Investment Bank decided to bind their expertise in finance and education sector. The app aims to improve the financial education in between the kids and their parents on a regular basis. The app helps the kids to track the money they have saved and the way in which they can spend the money. The children can have cash out request, where the parents have the option of accepting or declining it (Pennybox, 2017). Marketing objectives and goals The main objective of the app is to become the highly trusted source in managing the financial systems of the kids. The app also wants to identify the target market, which will help in spreading more knowledge about the application amongst the common people. The company also wants to use the knowledge that they will learn from the market about this application and use it in the future when they launch new apps in the market (Grant 2016). The goals can only be achieved if the company does a thorough study of the market, which will help them in identifying the needs and preferences of the present market. Spreading awareness about the application amongst the kids will help in the success of the app since it aims to develop the skills of the children (Cochrane 2014). External environment: Political The application is one of a kind in the market, which helps in keeping a track of the monetary transactions between the child and their parents. The government in the country is constantly upgrading their education system, which will help the youngsters to have a better life. This has helped the marketing of the application in a proper manner (Page 2013). Economic The economic condition of the country is very stable and the purchasing capacities of the customers are at a very good place. This will help the application to be successful in the market. The target market of this application would be the middle and lower income groups who have to manage their money in an efficient manner (Fernando, Loke and Rahayu 2013). Socio-cultural Australia has a very strong culture where the core products are served only in the core market. The government of the place is allowing the masses to experience these new technologies, as it will help in spending the money efficiently. The people in the place are well aware of the technological advances. Hence, it will help the application to be successful, which will be a boost for the company (Page 2013). Technological The market with respect to smart phone is relatively new and many people want to get access in this product. This will help the application to be successful in the market due to the availability of the product in the phones (Fleisher and Bensoussan 2015). Marketing strategies:Target Market The target market for the application will be the lower and middle-income groups because they will benefit by using this product. This will help them in saving more of the money and spending on the necessities rather than on the luxury goods and services (Ryan 2016). Product strategy It is important that the primary product from the company will help in securing the other products that the company will launch in the future. One of the important methods of democratizing the information to the people is through crowd sourcing. The information that will be given outside needs to be trusted by the people or they will not accept the product in the market (Gatautis and Vitkauskaite 2014). Pricing strategy The main income for the company will be that the users will be able to download the product from the Apple or the Android app market. The pricing strategy of the products needs to be similar to that of the existing apps that are there in the market. This will help in making the product quality-based rather than based on cost. It will help in enhancing the experiences of the user and encourage the people to share the app with others and recommending any changes if it is required (Bergvall-Karebom and Howcroft 2013). Promotion Strategy The product will be launched with the support of a well-designed layout in the website, on the Facebook site and the twitter site. The advance in Web 2.0 helps the advertisement to reach its target market in a cheaper and a faster way so that the product can gain maximum exposure with a less amount spent (Ryan 2016). Distribution strategy The app will be distributed in the app store of Apple and in the various Android markets. The launch of the product will primarily target these two platforms with plans to expand it in the future (Gatautis and Vitkauskaite 2014). Internal environment: Strengths The app is very much user-friendly and the applications that are available in the product is simple, which will help in grabbing the attention of the consumers. The application is easily accessible in the market due to the wide use of the smart phones. The availability of skilled developers will help in changing the design of the product on a regular basis to keep the consumers interested in the application (Rajagopalan, Wong and Andamon 2016). Weaknesses The application has may have security issues, as some of the encryption in the smart phones are extremely vulnerable and weak. The market is fragmented due to the widespread availability of the developers everywhere. The availability of the platforms are very limited, which will help in losing the focus of the application. The developers need time to learn the constant-change in the operating system and the user interface in the phones. They need to be aware of the new functions and the capabilities that are available in the market (Andrikopoulos et al. 2013). Opportunities There is a high demand in the market as this platform is growing on a constant basis. The availability of new applications such as M-banking, M-shopping, business solutions like CRM and SCM and M-health will provide a good base for this application to be launched in the market. The web browser will help in eliminating the need to download various apps (Rajagopalan, Wong and Andamon 2016). Threats The market has a strong and fierce competition, which has resulted in the decrease of the average selling price. The distribution carriers have more control on the mobile games that are available in the application platforms (Andrikopoulos et al. 2013). Conclusion From the above report, it can be concluded that the application has a good customer base in the market and needs to identify the potential that is present in Australia. This will help the company to gain more profits in the business. The application needs to be well presented in both the platforms, as it will give maximum exposure to the technology and a wide customer base. The internal and external factors have to be taken in account by the company so that it can earn profits and ensure its survival for the future. References Andrikopoulos, V., Binz, T., Leymann, F. and Strauch, S., 2013. How to adapt applications for the cloud environment.Computing,95(6), pp.493-535. Bergvall-Kreborn, B. and Howcroft, D., 2013. The futures bright, the futures mobile: a study of Apple and Google mobile application developers.Work, Employment Society,27(6), pp.964-981. Cochrane, T.D., 2014. Critical success factors for transforming pedagogy with mobile Web 2.0.British Journal of Educational Technology,45(1), pp.65-82. Fernando, N., Loke, S.W. and Rahayu, W., 2013. Mobile cloud computing: A survey.Future generation computer systems,29(1), pp.84-106. Fleisher, C.S. and Bensoussan, B.E., 2015.Business and competitive analysis: effective application of new and classic methods. FT Press. Gatautis, R. and Vitkauskaite, E., 2014. Crowdsourcing application in marketing activities.Procedia-Social and Behavioral Sciences,110, pp.1243-1250. Grant, R.M., 2016.Contemporary strategy analysis: Text and cases edition. John Wiley Sons. Holler, J., Tsiatsis, V., Mulligan, C., Avesand, S., Karnouskos, S. and Boyle, D., 2014.From Machine-to-machine to the Internet of Things: Introduction to a New Age of Intelligence. Academic Press. Page, T., 2013. Use of Mobile Device Apps in Product Design.International Journal of Green Computing (IJGC),4(1), pp.18-34. Pennybox, 2017. 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