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Were there any material subsequent events?

What follow-up questions would you ask the Auditor at the company’s Annual General Meeting?

Description of the business idea

New business plans seek to introduce new products which meet the gap between the existing products and the needs of the customers. The paper would visit an elementary business plan which would enable the customers to book three modes of public transport namely, bus, metro train and cab. The discussed business will be based in Australia and will have targeted the market of Sydney and New South Wales as the mode of entry into the market.

The new innovative product would be an online transport booking portal which would enable consumers to book all sorts of public transport namely, bus, cabs and metro trains. The name of the portal product would be My Transport. The business would start in form a sole proprietor in the initial phase. Then as the firm would gain financial and market growth, it would opt for a public limited format and get primarily listed on the Australian Securities Exchange. This would enable the company to source the required capital market which would support its growing capital needs (Adebayo &Otemuyiwa, 2015).

The innovative product would an online transport booking application called My Transport or MT in short. The application would be accessible from all sorts of electronic gadgets namely, laptops, tablets and smart phones. MT would have three main options or tablets which the users would be able to access to their laptops, smart phones and tablets. The first tab would enable the customers to view the availability of transport forms namely, buses, metro trains and cabs. The viewers would be able to view the bus stations, cab stations and metro stations (Chatterji, Glaeser& Kerr, 2014). They would be able to gain real time information about transport conditions in different parts of the city they live including accidents and other relevant information pertaining to road conditions.

The first tab can directly lead the users to the second tab which enable the users to books modes of transport according to their convenience. The second tab would also enable the viewers to input their pick points and destinations. They would also be able to get information about the approximate time within which they have to reach the pickup points selected to avail the pickup services. The viewers can also choose the ways they want cabs to take while reaching their destinations. This facility will not be applicable if the customers choose bus and metro train option. The third option would be the most crucial and high security tab because this would be the payment tab. The consumers can either choose cash on delivery or online payment options. If the online payment option is chosen, it will lead to online banking gateways which the customers would be using to make the payments.

Description of the product

All the three tabs would require three separate passwords which the customers would be required to input in order to access the information and use these tabs.The third tab, the payment tab would require the customer input his debit or credit card credentials. The gateway would then send signals to the respective banks (Chepurenko, 2017). The banks would be required to authenticate that the particulars are authentic and send an electronically generated confirmation message. The bank would simultaneously send aone-time password to the respective users which they would be required to input to make payment. Thus, the app would be a combination of highly advanced technology and security.

It is evident from the very product description that information technology considerations would occupy important place right from designing the app as well its functioning. The first would let the users see the transport conditions and positions of the vehicles in different areas of the city on real time. This means that the tab would be connected to satellite and Google maps. The second tab would be linked to the portals of private and transport companies operating transport. For example, if customers want of book cabs, the tab would lead them to portals of cab transport service providers like Uber (Diana&Astuti, 2017). Similarly, if the users want to book metro trains, they would be led to the respective portals. However, the customers would be able to avail the service of company registered with My Transport.

The payment tab would lead to respective banking portals and the banks would have to authenticate the identities of the customers. The banks would be sending authentication messages to MT and an OTP without no consumer can make payment. Any wrong information would trigger the payment system to stop and the customer cannot make any further booking.

The initial target market of My Transport would be Australian cities and towns. The firm would eventually expand into New Zealand and into the Asian markets. The firm must target markets with huge population of public transport users like Japan, China and India. Then the firm would eye expanding into western markets like Europe and North America.

The marketing strategy of My Transport would be digital marketing strategy. It would stand on four pillars namely product, price, place and promotion.

The firm should market MT on its own official website which would enable the customers to view a demo version of the same. The official website should also provide links to the users to download the app on tablets and smart phones. The product would be available on the Apple and Android platforms. The official websites of partner companies like the banks and the transport companies should also enable the consumers to download the app. The app should enable customers to choose the transport modes they want to use (Drucker, 2014). For example, the customers would have the option to opt for one transport namely metro, buses and cabs. They can also opt for any two of these or all the three modes.

Features of the product-MT

My Transport would use an innovative pricing strategy to market its products among the customers. The customers downloading the app for the first time would be allowed a free subscription for the first month. Then they would have to choose the transport modes they want to avail on the app and pay accordingly. The customers opting for two or all the three modes of transport would be given discounts (Eftekhari&Bogers, 2015).

My Transport should market its product bearing the same name on the online platforms and through offline modes. The firm use internet network and advertise its product on smart phones and laptops. It should release a video on the digital platforms like Youtube which would allow viewers to gain information about the product MT. The customers would also be get information about the products on the websites of partner companies like bank and transport companies. My Transport would market its product My Transport app in business magazines and newspapers (Galindo & Méndez, 2014).

My Transport should promote the app using online and offline promotion strategy. The online promotion strategy would consist of advertisement of the app on various electronic devices. The firm would launch a dedicated website which would enable it to promote and sell the app. The official website of the partner companies should also promote the app. My Transport should market the product on magazines and newspapers. The firm should also promote its product at trade fairs. The firm right from the inception of its promotional campaign should promote the necessity of driving safely. This would enable it to create socially responsible image in the market which would enable it to strengthen its goodwill in the long run (Harudin, Fattah &Ahman, 2016).

My Transport should have a flat organisation structure which would enable it to take prompt business decision. The organisational structure should at the initial stage work with the owner at its helm. The organisational structure at a later stage should be expanded to meet the business needs of My Transport by incorporating directors heading the each department. The firm in the initial phase should have HR department, finance department, marketing department, legal department, R&D department and manufacturing department.

