Business Concept Paper Term Example | Topics and Well Written Essays - 1000 words

Business Concept - Term Paper Example As a result of an emerging need for real time transfer of money between people, Money-Air identifies a business opportunity. Consequently, it is developing a product that will use mobile phones as a medium of transferring money from one individual to the other (Schaeffer, 2008). Money-Air has given this problem solving product the name Instant-money. This product is geared towards covering all individuals with mobile phones. Consequently, the customer base is broad and has the potential to expand (Blackwell, 2008). As stated above, instant-money is a product that has its bases on information technology. Mobile phones are platforms that instant-money is used in order to effect its intentions. Therefore, instant-money has enjoyed a potentially big market for almost nearly all adults in the United States of America possess a mobile phone (Barrow & Barrow, 2012). The formulation of this product was intrigued by the need to transfer money between individuals with ease and faster. Instant-money is of importance especially when an individual in dire need of quick money from another person. Consequently, the product is based on real time processing. Therefore, customers make cash transfers in considerably very little time. That notwithstanding, instant-money has a greater competitive advantage as compared to its competitor. Competitors, use a rather time consuming way of transferring money (Blackwell, 2008). As a result, most people prefer products like instant-money since they are fast and can easy to use from whatever place. For every product to thrive in the market, target customers are supposed to identify with the product. Therefore, instant-money targets individuals with little money and depend on cash from others (Barrow & Barrow, 2012). Since there are a lot of emergency situations that need quick money, people prefer instant-money due