New Business Idea: Instant Refunds Service for Mazorwise Payment

This presentation discusses a new business idea for Mazorwise Payment, an online payment application. The idea is to offer an instant refunds service to customers who cancel their orders, which will improve customer trust and reliability. The presentation covers the process the company went through to generate the idea, feasibility study, budget, potential market opportunities, and more.

BM564 ENTERPRISE AND ENTREPRENEURSHIP

INTRODUCTION
 An enterprise is a business entity which is established by entrepreneur to undertake
important project or task in the particular industry or market.
 The presentation will be based on new business idea to achieve potential position in the
competitive market.
 Online shopping is the fastest growing purchasing behaviour or habits of the customers

Motivation for choice of business
 Customer are more attracted towards those companies who provide instant refund if they
have wrongly entered the details or want to cancel the order.
 The company name is Mazorwise payment which is online application from that customer
can make payment for product or service they buy from any other retail store.
 The new business idea name is instant refunds service in which customer can get refund of
amount almost instantly by using unique feature in Mazorwise mobile application.
 This provides a better user experience and helps in improving customer trust and
reliability

THE PROCESS THE COMPANY WENT THROUGH
TO GENERATE THIS BUSINESS IDEA
 with the help of talented team the company has developed brainstorming sessions in order
to decide important new ideas and exchange planning method to provide service to
customers.
 Focused on survey and market campaign with the help of sales team.

FEASIBILTY STUDY
 The new business is very viable as online payment servicing is always having huge
demands in the market.
 This new business will help the company to earn good profitability in the markets of UK.
 The business is very worthy and feasible as it will make the organization to grow on the
international level by offering their service online with the help of digitalization.

BUDGET
Particulars January February March April May June July August September October November December
Cash inflows
Opening cash inflow 5000 6300 8682 11145.88 13691.45 16318.43 19026.48 21815.16 24683.94 27632.19 30659.19 33764.11
Sales revenue 10000 10200 10404 10612 10824 11041 11261.62 11486.86 11717 11951 12190 12434
Other income 2000 2000 2000 2000 2000 2000 2000 2000 2000 2000 2000 2000
Total cash inflows 17000 18500 21086 23757.96 26515.77 29359.24 32288.11 35302.02 38400.53 41583.12 44849.14 48197.85
Cash outflows
Material 2500 1530 1560.6 1591.812 1623.648 1656.121 1689.244 1723.029 1757.489 1792.639 1828.492 1865.061
Labour 2000 2000 2000 2000 2000 2000 2000 2000 2000 2000 2000 2000
Other expenses 2200 2288 2380 2475 2574 2677 2783.702 2895 3011 3131 3257 3387
Administration expenses 4000 4000 4000 4000 4000 4000 4000 4000 4000 4000 4000 4000
Total cash outflows 10700 9818 9940.12 10066.51 10197.34 10332.76 10472.95 10618.08 10768.34 10923.92 11085.03 11251.86
Cash deficit / surplus or closing cash
balance 6300 8682 11146 13691 16318 19026 21815.16 24684 27632 30659 33764 36946

DETAILS OF THE PRODUCT TO BE OFFERED
 As customer are more attracted towards online
shopping with quick response with regard to
refund if they have wrongly filled details.
 By offering this unique feature in its mobile
application, where customer can send request
of instant refund after cancellation of order,
firm is going to create customer base.

POTENTIAL MARKET OPPORTUNITIES
 Marketing mix- - It is a method or set of actions use by company to promote its brand
name, products or services in the specific market (Lim, 2021)
Product- instant
refund facility
Place- direct and
indirect
distribution
method
Promotion- social
media,
advertisements
Pricing-market
penetration
strategy
People-hire,
recruit and train
their talented
people
Physical
evidence-online
website and
mobile application
Process- deliver
the quality service
to repeated
customer

Continued…
 PESTEL analysis-
 Political -tax rates, tariffs
 Economic- inflation and exchange rates
 Social- social trends and cultural aspects
 Technology- innovation and technology
 SWOT analysis
 Strengths-useful dashboard and application
 Weaknesses-technical issues
 Opportunities- heavy competition in Infrastructure and digital economy
 Threat- fraud and hacking

ATTRACTIVENESS OF INDUSTRY

VISION OF THE COMPANY
 Vision- The company's vision is to create a better experience for customers while
purchasing online.

CONCLUSION
 In today's world entrepreneurs plays a vital role in market economy because they can act as
the wheels of the economic growth and development of the country.
 By evaluating the report, new idea provide a better user experience and helps in improving
customer trust and reliability

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