Fast Ride Company is a newly established Taxi Company that operates in Montreal City in Canada. The company has a motto, vision and mission which they work towards, ensuring the proper functioning of the company. The motto is; Good Customer Service, the vision is; To be the best transport company in Canada and the whole America and abroad whereas the mission is; To always provide good customer service to all our clients and make them comeback again. Through the provision of taxi services, the company seeks to meet the transport needs of a significant number of the people within the city, who do not own vehicles but are in constant need of transport services. The company seeks to launch an application in the near future, where drivers and passengers can interact and make it easier to book a ride across the city. The main problem in the industry is deal with the marketing of the company and pricing in order to offer proper competition, hence improving the transport sector. Through the evaluation of the pricing and marketing strategies used by our close competitors such -as Uber, Lyft, and Cabify, among others, solutions will be provided in the plan and are to be implemented by our company in enhancing the recruitment of drivers and passengers. Fast ride targets to bring about positive competition in the market since its main competitors have been in the industry for quite a long time.

Chapter 2: Management and Human Resource

The company is privately owned and has a number of external stakeholders who are able and willing to sponsor any investments to be done by the company. The business is however regarded as a family business because most of those within the management are family members. The company has a well-defined managerial structure, which foster unity and hard work among its staff. The chief executive officer, who is also the owner of the company, is the overall manager of the company and he is help by the rest if the staff in running the company. The functions and hierarchical order of each and everyone in the company is clearly spelled out and therefore, each person knows what he or she is expected to do (Linda, 2005). The human resource department in the company also consists of persons well trained in the field and therefore works closely with the rest of the staff to ensure its objectives and goals are achieved. While the managerial department deals with the running of the company, the human resource department mainly deals with the welfare of the staff.

Chapter 3: Objectives

These are simply the goals or the expectation of the company and should be well illustrated in order for the staff to work toward the achievement of these goals (Bernier, 2012). There are short-term objectives and long-term objectives of the company and are all to be stated in the plan. The objectives for Fast Ride Company are as follows;

1. Short-term Objectives

· Have a clearly stated business plan.

· Recruit more staffs needed to run the company.

2. Long-term Objectives

· Become the best transport industry in America.

· Expand our territory out of America and be international.

· Become listed in the National Stock Exchange.

· Have the highest number of employment creation in the country.

· Increase our profits to more than 400 million USD in the next five years.

· Have a customer capacity of over 100 million in the next five years.

Note that the long-term objectives have been estimated for the next five years after the business has been established.

Chapter 4: Target Market and Environmental Scan

Passengers are mainly recruited according to the customer service provided by the company. This will either attract or send away passengers to other transport company. Fast Ride being an emerging company in the industry, has to have a good customer service different from the existing companies in order to attract more passengers. They may include; punctuality of the driver, cleanliness of the vehicle, even the personal grooming of the companies’ stuff and public relations presented to the customer by the stuff. Fast Ride is therefore supposed to foster good customer service from all its stuff in order to recruit more passengers. Pricing of the services provided in the transport industry is the main contributor to the achievement of the set goals of the company and an important contributor to the marketing of the company. It is therefore advisable that the pricing should not be too high, for it will not attract passenger and also should not be too low, because it won’t be promoting any spirit of competition. Passengers also do not appreciate constant change in the pricing, especially during rush hours and during certain climatic condition such as winter and therefore, change in the pricing should be across the industry but not for an individual company because it will affect the marketing of the company. Before pricing, it is recommended that stuff and all stakeholders should adequately assess the current market in order to know the current pricing of all companies within the industry and hence make an informed choice which will not only attract passengers but also bring about favorable within the industry. This also being the aim funding of the company, it should involve all members of the board of management of the company and the decision should be unanimous and supported by all. Pricing strategies should therefore not only be geared towards improving the companies’ returns, but also market the company to all part of Montreal and beyond, opening new markets for the company to venture into (Selena, 200). Drivers are the ones who ensure that the company functions normally while the passengers ensure that the company is well marketed and financially stable. The management of the company should therefore take into consideration the goals to be achieved by the company and after how long are they to be achieved. However, the board of management of the company should put in place certain criterion to be met by the divers before they are hired o work with the company and can either be on contract or on permanent basis. Some of the criterion may include; have a valid driving license, be of 25 years and above, have a driving experience for more than three years, be an American citizen from Montreal, be a hard working citizen among others. They then have to apply for the job, attend an interview session and at the end be given a drive test to affirm that they are competent. They also have to know the companies’ motto, vision and mission and always adhere to them. The drive must always be on time for pick-ups and dropping the customer at their designated points.

