Innovation Technology and Transportation - Case Study Example

RKЕTING MАNАGЕMЕNT АND РLАNNING University Student Id Course Date Table of Contents Executive summary 2 Internal Analysis 3 Overview 3 SWOT analyses 6 External analysis 9 PEST 9 SWOT analysis 11 Customers and Competitors 13 Market segmentation 15 Summary 18 Conclusion 19 References 20 Executive summary This report is about the situational analysis concerning Uber Company that has revolutionized transport industry using technology. The analysis of the internal business environment facing Uber-Company is analyzed where the strengths and weaknesses are explored to assess how the operations are affected. The market segmentation of the industry in which Uber has been operating is explored to make assess how the company has managed to be competitive. Technology is the primary factor that has helped Uber-Company in differentiating its services from those of the competitors. The customer profile that the uber company has been targeting is explored to evaluate how the company meets the needs of the clients. The major competitors facing the company are explored in the process of assessing how uber is competitive in the market. PEST and SWOT analysis form the major part of the external environment analysis. The opportunities that are available for Uber to utilize in the market are explored to assess the possibility of future success of the company. The threats are also analyzed with the aim of assessing the possible challenges facing Uber in achieving its set goals. The political, economic, social and technological factors are also explored as part of the external environment analysis. These are some of the factors that the management of Uber does not have control over hence has to make the necessary adjustments to its operations. Uber has expanded its operations in different regions globally where it has successfully managed to differentiate its products in the market. The customer view uber as the most convenient mode of transport as they can access the uber services anytime. As a result, it has remained competitive in the market due to its innovativeness in the market. The situational analysis helps in evaluating the strategies that Uber has been using in the industry to remain competitive. Internal Analysis Overview Uber is usually an online transportation company whose headquarters are situated in California and conducts its operations in more than 528 cities in the whole world (Brazil and Kirk, 2016). Moreover, the Uber Company operates its software application thus developing markets whereby, the company allows consumers to make a request for a car transportation or even delivery of products through the Uber mobile website (Cramer and Krueger, 2016). However, the drivers in this company in most cases use their own individual cars even though the drivers can also rent their own cars to be used by the company. In addition, the uber technologies have actually brought various changes in the industries since sharing economy has been facilitated through a process known as the uberification. In the year 2009, the Uber Company was established as the Ubercab by a person who was known as the Garret Camp, who established the first market of this Company in San Francisco, and later on in the year 2011, he launched officially the services of Uber Company as well as its mobile application. However, initially, the mobile application of the company could only allow the users to hire a black luxury car whose price was usually 1.5 times of the normal taxi (Brazil and Kirk, 2016). The first person to be employed in the company was Ryan Graves who acquired the job by making a response to a tweet which was announcing the job opening. Originally, Ryan Graves was elected as the CEO of the company but later on, he stepped down and became the COO of the company. In the year 2011, the company converted its name from UberCab and renamed the company Uber. Moreover, during the original development of the mobile application for the company, it created a think tank which comprised of a machinery expert, nuclear physicist and also a computational neuroscientist who kept on predicting about the demand of the persona car drivers as well as predicting areas where the demand for transport is high (Barglind, 2015). In the year 2016, the Uber Company started providing transportation services with self-driving cars, by launching its Ford Fusion cars which were well equipped with cameras, lasers and also radar equipment which made those cars to establish a three-dimensional map and also make use of the landmarks as well as contextual information in keeping track of their positions. However, the practice of the Uber Company has actually made passengers become upset during the times of inclement weather, natural disasters and also during natural disasters. For instance, during the New Year`s Eve in the year 2011, the transportation prices for the company were relatively high almost seven times their normal rates, thus leading to outrage (Cramer and Krueger, 2016). Also, in the year 2014 during the Sydney hostage crisis, the Uber Company launched its surge pricing which led to the transportation to increase to almost four times their normal price charges. Even though the company at first it was fully supporting the surge pricing, later on, it apologized about the surge pricing and therefore refunded back the surcharges. In addition, the Uber Company gave out a detailed information as to why the surge pricing has been implemented and ways in which it functions. The company argued that in case the surge pricing is absent, the Uber Company would actually not have the trademark services of getting a ride within a few minutes. Furthermore, the surge pricing is usually known to bring about an increase in the economic efficiency since it motivates drivers and also those customers who are in need of urgent transport tends to accept the rides. In addition, the surge pricing actually makes their transportation prices to be clear and also transparent (Bilton, et al, 2012). However, in case the Uber Company conducted its business of transportation without conforming to the local regulations, the company can mobilize support from the lobbyists in order to change those regulations. Moreover, the potential customers are usually mobilized via the social media such as by using the Uber mobile application. In the year 2015, the company announced its program which was known as the principled confrontation that actually involved local municipalities in compromising the new regulations for the taxi. After the principled confrontation program was implemented, the Uber Company has actually witnessed the expansion of its transportation services in more than 17 new cities (Cramer and Krueger, 2016). Importantly, the Uber Company usually provides customers with an opportunity to choose the form of transport which is of their interest between the taxi cab and other transportation companies. In addition, the customers are able to track the car which