Big Whoop Technologies Corporation Market Analysis

Market Analysis 1

Wendy Rogers

Victor Nwaukoni

Rocky Haquia

Erwin Thomas

Marketing Management 551

Dr. Johnny L. Morris

November 1, 2003 Market Analysis 2

Big Whoop Technologies Corporation Market Analysis

Because of the growth of internet business—it is critical that Big Whoop

Technologies Corporation (BWTC) stay abreast with trends pertaining to the economy and the environment. A Market Analysis has helped BWTC stay in control of their progression into the world of eCommerce and the financial services online. The market analysis reviewed the benefits of BWTC proposed services and allowed the organization to fine tune all objectives. eCommerce of financials services is in demand and is very relevant for the forever changing economy. Many users of the internet depend on performing transactions on the internet on a daily basis.

The market analysis allows BWTC to obtain a greater understanding of the customers, trends, and helps in strategically planning. BWTC is merely an imitator of a service in a competitive market place and take comfort in the customers being influencers and deciders of the business strategies. BWTC used the consumers’ demands to define the ultimate branding of the organization services. After the market analysis, BWTC has come up with one primary service package branded Centralized and Secured Financial Services (CSFS). BWTC focus on one service has allowed the organization to provide both; valued pricing and high quality of services. These two factors will assure BWTC movement into the forefront of all competition due to niche marketing. We will see in greater details the niche of this primary service, the focus of a target market, and then review strengths, weakness, opportunities, threats, and trends

(SWOTT) analysis on BWTC’s CSFS. Market Analysis 3

BWTC Primary Services

Big Whoop Technologies Corporation (BWTC), a subsidiary of Big Whoop

Industries (BWI), is a start-up company that will provide online financial services to existing clients and online business consumers. BWTC is designed to meet customer demands for an eCommerce solution that allow account management for Big Whoop

Industries (multi-billion dollar financial conglomerate) clienteles. BWTC’s CSFS purpose is to provide the most innovative yet practical web-based management of financial accounts in a centralized area with the highest level of security. Services include but not limited to online banking (all accounts and banks), bill payment, and secure online purchases (all storefronts such as eBay & Amazon.com), securities and stock transactions, 401K and retirement account administration… All these functionalities in one convenient and secure Web Portal! BWTC plans to link all accounts from various financial holding companies and banking firms in the near future. These services will instill BWTC as the leading online marketplace for personal finance. BWTC will be the public’s one stop financial institution.

BWTC Target Market

BWTC will be engaging all of BWI existing clients. The existing clients will have the opportunity to pay low promotional monthly fees which gives them the opportunity to manage their existing accounts with BWI and possibly link external accounts. As BWTC grow they will be branch out to external clients. The internet is now a massive medium of communication for people from all walks of life, here in the United States and abroad.

In the United States alone—over sixty percent of the population is plugged into the Market Analysis 4 internet. According to the Department of Commerce (Entrepreneur, 2001); the following depicts the level of internet usage:

 Thirty-nine percent of the internet usage was for shopping.

 Eighteen percent of the internet usage pertained to banking.

It is up to BWTC to capture a segmentation of the above fifty-seven percent of users.

BWTC SWOTT Analysis

Big Whoop Technologies Corporation (BWTC) has a specific mission to be the premiere online marketplace for personal finance. In the analysis of the marketing and positioning of this service based product, the following S.W.O.T. presents itself as:

Strengths

1. Secure access to financial data by consumers

2. Speed. The manipulation of various accounts by the individual client will

produce results within seconds, contrary to the traditional visit to the local

branch of the bank.

3. Convenience. The ease of perusing ones bank accounts and paying bills

online from the sanctity of ones own home.

4. Industry growth. Market projections predict that by 2004, 23.9 million

households will be conducting their banking online.

5. As this is a service, the cost of overhead is minimal, since there is no

inventory to purchase and/or warehouses to store goods. Market Analysis 5

Weaknesses

1. Competition. As the online market becomes saturated with the entrance

of new brokerages, and banks’ websites, the emergence of competition is

inevitable.

2. Hackers. Computer hackers are individuals who prey on the vulnerability

of computer systems and the end users. Although such safeguards as

encryption are constantly being up graded, there will always be a hacker

attempting to crack the codes.

3. Identity Theft. In the information age, one of the fastest growing crimes is

the assumption of a victim's identity by a criminal.

Opportunities

1. Relationship building. With the initial introduction of BWT to the

employees presently working for BWI, the internal relationship of

thousands of employees has already been established. With the positive,

informal word of mouth advertising within the organization, the client base

has a vast opportunity to grow.

2. Advertising revenue via additional non-related companies, who wish to

appear on the BWT web site, will generate positive cash flow.

3. Since the eCommerce site will be launched internally, the feedback from

the employees of BWI will be assessed and issues regarding the usage

and experiences will be heard quickly. Market Analysis 6

Threats

1. Complacency. Customers may not feel the need to ‘think out of the

box’ and venture into the virtual online world of banking and finance.

As baby boomers age, they have a choice to both change with the

times and learn the internet or as the older generations (65 and up)

tend to do, shut out the possibility of change. This represents a large

segment of the population who chooses to visit the customer service

representative behind the counter opposed to the lap top.

2. Power outages. Obviously, if the electricity were to go out, the online

transactions would be impossible. This is not a threat for a short term

outage, but if a natural disaster such as a hurricane knocked out the

power for several weeks or days, this would pose a substantial

problem.

Trends

1. “Cocooning, which is the impulse to stay inside when the going

outside gets too tough and scary” (Kotler, 2002, p.79). People are

becoming accustomed to ordering goods and services via the internet

and are opting to stay home.

2. “Egonomics” which is the need to individualize oneself through

customized services and goods. (Kotler, 2002, p.79). BWT can

capitalize on the individualistic needs by offering clients customized

investing strategies and banking options. Market Analysis 7

References

Entrepreneur's E-Books (2001). Why Every Business Needs to Be an eBusiness.

Retrieved October 28, 2003, http://www.entrepreneur.com

Kotler, Philip. “Marketing Management” Custom Electronic Text for University of

Phoenix, Millennium Edition, Tenth Edition