Marketing Plan and Analysis for Expense Tracker Application

This assignment presents a comprehensive marketing plan for an expense tracker application, named "Money Manager." It covers various aspects including the product's attributes, benefits, and proposed tagline. The assignment includes an analysis of environmental factors affecting product launch, SMART goals (selling 100,000 applications in 6 months, extending market share to 20% in 2 years, and achieving 30% profit in 2 years), and a business memo detailing target market assessment. The target market is identified as millennials aged 23-38 with an income range of $50,000-$75,000. The document also explores qualitative research methods, advantages, and critical environmental factors influencing marketing operations, emphasizing the importance of political, economic, and technological factors. The plan includes a risk assessment and marketing strategies to ensure the application's success.

Running head: MARKETING
Marketing
Name of the student
Name of the university
Authors note

1MARKETING
Product Name
The product that will be offered by the organization to the consumers is an Expense
Tracker Application. The name that can be given to the product is “Money Manager”
Application. Considering the fact that the chief purpose of the product is to allow the users to
track their earnings as well as spending, the name “Money Manager” has been given. According
to researcher, the product range must be given accurately so that it can reflect the purpose of the
product. This helps in building brand reorganization (Carey, 2019).
Advertising Slogan or Tag Line
Tagline can be considered as one of the most important part of branding a product or a
service since an effective tagline possess the potential to sum up what the product is all about in
a quick and efficient way. The tagline for this product will be “Your personal finance manager!”
Considering the fact that the chief target of this product is millennial who often found to face
difficulties to keep an effective balance between their spending and earning, the tagline has been
designed keeping in mind their expectation from this application.
Product Attributes
The term product attribute can be defined as the characteristics of a product that highly
affects the decision making of the consumers (Truong et al., 2017). The particular application
will be available on different platforms such as the iOS and the Android platforms so that
consumers can download them. The user interface has been designed to be highly user friendly.
Considering the fact that application has been designed for individuals having issues to manage
their financial resources, three separate tabs has been developed, one of which will keep the track
of the individuals earning and another will track his or her spending. The third tab will keep a

2MARKETING
track of the savings made by the individual. Users can set a target saving amount which he or she
wants to achieve. The tracker also possesses the attribute of sending online and offline
notification.
Product Benefits
In this era of high competition, it is highly crucial for an organization to offer the
consumers with some unique benefits though their products in order to ensure effective
consumer satisfaction and thus retain competitive advantages (Hajli et al., 2017). When it comes
to the money manager supplication, of its unique features includes consumers can directly link
the application with their banking account and as a result, the transactions done online will get
recoded automatically within the application (Wolfe, 2018). This will not only save the time of
the consumers but will also help the same to maintain accuracy. When it comes to offline
transaction, consumers will have to record it by themselves. Along with this benefit, additional
offers will be provided by the company to the consumers. For instance, on first time download,
consumers will be provided with10 percent discount on a popular online shopping shop. This
strategy has been implemented by the management to enhance the number of download.

3MARKETING
Reference List
Carey, C. C. (2019). Key Regulatory Aspects and the Importance of Consensus Standards in
Bringing Devices to Market. In The Handbook of Cuffless Blood Pressure Monitoring (pp.
191-202). Springer, Cham.
Hajli, N., Shanmugam, M., Papagiannidis, S., Zahay, D., & Richard, M. O. (2017). Branding co-
creation with members of online brand communities. Journal of Business Research, 70,
136-144.
Truong, Y., Klink, R. R., Simmons, G., Grinstein, A., & Palmer, M. (2017). Branding strategies
for high-technology products: The effects of consumer and product innovativeness.
Journal of Business Research, 70, 85-91.
Wolfe, J. (2018). Real Consumer Reactions to Artificial Intelligence Product Branding.
Proceedings of the Northeast Business & Economics Association.