Table of Contents
1. Business concept
2. Market analysis
3.1 Demand of taxis
3. Marketing strategy
4.4 Pricing strategy
4.5 Advertising strategy
4.6 Promotion strategy
4.7 Information campaign
4. Management strategy
5. Financial plan
6.8 Projected profit and loss
6. Risk management
1. Business concept
“I-Taxi” is an Application for every common smartphone, which helps to build a relationship between taxi drivers and their clients, located in London and going to spread out all over the world. The innovative first mover changes the old structure, while improving the situation on the taxi market. The main idea of the “I-Taxi”-revolution is to create a one-to-one connection between taxi drivers and clients. Therefore it uses two applications, one for each side. The one for the clients is for free. Only the taxi drivers have to pay a small permission fee of at least one pound for every successful generated trip. The product instruction of the App starts with the client. He opens the application, when he is anywhere in the city. Firstly the GPS searches and finds his exactly position. The menu continues with several options to go on: * How many people are you?
* Do you want to pay by credit card?
* Do you need a special size of taxi for your luggage?
There is also another option called “STAR-Taxi” for those, who want to get a better service, which is sponsored by BMW. By clicking the “continue”-button the application sends out a signal to all the taxi drivers around. One driver receives the request for a trip. He presses the “accept”-button and then at the other side the client sees on his telephone all necessary information about the taxi: a photo of the taxi, a slogan of the taxi driver, his rating, how far he is away, and exactly the time when he will arrive, and on the map there is an interactive way which shows the taxi coming closer to the actually position until it arrives. After the trip the customers rate their taxi driver. That is a very important tool as well, because it improves the taxi drivers and helps to build up high quality in the whole industry. This makes every taxi driver his own entrepreneur, so if he is really good and offers good service, he receives more stars and so he will get more trips. But the actual product is not just an application, it is also a market space and so called multisided “online-cloud” platform. To make this platform accessible for everybody, it uses two simple Apps, which are programmed on the latest technology for every I-phone, Android, Blackberry, Ipads, and also other versions. So everyone accesses it through web, which is also important for all the corporate clients.
2. Market Analysis
Referring to a Market Research Report of IBIS world of July 2012, London is the home of approximately 21.000 taxis and 45.000 PHVs (better known as MiniCabs). On an average day, London taxis will make about 200.000 journeys, PHVs transporting will make even 210.000 journyes per day.
2.1 Demand of taxis
The high porportion of taxis mentioned above is the result of the city being a home to business and government as well as being the Center of UK tourism. About 600.000 people are using either taxi or PHVs services per day.
Everyone with a smartphone or a possibility for internet access is a potential I- Taxi client. That makes it a very big target group. Especially businessman with a lot of time pressure will use the service frequently, as the App connects them to the nearest by driver. Also tourists, who often do not know where to go, and how to get a taxi without having local numbers, will get in touch with the I- Taxi Service for example.
2.3 Taxi drivers
At the moment, most of the taxi drivers are under contract with their headquarter or are waiting nearby lively areas for...
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