is going to pick them by using their smartphone, thus making them know the time when the car will arrive (Bilton, et al, 2012). Furthermore, since the Uber Company does not necessary need to be hailed, the drivers of the company are able to pick up customers in the neighborhoods which are less built. Therefore, the company assists the poor customers by making it simple for them to easily get a taxi for the transport purpose. SWOT analyses Strengths 1. Customer focus 2. Competitive prices Weaknesses 1. Multiple applications use 2. Complaints from taxi drivers Strengths 1. Customer focus Uber has been mainly focused on the needs of the customers. The company has tailored its taxi services to meet the changing needs of the customers leading to increasing in its competitiveness. For instance, Uber uses technology to link the customers with its services where customers can be in a better position to easily access its services online. As a result of the approach of customer-centric for the Uber Company, it has provided users with the possibility of getting a taxi for transport regardless of where the customers are (Bilton, et al, 2012). In addition, the company makes it easy for the customers to track the whole route of their ride by using the uber mobile application and also customers are able to pay for the transportation cost by using a credit card. Moreover, a unique thing about the customer-centric approach is that all the various transportation activities can be conveniently conducted through a smartphone. Furthermore, since the Uber Company usually provides services which are based on the direct client-to-driver interaction, there is actually no necessity of having dispatcher or even a customer to stand on the sidewalk so as to hail a taxi thus reducing the operational cost of the company. 2. Competitive prices Uber Company has remained competitive in the industry as it is able to offer competitive prices in the market. This is possible through the efficiency it experiences because of the use of technology in operations leading to decrease in costs. Like any other market, the costs of operating are important in the process of determining the prices of the services offered (Bilton, et al, 2012). Uber provides transport services to the customers at relatively low prices as compared to the regular taxi operators. Another advantage of this company is that there is always a mutual rating system, whereby customers are given the opportunity to select verified and also rated drivers before beginning the ride and also drivers selecting passengers who have a good rating (Mastrorillo, 2016). Moreover, the mutual rating system usually creates a room for the company to keep track with the high quality drivers. Furthermore, the company has effectively solved the problem of the customers not being satisfied with the transportation services provided by the traditional taxi. Therefore, the customer-centric approach of the Uber Company has rapidly spread in almost every part of the world. Weaknesses 1. Multiple applications use The Uber Company also encounters various weaknesses which interfere with its further expansion that can include the fact that it sometimes requires multiple applications. In some of the countries, both customers and drivers in most cases make use of the multiple applications in the times of looking for the cabs. For instance, in the case of Singapore, both customers and drivers usually make use of the application of grab-taxi and also the application of Uber altogether (Haider, 2015). Customers always look for the cabs in one application and in the case of any delay in the surge pricing, they tend to switch to the other application. 2. Complaints from the drivers Another problem is that, after the grab taxi makes payment in two days, drivers are always required to wait for three days so that the Uber Company can process that payment. Currently, the company is actually getting a large number of the negative press as a result of its ethical relationship with the drivers which are quite questionable, since the drivers are mostly considered to be contractors instead of being full-time employees of that company (Wallsten, 2015). Therefore, the drivers of the Uber Company do not actually accrue a lot of benefits from the minimum wage, overtime or even from the health insurance. Moreover, the drivers also complain of being paid low wages despite the high costs which are associated with drivers and still the Uber application does not allow tipping, hence drivers are not always satisfied with their earnings. External analysis PEST Political factors: uber is affected by the political factors in the countries it has been expanding its operations. The success of business operations for a company operating in a foreign country is determined by the political factors. For instance, political instability can affect the business progress negatively leading to the failure. Organizations venturing in the foreign markets conduct research to assess the effects of the political climate on their success. Uber has to adhere to the laws and regulations in the countries it expands its operations. The primary aim of most of the governments is to have the necessary laws in place that can benefit the country and ensure the wellbeing of its citizens (Haider, 2015). For instance, Uber Company has to comply with the regulations in the transport industry of the country it operates. Some of the compliances can include tax compliance where it is expected to remit the necessary taxes to the relevant authority. Besides, uber has to contain the necessary license for operating in the foreign country hence it cannot operate if it does not meet the criteria set to obtain a license. The policies can sometimes change due to the changes in government hence the company is expected to change with the changes. In the countries that experience political instability, the uber company is likely to perform poorly hence the political factors are important considerations to ensure successful venture in the foreign market. Economic factors: Uber Company is an international company that operates in different regions with differing aspects concerning their economy. Economic factors have great influence on the success of the company because of factors such as fiscal and monetary policies adopted by the company (Haider, 2015). Countries have different monetary policies that affect the performance of Uber Company through affecting the revenues and costs of operating. For instance, the GDP of a country determines the economic stability of a country where in case Uber expands its operations to a country experiencing low economic growth it can easily fail in its operations. The economic climate is important in determining the purchasing power of the customers. This is because the moment the economy of a country is performing well the citizens is likely to have the necessary disposable income to spend. The countries that Uber Company has expanded its operations have different economic