Detailed Business Plan: Currency Consultancy for International Trade

This report outlines a comprehensive business plan for a currency consultancy, focusing on providing services to businesses involved in international trade. It begins with an introduction to the foreign exchange market and the role of currency consultancies, emphasizing the importance of understanding local market needs and currency fluctuations. The plan details the target market (exporters and importers), the benefits of the services (enhanced profits and improved knowledge), and the revenue model. Critical success factors, including client acquisition and revenue generation, are discussed. The report then delves into the marketing mix, covering product (currency transaction guidance), place (Canberra-based operations targeting nationwide clients), price (price skimming strategy), and promotion (event marketing, digital marketing, and relationship marketing). The conclusion reiterates the significance of a well-defined business plan and effective marketing strategies for success in the volatile foreign exchange market. The report references key academic sources to support its analysis.

Currency Consultants
A help in Foreign Exchange Market

Introduction
 The currency consultancy helps the different organizations dealing in
International Trade with their foreign currency exchange.
 The governmental role in the development of the entrepreneurs in a
country plays an important role as they provide them with necessary
resources.
 The currency consultancy business needs to focus on number of factors
ranging from the governmental viability to the international foreign
exchange market to the trade relations for the success.

Currency Consulting
 The establishment of a business in a market need the understanding of
local market needs (Baker, 2016).
 The values of the currencies are liable to change with the changes in the
international trade market.
 There is a large base of the stakeholders in the different operations
whose busies depends on currency fluctuation and changes.

Role in Business
 Target market is the set of consumer to whom the different businesses
wish to market their products (Armstrong et. al., 2015)
 Australia is a major importer of the goods like coal, wool, alumina wheat
and iron.
 The main imports include machinery, crude oil and electronic items
(Economy Watch, 2010).
 The target market of the business will include the exporters and
importers who have an annual turnover more than AUD 200000.

Benefits of Currency Consulting
 Enhanced Profits: The main aim of the business is to increase the
profits to improve revenues in the organization.
 Improved Knowledge: The provision of the daily consultancy to the
clients will help in the improvement of the different services in the
country relating to the currency movement and the usual shifts in the
daily currency patterns.
 Business Revenue Model: The different clients who will be served will
be given two options to make payments for the different services that
are provided in the organization.

Critical success factors
 The critical success factors in an organization include the number of
clients that are new gained, the number of clients who renew their
agreements, the total generated revenue of the venture and the overall
brand positioning in the market.
 One of the important factors affecting the development of the
organization is the relative standpoint and the competitive advantage of
the organization.

Marketing Mix
 Marketing mix are the set of tools that the organization uses to market
its products to the target audience and clients in the organization. They
include a number of factors.
 Product
 Place
 Price
 Promotions

Product
 The focus of the business will be on providing the guidance to the clients
in their foreign transactions in the different foreign currencies.
 A dedicated advisor is to be provided to every client to maintain a
portfolio of their overall market transactions.
 The reports are to be provided to the client on a daily basis.
 The research team consisting of three people will be dedicated to
curating the research on a daily basis to every client.

Place
 The business will operate from Canberra as its head of operations but
will target the different clients dealing in the import and export business
from around the country.
 It will help in the centralization of the business from the different parts
of the country.

Price
 The services will be provided at a higher cost at first by the organization
according to the price skimming strategy to recover the investment that
has been done in the business (Zhang et. al., 2014).
 The price skimming strategy also helps in the premium brand
positioning of the different products in the organizations (Spann et. al.,
2014).
 In the due course of the operation the cost of the services will be
reduced to provide the better service to the clients so that they can
target the clients of the lower income group running small operations in
the country.

Promotion
 The promotion of a product or service include the ways in which the
products or the services can be made to reach the different target
customers in the organization segment (Lovelock, 2011).
 Event marketing: Event management based marketing of one of the
best and most proficient strategies that can be implemented in the
overall success of the marketing strategies as a number of different
consumers are collected under one roof (Daniel et. al., 2012).
 Tie ups with associations: Considering that the import and export is
the risky business there are a number of associations that operate on
national and international levels helping the overall development of the
trade.

 Digital Marketing: Digital marketing is helpful as when presented in
the right and the able format it has a wide reach and can reach out to
the different consumers globally. It helps in the formation of the brand
awareness and the brand recall value amongst its different consumers
(Ryan, 2016).
 Television ads : Television ads may not be the oldest form of
advertising but has a wide array of approach in the modern society
considering the market reach of the different products and services.
 Relationship marketing: The relationship marketing focusses on the
development of a better relationship with the consumers by improving
the different consumer engagement methodologies that can be
implemented (Agariya & Singh, 2011).