What is Openpay? Mission and Goals. - Market Strategy Assignment Help

Assignment Task:

Task:

EXECUTIVE SUMMARY
What is Openpay? Mission and Goals.

‘Spread the Cost. It’s that simple’ (Openpay 2020). Open pay is a buy now pay later service, that allows customers to purchase products and pay for it over weekly or fortnightly instalments without any interest. As for merchants, it provides for increases in customers and sales with only small fees (Openpay 2020). Openpay’s ambition is to ‘...become a global provider of responsible payment services for businesses and consumers’ (Openpay, 2020).

The conducted Report

The key aim of this report is to highlight the payment system for the company Open Pay. A situational analysis was conducted on Openpay to understand the businesses current internal and external environment, including the organisations capabilities, customers and the businesses environment, as well as any future opportunities or threats (Lake, 2020).The business competitive edge will be reflected through marketing mix and action plan to design the control structure for the report.

INTRODUCTION
This report provides a situational analysis and macro environmental analysis to understand business objectives and its impact on Open Pay’s business continuity and expansion. The increase in wallet and credit facility has developed a money spending mindset with accelerated e-commerce growth. Open pay is an Omni channel that provides flexible interest free payment plans for in-store and online service using buy-now, pay-later service (Open Pay, 2020). Open Pay, in its initial stage, has not reflected its environmental objective and business practice descriptively.

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