FUEL-UP
Business Marketing Plan
Isaiah Cummins
Destiny DeLeon
Khoa Do
Cesar Gil
Julia Mitchell
David Pancardo
Nick Stader
Concept: Gas Prices app based on price, location near you, e-vehicle charging stations, station star ratings
() Executive Summary (Cesar)
A one to two page summary of your entire project
This should include some background information about the market and the product you have in mind.
Here, you should provide a brief description of your product concept. You don’t need to go too much into the details; just what your product is and what is special about it.
Industry refers to the set of sellers, so here you should talk about the size of the industry, the trends, different competitors, their market shares, strengths and weaknesses, and the general structure of the industry.
Market refers to the set of buyers, so here you should talk about the size of the market, trends, market segments, buyer behavior, and motivations.
You may want to address your goals in terms of profitability, market share, etc.
Give a more detailed description of your product and what is appealing about it. You are still talking about the core product here.
Specify your target market and why it is an appealing segment for your product.
Here you can provide all the technical details of your product, and its various forms.
Provide the price for your core product and also for any variations you may be offering.
Describe how you plan to distribute your product.
Provide your advertising and promotional strategies. In light of the increasing importance of social media, every attempt should be made to use it, but only to the extent it is meaningful.
You can highlight the key financial figures here to show that your proposal is financially viable. While the technical details go in exhibits, you can use key figures from the exhibits to make a coherent argument here. At the very least, you should include break even analysis and a pro-forma income statement. Beyond this, you are welcome to add anything that strengthens your report.
Here you can provide any concluding thoughts on your presentations
Table of Contents
Conclusion 20
References 21
Fuel Up is a new app founded by a company implementing prices, locations, electric vehicle charging stations, star ratings, and more. The usage of this app is for people to find the right gas station for their vehicles with their preferences with these selections on the app. This app will be easy to use, effective, and efficient for people that drive on a daily basis to work, school, and other places. Instead of driving to the nearest gas station, this app will guide and help drivers choose the gas station they prefer and need.
The Industry
Mobile gas apps, such as Fuel Up, are on the rise consistently growing every year in this industry. Not only are these apps growing, but oil and gas companies in the U.S. are taking advantage of this opportunity and investing their money into this product. Between 2015 and 2020, the oil and gas industry’s spending on mobile apps increased by $11.7 billion (Groden-Morrison, 2018). In this era, with the improvement of technology, more and more people, especially millennials, use mobile apps on their smartphones for clothes, food, gas, and more. According to pymnts.com, , a study has shown that 73% of millennials use mobile apps to pay for gas.
The Market
This mobile app will mainly concentrate on drivers and smartphone users that will show them every detail and preferences on gas stations that they need in one single app without having to search all over the place on the internet. The number of smartphone users are rising each day and now, the majority of people have a smartphone device they can use for apps such as this one. In an age of technology, approximately 80% of Americans own a smartphone, with individuals aged 18 to 49 dominating those statistics (Pew Research Center, 2019). As gas prices vary from different gas stations, people would be intrigued to use the app in order to compare prices from various gas stations in order to save money. As of 2020, “the average American household was expected to pay $1,935 on gas,” (Bomey, 2020).
Strengths and Weaknesses
For the consumers, this app will only cost a person $0.99. This app is very beneficial with an easy navigation system, easy access with the internet, inexpensive, and other advantages with the usage of this app. This will be beneficial for the producers by being in a large market that is continuously growing with app development. Although this app is very beneficial to consumers, this app will be expensive for the producers. This app will use many resources in order to be well developed, reliable, and effective for our customers. Even with this in mind, there are many great opportunities for this app being a large target market such as expansion of the app, other app developments, and partnerships, and more. While there are many opportunities, there can be threats to this development such as gas station companies creating similar apps for their own gas stations for their own profit and customers not needing to use our app anymore.
Strategy
Fueling up at a gas station is an experience that most consumers don’t look forward to. It’s an uneventful and sometimes even dreadful experience knowing that filling up your gas tank can cost you between $40-80 each time depending on the vehicle and location. Because filling up their gas tank is a common and necessary expense that the majority of Americans experience, we decided there needs to be a better way to find the best gas prices and get the most for your money.
