Business Plan Milestone
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Business Plan Milestone
Executive Summary
The primary objective of the business plan is to understand the potential of introducing Uber services in Punta Cana, Dominican Republic. The paper begins by analysing the economic environment of the target location. Through the analysis, it identifies the start-up costs of setting up the taxi business including the costs involved in licensing, insurance, and the initial fleet.
The sources of finance are established and their various roles defined. It goes on to highlight the multiple risks that the company may face during the implementation process and the risk management techniques that will be used.
Uber offers transportation services through a mobile application that allows its users to access cab services form the comfort of their phones. The company offers its customers several functions that are both affordable and luxurious. The target market for Uber includes individuals who do not have personal vehicles and others attending parties or anyone who wishes to be driven around.
Business Plan Milestone Taxi drivers also benefit from the company because it allows them to have an extra source of income. Overall, the business plan contains information about the financial objectives of Uber, social contributions, business model, organizational structure, strategic alliances, and the company’s global management information system.
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The Industry and Company
Uber operates as a global company that allows its customers to access cab services using a mobile phone application. Considering the target location, a tourist town, the company has the potential to emerge successfully. Also, apart from the local taxi drivers, it will be the only company that offers cab services through the phone. Uber customers get to enjoy professional and luxurious facilities. Some of the services are customized to serve school kids and older adults. The company faces less competition, and the area has excellent infrastructure concerning roads and technology.
The company relies on its strategic alliances with other companies that offer services such as payment processing, investors and Map API providers. Since it operates on a global scale, the company has a comprehensive management information system which simplifies business operations and facilitates proper data management.
The uniqueness of the services and the target location gives Uber a competitive edge over its competitors. However, some of the challenges that the company may face is the dismissal of the services because it may be considered a tech company instead of cab services. It may also face stiff competition from other cap service providers like Didi and Lyft.
Market Research
The company is mainly targeting individuals who prefer using taxi services. This may also include physically disadvantaged people, school kids and the elderly who need to move around. Also, the company targets taxi drivers who want to make extra income using the platform. The company mainly considers price competition and ease of access to a location before exploring new markets. The services offered by the company are reliable and affordable which market it more appealing to customers.
The majority of the target population is working class individuals who need to move around over short distances. This may also include students, kids and the elderly most of whom cannot drive due to old or underage. Business Plan Milestone On the other hand, the driver and other people who own cars and would like to earn an extra income could benefit from the services offered by the company. Nevertheless, it is important to note that the majority of Uber users are in major cities and are financially stable (Stone, 2017).
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Business Plan Milestone
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