The current segment discusses about the new entrepreneurial venture of setting up a website and mobile application named “Freshy Helpline Melbourne”. The study illustrates the entrepreneurial venture, management practices, marketing exercises, competitors, related financial aspects of this business along with key risks and challenges encountered in the process of establishment of the business. The current section sheds light on the cases when there is a need to develop a website and mobile application- that is a product that is particularly designed to operate on a smart phone, tablet as well as wearable and calls for the need of installation; otherwise a web app that is a client server application that operates in the browser (that is both desktop and mobile).
The current division focuses on the launch of a new offering that is website and mobile application. Freshy Helpline Melbourne is essentially a start up corporation that operates in the e-commerce industry and positions itself appropriately to become the market leader in offering in the recently created service category. The website and mobile application is intended to help the international students in Melbourne to search for part time jobs, information regarding facilities of accommodation and information regarding student services as well as events in Melbourne. Freshy Helpline Melbourne intends to make every effort to place them as a tactical partnership between diverse online business, business concerns and several portals along with agents of online payment (Garcia et al., 2017). In this case, the online consumers can directly deal with the corporation through its website/mobile app, projected resolution also incorporate certain characteristics of mainly business-to-service (B2S) of customers. As a result, it can be hereby mentioned that it is of utmost meaning to plainly illustrate the fact offerings of the company is their service to customers and program for contentment of customers
The new entrepreneurial venture intends to augment customer experience (that is students in this case), attract and retain customers and enhance the sales of businesses (property owners interested in renting out and job portals of employers and employment agencies among many others). The management of the business intends to make every effort to enhance customer satisfaction when clients deal with retailers, to augment the process of interaction at the time when businesses communicate with the customers, and to streamline the order of resolution of issues in every possible ways (Chatterji et al., 2014).
The service offered by the company Freshy Helpline Melbourne is necessarily a business to business (B2B) solution that is delivered to businesses having online platform. Nevertheless, as online businesses also directly interact with the consumers through the company’s website, the proposed service that is offered also integrate certain features of a business to consumer service. Thus, it is important to distinctly illustrate what the company offers. At the time when buyers go through a sequence of different online entries on the website of the company, the retailers/online businesses whose products is being claimed will be provided at least a single opportunity of selling (Cie?lik, 2017). However, at the end the retailer can target the buyer with any kind of novel sales offer since the website might appear onscreen. If a certain service is preferred by a buyer, the retailer can have the supplementary opportunity of selling since the website will appear with varied offers during the phase. This step can get translated into sales, and arouse retention that means repeat sales. Therefore, this specific program will necessarily enhance the satisfaction of the customers and generate higher sales.
Feasibility of the idea: Analysis of the market reveals that there is no helpline for intercontinental students in Melbourne and majority of the students face huge difficulty in finding part time jobs and accommodation near the University owing to lack of resources. However, as per reports there are approximately 766,483 intercontinental students that enrolled till the period October, 2017 that is 13% more in comparison to the figure recorded in the year ago period. Thus, it can be hereby mentioned that the figure will enhance in the upcoming period and the problem is expected to aggravate in the upcoming period (Galindo & Méndez, 2014).
A brief summary presented below shows the major responsibilities of the key people in the management:
Board of Directors: They are expected to oversee the on the whole strategic course as well as advancement of the corporation. Particular regions take in functioning soundness, financial constancy along with long term interests of the business
President: Accountabilities entail tactical direction of business concern, examination of extension benefits as well as strategic alliance facilitation and administration (Bhagavatula et al., 2017).
Chief Executive Officer CEO: The core accountability is to preserve a deliberate fit between reserves of the company and peripheral facets. Accountabilities takes in operation of the tactical fit between reserves of the company and diverse peripheral facets. Liabilities consist of operating of daily acts, technical as well as functional reliability and financial steadiness.
Director of Finance: Accountabilities comprise of monetary supervision, preserving of assets and management of human reserves.
Director of IT (Information Technology): Liabilities consist of on the whole efficiency of technology, software development and control of information (Sahut & Peris-Ortiz, 2014).
Director of Sales and Marketing: Responsibilities comprise of generation of sales, advancement of marketing programs and maintenance of public relations.
Promotion of the specific service will be implemented by means of pull and push stratagem. Essentially, the push stratagem can ask for the utilization of sales force that can operate directly and industrialized marketing to initiate the deal to mainly online businesses. Just the once accomplishment has been reached in the push policy, essentially the pull scheme might utilize a huge scale advertising operation to promote development of demand of the consumer (Drucker, 2014).
Push Strategy: The service of the company is mainly to act as a platform between the international students and the online merchants (property owners intending to rent out their spaces, employers looking out for part time job seekers and many others). The online merchants in this case will have to register with the company, so the initially the business of Freshy Helpline Melbourne need to be promoted to the online merchants/individual businesses using sales force. Essentially, the approach of personal selling will be essential to reach to specific decision makers operating within the online businesses (Karlsson & Warda, 2014). Initially, then contacts can be established with the providers of the internet services and online businesses and strategic alliances can be instituted.
However, the brand Freshy Helpline Melbourne can be established and entry barriers can be instituted by arranging partnership so that the company becomes the preferred choice. The banner of the company Freshy Helpline Melbourne can be displayed throughout the university sections, academic portals, portals like Yahoo. Online edification portals can also display the advertisement of the company. The employers/employment agencies and small online business (property renting agents) can essentially be approached by the sales force of the corporation. In essence, in a bid to stimulate awareness as well as penetration of service among several small players, industrial marketing techniques can be used. These can include advertising in particularly specialised publications along with referral fees for several retailers who already make use of the service (Roberts et al., 2015). Again, email campaigns can also be used for the purpose of reaching out the decision makers at small corporations. Fundamentally, email messages can have an invitation to the company Freshy Helpline Melbourne website in which a specially developed and designed presentation can help in explaining the advantages of the new services. Particularly, a novel invitation to be contacted by an able service consultant to illustrate the details can be included.
