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Accounting Service Product/Market Business and Marketing
Name of Student
Date of Submission
- Rationale for selection
Global e-commerce services is the solution to the increasing demand for accounting problems poised to various companies. It is against this background that E-Commerce Accounting Service is selected to provide accounting solutions for all year round accounting services to our clients. The business will assist small scale and home based business and individual clients in finding accounting solutions.
- Tangible component
The product will be highly significant as it would provide;
- General accounting and book keeping services: – management of accounts payable and receivable, employee payroll accounts, designing of flexible internal control and working capital management.
- Business Consulting & Advisory Services:- business and market plans development, training employees on use of accounting packages, and consultancy on payment systems to adopt
- Financial Controller/CFO Services:- end year Financial Statement Analysis, budgetary and budgeting control, preparation of stakeholders reports , and filing of tax returns
- Intangible component
The product will inherently;
- Offer professional and competitive accounting services to the satisfaction of our clients
- Assist clients to comply with various regulatory and administration accountancy regulation and rules and,
- Act as referring agent of other accounting firms
- Intellectual property
Our brand will be protected under intellectual property rights an initiative that will serve to protect our brand of services. This will involve protection of the copyrights and the trademarks such as the brand name protection. The unfair competition law will also be applied to the shapeup our brand so as to hinder unfair protection that would result to the closure o the business. Intellectual property rights of the E-Commerce Accounting Service will also be protected by security systems on the internet that are highly technological. The patent licensing and the product licensing will also be done to ensure that the company trades effectively.
In view of the fact that customers can must have a complete confidence with global e-commerce accounting services due to the sensitivity involved in the field, high involvement will be required at all levels. There is high in the management team as well as in the research team as they all engage to learn about the customers and also to identify the niche market. The high involvement also arises as the team reaches out to find about the possible online and offline competition that arises and acts as a threat to the company.
- Theory-based characteristics/considerations
1.) Product life cycle
The current industry trend indicates that the services to be provided by the firm stand a good chance to successfully generate revenue. This positive trend is reinforced by relatively recent, May 22, 2009, survey by PaySimple and Market Platform Dynamics (MPD) that was released through the PRLog Press Release indicating that ‘over the next two years, small businesses believe more of their commerce will be done using electronic payments’ up from the current 50% users
a.) Affect on price
Our pricing will be affected by the relatively complexity of our product as it will aim at covering all the costs involved in; remunerations, running departments, taxation. It is however imperative to note that there would be lower overhead cost since being a service oriented company, there would be minimal manufacturing constraints.
b.) Affect on promotion
This analysis shows that there is potential growth in the adoption of modern payment methods that would necessitate professional and technical assistance to implement. The product life cycle will also affect the choice of how to promote our product. Creation of awareness is key to a successful entry into the market hence considerable finances will be attached to that effect.
Though not the first entrant in the market, market analysis and surveys show existence of unrecognized yet potential clients as that can sustain the business. The Venture also bases the analysis on its unique products and plans to offer flexible consultancy service and also to incorporate expert information system to aid clients in decision making.
1.) Business to Consumer
Retail segment: this segment represents the small scale traders who mainly handle consumer goods. Given their number in United States, it is projected that a careful and aggressive marketing would ensure that the largest sales volumes are realized from this segment.
2.) Business to business
Service based business: this represents businesses which offer different services to their clients at a fee such car tracking companies. These companies use automated payment systems and would require set up as well as advisory services of the same.
- Market segmentation
The potential clientele base has been segmented into three groups based on data from the established similar entities (Division of clients into groups). It is estimated that it will take 3 months to find customers and get established.
As noted above, the firm’s demographic profile will mainly be inclusive of; individuals in need of accounting services, small scale businesses and corporate clients. The three groups will have varying accounting needs, for example corporate clients may require check deposit and acceptance, tax advisory and end year accounting advisory services some of which may not be applicable to individual clients.
Our clients will be seeking highly qualified professionals with extensive theoretical knowledge with competent workforces who have undergone institutionalized training. We therefore indent to employ extremely well trained and competent individuals so as to enable us serve our clients with prestige and dignity.
Geodemographics will be applicable as our firm will classify clients into different categories since geodemographic profile functions will help the firm make a number of choices. The location of our clients in addition to the clientele type; whether individual or corporate will be put into consideration since in our line of business, differences within these groups will be instrumental in proper service delivery thereby guaranteeing ultimate customer satisfaction.
4.) Diffusion of innovation
- The company will develop and implement an Enterprise Resource Planning. This will ensure effective and efficient management of the organization and its customers as well as other stakeholders.
The company will develop and implement a website which will serve the purpose of marketing as well online service requests.
The company will utilize PCs and laptops. Printers for the necessary work will also be utilized although the company intends to be as paperless as possible. The scanners will be part of the hardware among other computer related accessories.
- Recovery system
The company will acquire software which can assist in data recovery as well as use of Linux to ensure data security.
- a) Own-Web Based
By borrowing the latest technology our business will be web based, hence the business will construct interactive website, and have a 24 hour reliable online support to provide fast and efficient services as a tool for attracting and retaining customers. Seasoned ICT experts and experienced outsiders will be consulted before major decisions are made. Latest Computers with high speed and resolution will be bought to ensure fast and efficient Internet connectivity. Specifically, the various technical aspects that will enable the company to realize its goals effectively and efficiently.
The marketing and PR services will be outsourced. Each departmental head will be qualified and experienced so as to ensure competency in management and service delivery. The possible weaknesses like ineffectiveness of the management team will be addressed through regular trainings, succession management, change management and external consultancy. Conflicts will be addressed through arbitration, courts system, and enforcement of disciplinary
2.) Telephone access
The company will control all its telephone access with all telephone networks handled by qualified technicians. The technicians will be able to respond from the branches where they will be managed from the main office through the development of the virtual office.
3.) E-mail access
The company will utilize the use of emails in order to ensure that it reaches the largest number of clients within its area of operation. The area of operation is not restricted as the company intends to expand in future but for the start it will start with Connecticut.
Both direct and indirect (though relatively shorter chains) will be employed.
Our business could use direct distribution system, where the services are directly offered by our employees such as tax returns and tax payment advisory services.
Indirect distribution system can be employed in the setting up of the electronic payment system where we would contract a thirds party to supply the soft wares to be installed.
A number of Service Delivery Procedures will be implemented once an engagement has been agreed. These would include;
- drafting and delivery to the clients a formal business engagement letter detailing:-
- Type and terms of engagement
- Proposals of the initial plan for performing the contract
- Outline of our expectations from the client during the contract period
- Highlights the client’s responsibilities during implementation
- Estimated project time line and normal cost on completion
- Underlying legal and professional requirements from each party
- The engagement letter represents a proposal of the contracts’ terms and can still be amended before commencement of the project.
- The actual services are delivered according to the agreed on schedule.
- Modes of Delivery
A number of delivery channels will be used after the completion of client’s accounting needs. These would include; Online delivery which will enable the materials to be delivered via the internet and CD-ROMs. E-mails, bulletins and online chats will be applied when communicating with the clients.
The company will also deliver products in f.............
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