Therefore, Fuel Up was born. A simple, efficient and easy way to compare gas prices at your fingertips. Fuel Up eliminates the frustration of guessing which gas station offers the best gas prices. With Fuel Up, consumers can fill their gas tank with confidence knowing that they’re getting the best price possible.
Brief Description
Fuel Up is a mobile app that compares the prices of nearby gas stations and electric charging stations. The application also allows users to rate and review gas stations, so other users can select where to fuel up based on previous customer reviews. The purpose behind Fuel Up is to eliminate the guesswork that typically goes into selecting which gas station to fill up at. Long gone are the days of driving around town to find the best price or filling up your tank to hop on the road and find a better price five minutes into your drive. Users can input their current location and the app will automatically pull up a price comparison of all the nearby gas stations. It’s a quick and easy way for users to save money while fueling up!
The industry for mobile gas apps has grown exponentially over the past few years. Between 2015 and 2020, the oil and gas industry’s spending on mobile apps increased by $11.7 billion (Groden-Morrison, 2018). Real-time information is very important for this industry, and mobile apps are able to take advantage of the information and share it with consumers. According to pymnts.com, , a study has shown that 73% of millennials use mobile apps to pay for gas. This percentage is going to keep rising, especially with the advancement of technology and smartphone usage. Gas spending in the US is expected to increase to $325.6 billion, which is up 16.3% from 2020 after Covid-19 caused a huge decline in gas spending (Wayland, 2021).
Some of our competitors in the mobile gas app industry are GasBuddy, AAA TripTik, Route4Me, iGasUp and Carticipate. GasBuddy is our top competitor for apps to save money on gas. They offer savings at 150,000 gas stations across North America and over 90 million people have downloaded the app. One of their strengths is their diversification, offering over 20 ways to save on gas. Their weakness is that they do not have any information about electric charging stations.
Overall, the demand for gas saving apps is growing rapidly, especially following the pandemic. More people will be driving which means more people will be spending on gas. Gas prices have also been rising, so consumers will want to use an app to help them save money on gas. The mobile gas app industry is very competitive; however, Fuel Up has features that no other app has.
Based on two main market segments, Fuel-Up will focus its efforts on smartphone users and vehicle drivers (electric and gas). This will include drivers aged 16 and up, and anyone who surfs the internet on their smartphone. Our application will meet the needs of price conscious consumers by providing unique options in accordance with their driving habits. Instead of vague internet results, our target market will be satisfied with concise information that is all in one place.
In an age of technology, approximately 80% of Americans own a smartphone, with individuals aged 18 to 49 dominating those statistics (Pew Research Center, 2019). These numbers are expected to grow in the future, expanding the market for mobile applications, such as Fuel-Up. This market segment will be more inclined to spending money on goods and services, based on the knowledge that many users average about three hours of screen time on a daily basis (MacKay, 2019). Fuel-Up will capitalize on this segment by considering consumer habits and ensuring that we appear on their screen.
At this point in time, the majority of drivers use gas-powered vehicles. As gas prices increase, drivers will be more inclined to search for ways to save money while comparing prices for this necessity. Gasoline consumption for cars varies per person but it is common for most individuals to fill their tank at least twice a month, more often for commuters. As of 2020, “the average American household was expected to pay $1,935 on gas,” (Bomey, 2020). However, today’s social climate is leaning towards green initiatives, primarily reducing emissions and pollution. With an increase in electric vehicles rising over the last few years, research suggests that we will continue to see an increase in this market (International Energy Agency, 2020). This leads us to infer that additional charging stations will surface across the country, expanding the functionality of Fuel-Up.
Strengths
This prospect has many advantageous elements that come together and provide a strong base for opportunity. At a low price of $0.99, potential customers will not have to worry about breaking the bank for our services. Since our product is web-based it can be accessed from any mobile device as long as there is internet access. Furthermore, the user friendly design will appeal to the eye and provide easy navigation. One of the app’s main features will also present the most cost-effective options, allowing users to save money. Another strength is how easy it is to enter the mobile app market since it is so large and continuously growing. App development has become popularized and can reap large profits.