Chapter 5: Competitor Analysis

Competition is what makes a business of a given industry to thrive. Therefore, there must be favorable competition in order for one to know his or her progress in whatever they are involved. As for Fast Ride, the main competitors are; Uber, Lyft, and Cabify, how have been in the transport industry for the longest period and therefore have the necessary experience to help the maneuver through the industry comfortably (Siegel, 1993). It is therefore a long way to go for Fast Ride and hence all assistance from the other companies is needed to ensure that they compete favorably. Some vital information may be gathered from the other companies on how to market the company, pricing of their services and good customer service to the passenger. This may be done by observing whatever they do or by asking questions in for of an interview or a questionnaire filled by relevant stuff from the other companies. This also increases the competitive nature of the business hence enabling the companies to achieve their respective goals and in the long run improving the transport industry which is relied upon by many who do not have their own vehicles. Fast Ride Company should first be able to know the main competitor in the industry and seriously evaluate them in order to collect important information needed for the company to cope with competition from the well established competitors. Information collected may be directly obtained from the other companies’ through observation or by asking questions and the rest from article and journals on the transport industry. Therefore Fast Ride Company will highly benefit from the information it collects from its competitors for it helps in coming up with the much needed strategies to help the company grow steadily and achieve its goals.

Chapter 6: Market Entry and Marketing Strategies

Marketing of the product and services offered by a company is important for it enable the company to achieve the set goals and also open up new markets for the company by increasing the number of customers who access the services and products offered. It is therefore important that Fast Ride comes up with a workable plan in order for them to market which services they offer. Some of the common marketing strategies include; marketing through road shows, posters and billboards, providing offers and advertising. All this can be used by Fast Ride in order to market the company. However, the most effective methods are; advertising though might be expensive and providing offers to the clients. Advertising for instance, enables many people to get the information at the same time using TVs or radio, therefore making the people curios of the services offered and hence spread the new to other persons who might not had heard. Provision of offers on the other hand such as; free transportation to those who meet a certain criteria, create curiosity amongst people hence making the company be known by many therefore facilitating the marketing of the company. Fast Ride can therefore choose one of the mentioned methods in order to market their services. About marketing of services offered by Fast Ride Company, it is recommended that the company adopts a method more suitable for them from a number of recommended options. Some of the recommended options for marketing include the following; advertising on TVs and radios, using posters and billboards, organizing road shows, provision of offers to passengers, through seminars and workshops among other methods. All these methods are possible of marketing the company, in that they arise curiosity among potential clients and therefore making them want to have a test of the services provided and if they are impressed, they will recommend the same to a friend and the trend continues. For example the case of providing offers to passengers, can be done if a client has met certain criteria set by the companies’ management. An example can be a free ride for all those with the Fast Ride application on their phone. This makes many people to download the application for the free ride and hence having all the information about the company that they need. Seminar and workshops organized by an individual company or all companies in the transport industry can be n important avenue of marketing the companies. At the seminar, all the companies are able to showcase the services they offer to the public, who compare and make a choice on which company they prefer. Despite a client settling on one company of choice, they still have all the information on the services provided by the other companies not selected, making the spread of the information much easier and therefore marketing the companies. However, Fast Ride Company can organize it’s on seminar or workshop and through its staff educate the general public on the services they offer. This makes the company be known by more people and in the long run increase the competition in the industry.

Chapter 7: Operation

Fast Ride in order to ensure it meets its internal and external goals. The main problems therefore highlighted in this case are; pricing, marketing the company and the hiring of drivers and clients. All these are aimed at ensuring that the company provides positive competition to the already existing companies and main competitors. Cash flows or how funds are exchanged within the company is also elaborated in the plan. This is to ensure transparency and honesty within the stuff hence avoiding any conflicts with regard to finances in the company.

