Billing Sea Food Guys

Billing Sea Food Guys

Billing Sea Food Guys

Section A                              

BUSINESS DESCRIPTION

Billing seafood guys provide wild Alaskan Seafood to Billings, Montana and surrounding areas from sustainable and wild fisheries. The sea foods provided include:

  1. Wild Alaskan Rockfish
  2. Wild Alaskan Sockeye Salmon
  3. Wild Alaskan Lingcod
  4. Pacific Dungeness crab
  5. Wild Alaskan Spot prawns
  6. Wild seafood Lombo

The business offers a variety of additional services such as door to door deliveries and many more. Currently Billing seafood guys want to introduce another service that is mobile payment that will allow the customers to pay at any location at the convenience of their phone without having to carry around a wallet.

ADDED VALUE

  1. Convenience in payment: The mobile payment service will allow the customers to be able to make payments from any location without the need to carry a physical wallet. Research conducted in 2015 shows that a majority of 40% of customers will switch to mobile payments rather than carrying cash due to its convenience.
  2. Safety: Compared to credit transactions mobile payments are more secure. Use of mobile wallets such as Apple pay or even near field communication (NFC) as a payment method is much safer compared to use of credit cards. Near field communication payments are dynamically encrypted which makes it one of the most secure ways to pay.
  3. Increased competitive advantage: Today the business environment has become very competitive globally, hence for firms to remain in operation and make profit they have to be at a competitive edge. Mobile payments can grantee this as it gives the firm an opportunity to stay on top of new technology. Consumers spend more money through digital platforms compared to cash payments, and will tend to shop more often if they can pay for services or products via mobile payment. Firms that move quickly to adopt mobile payment will gain the interest and loyalty of the valuable customers who are primarily in nature early adopters thereby placing them at a competitive advantage.
  4. Enhanced book keeping: Many are times when businesses forget to record transactions, hence leading major problems for the firms. On the other hand, mobile payment offers a solution to this as it allows for easier book keeping. On top of that, mobile payment can reduce costs, such as bank changes and overheads, and can improve cash-flow evaluation positions. In addition, mobile payments help to reduce time spent on bookkeeping tasks because everything is already in the system, as well reducing the backlog of invoices and receipts.
  5. Better customer experience: A mobile payment method can enhance customer experience, because transaction processing is faster compared to long payment queues at the business premise approach. In addition, the method of transacting allows the customer to pay for products and services at the convenience of their location.

PRICING

Billing Seafood Guys plans to charge a fixed rate of 3% for every delivery they make depending on the value of the seafood delivered. Normal delivery charges will however still be incurred by the customer.

How to sell the services to the customers

Billing Seafood Guys need to create awareness about their newly adopted mobile payment service in order to get it up and running. To do this, they will use various platforms, which include:

  1. Personal selling: Billing Seafood Guys need to train their staff member how to sell the idea about mobile payment to the customers especially during door to door deliveries where there is in face to face contact with the customers. Billing staff members should also ensure to train customers on how to use the payment system to reduce the chance of resistance to the service.
  2. Social media platforms: Posting information about the mobile payment service on their various social media accounts such as Facebook and Instagram would also be another way to ensure that customer are aware about the service. In addition, it is also important the benefits that would be accrued by using the service.
  3. E- marketing: electronic marketing refers to the use of electronic mail to solicit sales from customers. In this case, Billing Seafood Guys can use email to send information about the new payment service to customers. It is also necessary that they include a clearly stipulated guideline explaining how the system works.
  4. Telemarketing: Telemarketing is an approach, which emphasizes contacting of potential or existing customers through phone calls to solicit sales from them. Billing Seafood Guys should assign a team that will be in charge of calling customers to provide more details about the new mobile payment service.

Sources of revenue

Setting up a mobile payment system is generally fast and affordable. When setting up a mobile payment system using a digital wallet, the business requires a digital wallet provider. Today there are dozens of digital wallet companies from which business can choose from making the service even more affordable. Existing profits of the Billing seafood guys should come in handy as a source of capital to set up the mobile payment service. Since billing seafood have also established an online business they will need to add a module to their current shopping cart software to accept mobile payment.