The marketing plan would play a crucial role in determining success of MT in the Australian market. The marketing should start at least 3 months prior to market launch of the MT apps. The marketing should incorporate both online and offline modes discussed above. The scope of the marketing will include promoting the app before launching into the market (Nalawade& Shah, 2015).

Security and payment aspects of My Transport

Activity

Descriptions

Time in months

1

The marketing department conducts an external analysis in the Australian market.

6

2

Submits report to the apex management

1

3

Apex management and all the departmental heads holds meeting to discuss the findings and form, strategy

1

4

The apex management approves allocation of funds to marketing department and the finance department abides

1

5

The marketing department get quotes from various promotional media like Youtube and magazines

1

6

Presents the quotes before the apex management for approval.

1

7

The apex management approves the quotes to the limits possible and asks the finance department to allocate any additional funds required however, subject to its approval.

1

6

R&D department prepares the videos and promotional pictures

6

7

The videos are launched in presence of all employees and advertisement in magazines are floated on the same date

1

The entire marketing plan of MT would take 19 months. The ideal date for launch of MT in the Australian market would be March 2, 2018.

The attached budget shows that the sources of funds would be funds allocated by the finance department and loan borrowed from bank. It is assumed that the target sales which MT would achieve in the first year is $ 100000. It can be pointed out that it earned a profit of $ 16000 which means the apex management needs to acquire more funds to continue its operations.

The financial statements show that in the first year My Transport earned only $16000 with investment of $ 200000. This means that the operations would be viable in the first year but the firm would require to inject more funds to boost the operations of the firm.

Diffusion of innovation theory:

The diffusion theory of innovation deals with the diffusion of an innovative product into the society. The theory mentions that the new innovation has important impact on the behaviour of the people who adopt the new product (Drucker, 2014).

The resource theory of innovation deals with the manner entrepreneurs use resources to embark on the start-up business. The theory mentions that entrepreneurs use different resources like financial resources, technological resources and human resources to operate their business.

Australia would provide both skilled and unskilled manpower to the entrepreneurial ventures. Moreover, the country is technologically very strong which would encourage growth of business ventures like MT. The financial analysis shows that the firm in the first year succeeded in earning a profit of $ 16000. This means though the firm is viable in terms of human resources and technology, it is weak in terms of financial viability. The management should acquire more funds to boost its future operations.

Conclusion:

It can be concluded from the discussion that My Transport must enter the market of Australia. It would make booking of public transport more convenient and benefit the customers. The firm should initiate its marketing activities far ahead of launching the product in the market. The profit in the first year is low which means the owner would be required to inject more capital to support the business plan at least in the initial stage.

References:

Adebayo, O., &Otemuyiwa, A. A. (2015). University Unified Undergraduate Enterpreneurship Education Curriculum is a Must. International Journal of Small Business and Enterpreneurship Research, 3(1), 10-20.

Chatterji, A., Glaeser, E., & Kerr, W. (2014). Clusters of entrepreneurship and innovation. Innovation Policy and the Economy, 14(1), 129-166.

Chepurenko, A. (2017). Innovation Enterpreneurship in Transition Economies: Problems and Outlook. ???????, 11(3 (eng)).

Diana, R. W., &Astuti, H. P. (2017). Developing Enterpreneurship Activity Based on Local Culture in Early Childhood.

Drucker, P. (2014). Innovation and entrepreneurship. Routledge.

Eftekhari, N., &Bogers, M. (2015). Open for entrepreneurship: how open innovation can foster new venture creation. Creativity and Innovation Management, 24(4), 574-584.

Galindo, M. Á., & Méndez, M. T. (2014). Entrepreneurship, economic growth, and innovation: Are feedback effects at work?. Journal of Business Research, 67(5), 825-829.

Harudin, K., Fattah, N., &Ahman, E. (2016). The Effectiveness of Enterpreneurship Learning in Developing Students’ Entrepreneurial Intentions.

Nalawade, P. K., & Shah, V. B. (2015). Influence of Motivational Factors on Women Enterpreneurship. A Journal of research articles in management science and allied areas (refereed), 8(2), 27-33.

Piperopoulos, P. G. (2016). Entrepreneurship, innovation and business clusters. Routledge.

Sahut, J. M., &Peris-Ortiz, M. (2014). Small business, innovation, and entrepreneurship. Small Business Economics, 42(4), 663-668.

Savitha, R., Kannadas, P., &Muthukumar, M. (2014). A Study on “Women Empowerment and Enterpreneurship” Among College Teachers in Madurai City. Global Journal of Finance and Management, 6(9), 841-846.

Thébaud, S. (2015). Status beliefs and the spirit of capitalism: Accounting for gender biases in entrepreneurship and innovation. Social Forces, 94(1), 61-86.

Vesperi, W., Reina, R., & Gentile, T. (2015, September). Academic Knowledge VsEnterpreneurship: The Spin off way. In European Conference on Knowledge Management (p. 828). Academic Conferences International Limited.

Yang, T. Y. (2016). The Enterpreneurship Opportunity of the Foreign Language Education and Cloud Interpretation.

Μπιτζ?νης, Α., &Nito, E. (2015). Lack of financial intermediaries as a decisive barrier to enterpreneurship in Albania. South-Eastern Europe Journal of Economics, 4(1).

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My Assignment Help. My Transport - An Innovative Online Transport Booking Portal [Internet]. My Assignment Help. 2019 [cited 13 July 2024]. Available from: https://myassignmenthelp.com/free-samples/mastering-the-five-tiers-of-audit-competency.

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