Weaknesses
Although app development is very profitable, it is also very costly. A proper app utilizes a lot of resources and manpower including coding, design, graphics, and investment. This is a capital intensive investment, ranging from $5,000 to $500,000 (Redka, 2021) depending on the complexity of the design. Consistent updates and bug fixes should also be taken into consideration, meaning our work will not be done after launching. Since we want the app to be user-friendly, we do not want to add too many confusing bells and whistles. Accordingly, there are only so many features we can provide as we are limited to gas and electric fueling stations. Another weakness is the possible rejection from app stores. Mobile apps are submitted for approval and are put under review to ensure user safety. Additionally, these app stores will collect a percentage of our sales for allowing us to operate on their platform, taking away from our profits.
Opportunities
This industry presents many opportunities. With a large target market, our app has plenty of room to grow its customer base after launching. Gas is a necessary expense, and electric charging is on the rise, assuring that our services are far from becoming obsolete. We can also expand and develop other apps as revenue comes in and Fuel-Up grows. Fuel-Up can also partner with companies in similar industries such as racing, truck driving, and car manufacturers. This will be a great advantage as brand recognition will help with exposure to the general population, allowing us to expand our horizons and become a top-rated app.
Threats
Competitors are an immediate threat, especially at the beginning of our operation. There are a few top competitors such as GasBuddy, Gas Guru, and other apps belonging to their respective gas station companies. These apps have already been established and have developed their customer base. There is also the threat of new entrants that can over saturate the vehicle market. Bad reviews and media coverage should also be taken into consideration. Our executives and representatives need to be mindful of their actions as they reflect our values and can damage our reputation. Our large capital investment is also a huge risk. Failure to produce sales can result in big losses for investors.
Business & Marketing Goals
Detailed Description of the Product
Tired of finding a better price for gas after just filling up the tank, well look no further, Fuel-Up is for you. Fuel-Up is not your ordinary gas price app, our app allows users to access gas prices from nearby gas stations and locate nearby electric vehicle (EV) charging stations. WIth the applicable filters on the search bar, this feature will allow users to select their preferences. With the users’ location permission, Fuel-Up will locate different ratings of nearby gas stations, ranging from 5 star rating down to 1 star rating. In addition, Fuel- Up App will have different tab accessibility allowing users to select the type of service they are searching for. Whether it is locating the nearest gas station, EV charging station, or best rated location, Fuel- Up contains all the information users want to access. Instead of going through the hassle of searching through the web for the nearest gas station that will unlikely provide accurate gas prices, our mobile app makes it simple and easy for users to access this information on their smartphones. Fuel-Up also gives users the ability to submit inaccurate gas prices and upload the correct prices. By leveraging the users’ real-time price uploads, our app is able to provide the most accurate gas prices from any location. By selecting the gas station of choice, the app will automatically redirect users with map directions within their smartphone to guide them to that chosen gas station. What makes our app stand out from the rest is simply the easy accessibility within the app, the features developed for the app make it easy and convenient to use. Say goodbye to paying higher prices for gasoline, Fuel-Up will find the cheapest option near you.
Target Market
Product
Fuel up helps you save time, effort, and money before you hit the road. The app helps you find the best gas prices and the best charging station nearby quickly.
Gas Features:
EV Features:
Price
Place
Promotion
Our main focus to promote is social media. We plan to partner with Facebook, Twitter, and Instagram to promote our app. We want to keep customers interested and engaged with industry information, product updates, and event notifications.
To conclude, it is vitally evident that there is a tremendous growth in the app generation and what they can truly provide to the consumers. This app will provide a groundbreaking layout that can bring forth a new way to find the best gas prices based on location and price. The overall target audience of this app will bring together almost every individual that is of age to drive a vehicle. The app price of $0.99 will be very enticing to individuals because of the possible money that they can save from the resources that they provide to them. All of this considered, it shows that the purchase of our app can only provide benefits to our consumers with very little problems from the consumer side.
https://buildfire.com/app-statistics/
https://www.businessofapps.com/app-developers/research/app-development-cost/
https://www.eia.gov/energyexplained/gasoline/use-of-gasoline.php
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