Reference no: EM133289817

Project Proposal - TwiPay

Twitter, Inc. is an American company that owns one of the world's leading social media, Twitter. Currently, Twitter has 396.5 million users globally, who can post, comment, like, share "tweets," and interact with messages. On October 27, 2022, a deal of $44 billion buyout by Elon Musk was closed, making Musk become the company's largest shareholder. After the deal, Elon Musk expressed interest in creating an "everything app." Our idea is to create a digital payment service integrated into Twitter called TwiPay. Users can deposit money in their TwiPay accounts and transfer money among them. Payments could be made by simply scanning a QR code or Bar code.

At present, the payment integration social media is a blank market. Twitter can be a first mover and domain the market. There are several benefits of the payment service for Twitter. The company can rely on it to create a complete business ecosystem. Firstly, it works as a bank and collects funds for Twitter. Second, it can increase traffic and customer stickiness. Third, it attracts business users who use the service receiving payments. Lastly, it can track consumers' purchase habits and businesses' operation status and provide flexible financial services. In addition, this payment service has value for business users. It's very convenient for companies to receive payment without equipment, with just a QR code so that the payment can be made anytime and anywhere. The service account application process is much easier than a regular bank. And Twitter is an excellentplatform for sales. For individuals, it's free of charge; users can make small and flexible investments; it can make real-time free transfers of any amount between individuals at any time. In conclusion, the service is valuable for the Twitter company and its current and potential users. So, it is worthy of being marketed.

Assignment question

Marketing strategy- product/service focus and goal setting:

a. Stage of the product life cycle: In which phase of its lifecycle is the product? Explain your rationale and identify what strategies they have adopted or need to adopt to extend their lifecycle or develop a new product.

b. Segmentation: Outline your segmentation strategy/analysis and selecting best target market(s) and explain related target market profile(s) (you may create new segments) including demographics, psychographics, behaviours, and geographical considerations.

c. Differentiation and positioning: Position the product and review positioning statements to drive marketing mix (you may reposition the brand).

d. Marketing Objectives: Objective can be behavioral (e.g., sales, market share, profit etc.) and/or attitudinal (increase in consumer attitudes, awareness, recall, liking, etc.) and they need to be SMART (Specific, Measurable, Attainable, Relevant and Timely).