I. Pricing Strategies

Pricing of the services provided in the transport industry is the main contributor to the achievement of the set goals of the company and an important contributor to the marketing of the company. It is therefore advisable that the pricing should not be too high, for it will not attract passenger and also should not be too low, because it won’t be promoting any spirit of competition. Passengers also do not appreciate constant change in the pricing, especially during rush hours and during certain climatic condition such as winter and therefore, change in the pricing should be across the industry but not for an individual company because it will affect the marketing of the company. Before pricing, it is recommended that stuff and all stakeholders should adequately assess the current market in order to know the current pricing of all companies within the industry and hence make an informed choice which will not only attract passengers but also bring about favorable within the industry. This also being the aim funding of the company, it should involve all members of the board of management of the company and the decision should be unanimous and supported by all. Pricing strategies should therefore not only be geared towards improving the companies’ returns, but also market the company to all part of Montreal and beyond, opening new markets for the company to venture into.

II. Marketing our Products

Marketing of the product and services offered by a company is important for it enable the company to achieve the set goals and also open up new markets for the company by increasing the number of customers who access the services and products offered. It is therefore important that Fast Ride comes up with a workable plan in order for them to market which services they offer. Some of the common marketing strategies include; marketing through road shows, posters and billboards, providing offers and advertising. All this can be used by Fast Ride in order to market the company. However, the most effective methods are; advertising though might be expensive and providing offers to the clients. Advertising for instance, enables many people to get the information at the same time using TVs or radio, therefore making the people curios of the services offered and hence spread the new to other persons who might not had heard. Provision of offers on the other hand such as; free transportation to those who meet a certain criteria, create curiosity amongst people hence making the company be known by many therefore facilitating the marketing of the company. Fast Ride can therefore choose one of the mentioned methods in order to market their services.

III. Recruitment of Drivers and Passengers

Drivers are the ones who ensure that the company functions normally while the passengers ensure that the company is well marketed and financially stable. The management of the company should therefore take into consideration the goals to be achieved by the company and after how long are they to be achieved. However, the board of management of the company should put in place certain criterion to be met by the divers before they are hired o work with the company and can either be on contract or on permanent basis. Some of the criterion may include; have a valid driving license, be of 25 years and above, have a driving experience for more than three years, be an American citizen from Montreal, be a hard working citizen among others. They then have to apply for the job, attend an interview session and at the end be given a drive test to affirm that they are competent. They also have to know the companies’ motto, vision and mission and always adhere to them. The drive must always be on time for pick-ups and dropping the customer at their designated points. Passengers are mainly recruited according to the customer service provided by the company. This will either attract or send away passengers to other transport company. Fast Ride being an emerging company in the industry, has to have a good customer service different from the existing companies in order to attract more passengers. They may include; punctuality of the driver, cleanliness of the vehicle, even the personal grooming of the companies’ stuff and public relations presented to the customer by the stuff. Fast Ride is therefore supposed to foster good customer service from all its stuff in order to recruit more passengers.

IV. Evaluating close competitors

Competition is what makes a business of a given industry to thrive. Therefore, there must be favorable competition in order for one to know his or her progress in whatever they are involved. As for Fast Ride, the main competitors are; Uber, Lyft, and Cabify, how have been in the transport industry for the longest period and therefore have the necessary experience to help the maneuver through the industry comfortably. It is therefore a long way to go for Fast Ride and hence all assistance from the other companies is needed to ensure that they compete favorably. Some vital information may be gathered from the other companies on how to market the company, pricing of their services and good customer service to the passenger. This may be done by observing whatever they do or by asking questions in for of an interview or a questionnaire filled by relevant stuff from the other companies. This also increases the competitive nature of the business hence enabling the companies to achieve their respective goals and in the long run improving the transport industry which is relied upon by many who do not have their own vehicles.

Chapter 8: Financial and Risk Management Strategies

For our case, it is Fast Ride Company which is venturing into the transportation industry. It also spells out how the revenue collected in the business is used. It involves a short-term projection; usually spelled out in terms of months for the first year of the business or a long-term projection; which is usually accounts for the coming three years of the business and is spelled out per year. For starting business as for Fast Ride, more focus should be put on the income statement which spells out the revenues, profits and expenses of the company for a particular time period. It has the following main features; revenue, expenses, total income, income taxes and net income. The financial projection for Fast Ride for the next for five years is as follow;

From the above, the projected profit of the company by 2022 is 409.98 million USD and the number of clients is estimated at 150 million.

