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Taxi Business Plan
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Executive Summary executive summary is a brief introduction to your business plan. It describes your business, the problem that it solves, your target market, and financial highlights.">
City Taxi is a San Francisco, CA based company, whose mission is to provide reliable, timely, and safe cab services by using complete, in-car credit and debit card access, along with computer-aided dispatch. The company will establish its presence in the industry by acquiring an existing taxi cab association, Mighty Cab, a family-owned business that was formed 12 years ago.
City Taxi will provide complete taxi cab services using the latest equipment and technology to facilitate the travel of individuals in and around the San Francisco area. The company’s products and services show that we are an innovative, forward thinking company that recognizes the need to move with ever-changing customer needs. At City Taxi, our philosophy is one that emphasizes service, and a realization that effective communication is a key component in our business. The company also realizes that, in a competitive environment, flexibility and professionalism maintain that leading edge.
The company has drivers and employees that are helpful, courteous, and fully trained on the use of the computer dispatch system. As an added safety measure for both drivers and passengers, City Taxi cabs are fitted with Global Positioning Systems (GPS), which enable the cabs to be tracked or located in an emergency. All City Taxi cabs will be clean, well maintained, and inspected regularly for safety and comfort.
The company’s strategy is to build reputation and market share by establishing our business offering as a viable alternative to existing taxi cab services in the area. The company’s goal in the next year is pursue an aggressive marketing campaign and from that, penetrate at least 65% of the market share. The company’s long-term goal is be the top rated ground transportation company in San Francisco.
The company’s emphasis is on the dispatch, mobile data, and credit/debit card markets of the taxi industry. In aggregate, these markets are believed to represent potential sales in excess of $119 million as of March 1999. Within these markets, City Taxi will focus on the more lucrative credit card/debit card segment. This segment, when introduced into any area, has started out slow but over a three-year period has increased by 20% each year in Maryland and Virginia, and by 25-35% in New York each year.
Companies with whom City Taxi competes are Transportation, Inc., Capital Cab, Yellow Cab, and Diamond Cab. Their weaknesses are that they do not have the credit/debit card payment option, and some still use the radio dispatch system. The company has a competitive advantage, however, because our technology is unique to the taxi industry in San Francisco. The GPS will enable the company to provide timely service by giving an accurate estimated time of arrival (ETA). The credit/debit card feature will give customers convenience and privacy during the transaction period.
Reliable communications are essential under all circumstances in this business. As such, City Taxi will use the KDT 5000 system. The KDT 5000 system design provides multiple levels of reliability to assure communications will be maintained under the most rigorous condition. The company will also run a state of the art call center that will be established by Rockwell International.
The company is seeking $2.5 million of financing to fund the acquisition of Mighty Cab Association and its initial operations. This funding will cover the purchase of Mighty Cab, marketing, purchase of extra vehicles, software, and hardware. Projected revenues for 1999 to 2001 are $200,000, $1.5 million, and $2.2 million, respectively.
1.1 Objectives
The company’s goal in the next year is to pursue an aggressive marketing campaign and from that, penetrate at least 65% of the market share. The company’s goal in the next two to five years is be the top rated ground transportation company in the San Francisco Metro Area by continuously monitoring, evaluating, and following up on customer call-ins.
Key components of City Taxi’s initial strategy can be summarized as follows.
Establish Relationship with Rockwell International. The company is currently working to establish and develop a working relationship with Rockwell International. This will enable City Taxi to lock into the many services that they offer including, but not limited to:
- Continuous improvement
1.2 Mission
The mission of City Taxi is to provide reliable, timely, and safe cab services by using complete in-car credit/debit card access, along with computer aided dispatch.
1.3 Highlights
Highlights of City Taxi
- Exclusive rights to software . City Taxi has the exclusive rights to the latest taxi cab software in San Francisco.
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- Business Plans Handbook
- Business Plans - Volume 05
- Taxi Service Business Plan Business Plan
Taxi Service BUSINESS PLAN
LAKEVIEW TAXI
27000 Kingsborough Ave. Toledo, OH 32311
This businsess plan presents a persuasive and innovative system for organizing and running an alternative taxi service. An entrepreneur with a new improvement on a traditional business will find this plan's clear logic instructive. Note the comprehensive overview of industry practices and their shortcomings.
MISSION STATEMENT
Business orientation, marketing plan, attracting customers, company organization, proposed method of financing, revenue and cash flow projections, start-up costs, financial data.
The mission of Lakeview Taxi is twofold. The first mission is to serve the general public in a fair and honest way. The second is to do this from a Christian perspective. While performing these tasks, it is hoped for and expected that a decent profit will be gathered from our efforts. There are many problems with the current taxi organizations in existence and it is hoped that by adding an alterantive to the services out there, the public will really appreciate our efforts.
The business of Lakeview Taxi will be transportation. Not just taxi service, but package delivery and other types of transportation such as Go Bus (a federally sponsored program) and even Ambucab (transportation on for the elderly) type services. The taxi service will be located in Toledo, Ohio in an office located on South Williams avenue.
Demographics
The amount of taxi business in the Toledo area is strong and growing. The population in the greater metropolitan area exceeds 500,000 people and the community is dynamic and getting more vibrant with each passing day. The entire area has a low unemployment rate, a diversified economy, and wonderful year round events which attract tourist dollars and people to the region.
Customer Profile
A taxi comapny attracts two main types of business. The first type is a commercial charge account business, and the second is direct consumer business. The commercial accounts usually have either package delivery or pay for passengers as their main function and are usually charge accounts. The direct consumer accounts are people from throughout the city who need taxi service for various reasons, to run errands, get to work etc. Consumer accounts are usually cub accounts and payable immediately. The customer never comes to the place of business of the taxi service, all taxis are dispatched to the customers place of business and the sole representative view that the customer has of the taxi service is through the cleanliness of the vehicle and the driver, and the promptness of their response. Any value added services just enhance these basic considerations of the customer.
