2. Introduction of Group Project
2.1 Company, Offering, and Target Market
The company for which this project is based is PayPal Here, a product of PayPal, Inc., which is a subsidiary of eBay, Inc. PayPal Here, which has only had an exclusive release in March 2012, is an innovative mobile payment solution that includes a free mobile application and a triangular plug-in card reader for mobile phones.
The mobile business solution was designed to provide small business owners (in-store, off-line, online and on-the-go mobile businesses) a faster, cheaper, and more efficient method to get paid. PayPal Here will allow small businesses to accept multiple forms of payment, such as debit cards, credit cards, checks and PayPal payments. The benefit for small businesses allows continued growth, in-line with their current growth strategies.
2.2 NAICS & B2B Characteristics
The NAICS (North American Industry Classification System) Code for the project is 522320 as it describes financial transactions processing, reserve, and clearinghouse activities. In terms of census data, this sector has 5,761 establishments, $43,756,405,000 in revenue, $7,991,345,000 in payroll, $2,165,281,000 in first quarter payroll and 142,212 paid employees.
One of the B2B characteristics of PayPal Here is directly targeting small businesses and other smaller commercial enterprises. PayPal is looking to build relationships with customers for a long-term customer-business relationship that comes with being a B2B company. Additionally, the demand for PayPal Here comes from business customer demands for their consumer products and customer linking capabilities. If a business looking to use PayPal Here does not obtain new customers, the company will have no need for PayPal’s services. PayPal is also looking to serve customers through marketing of other PayPal products. The expectation of cross-product marketing is derived from PayPal Here users utilizing other PayPal products such as PayPal Merchant Services.
Another B2B characteristic of PayPal Here is the market-sensing capability. This involves how well the organization is equipped to continuously sense changes in its market and react appropriately. This is especially true for this product because this service is very much in demand for businesses, so PayPal is aware of the needs of small businesses and took this into account when creating the product.
2.3 Mission and Long-Term Goals
According to their website, PayPal’s mission is to, “build the most convenient, secure, and cost-effective payment solution on the web.” With PayPal Here, the company is expanding beyond just a web presence. Now PayPal can be featured in brick and mortar retailers as opposed to just online.
Their long-term goals include continuing to provide innovative payment options and provide a variety of different products that meet this aim. They have a variety of projects on the horizon. One is a service that will allow you to purchase a product and be able to switch charging something from one payment to installment payments at no additional cost. Another example of a long term goal is having shoppers “check in” when they get to a grocery store and be able to download coupons and scan items as they are going through the store, as well as pay the bill on their phone as well. These are just a couple examples of many long-term goals.
Finally, another long-term goal of the company is to expand the use of PayPal from just an online payment service to one that can be used for everything. With the invention of PayPal Here, the company will be able to give everyone access to PayPal. Stores will sign up to use it for transactions and become PayPal customers. Consumers will see how easy it is to use PayPal Here and also become customers.
2.4 Product’s Contribution to Achieving Corporate Mission and Goals
PayPal Here builds on...