Marketing Planning And Entrepreneurship Assignment Sample

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Introduction Of Marketing Planning And Entrepreneurship

  • Revolut is a financial technology company founded by Nikolay Storonsky and Vlad Yatsenko in 2015.
  • Revolut has decided to launch Mutual Fund Service for its customer to assist them in investing in mutual funds.
  • Mutual Funds are a pool of investment in which investors give the responsibility to a Mutual Fund Manager to manage their capital and with his professional expertise invest the investor's capital in different profitable classes of assets.
  • Revolut Mutual Fund Service offers a diversified and low-cost way to invest in the stock market, making them a popular choice for many investors (Katsikeas et al. 2020).

The Revolut Mutual Fund Service is a new service launched by Revolut to provide financial assistance to its customers and guide them in investing their money in mutual funds. This service is to improve the customer retention rate and provide a low-way cost to invest in the stock market

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Ideation Process

  • The main idea behind the launch of this service is to bring in more customers and to provide better service to existing customers.
  • Mutual Funds are one of the leading investment services but can be intimidating for customers with no knowledge of the same.
  • Thus, Revolut can use this as an opportunity to provide their customer with services such as educating them about their plans and the perks of investing in mutual funds with a low or limited budget (Anastasiu et al. 2020).
  • This company used the engaging content and creativity on the “social media platforms” such as Face book, Instagram to make the awareness of brand and reach to the new clients.

The main purpose of the Revolut Mutual Fund Service is to give leverage to its customer with low-income groups to diversify their income by investing in mutual funds. This company has used the influencer campaigns of marketing to reach to the customers and promote their goods and services.

Business Model Canvas

Key Partners

  • Education Industry
  • Automobile Industry
  • Manufacturing Industry
  • Healthcare Industry (Carter and Carter, 2020)

Key Activities

  • Financial Assistance
  • High-end Service
  • Investment
  • Security

Value Proposition

  • No charges for subscription or cancel the subscription.
  • Low Investment required.
  • Can invest any time through the Revolut Mobile app.
  • Loss not less than the breakeven point.
  • Diversification of income minimum 10 different places.
  • Can withdraw money anytime.
  • Passive Investment.
  • Responsible for 1% of Loss

Customer Relationships

  • Both digital and physical services (Darmawan and Grenier, 2021)
  • Trust
  • Chat Support
  • Reliable funds

Customer Segments

  • Students – from the age of 14.
  • Employees – from lower income groups.
  • Pension Holders.
  • Unemployed Individuals.
  • Small businesses

Key Resources

  • Revolut app
  • Client sites
  • Funds
  • Chat Support

Channels

  • Forums
  • Social Media
  • Blogs
  • Referrals
  • Push app notification

Revenue Stream

2% will be charged by the bank on each profit after 1st profit.

Cost Structure

  • Digital Infrastructure
  • Allocating Revolut Mutual Fund Manager
  • Licensing
  • Legal
  • Distributing physical forms for applications
  • Promotional cost

Business Model Canvas is a tool to generate new plans so as to understand the financial and physical aspects of the plan. Business model canvas has described the overall plan in the simplest manner. Revolut can use this model to get a clear picture of the repercussion of the Revolut Mutual Fund Service. Through different points, it can illustrate a brief idea of whether this plan will result in success or failure.

Overview of Market Segment

Mutual Fund: Service and benefits

Mutual Funds can help attain customers and also in leveraging the organisation itself as through mutual funds Revolut can get more investments.

  • Higher investment will increase Revolut's profitability and further will increase the bank's total acquisition value (Ben-David et al. 2022).

Mutual funds will be beneficial for customers for increasing their money worth by diversifying their money in trusted mutual funds advised by Revolut Mutual Fund Managers.

Goals and objectives

  • The goal will be accomplished only when customers are retained and satisfied with the services provided by the bank (Cordier and Santeramo, 2020).
  • Thus, it's essential that Revolut makes use of this plan and provide their customer with the best services (Vasista, 2022).

Revolut's mutual fund service has specialized to serve customers that have low budgets and are looking for low-budget investments that will increase their money's value. This service will also help customers to get more educated about mutual funds and its benefits

The main objective of Revolut Mutual Fund Service is to attain more customers by the year-end.

Value Proposition

Customer Jobs

  • Make investments without the hassle of going through various funding channels.

