Mobile Transforming The Future Of Parking -Myassignmenthelp.Com

Question: Discuss About The Mobile Transforming The Future Of Parking? Answer: Introduction According to a report from Ward's Auto released last week, the global number of cars exceeded 1.015 billion in 2010, jumping from 980 million the year before(Tencer, 2011). One 2011 IBM study found that 30 percent of a city's traffic is attributable to people hunting for parking -- with a third of New York City drivers reporting they search for 20 minutes on average(Johnson, 2014). A large number of people spend increasingly large amount of time looking for a parking spot for their vehicles everyone time they have a trip to the mall or an amusement park or any other place packed with loads of people. Figuring out where to park, especially in a big city, can make you feel like you're in a zany Dr. Seuss story(Freeman, 2012). However, in recent times technology is being utilized in ways never thought of before. While looking for parking spots in over-crowded places is a huge problem, technology can come to the rescue and solve this problem accordingly. In the modern day world, almost every single person owns a smart phone. This smart phone can very well be utilized for solving the problem of parking. With the advent of 5G technology, the future of parking cars will see a definite change. The solution is to create an app enabled with GPS that shall notify the user of any close by parking areas as well as any available empty parking spots. The amount of time and effort that can be saved through this is by far enormous. Market Assessment Even though the modern day world is dynamic and fast changing, there are still a lot of areas where a definite improvement can be seen. Humans have been using GPS enabled Google Maps to go from one place to another. However, they haven't taken a step ahead and utilized their technology to look for parking spots. The app called "Parking Lot" shall do this and more. Imagine being able to park your car just by tapping an available spot on the screen of your smart phone. One does not have to drive around in a parking space, go up or down if there isn't a spot available and waste their time and effort. One can instead use an app to select a parking spot and the car shall go park itself. The SWOT analysis, made up of an assessment of strengths, weaknesses, external opportunities and threats from competition, provides an outline for strategic decision-making(Colbert, 2013). The main advantage of conducting a SWOT analysis is that it has little or no cost(Anonymous, Benefits and limitations of SWOT analysis, 2017). A SWOT analysis, when carried out correctly, gives a company useful insights into its competitive position(Hill, 2013). Below mentioned is a SWOT Analysis of 'Parking Lot' comes. Lean Canvas The Lean Canvas, proposed by Ash Maurya in his book Running Lean, is a business model hypothesis testing and validation tool(Chitea, 2011). For the aspiring entrepreneur, working on a Business Plan is a lot less exciting than working on growing the business itself(Kunitzky, 2015). Lean Canvas is a tool utilized mainly by startups or small upcoming businesses in order to layout their business and its various aspects. It is not as complicated as a lengthy exaggerated business plan but a short and concise table which lists down the various aspects of the business. These are as follows- Problem- Addressing an existing problem which a large number of people may be facing. Solution- What solution can the business provide is what falls under this category. Unique Value Proposition- In a nutshell, value proposition is a clear statement that explains how your product solves customers problems or improves their situation (relevancy), delivers specific benefits (quantified value), tells the ideal customer why they should buy from you and not from the competition (unique differentiation)(Reeve, 2017). Unfair Advantage- This may be defined as the USP or the Unique Selling point of a business or a start up. This is basically a feature which is unique to a particular business which other competitors in the market do not have or cannot copy easily. Key Metrics- The metrics should include the range of services or products you like to provide(Sydeek, 2017). Customer Segments- This category talks about the target customer and his various characteristics. Cost Structure- this lists down the various things money shall be initially spent on in order to run the start-up. Revenue streams- How will the business generate revenue streams is what is addressed under this category. For the lean canvas of Parking Lot, refer Table 2.0 in Appendix. An agile plan may be defined as a schedule determining what aspects of a particular process an individual or a team shall be able to complete by a set amount of time. It consists of planning and assigning deadlines to various activities that need to be done in order to achieve a desired goal. In its simplest form, agile planning is nothing more than measuring the speed a team can turn user stories into working, production-ready software and then using that to figure out when theyll be done(Rasmusson, 2013). The overall timeline shall be fine from October 2018 and finish in November 2021. In the first segment of the timeline, the program for the overlap between parking spaces and parking layout needs to be written. The maximum time assigned for this activity is till the end of 2018. In the second phase, testing of signals from infrastructure to vehicles shall be done. This shall take place from beginning of 2019 to August 2020. Thus shall include making any changes to the app upon checking signals and also includes time for redoing any other activities that may have been changed or affected as a result of the extensive tests carried out. The next phase shall begin in October 2020. This shall include testing the app for two way communication. This phase shall end in October 2021. The last phase shall begin in November 2021 and will include tests on self-drive cars. By the end of the year 2021, the app should be sufficiently improvised and ready to be used by the people. Competition Analysis At present, more and more automobile companies are coming up with cars with self-driving feature. On the other hand, more and more apps on the play store are enabling drivers to look for parking spots. The competitive advantage that "Parking Lot" has is an amalgamation of the two. In short, it can be described as infrastructure to vehicle communication. The likes of Mercedes, Ford, Audi, BMW and Toyota have been rolling out cars enabled with self parking feature for quite a while now. However, the driver still needs to be able to find an empty