Pull Strategy: It is important to attain critical mass in the total number of online businesses before an advertising campaign that is necessarily targeted at specific customers. The corporation can plan to introduce TV advertising campaign at Melbourne. The campaign might start depending on the share of the market. Essentially, the campaign can prompt the targeted consumers to ensure that the online businesses they make purchases from have the services of the Freshy Helpline Melbourne. The participating businesses also (employers and space rent agents) can have the company’s banner. The banner will also necessarily become the sign of orientation towards customers of the company Freshy Helpline Melbourne. Once successfully executed, the advertisement campaign will necessarily prompt consumers to ask for their specific merchants (Thébaud, 2015). Essentially, this consequently will prompt the online businesses/merchants to plainly look up for Freshy Helpline Melbourne. Therefore, the demand of particularly merchants can necessarily be pulled. Just the once the intentions of the service responsiveness and recognition have been attained, consequent financial plan can for building up and shielding the brand. In actual fact, this consists of mainly print media, radio as well as television.
Structure of sales and approach towards customers: In this case it can be approximated that the preliminary expenditure to appoint a sales team along with customer service division consisting of five individuals. The initial package of compensation for the hired sales force will necessarily include nominal base salary and a structure of progressive compensation (Maritz & Donovan, 2015). In essence, this need to make certain that during the early phases of the growth of the corporation the target sales are satisfied and the customer (in this case the merchants/individual businesses registering with the Freshy Helpline Melbourne) satisfaction and retention are fully met. The sales force will consist of two groups, one looking after business development and the other one is that of the client care expert who might focus on contentment of the customer as well as preservation in order to make sure overall stability of the specific program. As such, there is also likelihood to market the services of the company to definite merchants through mainly providers of internet hosting service, developers of software as well as portals. In that case, those corporations will serve as distributors as well as agents essentially compensated based on commissions (Kuratko, 2016).
Distribution and Information Framework: The service that will be made available to target consumers through internet. The company Freshy Helpline Melbourne will maintain a specific website that can help in easy as well as trouble free interaction. The banner of the company can be placed on engaging business’s website; consumers can access the service directly from diverse online stores. Consumers that do not have admittance to the internet but intend to receive information regarding products/services can be provided with a toll free number. Particularly, the toll free number has the need to be functioned by the online businesses on own. In that manner they need to make sure that operator has admittance to specific web. High speed lines of communication can be established between the software of company as well as individual businesses (Dentchev et al., 2016). Each time a specific product is asserted by a customer all the way through mainly website of the corporation Freshy Helpline Melbourne, the analogous business is recommended on specific contract as this occurs. However, it is an vital part of the complete activity. Essentially, the connection between specific company Freshy Helpline Melbourne and the merchants will essentially be instituted through the internet. The internet connection will necessarily be safe and secure and at the same time password protected. Whilst majority of the communication will be made through the internet, client care professionals of the corporation will routinely make calls on their specific counterparts to make certain that all the received information and service requirements are entirely met (Sotarauta & Mustikkamäki, 2015).
The company Freshy Helpline Melbourne essentially anticipates three different types of competition for the specific services offered by the firm, namely:
-Direct
-Internal
-Channel (Chen et al., 2015).
The different types of competitors can be illustrated hereby below:
Direct
Founded on the present intelligence, there exists no independent corporation out there operating as a customised service to the online businesses. However, no single firm is known to be employing a specific concept of instituting a single presence point on mainly the internet for consumers (international students). The present state of affairs permits the new corporation to acquire first mover advantage and develop entry barriers for any probable entrants (Chen et al., 2015).
Internal competitors
As such, the first competitors to the service of the firm Freshy Helpline Melbourne are the online retailers themselves. As Freshy Helpline Melbourne have the need to maintain a partnership and strategic contracts with online retailers in a bid to offer the services, necessarily they can be categorised as internal competitors (Garcia et al., 2017).
Channel Competitors
The management might make attempts to establish strategic partnerships with several online businesses registering with the company to simplify the entire procedure of the business. Online business services will also look after the satisfaction of the customers, exchange of information, entire costs and supplementary selling benefits (Garcia et al., 2017). Again, target consumers can also lose out on the limited number of exclusive carriers for specific businesses.
The assertions assimilate two different rounds of venture capital investments of AUD 2.6 million, plus admittance to additional AUD 1.4 million for purposes of cash flow. The declarations do not entail any finance that is raised during the projected IPO. Revenues raised from advertising, resemblance, consulting and partnership programmes were left out.
The assertions integrate two different rounds of venture investments of approximately AUD 2.6 million in addition to $1.4 million for cash flow reasons.
In this financial plan, computer equipment reflects around 20% of the current fixed costs of the corporate. Again, investment on technology and software reflects around 50% of current technology costs.
Projected Cash Flow
Projected Profit and Loss:
Fixed costs of technology reflect revenue allotment of computer and internet associated developments. Costs of corporate reflect % of revenue allotment for different fixed costs of corporate related to office associated charges. Again, advertisement points out to % of revenue allotment for advertising in different media. Additionally, sales and marketing expends reflects % of revenue allotment for diverse marketing and selling actions, counting commission on sales. R&D expenses reflects % of revenue for R&D actions and depreciation on specific capital investment using straight line mechanism is used.
Sales Forecast:
Business risks of the company include:
-Maintenance of integrity of specific transactions
-Undertaking electronic processing of varied transactions
-Issues of privacy
-Taxation as well as regulatory services
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