Customer Pains

  • Lack of awareness
  • Might result in a loss
  • Fear of fraud

Customer Gains

  • Transparency
  • Financial assistance
  • Low investment
  • Growth in money
  • Reliable source

Products and services

  • Invest in Mutual Funds through our Revolut Mutual Fund Service which diversifies your income by investing in mutual funds (Belleflamme and Neysen, 2020).

Pain Relievers

  • Free financial counseling
  • Hassle-free investment
  • Invest digitally
  • Easier access

Gain Creators

  • Create revenue for Revolut
  • Higher customer retention rate
  • Increase in the number of customers

Competitive Advantage

Revolut save the clients around 6% of purchasing in international currencies because this provides the access to the rate for foreign transaction of exchange and charge them zero for transferring. The company set to expand their business and offer goods which started to expand their business globally.

Value Proposition is a structured framework used to understand the advantages and challenges that will be faced by the implementation of this plan. Through value proposition, Revolut can understand its and the customer's pain and gain. After analyzing them, Revolut can devise a plan to make sure to achieve its goal.

Competitor Analysis

Porter's five forces framework has been used to demonstrate Revoluts's competitive environment in the industry for new service offerings (Cordier and Santeramo, 2020).

  • Threat of new entrants- Initiating a new financial service can be challenging. Revolut is not the first financial institution to launch a mutual fund service.
  • Bargaining power of buyers- Since Revolut's main motto is the digitalization of banks, most of its customers are active on the Internet.
  • Bargaining power of suppliers- Revolut's decision of providing mutual fund service to its customer will lead to employing mutual fund managers.
  • Threat of new substitutes- Financial institutions is launching new services for their customers very frequently.
  • Competitive rivalry- While mutual funds are an investment choice for majority of people, equity investments have been shown to generate better returns in the long run.

Porter's five force model is used to understand the competitive market that Revolut will face post the launch of the Revolut Mutual Fund Service plan. Through this framework, Revolut can understand the challenges it might face when entering the financial market with its new service launch. Thus, making customers choose their service rather than the existing companies can be challenging. Internet has increased the buyer's [power in financial sectors as customers only invest after thorough analysis. This may lead to finding alternative mutual fund services to invest in. Therefore, its service being a success or failure also depends on the performance of its mutual fund managers. Inefficiency of employees can also lead to the plan resulting in failure. Thus, there is a possibility of launch of better substitutes than mutual funds in the near future. This might jeopardize mutual fund services as customers are always looking for better alternatives. Thus, it can be considered as a competitive rival to mutual funds.

Marketing Strategy

Marketing Strategy is a detailed plan that helps the organisation to understand the goals and objectives of the company and implement strategy that might benefit the company in the long run. Marketing strategy can be framed by using the four marketing elements as Product, Price, Place, and Promotion (Widyastuti et al. 2020).

Product Strategy

  • The Revolut Mutual Fund Service is launched by Revolut to assist its customer in investing in mutual funds.
  • This service's main goal is to provide a higher rate of return and improve customer retention rate for the organisation.
  • Revolut Mutual Fund Service was launched majorly for customer looking for low investments and safer returns.
  • While there are a lot of mutual fund companies present in the market, Revolut's Mutual Fund Service is different in terms of the service it's providing. Revolut has decided to provide assistance to its customers both digitally and physically.

Price Strategy

  • Revolut has decided to price its mutual fund's investment at the lowest rate possible as its target audience is students, small businesses, low-income group employees, and unemployed individuals.
  • Revolut has also ensured its customer that there will be no rate of interest deducted until the customer has made their first profit.
  • The financial assistance provided by Revolut to its customer will be of no charge at all.
  • Revolution should ensure that loss is not less than the break-even point so should invest customers' money only in trusted and reliable mutual funds (Aziz et al. 2021).

Pricing is playing a major role in this service plan so Revolt should ensure to target the selected audience and reduce its costs as much as possible

Place Strategy

  • Revolut is a firm that believes that banking should be made possible from anywhere in the world and should not be limited to branches.
  • Revolut provides both digital and physical services to its customers.
  • Revolut Mutual Fund Service will be made available to customers digitally through their apps and physically in all their branches.

