Marketing Strategy
The main goal is for our product to be adopted as a standard in the credit card industry. In order to achieve this we must secure agreements with all the major credit card companies in the world: Visa, Mastercard, American Express and Diners Club. The process will take place gradually at first, with the implementation process taking approximately 2 years to be completed. Although the decision to implement the product can be swift, the credit card companies will most often choose to wait until t
Therefore this product is aimed at all credit card companies and subsequently all users worldwide. We believe that if we succeed in securing quasi-simultaneous agreements with the above-mentioned credit card companies we will be able to have upwards of 90% of the credit card market share worldwide within 3 years. During this interval, we will also strive to supply every merchant with the new terminal thus enabling full implementation to coincide with the replacement of all cards. It is therefore hard to imagine who would oppose a product which will offer increased security as well as indirect monetary benefits, however small these can come to be. Market Segmentation and TargetingOur product is aimed at only a few major companies, not at individual clients. From that point it will be a short step to becoming the single worldwide standard of credit card payment technology. The choice of implementation will be imposed onto them therefore the whole segment aimed is expected to be captured. It goes without saying that this product is not aimed at a specific market segment: it offers increased security which translates into much smaller losses for the credit card firms. These benefits can be passed on to the merchants and users in the form of lower commissions and annuity rates, as discussed later. Therefore this product is aimed at only one major segment: credit card users. This is an unusual situation, which is enviable nonetheless because with a superior product and a moderately aggressive sales campaign (or lobbying) it will be possible to amass hundreds of millions of customers indirectly. he majority if their customer's cards have expired before issuing the new type of cards, thus minimizing the incurred costs.
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Diners Club,
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credit card,
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card companies,
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standard credit card,
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Acceptance Essays
