Venture Discussion: Environmental Factors of App Launch, MKTG 630

This assignment presents a discussion on the marketing plan and risk assessment for an expense tracking application. It begins with an introduction to the application as a product and proceeds to analyze the environmental factors influencing its launch. The core of the discussion revolves around SMART goals, including selling a specific number of applications within a given timeframe, expanding market share, achieving a target profit margin, and increasing customer satisfaction. The plan considers the political, economic, and technological factors affecting marketing operations. The document incorporates relevant references to support the arguments. This analysis helps in understanding the market dynamics and strategic planning for the successful launch and growth of the application. The discussion also covers the importance of market share, profitability, and customer satisfaction as key performance indicators.

Expense tracking
Application-VENTURE
DISCUSSION
Name of the Student

Introduction:
About the
Application(Prod
uct)
The new product which
has been developed for
the expansion can be
essentially mentioned to
be an `Expense Tracker
Application`
As the monetary
transactions have
become digital in
nature, the application
will be in sync with the
payment wallets.
It will present an
analysis of all expenses
and incomes of the
individual and identify
the savings as well
(Kotler et al., 2018).

Environmen
tal Factors
affecting
the product
launch  When a new product has to be introduced
into the market, it is not an easy
procedure and the environmental factors
affecting its launch have to be considered.

• When the product will be launched worldwide,
the ease of doing business in any country, its
government structure and legislatives will have
to be considered.
Political
• The economic factors affecting a new product
can be understood to be the factors like the
economic cycle of the country, interests rates,
per capita income of the country and other
related factors.
Economical

Socio-Cultural
• The socio-cultural factors affecting the business
can be the educational level of the customers, their
willingness to keep a track of the expenses, the
adaptation to the technology and other related
aspects.
Technological
• In case of a mobile application, the factors which
influence its launch can be stated to be the rate of
change of technology, the adaption of technology
and related acceptance with consideration to the
target audience.

Legal
• The organization launching the new product
will be required to look out for the new IP
rights, copyright, other data privacy laws
protecting the customers as well (Kotabe &
Helsen, 2020).
Environmental
• The environmental laws which have to be
considered are the carbon footprint left
behind by the target consumers.

SMART GOALS
In order to attain success, the business
would be essentially required to set certain
goals for itself.
The goals which have been set for the
business can be considered to be as follows:
• To sell 100000 applications in 6 months
• To extend market share of the application to 20% in the
first two years of operations.
• To engage in profit of 30% in the first 2 years of
operations.
• To increase customer satisfaction by 20% in the first two
years of operations.

• To sell 100000 applications in 6 months
 The first goal is to sell 100000 applications
worldwide within a span of 6 months.
 The application is priced at $5
 The company aims that it will be able to
become immensely popular and will be able to
attain success amongst the market
competitors (Haider et al., 2019).

• To extend market share of the application
to 20% in the first two years of operations.
 Any new product would be essentially
required to attain a sound market share and
due to this reason, the enterprise needs to
increase its market share to 20% (Keegan,
2017).

 To engage in profit of 30% in the first 2
years of operations.
 Another goal of the enterprise it to engage in
30% net profit in the first two years of
operations (Deepak & Jeyakumar, 2019).
 The company will have various expansion
expenses and irrespective of this, it aims to
increase the profit to 30% by the end of 2
years.

• To increase customer satisfaction by 20%
in the first two years of operations.
 Another aim of the enterprise is to increase
the customer satisfaction by 20% in the first
two years of operations.
 By following this aim, the enterprise aims to
ensure that it is successfully able to
increase its rating and customer retention
(Baker & Saren, 2016).

Referenc
es
 Baker, M. J., & Saren, M. (Eds.).
(2016). Marketing theory: a student text.
Sage.
 Deepak, R. K. A., & Jeyakumar, S.
(2019). Marketing management.
Educreation Publishing.
 Haider, A. A., Zafar, A., Khalid, A., Majid,
A., Abdullah, M. A., & Sarwar, M. B.
(2019). Marketing Management.
 Keegan, W. J. (2017). Global marketing
management. Pearson India.
 Kotabe, M., & Helsen, K. (2020). Global
marketing management. Wiley.
 Kotler, P., Keller, K. L., Ang, S. H., Tan, C.
T., & Leong, S. M. (2018). Marketing
management: an Asian perspective.
Pearson.