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Transcript of EasyPark
App to help users find parking spots faster and easier
App will connect to all parking meters and parking garages in downtown Iowa City
App locates vacant parking spots closest to the user's desired destination and gives directions via GPS
Map will show vacant spots as green dots and occupied spots as red dots
Customers want an app that:
Is reliable, meaning it is always accurate and doesn’t malfunction
Is a fair price
Is fast, meaning it can load quickly because most people will be using app while driving
Will reduce the time it takes to find a parking place
Will give accurate directions to the parking spot or parking garage
Unique service app
Has a large market base in Iowa City area
Can easily expand across state and country
Innovative app that will make finding a parking spot quick and easy
Has no competitors in the area
Two sources of revenue (advertising and cost of app to user)
Relatively cheap service app
Trial version will allow users to know if they want to use the service
Major outside threat is idea of going green and less people driving downtown
Parking garages already have computer systems saying how many spots are available but parking meters do not and would be expensive to implement
Current parking situation is very poor in Iowa City
Often takes a long time to find a parking spot during busy hours of the day
App will show how many spots are available in garages before user leaves home
App will drastically shorten time it takes to park downtown
Competitive advantage is that our service would make parking much easier and faster
No other service like this
2 sources of revenue
$1.99 cost of app
Implementation will be difficult because there is no computerized system in place for meters
Implementation for parking meters will be difficult because there is no current computerized system
Inexperienced management team and employees
High cost start-up and promotion
Would always have the chance of there being malfunctions, glitches, or bugs
Not everyone has a smartphone capable of using service app
Expand to other cities and/or states
Implement social media to help promote and connect with users
Advertising within the app (major revenue source)
Establish a good and reliable service app and improve it as much as possible
Limited financial funding for start-up costs and launch of app
New competitors are likely to provide same service in other cities
Limited customer base in Iowa City for part of the year (when school is not in session)
Goals and Objectives
Goal and projections for number of user milestones for the first five years:
Year 1 Year 2 Year 3 Year 4 Year 5
1,000 3,000 10,000 25,000 50,000
Between years 2 and 3 we will be looking to expand to Cedar Rapids. Years 4 and 5 will be expanding into the Des Moines metro area.
Goal and projections for revenue from two sources (advertising and cost of app, $1.99):
Advertising $50,000 $100,000 $400,000 $800,000 $1,250,000
Cost $1,990 $5,970 $19,900 $49,750 $99,500
Become profitable in our third year of service, and increase profitability by 10% each year until 2020.
Lower our costs after start-up by 5% each year for the first three years.
Have a 90% user satisfaction rating for the first 5 years based off satisfaction surveys and online ratings. Our marketing team will track this goal.
Be the #1 rated service app in the Iowa City area by the end of year 1. Our marketing team is responsible for this objective.
. Maintain control of the market we are in, in terms of number of downloads, by the end of year 5. Our marketing team will track and complete this objective.
We will try to reach all potential customers through:
Local television with a short commercial
Local radio with a short commercial, since most will think about this while driving
Newspaper ads that explain what our service does
Signs downtown in the most congested parking areas
Facebook and Twitter ads
University of Iowa events
We will purchase signs to be placed in downtown areas that are the most congested. This will attract attention from people that are looking for parking
We will control the company by performing a marketing audit
Performance will be measured by revenue and profits. A profitability analysis will identify the areas that customers park most and when and where we make the most revenue.
Our objectives are clearly stated and should be made clear to everyone involved in the business and everyone will be expected to follow these guidelines every day
Being able to adapt is critical in accessing the current market periodically and implementing changes in certain areas such as production or distribution will maintain control of overall company efficiency.
Evaluations will be based on meeting revenue and profit expectations set in our objectives
Objectives will be evaluated at the end of the first year of business
We will read all reviews posted by users and make changes to the app based on customer satisfaction
Segments: Primary- College students
One-week Free Trial