This 17 page paper is a proposal for a marketing plan for a new payment processing service called The Square, suitable to be used through a range of wireless devices such as a Smartphone and targeted at small and medium-sized businesses. The paper presents a full marketing strategy, including marketing and financial objectives, identification of the target market, positioning, the general marketing strategy and presentation of the marketing mix. The way in which the marketing strategy will be implemented and assessed is also discussed. The bibliography cites 4 sources.
Name of Research Paper File: TS65_TEsquarep.doc
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3.7.4 Promotion 12 3.8 Marketing Research 14 4. Controls 15 4.1 Implementation 16 4.2 Marketing Organization 16 4.3 Contingency Planning 17 5. Conclusion 18 1. Executive Summary A new product
has been developed; The Square is a payment device that can facilitate card processing payment services in situations where this would not normally be feasible, such as marketplaces, the street
and in the customers own home. The payments device can be operated by simply connecting it to a mobile communication device, such as a Smartphone or a mobile computing device.
This will allow the device to communicate with the payment processing centre, and facilitate stability for card payments to be processed. The service is the first of its kind, and
is in a strong position to gain a first mover advantage with strong marketing. The marketing approach advocated is based on the differentiation, targeting small and medium-sized businesses that do
not operate from fixed business premises. Marketing will be undertaken through a range of mediums, including trade publications, the Internet and the use of road shows. With a pricing point
lower than the nearest competition, 2.75% of the transactions processed, the positioning will be strongly indicated and the service may be seen as a value proposition. The goals include the
gaining of 10,000 service contracts by the end of the first year and revenues of $2 million by the end of the second year, with a net profit margin before
tax of 5%. 2. The Product This section has been completed by the student 3. Marketing Strategy To market the Square it is necessary to develop a suitable marketing strategy.
The strategy will need to be supported by a clear mission and marketing objectives as well as financial objectives. In turn these will guide the strategy to obtain sales by
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