parking spot. This is where 'Parking Lot' comes in. With the use of 5G technology and sensors reading incoming and outgoing cars in a building (any building), a user shall be able to access real time information about the availability of an empty parking spot. All he has to do after that is select the empty spot and drop off the car at the lobby. A person car just skip several steps and go about doing his actual work and save a ton of time, wit hout having to actually go to the parking lot, spend a lot of time looking for parking spots, actually park the car and remember where he parked the car, Competitive Advantage There are self-driving cars and there are apps for finding parking lots. "Parking Lot" combines the two because even if one has a self parking car, one also needs an empty parking spot for his car to be able to park itself. The unfair advantage of this app enables user to cut back on time wasted in looking for empty spaces and going through the hassle of parking one's car. Drivers can even park at unused parking slots of hotels, hospitals, stores, pubs, schools, public parking spaces from the app to save time(Anonymous, 2017). Revenue Generation As is the case with most apps, revenue generation is basically from two things. The first is the in-app purchases that a user may buy in order to be able to utilize certain paid features which one does not get free of cost. The second of revenue generation is through advertisements that are displayed within the apps. As 'Parking Lot' has a very large target customer base, a number of people all across the globe shall be downloading and using the app for their daily use. Therefore, revenue should be stable and continuous. Leveragability A large portion of the urban population owns cars. More and more people find it extremely annoying and exhausting to find a parking spot due to the increasing amount of traffic and vehicles on the road. While there are self driven cars available in the market, one still needs a parking spot to park his or her car. The app 'Parking Lot' is an overlap between finding an empty parking spot and the car parking itself, leaving the driven without the hassle of going through the tiresome process, draining his energy especially in extremely hot or cold weathers when one just wants to get inside a building. The product is leverageable as it renders the user with the ability to choose from available parking spots, tap and select the space and be done with it in less than a minute. It saves time, effort and resources. It is smooth, easy and the user does not have to fret his mind over getting to work on time. Scalability Most people own cars in all parts of the world. The product is scalable because the users are present world-wide, making it easier for the product to reach out to the target customer in the global market. Also, with the help of technology, apps are utilized by people sitting in every corner of the world. Whether it is a single town or a whole country or continent, people always need a solution to a problem and 'Parking Lot' is a solution to one of the biggest problems of the modern day human. Target Customer Target customer for 'Parking Lot' shall be any person owning a car, looking for a better easier and simpler way to find a parking spot and park his or her car. The person should be of legal driving age which differs from country to country. Therefore, it is safe to say that the target customer is any person above the age of 18 years and owning or driving a car. Marketing and Sales Strategy Marketing is all about making your brand (and your products) more visible to a wider audience(DeMers, 2016). Marketing a product the right way is as important is developing and selling it. Without the right marketing strategies, a product may not be able to reach its target audience and will lead to the eventual failure of the business. Below mentioned is the marketing mix for the Parking Lot mobile phone application. Marketing is simplistically defined as putting the right product in the right place, at the right price, at the right time(Martin, 2014). The product is a smart phone app which shall enable users to find an empty parking spot in nearby buildings. This will help the user to save time and park his or her vehicle without actually looking for an empty spot manually or waiting for others to move their vehicles to avail a spot. The app itself is free. However, there shall be several in-app purchases that a user can make use of by paying a small amount of money. As the product is a smart phone application it shall be available on the internet and the play store. This means that people from all over the world shall be able to make use of the product, provided they have an internet connection and depending upon the availability of the app in their country. Promotion of the app includes marketing of the product in order to make more and more people aware of it. Marketing of apps is generally done through the internet. Dara Fontein from Hootsuite uses seven prime examples to show readers exactly how to excel in the modern social media landscape(Gains, 2016). Utilizing social media platforms such as Facebook, Instagram, Youtube and Twitter is a great idea as a large number of people already have an online presence. Displaying advertisements on websites that have a large amount of traffic is another option. Television commercials are also a great marketing tool to reach the target audience. Financial Analysis Financial analysis enables investors to determine a companys ?nancial strength and performance(Jun, 2013). There's a clear need for increased visibility to drastically improve sales(Adams, 2014). As the main revenue generation through the app shall be from sponsored advertisements, the income will be largely dependent on the number of people downloading and using the app. The more reach the app has, the more number of brands shall be willing to partner and display their adds within the app. Technopreneurship Matrix Spreadsheet Carl Max John Candice Creating app prototype ? ? ? ? Getting Investors ? ? ? ? Working on App development ? ? ? Testing App in real time ? ? ? ? Marketing App ? ? ? ? Releasing app on App Store ? ? ? ? References Adams, R. (2014, May 5). 10 Marketing Strategies to Fuel Your Business Growth. Retrieved January 28, 2018, from entrepreneur.com: https://www.entrepreneur.com/article/299335 Anonymous. (2017, July 18). Benefits and limitations of SWOT analysis. Retrieved January 29, 2018, from Business Queensland: https://www.business.qld.gov.au/starting-business/planning/market-customer-research/swot-analysis/benefits-limitations Anonymous. (2017, November 12). 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