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  • Subject area(s): Marketing
  • Price: Free download
  • Published on: 14th September 2019
  • File format: Text
  • Number of pages: 2

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QuickBooks is an online as well as a desktop accounting software product. The market segment is small business owners and accountants. QuickBooks targets close to four hundred thousand accountants, and other five million small business owners with a need for financial management software. Another segment of the market is about fifteen million self-employed persons potential for being new clients of Intuit QuickBooks.

A buyer Persona: Stacey the Grocer

Stacey is 40 years old, married with three Children. She Lives in 848 Forest Court

San Jose, CA. She has a marketing background, but currently operates a grocery store with over sixty customers daily. Husband Jake has a well-paying Banking Job. Her home life is not easy with all the work, children, and home duties. The husband leaves early in the morning. She barely gets time to file taxes or record daily transactions; sometimes, she cannot even issue receipts to customers. She faces challenges such as high mortgage hence a need to downsize on her mortgage. Therefore, a clear record of the family cash flows is critical for them. She is a heavy user of the internet and has profiles on Facebook, Twitter, Pinterest, and LinkedIn.

Core benefits of QuickBooks

The product has a remote access option for the business owner, the bookkeeper or accountant to log in remotely to the QuickBooks hence better-shared access to accounting records. The product is standalone without the need for upgrades or updates of software and local data to manage that is an issue with other products. There is always assistance available from Intuit support by an online chat platform. Unlike most online tools, QuickBooks has a more natural synchronization capacity with enhanced automatic and regular downloads for critical data or bank credit card transaction. It can track inventories, with free iPad and iPhone apps.

Expected attributes of the product

The attributes of QuickBooks based on user experience are; QuickBooks Simple Start, QuickBooks Essentials, and QuickBooks Plus ("Compare Quickbooks Products For Your Clients"). QuickBooks Simple Start is a single user product with over 20 built-in business reports. It tracks expenses and incomes, prompts unlimited estimates or invoices instantly, download transactions from bank or credit cards, data access online via PC, Mac, smartphone or tablet, and a payroll subscription option. QuickBooks Essentials supports three users with at least 40 built-in business reports. In addition to the attributes of Simple Start, it manages bills and pays them, as well as control what other users can access. QuickBooks plus allows for five users with 65 or more built-in business reports. It creates and send purchased orders, can print and prepare 1099s, track inventories alongside all the functionalities of QuickBooks Essentials and Simple Start.

Key services performance of QuickBooks includes a guaranty of secure access to accounting data any time and on any device. Also, any QuickBooks product must easily track cash flows. Potential failure points of QuickBooks products are cyber-attacks and phishing. Any data in a cloud system is subject to cybersecurity breaches and can compromise the integrity of the system. Tracking cash flows highly rely on data packets and internet access. It means when there is a lack of internet access, even if in need of access, it would be impossible to access information readily. Additionally, denial of service can be a hindrance to tracking transactions and sending reports to clients, or scanning receipts or even subject to receiving false returns.

To avoid issues of phishing, it is critical to regularly create security patches and offer multilayer authentication process for access to QuickBooks. The strategy applies to the mitigation of cases of denial of service. For server downtimes or lack of internet access, the desktop system can be integrated into the online system so that the two work as one, a client can access information online as well as offline.

The first principle of choosing a good name is that the name defines brand, or represents the product idea. QuickBooks is a name synonymous to books of accounting. It insinuates an easy and time-saving nature of the product in managing records. The second criterion is that a name must be best for business.  QuickBooks is descriptive, is a combination of its core tenets, Quick & Books, as well as have some sense of emphasis as it is pronounced, hence memorable, easy to relate to, and gives a sense of relief to users, like an easy to search library. A name needs to stand out and unique. It also needs to be metaphorical and straightforward. QuickBooks creates a mental box, for any time reference, when the name features in a newspaper, T.V ad, an online poster or mentioned by someone the same way Aaker in his book, “Building a Strong Brand” determined. The name lacks slang, and it eases trademarking, as it is unique for the company, Intuit. Given that QuickBooks as a brand meets all the above criteria, it qualifies as a good brand.

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