Need for Services
There is a pressing need for reliable public transportation in the Toledo area, Bus service is not a viable option for many people due to the limited scope of operation of bus service in the area. The buses here do not run very long during the day and they are very restricted as to routes and times during the weekend and off-peak times. As a result, public transportation is always needed for those whom the bus cannot serve.
Economic Factors
Not only is there a strong and growing industrial base in the region, the city has been quietly developing the downtown area for quite some time. New projects are being planned and built daily and the entire downtown property is expanding at a very fist rate. In the last ten years, there has been an explosion of new venues which have attracted people to the downtown area. The city has recently seen the implementation of several sports franchises, an auto race, expanded concert venues, hotel construction, and are planning a downtown convention center which should pull in business from the surrounding cities in Ohio and throughout the United States. A state-of-theart cancer research center is also being developed in addition to the world's first mall for children. Toledo is a city of opportunity and that expansion and growth fuels the need for more reliable transportation.
Competition
There are currently three other taxicab companies in the area. Each company is severely flawed and yet still manages to generate incredible amounts of revenue. Only one company, Maumee Taxi, the largest one, could be considered serious competition. This firm is prosperous and quite skillful at handling large numbers of clients. They currently have 56 taxis in their fleetand have most of the prestigious accounts in town. The other two companies still manage to thrive in spite of the fact that they have much smaller income bases and essentially are driving outdated equipment in poor condition. During busy times, none of the companies can keep up with demand and customers have been known to wait for up to four hours. During normal operating scenarios, wait times still range from approximately twenty to thirty minutes. This wait time is unnecessary and quite destructive to customer support. Taxi companies typically do not fail in this area. Other cities have a higher turnover of taxi companies, but they usually have a much larger presence. Metro Columbus has a population base of one million and 14,000 cabs. Toledo has a population base of 500,000 and 150 cabs. That is quite a difference. The reason for such a large spread is that Toledo is an affluent area and taxi service is not as pressing as in the impoverished areas surrounding Columbus. Another reason is that only recently has Toledo developed a significant downtown business. As the downtown continues to develop, taxi service will be required to increase exponentially.
The current image of a taxi driver in Toledo is not a pleasant one. Drivers are looked at as unprofessional and discourteous. One reason that this is true is the nature of the business. Most taxi companies operate in the best and the worst areas of town and drivers have to deal with a wide variety of people. The drivers that are hired are not professional and are given virtually no training before they are sent out to deal with the public. Lakeview Taxi can change that. Training costs can be reduced through an apprenticeship program. Drivers can ride with several drivers and learn all of the necessary skills without incurring a large cost. In addition, training materials can be written down and provided at the start of training and a simple test can be administered to gauge the skills obtained by the driver. Knowledge of the city, command of the English language, and knowledge of charge account operations would go a long way towards improving the basic professionalism of the driver. Uniforms which are both comfortable and easy to maintain would also strive to complete the look that the public deserves and should expect. Of course, cleanliness of the cars is a must. A monthly inspection of vehicles would eliminate a large number of problems associated with operating a fleet and would ensure that the licensing authority would not bother with inspections of their own. We can control the image of Lakeview Taxi and it is possible to do so with a minimum of intrusiveness.
Pricing is fixed by the city using regulated meters. Prices can fluctuate when the city council votes for a meter rate increase. Increases are usually annual and as a result, meter errata are high in the Toledo area and need minimal adjustment. The only meter problem would actually be the problem associated with metered waiting time. A factor that could be adjusted quite easily. Flag drop is currently 1.65 and the rate is then .17 per click every 1/9th of a mile. This rate is quite reasonable and is a good value to the customer as well.
Most taxi companies currently do not offer to take major credit cards. This is a huge mistake and there are a wide range of people who would use taxis more if this simple problem could be eradicated.
Customer Service
Customer service is a priority at Lakeview Taxi. The customer cares most about the promptness of the taxi that he or she is riding in. One way to ensure that customers would be served in a much better fashion would be to implement a zoned taxi dispatch system. A zoned system is essentially a first come/first served system of dispatching that eliminates much of the delay that occurs during ordinary dispatching. There are no real drawbacks to the system except that it would take a short while for drivers to get used to such a system. It is the quickest and easiest way to operate a taxi company. The current system, which relies on the closest cab to an order bidding on the order, means that orders are constantly being held up while the bidding takes place. It also means that orders are much more selective. Selecting a specific order is fine for the the driver, but it is a slow process that inconveniences the customer. If the drivers were switched over to a different system, in the long run, they would actually make more money and the entire system would speed up immensely.
Advertising
Advertising is minimal in the taxi service business, but could be maximized with the use of a little creativity. Currently a yellow page ad listing is the only necessary requirement to generate business. Many customers will immediately try the new taxi company in town to see if it has a faster response time than the other services in the area. Other people will try the new service if favorable word-of-mouth advertising is received. A large pool of customers is always available for a new company to have. In fact, most services that start up actually have a problem keeping up with the large volume of orders that come with just opening the doors to business. That pattern has repeated itself with each new taxi business that has developed within the last ten years.
Customer lncentives
Customers could be lured to try a new company by the use of incentives. It is illegal to charge more than the regulated price on taxi fares. It is not illegal to give a discount for first time riders of the service and it would strongly enhance repeat business to do so. Also, customers could be lured by giving away an occasional free ride or by using coupons distributed in the Advance Newspaper or the Toledo Press. These coupons could also be distributed in the taxis themselves as any driver who had a passenger could pass one out and any driver who did not have a fare could stop at local businesses and pass them out. That technique has been tried before with amazing success. However, as soon as the taxi company gets a steady base, all sales activity seems to stop. The company starts to generate sales so high they cannot handle the volume. In fact, most new companies lose business because they are too successful.
