Ignite Business Product
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Introduction
We have a bulging number of upcoming young entrepreneurs dealing with different products and services. They are mainly starters ups and medium and small enterprises (SMEs) cutting across all industry sectors. They face several challenges, which include accessibility to capital to start and expand their business, financial illiteracy and integrating ICT in their business. On the other hand, lack of money is contributed by inaccessibility to bank loans since they require several securities to cover the loan, long duration, and high-interest rates. That has made the young entrepreneurs shy away from the borrowing from banks thus affecting their business expansion plan ( Lovelock & Wright, 2001).
Wells Fargo Bank is offering a bank product to the young entrepreneurs called Ignite Business. The product aims to enable the young entrepreneurs save, access loans and get training on how to run their businesses. It is a product package consisting of bank account, loan, and training.
Ignite Business product
Ignite business is a product that enables consumers to have a bank account, save, borrow and access financial and business development training. The buyer will be required to open a bank account. The account will be free to open, no minimum balance or monthly maintenance fee. Secondly, one will not be limited to the frequency of withdraws from the account. The account can be accessed through mobile banking thus making it easy and timesaving for the young entrepreneurs. Finally, one will be given a free debit card to transact without going to line up in a bank.
Once one has opened the account, he will be required to deposit a minimum of 5 dollars weekly. The money will be savings for the consumer. After consistently saving for five months, the customer will be offered a loan by the bank on request. The loan interest will be 5% on reducing balance rate. In addition, the members will get training from our banking experts on bookkeeping, savings, business development, investing and insuring small businesses. The product has ensured the clients will get real time value from the Ignite Business product, which will transform their businesses to a multination enterprise.
Consumer offering
That will involve the product, service, and the cost. The offer comes in different categories, for example, unsought, specialty, and shopping and convenience consumer offers. It is all about the consumer buying behavior that will advise on how effectively to market our product. That behavior varies from one buyer to another. Our bank product will adopt specialty consumer offering since it will focus on the needs of the startup and SMEs. We will customize our products to be the game changer, the young startup and SMES in our community (Lovelock & Wright, 2001)
Product extension
Ignite Business is targeting young people who are running small businesses. We have a plan to expand our target market. The plan is to extend the product to all startup and SMEs owned by women irrespective of their age. In addition, we will increase the loans for funding business. Http://www.Saylor.org/books
Product lifecycle
The product is new and is barely three months old. There has been a positive response from the market and minimal sales. The immediate focus is to continue testing the products and research on ways to improve the product and increase the number of clients (Lovelock & Wright, 2001). The bank is planning to invest more in marketing the products through brochures, media advertisements, and social media and host training for young startups and SMES to launch the products. We have two major competitors though our product is standing out through its feature of education and saving (Lovelock & Wright 2001).
Our next step is to launch the product. We will organize a two-day training with the young entrepreneurs, corporate and organizations working with youth. There will be an open exhibition, which will run simultaneously with the training. The last day we will launch the product and invite the minister of youths and industrialization to grace the event. That will be a plus for our products to penetrate the market.
The product advertisement we will be carried out by KTS media house through several road shows across the country to sensitize citizens about the Ignite business product. The publication will feature three famous artists in the entertainment industry Http://www.Saylor.org/books.
Conclusion
Wells Fargo is a promising value, which can deliver. The focus is to be the market leader in promoting business startups and SMES. We have identified a need among young startups and SMEs. The bank wants to intervene through our product Ignite business, which will turn around the small business to be the most promising business ventures, creating employment, delivering quality service and high-profit margins.