CURRENCY EXCHANGER

1.The currency exchange at the airports is a $300,000,000 industry sustaining

around 25000 people across the world.

2.These Exchanges have around 30-35% cuts on every transaction

3.An alternative employing no more than a hundred people and taking cut of

5% should be an instant hit and this is the avenue our company tries to create.

Target Customers: International Fliers

Trade Centers: Every International Airport

1. To Ensure Fair currency exchange for the travelers without intervention of greedy unreasonable Airport authorities

2.Divert 30% traffic of $300,000,000 industry to the app by the end of an year

3.Ensure privacy of all our customers

4.Ensure closing of exchange agencies at airport in a long run

Due to Lack of Funds initial customer base will formed by E-mailing regular international Fliers whose details shall be collected from the customer database of Airlines and mouth to mouth Publicity.

In a longer run it is expected that the popularity of app shall soar ,post that the app shall start generating money and hence some funds can be spent on marketing.

After the company starts getting clients our sale volume shall increase and we shall start advertising. This will be done in a very limited fashion and all the hoardings shall be placed near the immigration center and Currency exchange counters on the Airports, this shall eliminate need for too many hoardings and their strategic location shall ensure maximum visibility and minimum investment

How does the thing work ?????

A guy arrives at the airport Now he has a problem

He Does not have money in the currency of that country

Now what can he do??? He has two options

OPTION 1:Go To Currency

exchange+ counter

OPTION 2:He uses our app

Pays 35% commission Pays only 5%

BUT HOW DOES THIS APP WORK ??

Assume there are three people on an Airport , Mr. A, B,C

All three are on London Airport

Mr. A,B are from UK and are going to New York whereas Mr. C is

coming from NYC Mr. A,B,C post the currency and

amount they are carrying and the currency they are interested in

exchanging to

Mr. A,B,C all the three get a notification on their app now they bargain about the rates

of exchange, once rates are decided the app suggests a meeting place for them,

they meet exchange money and give a 5% cut to the company.

INCOME STATEMENT

The industry generates a revenue of around $300,000,000 we hope to divert 30% of this to our app by the end of two years . The industry employs 25000 people worldwide. If we assume equal distribution of money, each earns around $12000 Per Year . Now our app shall need no more than 1000 guys .Assuming we manage to divert 30% traffic by the end of two years ,each earn around $90,000 by the end of two years. This is a win-win for everyone.

COMETITION

At present there is virtually no competition but the exchangers at the Airport are very likely to Lobby against us, There is no fixed plan to handle them at the moment but as things pan out and according to the incumbent situation decision shall be taken on this regard. Similarly we can do nothing with people copying the idea as there cannot be a copyright for an idea, we shall have to rely on timely action and hard work to see through the idea

COLLABORATION

There as many possibilities of collaborations but each needs to be given careful thought and planning before execution. Here are the prospective collaborations:1. With Different Airlines :It may be possible for us to get it announced as a suggestion in different international airlines that currency exchange can be done with our app.

2.With CurrencyXchange app on Google+ which shows present currency exchange rates. This can help the clients in reasonable exchange rates.

Disclaimer

These Slides Have Been prepared By Abhinav Pratyush of The Indian School of Mines ,Dhanbad during a marketing internship under Professor Sameer Mathur of IIM Lucknow