A satisfied customer in the taxi business will stay with that company for a long period of time. Sometimes as long as twenty years. Once a customer is satisfied, it is hard to get them to switch companies. Any measure of reasonable success recognizes that the repeat or "regular" customer is the one we all strive to get and maintain. There are a lot of ideas that have not been implemented simply because the business is so strong in this area. Hotels are constantly asking that cabs service them and hotels need shuttles for their overnight guests. A taxi company that catered to this market would do extremely well.
Additional Sources of Revenue
Even though taxi companies are by and large successful, they could be made even more so by adding additional revenue streams. Taxis can be painted with advertisements and turned into independent marketing venues of their own. Drivers could pass out flyers and could direct customers to certain establishments that had a reciprocal relationship with the company. Value added services could include food deliveries and other types of deliveries that other companies make on a routine basis. The horizon is truly unlimited when it comes to the taxi business. A little creativity would go a long way in furthering that horizon.
OPERATIONS: ADVANTAGES OF TAXI BROKERING
Taxi brokering is a unique concept. It allows drivers to own their own vehicles and operate them in a manner consistent with the company's policies and procedures. The standard practice for most taxi companies is to have each driver be an independent contractor and not an employee. The IRS has upheld this practice as standard in the industry. Many times, however, a taxi company and other companies treat their independent contractors as employees and they expose themselves and their company to massive tax liability if a tax ruling should happen to go against them. This is not wise policy, but it certainly exists in most taxi companies in the United States. There is a way to avoid liability and yet still maintain reasonable control over the drivers through applying the principles of taxi brokering. When a driver owns his or her own vehicle, there is an enormous savings to be had at all levels in the company. The advantages are spelled out below.
Overhead is reduced enormously when the company does not have to own and operate a fleet of vehicles. The savings on maintenance costs alone justifies using this tactic. In addition to direct cost savings, there is an operation personnel cost savings as well. There is no need for mechanics, no need for a scheduler, in fact, office staff can be reduced to a point where it is almost not necessary.
Controlling Turnover
The high turnover rate that plagues the industry is entirely avoided. Brokers are responsible for procuring their own drivers and even if it becomes difficult for them to locate drivers, the broker simply works more time during his shift to make up the difference. Almost allpersonnel problems are avoided when utilizing brokers.
Shifting Ownership Burden
Brokers take care of their own vehicles. There is no hassle associated with keeping vehicles on the road and no responsibility for ensuring cleanliness. That burden is borne entirely by the broker and most brokers in the past have shown that they have a high regard for their vehicles and they have every reason to keep them running and in good condition. In fact, inspecting the fleet becomes much easier for management when they do not have to attend to the myriad of other details that goes into running a company-owned fleet.
Better Drivers Result
Brokers tend to be careful drivers. It is their equipment, so they tend to treat it more carefully and have a better understanding of any drivers that they hire to work under them. As such, insurance rates will eventually go to show that careful drivers translates into lower costs for everyone involved. Further, insurance costs can also be minimized by reducing the collision coverage for vehicles. Part of the operational costs paid for by the brokers could be used to maintain a collision fund to help pay for repairs when needed while greatly reducing insurance costs, which shall be discussed in further detail shortly.
Fees Minimized
Because brokers help so much to reduce costs across-the board, operational fees (the cost charged to the broker on a daily or weekly basis) can be reduced to an absolute minimum. This ensures that most brokers will succeed in their investment and will have an added incentive to add taxis at their earliest opportunity.
Rotating Dispatch System
With brokers acting as owner-operators, another unique opportunity presents itself for use, that of eliminating a paid dispatch system. Since brokers are experienced drivers and have an investment in the company, they can be utilized as dispatchers for the company. Once again, the cost savings are substantial and using brokers as dispatchers is a good way to promote a solid working relationship among the members of the company. Teamwork is a foreign concept to many drivers now working under exploitive conditions. Having brokers dispatch taxis while using a zone system is not only workable, but more equitable to the drivers because it reduces the possibility of corruption and gives them an opportunity to be continuously trained in all facets of the business.
The company shall be organized with the president of the company overseeing total operations and the vice-president or operations director handling administrative duties. There may or may not be office personnel to contend with, but that will all be handled administratively by thevice-president or operations director. There is no need for mechanics, dispatchers (if using rotating dispatch set-up), or schedulers. All of those duties would be eliminated by the change in company structure resulting from using a brokered system..
Conventional bank financing seems likely due to the collateral that can be presented as security for the loan. This loan security should be enough to get the financing necessary to fund the startup. In the unlikely event that it does not, a private stock distribution could provide for optional financing.
Operational Fees and Their Impactand
The revenue from taxi operations is relatively easy to project. All revenue is based on one factor, the operational fee charged to the brokers. The initial figure given for start-up purposes is $250.00 per week per vehicle to be paid on a daily $50.00 basis for five days. This is $90.00 a week less than all of the other companies in town and is highly competitive. Not only that, but since the fleet would be comprised entirely of brokers, this fee could be adjusted downwards from the first day of operation. When brokers in other companies see lower fees at Lakeview, they will be inclined to bring their cars over. Any time fees were further lowered, a ripple effect would be likely to occur and make bringing over brokers from other companies highly likely. Because the competition could not compete with these lower fees due to their much higher cost structure, they would be placed under tremendous pressure just to continue operations. Bringing over brokers would also mean automatically attracting more customers as some drivers bring with them a certain volume of customers. There is no telling how low operational fees could go with enough volume.
Revenue Formula
The revenue formula for Lakeview Taxi is as follows:
$250.00 x number of vehicles x per week = total revenue per week
The competition (one company) is currently running 56 taxis in the Toledo area. Using the above formula, we arrive at a revenue of $14,000.00 per week, or $56,000 per month, or $728,000.00 per year. Even though the start-up number of taxis would be closer to 10 vehicles, there is still a weekly gross profit potential of $2500.00 or $10,000 per month. Given Toledo size and potential development, it could easily support a taxi fleet of 300 or more within five years. The potential is there and growing every day.
