Electronic Payment Systems Assignment

14 Pages3736 Words98 Views

Added on 2021-02-20

Electronic Payment Systems Assignment

Added on 2021-02-20

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CONTACTJEWEL

Table of ContentsINTRODUCTION....................................................................................................................3Section 1. Introduction:..........................................................................................................3Section 2. Opportunity formation:..........................................................................................4Section 3: Opportunity development:.....................................................................................6Section 4. Conclusion..........................................................................................................10REFERENCES.....................................................................................................................12..........................................................................................................12

INTRODUCTIONThe online payment system is need of today's era because people want to make payment in a quick way (Kirzner, 2015). This is so because due to it, people do not need tocarry cash as well as it is time and cost effectively. Though there are a lot of ways to make online payment, but general public cannot make trust blindly because it can be risky. Currently, there are many companies who are providing gadgets to make online payments.Thus, it is resulting in tough competition among companies. While on the other hand, customers need a type of payment system which should be secure and safe. For this purpose, we decided to provide wireless payment band by starting a new venture “CONTACTJEWEL” with an objective to grow in future in the aspect of online payment industry. Section 1. Introduction:(a) About product:Our key product is the online payment band which is needed by people because of its safe and secure features. (b) Uniqueness of product:Uniqueness of our product has below mentioned features:Easy connectivity via mobile.It consists three led lights including amber, red and green.Under this, users can fix the spending limits.Long durable battery.Reduce dependency on cash or tickets.MissionOur mission is to offer best quality online payment band to people of UK so thatthey can trust on our gadgets. As well as to another mission is to enhance the skills andcapabilities of our employees so that they can engage more effectively. VisionApart from the mission, our vision is to take our company at a level of higher growth and success. As well as to work as a team to achieve our common vision. Key to successThe ‘ CONTATCJEWEL” digital payment band manufacturer company is providing an online payment band which is advanced and different from previous products. As well

as this band is cost effective as compare to competitors. The company is doing promotion in an effective manner that can be a main reason of their success. Our employees of company will take training for enhancing own skills and capabilities to bring more innovation. Business feasibilityThis is very crucial for companies to do proper research of external environment toassess whether business is able to sustain or not. For this purpose, we conducted aresearch to evaluate the customers demand. The research is done for some companiessuch as B pay wristband, amazon, guess, tag hauer etc. As well as this research will alsohelp to our company in finding the future requirement of their customers that can help inthe growth and development. Company feasibilityThe feasibility of company can be analysed with help of Porter's five force modelthat is mentioned below:Bargaining power of buyers- The customers are king of market. In the aspect ofonline payment band, the other companies are selling these bands on variousprices due to this customer have more option to buy (Parker, 2018). Hence, thebargaining power of customers of UK is high.Bargaining power of suppliers- The suppliers power depends on number ofsuppliers available in market. For producing the advanced technology-basedpayment, a lot material is required. Due to this the power of suppliers is highbecause there are a smaller number of suppliers. Threat of substitute products- The substitute products are those which are almostsimilar in feature but different in prices. These products are offered by competitors.In the context of online payment bands, there are lot of other companies who areproviding similar product at various price. So due to this substitute products arehigher which resulting in threat from substitute.Competition among the existing companies- The competition among existingcompanies is tough in online payment gadget industry because of easy entranceand exit. Due to this our company can face tough challenges in future so we shouldhave to create effective plans and strategies. Threats of new entrants- There are many industries in UK in which there is no anyentry and exit barrier. Same as in the online payment gadgets manufacturing

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