Marketing Plan
I. Executive Summary
Opportunity
Products and Developments
Strategic Advantages
Financial Projections and Plans
Company profit goal is to increase profit for the fiscal year by 25%
A. Situational Analysis
1. Environmental Analysis
Competitors
Currently there are three main competitors to Square that offers similar advantages to small business owners. Square, PayPal Here, Intuit GoPayment, and VeriFone PAYware Mobile offer individuals and merchants alike the opportunity to accept debit and credit cards on their iOS, Android smartphone or tablet computer. Square, however, is the only company of the four competitors that markets two applications and services, Square Register and Square Wallet. Square Register acts as a merchant services aggregator allowing business owners the ability to accept payments either by entering card details or swiping the card through the Square Reader. The Square Wallet gives the ability to customers to set up an account to allow them to pay for their services or product simply by the use of a barcode.
Economic Environment
Square is a perfect product for the current economic state with declining sales rates and skyrocketing fees and expenses. The service allows for business owners and individuals to accept debit and credit cards, the preferred method of payment by most consumers, without utilizing expensive traditional merchant services aggregators. Square provides card readers for free to its customers and this allows new small business owners to save on expenses of having to rent merchant equipment. Individuals without store-fronts can also benefit from Square as the product is essentially priceless until a transaction is made.
Demographic Environment
As a result of the economic crisis, many business owners have had to leave their store-fronts and operate out of homes. Many individuals and business owners have had to look for ways to minimize expenses at all costs. A lot of
Opportunity
Products and Developments
Strategic Advantages
Financial Projections and Plans
Company profit goal is to increase profit for the fiscal year by 25%
A. Situational Analysis
1. Environmental Analysis
Competitors
Currently there are three main competitors to Square that offers similar advantages to small business owners. Square, PayPal Here, Intuit GoPayment, and VeriFone PAYware Mobile offer individuals and merchants alike the opportunity to accept debit and credit cards on their iOS, Android smartphone or tablet computer. Square, however, is the only company of the four competitors that markets two applications and services, Square Register and Square Wallet. Square Register acts as a merchant services aggregator allowing business owners the ability to accept payments either by entering card details or swiping the card through the Square Reader. The Square Wallet gives the ability to customers to set up an account to allow them to pay for their services or product simply by the use of a barcode.
Economic Environment
Square is a perfect product for the current economic state with declining sales rates and skyrocketing fees and expenses. The service allows for business owners and individuals to accept debit and credit cards, the preferred method of payment by most consumers, without utilizing expensive traditional merchant services aggregators. Square provides card readers for free to its customers and this allows new small business owners to save on expenses of having to rent merchant equipment. Individuals without store-fronts can also benefit from Square as the product is essentially priceless until a transaction is made.
Demographic Environment
As a result of the economic crisis, many business owners have had to leave their store-fronts and operate out of homes. Many individuals and business owners have had to look for ways to minimize expenses at all costs. A lot of