Cash flow in a taxi company is good. The revenue is dependable and stable and is affectedby only a couple of problems. One is that some cars have to be given downtime to help with time spent off of the road. Usually only a token amount is collected. This is a minor factor, but worth mentioning from a cash flow standpoint. This factor is mitigated somewhat by the way fees are charged. Because they are due on Friday for the previous five days, weekends are always free for drivers and many would see that time as an ideal opportunity to effect repairs on their vehicle. Of greater concern is the charge account problem. Drivers and brokers alike are used to receiving their money or credit for charges right away while the charge accounts sometimes have a thirty or sixty day turnaround. This problem could be solved or lessened in one of several ways. Those ways are examined below:
Customer Charged
Charge customers could be assessed a fee for the extension of credit by the taxi company. Extending credit is not as necessary as in the taxi business as in some industries; however, a significant portion of package revenue does come in the form of charge accounts, so it is useful to a degree. The fee could be nominal, in the 5% to 10% range for most customers. This money would be placed in a pool to fund payout to brokers and drivers.
Broker Charged
Brokers could be assessed a fee ranging from 10% to 15% of the charge and that money could be used in the same pool as the one described previously, giving the charge pool a combined rate of 15% to 25%. This pool would be self-financing and would soon build up an incredible reserve of equity in the company. Not only that, but interest derived from the pool could be used as an additional revenue stream down the road. Charges would, out of necessity, have to be small at first and build volume as the fund pool grew of its own accord.
Delayed Payment
Charges could be delayed pending payment by the customer. This would be the most unattractive option since the paperwork generated and the broker dissatisfaction would work against this option. A legitimate argument could be made for delaying payment, but this would likely become a contentious issue if presented.
Despite the problems just presented, for the most part, cash flow is easier to manage in this business than in many others, and cash flow at Lakeview Taxi would help get the business launched and running with almost instant revenue at start-up.
Added Revenue
An additional source of revenue at start-up is the down payments brokers must make to place vehicles on the road. Brokers are currently paying $2000.00 per vehicle at the competition to put a car on the road. These down payments are supposed to cover insurance, cost of radios and meters, and miscellaneous expenses. The fact of the matter is that this is an additional source of revenue for the company at start-up because the costs associated with placing a vehicle on theroad are often much less than what is charged to the broker.
The start-up costs for running a taxi company is high for several reasons. These reasons are explained in detail below:
Insurance : This is the highest cost factor involved in running the taxi company and the greatest hindrance in getting started. Taxis are usually insured at a rate high enough to account for a weekly charge. Taxi insurance is hard to obtain and is billed at between $60.00 and $100.00 per week to the company. This type of coverage is not even first class insurance, as the market for this type of insurance is so small. Other companies' careless use of taxi insurance has lead to the high rates. It is a challenge coming up with the premium down payment, which is usually set at around 20% (partially offset by broker down payments) of the total annual policy. Once insurance is obtained, however, the Lakeview Taxi system would eventually drive rates down in regards to our particular company due to the careful screening and other safe driving incentives mentioned earlier. Still, the obstacle is formidable, but not insurmountable.
Licensing : The cost of licensing is roughly $3000.00 per year and is not a problem if all of the taxis are painted and equipped for inspection.
Office Costs : Would be minimal. The customer never sees the office and therefore the primary consideration for space is simply a location with plenty of parking. The cost for space like the type that is being described here would be roughly $1000.00 per month.
Radios : This cost would also be borne by the broker at start-up, and would be minimal for the company.
Tower and Frequency Allocation : Would be minimal due to the fact that all tower operators wish to have their radio equipment purchased and will cut down the cost of tower space for exclusive purchasing of their equipment.
Meters : Are paid for by the brokers and installed by a servicing company. The meters are then set at a rate determined by the city.
Miscellaneous Costs : Will be estimated and broken down separately.
The following financial data is presented as basic information and is not as complete as that following a financial audit by a certified professional. Please bear in mind that the data presented is only an estimate.
Lakeview Taxi is a viable service company that could provide great benefits to the city and generate large profits for the owners. It is completely possible to start this business with a small investment and produce large returns soon after its inception. The writers of this plan urge you to review the following information and if there is any that you feel is incomplete or inexplicable, please bring it to our attention. We can provide for transportation needs of the city not only now, but in years to come. Thank you for taking time to review this plan.
Balance Sheet
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Taxi Business Plan
Are you thinking of starting a taxi business We have prepared a solid taxi business plan sample that guides you on every stage of your business plan writing
The taxi business is a thriving industry with tough competition from modern companies such as Uber, Ola, Lyft, and many more. Still, starting a new taxi business is viable and has potential in the current fast-moving world. But a solid and complete business plan is necessary to compete and build a successful taxi business.
If you want to start a new taxi business, the first thing you will need is a business plan. Use our sample Metro Cabs – Taxi Business Plan created using upmetrics business plan software to start writing your business plan in no time.
Before you start writing your business plan for your new taxi business, spend as much time as you can reading through some examples of transportation-related business plans .
Reading sample business plans will give you a good idea of what you’re aiming for and also it will show you the different sections that different entrepreneurs include and the language they use to write about themselves and their business plans.
We have created this sample Metro Cabs – Taxi Business Plan for you to get a good idea about how perfect a taxi business plan should look like and what details you will need to include in your stunning business plan.
Taxi Business Plan Outline
This is the standard taxi business plan outline which will cover all the important sections that you should include in your business plan.