Promotion Strategy

  • Revolut has decided to promote its Mutual Fund service to its existing customers by sending messages on their registered mobile numbers (Alsmadi et al. 2022).
  • To reach new audience Revolut can use forums, blogs, and social media as a channel to advertise about its new service.
  • Revolut can use a promotional video to advertise in tube ads and on its webpage.
  • Revolut can use push-notification service on its application so that any customer that is trying to access the app can see their new service launched.

Revolut should introduce new features on its application to make assistance for customers easier. It should enable 24*7 chat support to make sure it does not lose any of its customers. Revolut should also have a call feature where customers can talk to the managers in order to inquire about or resolve any conflict.

Launch Plan

Step week 2 week 4 week 6 week 8 week 10 week 12 week 14 Week 16 week 18 week20 week 22 week 24
Select name of the company
Vision and strategy of the company
Company incorporation and initial funding
Plan marketing strategy
Costing of services
Market research
Plan Cash Flow, Profit and Loss
Finalize the plan

Objectives of the business

  • To increase revenue by 15% from the launch of the Revolut Mutual Fund Service.
  • To increase customer reach by 10% through social media advertising and promotions
  • To increase the customer retention rate to 75%
  • To have minimum of 1000 customers enrolled in their Revolut Mutual Fund Service plan.

Revolut should implement plan of action to achieve these goals and strategies on how to improve it further.

Conclusion

  • The Revolut Mutual Fund Service will help Revolut achieve its objective if implemented and carried out efficiently.
  • Revolut needs to optimize its digital presence and use it for promotion of the new service launch.

It has been found that the company needs to focus on the development of innovation in its business practices. Revolut should further take measures to reduce future risks and make plans on how to have an upper hand over its competitors.

Reference list

  • Alsmadi, A.A., Shuhaiber, A., Alhawamdeh, L.N., Alghazzawi, R. and Al-Okaily, M., 2022. Twenty years of mobile banking services development and sustainability: A bibliometric analysis overview (2000–2020).Sustainability,14(17), p.10630.
  • Anastasiu, L., Gavri?, O. and Maier, D., 2020. Is human capital ready for change? A strategic approach adapting Porter's five forces to human resources.Sustainability,12(6), p.2300.
  • Aziz, M.R.A., Jali, M.Z., Noor, M.N.M., Sulaiman, S., Harun, M.S. and Mustafar, M.Z.I., 2021. Bibliometric Analysis of Literature on Digital Banking and Financial Inclusion Between 2014-2020.Library Philosophy and Practice (e-journal).
  • Belleflamme, P. and Neysen, N., 2020.A multisided value proposition canvas for digital platforms. CORE.
  • Ben-David, I., Li, J., Rossi, A. and Song, Y., 2022. What do mutual fund investors really care about?.The Review of Financial Studies,35(4), pp.1723-1774.
  • Carter, M. and Carter, C., 2020. The creative business model canvas.Social Enterprise Journal,16(2), pp.141-158.
  • Cordier, J. and Santeramo, F., 2020. Mutual funds and the Income Stabilisation Tool in the EU: Retrospect and Prospects.EuroChoices,19(1), pp.53-58.
  • Cordier, J. and Santeramo, F., 2020. Mutual funds and the Income Stabilisation Tool in the EU: Retrospect and Prospects.EuroChoices,19(1), pp.53-58.
  • Darmawan, D. and Grenier, E., 2021. Competitive Advantage and Service Marketing Mix.Journal of Social Science Studies (JOS3),1(2), pp.75-80.
  • Katsikeas, C., Leonidou, L. and Zeriti, A., 2020. Revisiting international marketing strategy in a digital era: Opportunities, challenges, and research directions.International Marketing Review,37(3), pp.405-424.
  • revolut.com, 2023, about us Available at: https://www.revolut.com/en-US/business/business-account/ [Accessed on: 2/5/2023]
  • Vasista, K., 2022. Types And Risks Involved Towards Investing In Mutual Funds.International Journal of Current Science (IJCSPUB),12(1), pp.2250-1770.
  • Wewege, L., Lee, J. and Thomsett, M.C., 2020. Disruptions and digital banking trends.Journal of Applied Finance and Banking,10(6), pp.15-56.
  • Widyastuti, A.N., Pujiharto, P., Tubastuvi, N. and Santoso, S.B., 2020. The effect of marketing mix on purchase decisions.Jurnal Manajemen Bisnis,11(2), pp.163-176.
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