Chapter 9: Conclusion and Recommendations

The recommendations are as follows;

· For the issue about the pricing strategies, it is recommended that Fast Ride embarrasses the price already in the market. This brings about favorable competition amongst the other companies within the same industry. Too low or too high prices may attract or send away passenger which may not be health in competition. For instance, if Fast Ride decides to place a price too low than the market price they may attract more passengers for they will be cheaper, but in terms of competition there would be none, making the company not to be able to achieve the set goals accordingly, therefore making the transport industry meaningless. Fluctuation in the pricing for any company should consider the markets position.

· About marketing of services offered by Fast Ride Company, it is recommended that the company adopts a method more suitable for them from a number of recommended options. Some of the recommended options for marketing include the following; advertising on TVs and radios, using posters and billboards, organizing road shows, provision of offers to passengers, through seminars and workshops among other methods. All these methods are possible of marketing the company, in that they arise curiosity among potential clients and therefore making them want to have a test of the services provided and if they are impressed, they will recommend the same to a friend and the trend continues. For example the case of providing offers to passengers, can be done if a client has met certain criteria set by the companies’ management. An example can be a free ride for all those with the Fast Ride application on their phone. This makes many people to download the application for the free ride and hence having all the information about the company that they need. Seminar and workshops organized by an individual company or all companies in the transport industry can be n important avenue of marketing the companies. At the seminar, all the companies are able to showcase the services they offer to the public, who compare and make a choice on which company they prefer. Despite a client settling on one company of choice, they still have all the information on the services provided by the other companies not selected, making the spread of the information much easier and therefore marketing the companies. However, Fast Ride Company can organize it’s on seminar or workshop and through its staff educate the general public on the services they offer. This makes the company be known by more people and in the long run increase the competition in the industry.

· Recruitment of drivers and passengers is mainly done by the companies’ management by setting up criterion to be met especially for the drivers in order to ensure good customer service is rendered to the clients. The drivers are therefore required to meet a certain level of competence set by the company in order for them to be hired. Fast Ride as an emerging company, should insist on total competence in all its drivers in order to be able to achieve set goals. Some of the criterion that can be used may include; how experience of the driver? Age of the driver? Is the driving license valid and recognized by the government? The drivers’ attitude towards passengers? All this among other criterion can be used to ascertain if the driver to be hired is competent and suits the job. All drivers hired by Fast Ride Company should know the companies’ motto, vision mission, rule and regulations and the cord of conduct and to always work towards the realization of them all. Passengers on the other hand can only be recruited by creating awareness about the company and the services it offers. This make the would-be passenger conversant of everything the company stands for and does; hence they are convinced on choosing the company of their choice according to their preference against service provided.

· Lastly on the evaluation of close competitors, Fast Ride Company should first be able to know the main competitor in the industry an seriously evaluate them in order to collect important information needed for the company to cope with competition from the well established competitors. Information collected may be directly obtained from the other companies’ through observation or by asking questions and the rest from article and journals on the transport industry. Therefore Fast Ride Company will highly benefit from the information it collects from its competitors for it helps in coming up with the much needed strategies to help the company grow steadily and achieve its goals.

In conclusion, it is clearly evident that all businesses or companies need a plan on how things are going to run in the company or business. If they are carefully and systematically followed, the business is supposed to yield proper or expected results. Fast Ride Company is a company entering an industry with already developed and established competitors, who are up for the task when it comes to competing. All is however attainable simply if the management and the entire staff of Fast Ride Company work together and implement the recommendations given and also work closely with the other companies that have been in the industry for quite some time. If all this is one properly, the company is supposed to start achieving it goals right from the start. Therefore, all businesses should have a business plan, highlighting its objectives or goals and needs or problems with the provision of the recommendations to be implemented.

References

Bernier, R. L. (2012). Creation of a business plan. Washington DC.

Linda, P. (2005). Anatomy of Business Plan. A step by step guide to build a business and securing your company’s future , Pg 20.

Selena, M. (200). The Moltley Project. South Parrk Inventing Lesson, (p. Pg40). California.

Siegel, E. S. (1993). The Business Plan. New York: Dearborn Trade.

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