- Introduction
- Mission Statement
- Vision Statement
- 3 Year profit forecast
- Company Strategy
- Past Performance
- Value Proposition
- Taxi Cab Services
- Maintenance/Repair Services
- Future Services
- Customers and Target Markets
- Customer Buying Criteria
- Market Analysis
- Competition and Buying Patterns
- Sales Yearly
- Detailed Sales Forecast
- Marketing Programs
- Strategic Alliances
- Organization
- Officers and Key Employees
- Important Assumptions
- Brake-even Analysis
- Profit Yearly
- Gross Margin Yearly
- Projected Cash Flow
- Projected Balance Sheet
- Business Ratios
After getting started with upmetrics , you can copy this sample business plan into your business plan and modify the required information and download your taxi business plan pdf and doc file . It’s the fastest and easiest way to start writing your business plan.
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city seems ripe for our concept: taxis on two wheels. It is a simple concept really‚ to use bikes you avoid the traffic jams. This means you can cover more kilometers‚ transport more people and thus make more money while charging the client less. 2. The taxi a) Target group It is obvious that our mototaxis are able to take one passenger only. This is why we stay located in the city and not outside of it. Our desired target group is mainly the 100.000 students in the city‚ business people who are in a desperate need of avoiding the traffic
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on the analysis of Taxi Driver. The young Scorsese was angry with the church because its view on sex were not consistent with his experiences. In addition‚ Scorsese was also angry about women‚ which was very evident in his early films such as Raging Bull and Taxi Driver. The author compares Taxi Driver to other Scorsese films and points out their distinct similarities and analogous characters‚ such as Travis Bickle to Amsterdam Vallon from Gangs of New York. For Miliora‚ Taxi Driver’s main themes
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All-In All-In operates casinos across the United States. The company has experienced tremendous success at its existing casino locations and would like to expand its operations by opening a new casino in Asia in the next few years. Off-Book is in the business of (1) acquiring land to develop buildings that meet its customer specifications and (2) subsequently leasing the buildings to the customer. On January 1‚ 2012‚ All-In and Off-Book entered into an arrangement in which Off-Book will purchase land
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Infrastructure and Business Process Synergy at Meru Cabs Private Ltd. - Kartikeya P Bolar Introduction :There has been a phenomenal change in the Indian transportation industry. Information Technology has played a vital role in bringing about this change. Radio Taxi or Radio Cab operations has brought to the customers a safe‚ cost effective and highly personalized experience. There is a tremendous improvement in the operational efficiency and customer satisfaction. Meru Cabs : It is one of the
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Marketing 1) Find information about the industry as a whole (no of players; billings; contribution to GDP; market size; Key trends; market leader/s; key stakeholders (customers‚ bankers‚ end-users etc). Industry: Car rental Company: Meru Cabs * In last one decade one can see how the car rental industry has shifted its base from unorganised sector to organised one. * Car rentals increase 14% in current value terms in 2011 to Rs313 million‚ with transactions touching 81‚000. Car
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the taxi ‚ the security guard or the person in charge needs to manually take note of the details on the taxi information slip every time there is an outgoing taxi which may be prone to human error. Robinson’s Place Bacolod does not use a computer to generate the outgoing taxicab details automatically and to provide a clear print- out of the taxi information slip which may take time if the customer is in a hurry. The name of the driver is not included on the taxi information
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Ola Cabs Case Study
OlaCabs is an online cab aggregator based out of Mumbai and among the fastest growing taxi hiring firms in India. Taxi booking facility can be availed through app‚ website or through calls. Olacabs provides different types of cab service ranging from economic to luxury travel. The cabs can be reserved through a web browser or a mobile app. This cab service supports both cash and cashless payment options with Ola money. It claims to clock an average of more than 150‚000 bookings per day and commands
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Entrepreneurship Assignment One – Green Cabs case study 1. Green Cabs has many opportunities to grow their business into other locations and also diversify into other services (e.g. courier services‚ shuttles‚ vans). They have resisted these opportunities to date. Should Green Cabs be taking these growth opportunities? Why or why not? I believe the decision to expand areas of Green Cabs opertaions is one that Callum Brown should offer more thought. Green Cabs currently possesses strong market positions
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Plan Outline 1.0 Executive Summary Objectives Mission Keys to Success 2.0 Company Summary Company Ownership Start-up Summary Company Locations and Facilities 3.0 Services Service Description Competitive Comparison Fulfillment Technology 4.0 Market Analysis Summary Market Segmentation Service Business Analysis Main Competitors 5.0 Strategy and Implementation Summary Marketing Strategy Pricing Strategy Promotion Strategy Sales Strategy Sales Forecast 6.0 Management
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The Yellow Cab in Naga City
Sight We have a highly recognizable logo‚ designed like the yellow and black license plates of New York cabs . The checkerboard theme continues in our stores‚ where customers are greeted by retro-industrial interiors. They find themselves virtually transported into sleek New York lofts with our high ceilings‚ exposed piping‚ chrome ducts‚ and concrete walls. Smell We have an open‚ compact kitchen‚ so the fragrance of fresh dough and delicious toppings baking in our ovens drifts easily into
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Tariq Habis Group Assignment Our goal: Develop a system that will allow anyone who currently uses taxi services or public transportation services to secure the means of pickup from destination to drop off by using phone‚ mobile internet (apps)‚ or through the internet.
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starting a laundry business in UTM Skudai campus called Ken’s Laundry Sdn. Bhd. Though many might think that now every student hostel has one or two coin operated washing machines in house‚ laundry business is going downhill and heading to the exit. However‚ laundry business is greatly overlooked. This business is actually one of the best businesses to start off. A laundry business is stable‚ reliable and grows steadily with time. We have decided to start the laundry business in UTM Skudai campus
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Introduction, section snippets, references (50), cited by (4), recommended articles (6).
Knowledge-Based Systems
Optimal business model for the monopolistic ride-hailing platform: pooling, premier, or hybrid.