Customer Interface

For billing sea food guys to successfully introduce their mobile payment system they need to be in constant communication with their customers. To do this, they can adopt the following methods:

  1. Face-to-face: Billing seafood guys should establish a customer care desk at their business premises where customers who have any queries or complaints can interact face to face with staff personnel for further clarification to their query or complaint.
  2. Phone: It is important for Billing seafood guys to get the opinion of customers about their take toward the mobile payment service this way they will be able to determine whether or not the service is a viable business idea. Among the various ways to do so, a phone call conversation can be more fruitful. The caller should try and establish what the customer likes about the service and what he dislikes and the thing he/she would like to be done to enhance the experience when using the mobile payment service.
  3. The internet: For those customers who face to face conversations would be impossible to conduct due to geographical reason and at the same time making phone calls would be rather difficult due to the high cost expenses, the internet would be the best forum to use. Billing seafood guys should create a system that allows their customers to send feedback, complaints or even about the mobile payment service they offer via the internet. This way the business will be able to cover their entire customer base.

Early Adopters

These are customers who are risk averse and are willing to adopt innovations early on. They are less concerned with “how much it costs” or “the risk attached to it” but are keen on the opportunity to try new things. They possess the following characteristics:

  1. They compose a small percentage of the buying population that is 10%-15%.
  2. They have a reach network of people that is they are greatly connected.
  3. In most cases they are very good at word to mouth advertisement.

Billing sea food guys need to understand their customers so that they can be able to identify the early adopters. The business should then proceed to introduce the service to this early adopters as they will have an influence in the advertising of the idea. Early adopters are mostly leaders in their communities therefore they possess the ability to ensure this service is known and accepted to the rest of the society.

Section B

ENVIRONMENTAL ANALYSIS

a. Political

The use of credit payment is highly encouraged by the government especially in the western countries. Most of their transactions are paid on credit therefore the introduction of mobile payment may face a lot of resistance especially from the government. It is the role of billing seafood guys to create awareness about the benefits of mobile payment so as to try and reduce the political resistance to it.

b. Economic factors

With the increasing awareness of mobile payments, more and more people are increasingly depending on it. Whereas this is a good thing it is risky because in case of failure in the service huge losses will be felt especially by companies that fully rely on mobile payments to conduct there day to day business transactions. Keeping this in mind, Billing Seafood Guys should ensure that there exists an alternative method of payment at given case.

c. Social factors

In some countries mobile payment is yet to be fully accepted due to the cultural believes that cash payments are the most trustworthy and convenient mode of payment. This may be a problem for billing seafood guys. To overcome the business needs to embark on massive advertisement on the use of mobile payment services and its benefits.

d. Technological factors

Lack of technological infrastructure to support mobile payments service will cripple the service. Also rapid and continues technological advancement may make impossible to keep up will the changes in the mobile payment service industry. Billing seafood guys should ensure they are continuously researching about the latest technology in the industry.

e. Environmental factors

Billing seafood guys will have to consider whether offering mobile payment services will give them a competitive advantage. Business’s survival instincts are to always be at a competitive edge compared to your competitors.

f. Legal factors

The legal framework surrounding mobile payments is very complex in terms of the privacy laws that one should comply to and also the security measures one is expected to have put in place. Billing sea food guys will have to comply with the legal requirements in order to obtain a license to conduct mobile payment services.

INDUSTRIAL ANALYSIS

a. Industrial rivalry

Billing seafood guys are faced with four major competitors who have the following advantages:

  1. They have a well built and known track record.
  2. They have high profile clients.
  3. They are able to offer onsite services and also
  4. They are financially stable

However, the competitors have various weaknesses which turn out to be billing seafood guy’s strengths. They include:

  1. Lack of enough personnel to handle the customer base.
  2. They barely offer any additional services such as door-to-door delivery.
  3. Lack an online presence which makes it hard to get information about the business.
  4. They offer very expensive services.

b. Threats of new entrants

To cope with the risk of new businesses entering the market, Billing seafood guys plan to become a low cost service provider making it economically unviable for new business to enter the market. For the business to become a low cost producer they need to reduce their internal cost as much as they can. Billing seafood guys plan to eliminate use of paper by providing mobile payment services.

c. Threats of substitutes

In order to prevent customers from going to other business that offer other modes of payment, Billing seafood guys need to train their customers how to use the service at the same time selling its benefits to them.

COMPETITIVE ANALYSIS

a. Strengths

  1. Billing offers additional services such as door to door deliveries.
  2. The business is able to enhance it customer experience by adoption of mobile payment.
  3. It will operate as a low cost service provider, making it economically unviable for any other business to enter the market.

b. Weakness

  1. Billing seafood guys lack enough financial backing to operate smoothly.
  2. Compared to its competitors, billing seafood guys is not known to many.
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