Swot Analysis For Google Wallet

Marketing Plan for:

GOOGLE WALLET

MFSS-B

SUBMITTED BY:

NEHA PRAKASH - 13432

VIVEK KUMAR SINGH - 13459

MADHURI MAHIPATI - 13524

SAHUKARU P JAWAHAR - 13542

SRIRAM GUDIMELLA - 13651

SATISH JAIN - 13644

On: 9/12/2014

EXECUTIVE SUMMARY

Developed by Google, Google Wallet is an online mobile payment system that enables the users to store different cards as credit, debit, gift, promotional and loyalty cards. Google wallet can also help them in redeeming the sales promotions with the help of mobile phones. Google wallet uses NFC method or near field communication by simply tapping on the terminal, which is Pay Pass-enabled which is provided while checking out the Google wallet in order determine the security and safety of the money. Google

People are more aware of protecting their own privacy of payment methods.

PORTER’S FIVE FORCES

1. Threat of New Entrants: The entering barrier is high because the company has to own the NFC technology. It wouldn’t be hard for smartphone companies to introduce an attached product like Google wallet if it’s just software that needs to be installed.

2. Bargaining Power of Buyers/Consumers: Google Wallet is recent technology that has included lots of features in it. In a short amount of time, people wouldn’t find something else that is just like it .But Google Wallet is free software, so there is no switching cost if consumers want to switch to another product.

3. Bargaining Power of Suppliers: There are lots of smartphone producers in the market to provide the platform for Google Wallet. Substitute inputs would be other mobile devices like iPads. Google Wallet is trying to share revenue with its suppliers.

4. Threat of Substitute Products: Since Google Wallet is almost the first product of NFC chip that has these features, other products will not differentiate much from Google Wallet. PayPal is potentially having a similar product; Walmart and target are also joining to have a mobile payment

Advertising- The first form of advertising is via an attractive brochure depicting a information about product features and its usage. It should also emphasize on the value proposition the product offers. Throughout the brochure the message is put across in a convincing manner with an emphasis on how one can we have an experience by using this product which is secure and convenient.

5. Social Media- Use of twitter and facebook to share the experience by users can be a positive word of mouth for this product. Since the target audience for this product is tech savvy and hence majority of them would be active on social media. We can use social media as a medium to make use of this product viral and as a part of their lifestyle.

6. Google Wallet should solidify more corporate partners. Increasing exposure by partnering with more companies will thereby increase word-of-mouth advertising and create more “magic” experiences in store. Google Wallet can continue to use their current corporate partners to support any promotional or public relations events.

7. Team up with well know company’s campaign and set up app demos. Experiential events like these make it easier for customers to develop an emotional connection with a