Pooling, premier, and hybrid are three business models employed by ride-hailing platforms. We establish an analytical framework to examine these three models for addressing the platform’s optimal business decision. Our results reveal that both the time-sensitive cost of heterogeneous passengers and the operating cost of the platform’s self-operating vehicles play critical roles in the platform’s choice of optimal model . If the operating cost of the platform’s self-operating vehicles is relatively high, the platform should choose the pooling service model when passengers have a low ratio of time-sensitive cost between using the pooling service and using the premier service. The premier service model should be implemented if this ratio is in the middle range and the operating cost is sufficiently low. Otherwise, the hybrid service model is optimal. We characterize the conditions under which the pooling service model and the premier service model can achieve Pareto improvement for the platform and passengers. Furthermore, if the ratio is in the middle range, the pooling service model is more beneficial for passengers, while the premier service model is more profitable for the platform.
Ride-hailing platforms have attracted much attention and achieved extraordinary growth over the past 5 years due to the dramatic advances in technology and economy. These platforms, such as Grab, Uber, and Didi, have brought substantial convenience to people’s lives, enabling them to request rides using their smartphones rather than hailing taxis on the street [1]. In June 2013, Grab claimed that it could receive an order every 8 s, and its total order volume had reached 10,000 per day [2]. In May 2014, Grab said it had 1.2 million users in Southeast Asia. In 2015, Uber completed its 1-billionth ride (Tracxn Blog, 2016), which was below the 1.43 billion rides completed by Didi at that time (Marketing Interactive, 2016). By June 2016, Uber had completed its 2-billionth ride [3]. In 2017, Didi provided nearly 8.48 million rides on the Chinese New Year holiday, 1 and this grew rapidly to nearly 30.67 million rides on the 2018 holiday. 2
In fact, one platform usually occupies most of the ride-hailing market of an individual country or region. For instance, in China, Didi is the dominant player in the ride-hailing market, with a market share exceeding 60% and services extending to 32 cities. 3 Didi controls 80% of the private-car market and 99% of the taxi market. 4 In the United States, at the beginning of 2017, Uber’s share of the ride-hailing market was 84%. In Southeast Asia, the leader of the ride-hailing platform is Grab, occupying a 97% market share in the third-party ride-hailing market and 72% in the private-vehicle market. In November 2017, Grab notched up 1 billion rides, with 66 concurrent rides in 1s across seven countries.
Unlike the traditional taxi companies that provide only unified taxi service, a ride-hailing platform offers both premium service (premier) and economy service (pooling), which makes the ride-hailing market extraordinarily complicated. On the one hand, the premier service is professional and personalized, because it is usually provided to passengers with customized demands. Examples of a premier service include Didi Premier, Didi Luxe, Uber Black, Uber XL, and Uber Black SUV. On the other hand, the economy service, such as Didi Express, Didi Express Pool, Uber Pool, and Uber X, is offered to alleviate traffic pressure by sharing idle resources, which is in line with the theme of global sustainable development. A significant difference between the economy service and the premier service is that the former divides travel expenses among all occupants of a vehicle (drivers and passengers) while the latter serves only one passenger who pays the full travel fee. Note that some ride-hailing platforms allow the traditional taxis to join the service in order to provide a convenient and conventional taxi service. For instance, Didi cooperates with 500 taxi companies to offer a traditional taxi service in China and Brazil, 5 helping the traditional taxi drivers respond more quickly to passengers. However, our study does not consider this situation, since it is extremely uncommon in most regions or countries. Based on whether the service is premium or economy, ride-hailing platforms usually adopt three kinds of business models, namely, the premier service model, the pooling service model, and the hybrid service model.
Platforms adopting the premier service model, such as Grab, UCAR Inc., and Lyft Premier, have three common characteristics. First, drivers who have joined the platform are divided into hired drivers (self-operating employees) and cooperating drivers (private car owners). Second, each passenger uses one car for her personal demand and pays the full travel fee. Third, the platform needs to bear total operating costs of self-operating vehicles. Such a service is available not only to high-end business people but also to those who require professional and customized service.
Pooling service first appeared in the late 1990s and became a prevalent travel mode in the 2000s [4]. According to US Census statistics, pooling has risen stably from 10.1% to 10.7% of the total transportation market [5], [6]. These ride-hailing platforms, such as Sidecar, Via, and Kuaidi Carpooling, play a crucial role as an intermediary in rationally allocating the remaining capacity of private cars and providing information to passengers for alleviating traffic congestion and solving the difficulties associated with hailing taxis. The salient features of the platform under the pooling service model are summarized as follows. First, most of its drivers are private car owners. 6 Second, a passenger always shares a car with others. Third, the platform does not need to own its self-operating vehicles, and thus, it has virtually no operating costs—a marked difference between this model and the premier service strategy.
The hybrid service model, which combines the features of the premier and pooling service models, is gaining popularity among ride-hailing platforms, such as Uber and Didi. Under this strategy, passengers can use either the premier service with paying the full fare or the pooling service by splitting the bill.
In fact, the business model decision of a ride-hailing platform depends on the passengers’ heterogeneous cost sensitivity and the cost of the platform, rather than the platform’s size or financing quota. For example, Didi and UCAR Inc. have similar scales and financing quotas, but they adopt different service strategies. Didi adopts the hybrid service strategy, while UCAR Inc. focuses on the premier service. Thus, the goal of this study is to explore which business model a ride-hailing platform should adopt in such a monopoly market. In particular, we seek to deal with the following research issues. First, what is the optimal price-setting and business model decision for the ride-hailing platform? Second, how does passengers’ heterogeneous cost sensitivity of waiting time affect market outcomes under different models of the ride-hailing platform? Third, how do differences in passengers’ heterogeneity ratio between the pooling service and premier service affect passenger surplus under different strategies of the platform? Finally, is there an absolutely dominant strategy choice for the platform?
We develop an analytical model to answer the above research questions. We consider that a ride-hailing platform can offer differentiated services with different intrinsic values in a monopoly market. A principal–agent relationship is formed between the ride-hailing platform and the driver. The platform serves as the principal and shares benefits with drivers, while the driver serves as the agent and completes various services. This paper analyzes market outcomes and price-setting by considering the time-sensitive cost of heterogeneous passengers under different models adopted by the platform. In addition, we consider passengers of different types including long distance vs. short distance and single order vs. multiple orders in the extension section.
The theoretical contribution and practical significance of this paper are as follows. Theoretically, this paper constructs the optimal pricing model of the ride-hailing platform based on game theory. Considering the pricing decision issues under the single service model and the hybrid service model, this paper fills the gaps in the related research on sharing economy and two-sided platforms. Practically, based on the model analysis, this paper provides the specific conditions and suggestions to the platform for selecting pricing and business strategy. Especially for the existing ride-hailing platform giants Didi and Uber, which use hybrid service strategy, they need to completely distinguish the inherent value of the two services and reasonably implement price discrimination strategies in order to gain more profits.
The remainder of the paper is organized as follows. Section 2 surveys the related literature. Section 3 describes our basic model. In Section 4, we analyze the passenger surplus and social welfare when the platform chooses different optimal strategies. Section 5 extends our model to consider the passengers with different types, including long distance vs. short distance and single order vs. multiple orders. Conclusions and future directions are presented in Section 6.
Literature review
Our work is primarily connected to two streams of literature: the research on ride-hailing platforms, and the research on pricing strategy with network effects in a two-sided market.
First, the literature on ride-hailing platform considers its market equilibrium in the transportation field. Yang et al. [7] establish a network model to describe the demand and supply equilibrium of taxi services under fare structure and fleet size regulation in both a competitive and a monopoly market. The authors
Basic model
Consider that a two-sided ride-hailing platform provides either a pooling service or a premier service for passengers (denoted as “she” in this paper). Based on the two services, the platform has three alternative strategies in our model setup. First, it can employ the pooling service model, in which case all passengers share rides with other people (Case POS). Second, the platform can choose to adopt the premier service model, which offers more professional and personalized services to
Consumer surplus and social welfare
In this section, we explore the implications of the optimal results on consumer surplus and social welfare. Consumer surplus is the benefit that a customer gains from participating in the platform, which equals the area to the right of the price under the demand curve (see, e.g., [45], [46]). To facilitate understanding, we use the term “passenger surplus” to represent the benefit obtained by the passenger.
For each model, passenger surplus can be calculated as follows: P S j = ∫ 0 t U i d t ( j = P O S , P R S , H Y S )
Model extensions
In this section, by focusing on different behaviors of passengers and analyzing two model variations we show that results are robust under the pooling service strategy and the premier service strategy.
Conclusions and future work
The development of the sharing economy has promoted the progress of ride-hailing platforms. These platforms have brought more convenient travel experiences to humankind. In this study, we provided an analytical model that captures some important market characteristics of a monopolistic ride-hailing platform and examined the optimal business model decision for the platform in the presence of time-sensitive cost for heterogeneous passengers.
Our results yielded several main findings. First, the
CRediT authorship contribution statement
Xin Wei: Conceptualization, Methodology, Formal analysis, Writing - original draft. Guofang Nan: Writing - original draft, Formal analysis, Funding acquisition. Runliang Dou: Funding acquisition, Writing - original draft, Writing - review & editing. Minqiang Li: Supervision.
Declaration of Competing Interest
The authors declare that they have no known competing financial interests or personal relationships that could have appeared to influence the work reported in this paper.
Acknowledgments
This research is partially supported by research grant from the National Social Science Foundation of China (Grant No. 18BGL095 ) and the Key Program of National Natural Science Foundation of China (No. 71631003 ).
Versioning of information goods under the threat of piracy
Inf. econ. policy, the optimal pricing strategy for two-sided platform delivery in the sharing economy, transp. res. e, network effects in online two-sided market platform: a research note, decis. support syst., network neutrality on the internet: a two-sided market analysis, co-evolution of three mega-trends nurtures uncaptured gdp—uber’s ride-sharing revolution, technol. soc., robust vehicle routing problem with hard time windows under demand and travel time uncertainty, comput. oper. res., taxi market equilibrium with third-party hailing service, transp. res. b, modeling the demand for a shared-ride taxi service: an application to an organization-based context, transp. policy, pricing strategies for a taxi-hailing platform, modeling taxi services with smartphone-based e-hailing applications, transp. res. c, equilibrium properties of taxi markets with search frictions, equilibria of bilateral taxi-customer searching and meeting on networks, demand–supply equilibrium of taxi services in a network under competition and regulation.
- G. Feng, G. Kong, Z. Wang, We are on the way: analysis of on-demand ride-hailing systems, 2017....
- Lee Terence, GrabTaxi is one of Southeast Asia’s hottest startups. Here’s how it’s kicking ass. Tech in Asia. Archived...
- A.J. Hawkins, Uber just completed its two-billionth trip @Verge, 2016....
Ridesharing in North America: past, present, and future
Transp. rev..
- US Census Bureau, Sex of Workers by Means of Transportation. 2004 American Community Survey(Washington, DC: US Census...
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- S. Benjaafar, H. Bernhard, C. Courcoubetis, Drivers, riders and service providers: the impact of the sharing economy on...
- C. Riquelme, S. Banerjee, R. Johari, Pricing in ride-share platforms: a queueing-theoretic approach, 2015....
- M. Hu, Y. Zhou, Price, wage and fixed commission in on-demand matching, 2017....
Your Uber is arriving: Managing on-demand workers through surge pricing, forecast communication, and worker incentives
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- C.T. Lam, M. Liu, More than taxis with an app: how ride-hailing platforms promote market efficiency, 2018....
Coordinating supply and demand on an on-demand service platform with impatient customers
Manuf. serv. oper. manag., the strategic analysis of service mode selection for a ride-hailing platform, evaluating stable matching methods and ridesharing techniques in optimizing passenger transportation cost and companionship, understanding optimal business model of free-floating bike-sharing platform in the context of low-carbon city, parameter identification for the decision model of uncertainty price competition in food delivery services, wasserstein based transfer network for cross-domain sentiment classification.
Automatic sentiment analysis of social media texts is of great significance for identifying people’s opinions that can help people make better decisions. Annotating data is time consuming and laborious, and effective sentiment analysis on domains lacking of labeled data has become a problem. Cross-domain sentiment classification is a promising task, which leverages the source domain data with rich sentiment labels to analyze the sentiment polarity of the target domain lacking supervised information. Most of the existing researches usually explore algorithms that select common features manually to bridge different domains. In this paper, we propose a Wasserstein based Transfer Network (WTN) to share the domain-invariant information of source and target domains. We benefit from BERT to achieve rich knowledge and obtain deep level semantic information of text. The recurrent neural network with attention is used to capture features automatically, and Wasserstein distance is applied to estimate feature representations of source and target domains, which could help to capture significant domain-invariant features by adversarial training. Extensive experiments on Amazon datasets demonstrate that WTN outperforms other state-of-the-art methods significantly. Especially, the model behaves more stable across different domains.
Optimal pricing of customized bus services and ride-sharing based on a competitive game model
Customized bus services and ride-sharing are two emerging online-hailing transport modes that greatly improve public transport efficiency and convenience, especially for night services. In this study we consider the optimal pricing problem for a platform providing these two service modes. Ride-sharing vehicles can be either driver- or platform-owned. We formulate a competitive game model in which the objective is to maximize the profits of each mode based on passengers’ transport mode choice, which is strongly affected by utility functions based on the passengers’ subjective value of time and the price of the transport mode. We develop a questionnaire to measure passengers’ subjective value of time and use the results to determine the relevant parameter value in the model. We then conduct a sensitivity analysis to study the effects of different parameters on the optimal prices and profits. The profits earned by both customized bus services and ride-sharing are positively correlated with the proportion of platform-owned vehicles. Furthermore, we conduct a series of simulation experiments to verify the validity of the numerical results. The results indicate that the absolute difference ratios between the simulation and numerical results are less than 1% when the number of passengers is set to over 8000.
RDBN: Visual relationship detection with inaccurate RGB-D images
Traditional visual relationship detection methods only use RGB information to train the semantic network, which do not match human habits that we combine RGB information with Depth information to perceive the world, thus, there is not enough generalization ability (zero-shot performance) to extract the visual relationships in practical scenes. To solve this problem, a novel visual relationship detection framework based on RGB-D images is proposed in this paper. Since it is difficult to get accurate depth maps from complex scenes, we propose a fuzzy strategy based method to represent Depth features of inaccurate depth maps which are independent of manual depth annotations. In particular, we formulate the RGB-Depth-Balanced-Network (RDBN) which can simultaneously process RGB features and the corresponding estimated depth maps to counter the inaccuracy of depth maps and extract semantic information by the only input of monocular RGB images. In experiments, we conduct ablation experiments to analyze functions of different visual components to demonstrate the effectiveness of our RDBN. Furthermore, we show that RDBN outperforms state-of-the-art visual relationship detection methods on Visual Relationship Dataset (VRD) and UnRel Dataset when tackling the visual relationship detection task of zero-shot learning in specific depth conditions, and the task of image retrieval among unusual relationships.
Taxi hailing apps that facilitate taxi-customer matching quickly become popular in recent years. By combining the theories of two-sided market and taxi market, this paper models the taxi market in the presence of a single taxi hailing app through an aggregate and static approach. Based on the equilibrium model, the existence and stability of equilibria are examined, and a partial-derivative-based sensitivity analysis is conducted to quantitatively evaluate the impacts of the platform’s pricing strategies to the taxi market performance. The features of desirable price perturbations that improve social welfare and/or the platform’s profitability are also characterized.
Optimal pricing for ride-sourcing platforms
Online car hailing platforms are rapidly gaining popularity. Unlike most two-sided markets, these platforms have pricing power. The price for a specific customer ride request affects the number of interested drivers and the likelihood that a customer will accept a selected driver (and not opt for a regular taxi service). This study determines the optimal pricing strategy for online car hailing platforms, taking both ride details and driver location into account, and assuming that drivers and customers maximize utility. We do so for two types of driver selection: first to respond or closest to the customer. Under selection of the first driver to respond, we find that the platform price consists of a ride length based fare (set relative to the competing regular taxi fare) and a rush hour congestion fee, and increases with the customer waiting cost. Furthermore, the platform price is below the regular taxi fare if traffic conditions are good, drivers have low profit expectations, and the platform commission is low. We also discuss the effects on price and profit if the platform switches from first-to-respond to selecting the closest driver, which the popular Didi Chuxing platform has recently done in many Chinese cities. A numerical study based on the Beijing market further illustrates the findings.
Economic analysis of ride-sourcing markets
Ride-sourcing refers to an emerging urban mobility service that private car owners drive their own vehicles to provide for-hire rides. This paper analyzes the ride-sourcing market using an aggregate model where the matchings between customers and drivers are captured by an exogenous matching function. It is found that without any regulatory intervention a monopoly ride-sourcing platform will maximize the joint profit with its drivers. On the other hand, the first-best solution is not sustainable when the matching function exhibits increasing returns to scale and the cost function of the platform is subject to economies of scale. Regardless of the examined market scenarios, the average waiting time of customers is proportional to the average searching time of drivers. We establish conditions for regulators to solely regulate the commission charged by the platform to guarantee the second-best. We further investigate the competition of ride-sourcing platforms and find that competition does not necessarily lower the price level or improve social welfare. In the latter case, regulators may rather encourage the merger of the platforms and regulate them directly as a monopolist.
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