conditions hence it ventures in the cities that seem to have the high disposable income to spend (Mastracci, 2015). Besides, the currency fluctuations is another important economic factor that affects the operations of Uber Company. The exchange rate change depending on the economic climate of the country where the moment the rate is high the company is likely to experience a decline in profitability. Social factors: the population size is the major social factor that affects the operations of Uber in the market. It focuses mainly on the areas that are highly populated to gain access to many people who are in need of the tax services. The population size determines the demand for the services hence Uber Company has mainly been focusing on the areas that are highly populated. Besides, the perception of people towards the services offered by Uber Company is crucial in the operations of the company (Gabel, 2016). The management has been working towards improving the perception of the customers by offering services that meet the expectations of the customers. Technological factors: technology is crucial to the success of Uber Company where it uses innovative strategies to compete better in the market. It is through technology that the uber company has managed to offer competitive services that have met thee needs of the customers. The company has provided the best solution to the market as customers consider the availability of the company online as a way of increasing convenience (Jenk, 2015). Customers are able to locate and request for taxi services online at the comfort of their homes making the company competitive. Considering the fact that many customers have internet supported gadgets, they can be in a position to access taxi services wherever they are and within very short time. SWOT analysis Opportunities 1. Market availability 2. High demand in the sub-urban areas 3. Expanding online market Threats 1. Increased competition Opportunities 1. Market availability The traditional taxi services have not been able to fully meet the demand that has been existing in the market. Uber Company can take that opportunity to fill the gap that exists in the market by providing the most innovative taxi services. The company can make use of technology to differentiate its services from that of the traditional taxi hence increasing the market share (Gabel, 2016). The significant opportunity for the Uber Company is actually the dissatisfaction of the clients with the traditional taxi services, because of their high prices for the transport services and also long waiting time. Therefore, the company is capable of exploiting new and large markets which are currently not explored, mostly in the countries which are developing whereby the taxi services are usually expensive or even not convenient. 2. High demand in the sub-urban areas The sub-urban areas have not been served already hence the uber company can utilize that opportunity to extend the services to these areas. Through the online platform, the customers in the rural areas can be easily accessed hence filling that gap that has existed for a long time. This is because currently most of the online taxi services are offered only in the urban areas. Uber Company can utilize that opportunity by introducing their transportation services in the sub-urban areas in which the taxi services are not available (Manjoo, 2014). However, this opportunity of the company in tapping into the sub-urban areas usually faced with a large number of risks which are required to be analyzed before it is achieved. Importantly, improving valuation as well as satisfying the interests of the customers is the main key to the future expansion of the Uber Company. 3. Expanding online market The online market has been experiencing growth due to the technological advancements that have been taking place in the market. Uber Company can take advantage of the increased use of the technology among people to expand its taxi services (Gabel, 2016). Technology use is increasing hence making it easy for the customers to access the Uber services online. Threats 1. Increased competition The levels of competition are increasing due to the many taxi companies that are entering the market to offer similar services. Besides, many other companies are copying its innovative design creating stiff competition due to the fact that they are able to offer similar services. As a result, the Uber Company has been facing a decline in the market share due to the many market players (Gabel, 2016). The high demand for the transportation services, a large number of copycats has come in the forms of the Grab-taxi which is found in Singapore, sidecar which is found in the US and also the Ola in India. Consequently, the increase in competition for the transportation services can result in decrease in prices thus discouraging drivers from joining the Uber Company in the new markets. Therefore, the increased competition will result in loss of the clients and eventually lead to the reduction of the revenues for the company (Barro, 2014). Furthermore, through the competition, the weak spot of the Uber Company has actually been identified that is the company is not capable of dealing with the various problematic issues which arise in the public arena. However, Uber has started differentiating its services from those of the rivals to make sure that it can survive the competitive market. Customers and Competitors The customers of Uber Company are mainly looking for more convenient means of transport due to their tight schedule and locations. Uber Company has introduced the online platform with the aim of meeting the needs of the customers in the market. Taking the taxi services online has helped Uber Company in offering competitive services to the customers hence delivering their need for convenience. The mission statement of Uber Company has shown its commitment to offer competitive and convenient services to the customers (Hughes and MacKenzie, 2016). Besides, Uber Company has strategies that are highly focused on the needs of the customers making the company competitive. However, uber has been facing serious competition due to the emerging online taxi companies that include the following. Lyft: it is one of the biggest transportation Company which was launched in the year 2012 and is well known because of its fuzzy mustaches which are either found on the dashboards of even in the front of the cars. Moreover, the Lyft transportation Company usually functions in a similar way just like the Uber Company. However, within the smartphone application of the Lyft Company, customers observe a map which has got a pin in where they are located and also an estimation of how far from the ride which is nearest (Dobson, 2014). In addition, just like the Uber Company, this company provides multiple levels of service which are; the Lyft line which provides a shared ride of the transportation cost which can actually save the customers up-to 60% of the total transportation cost. Another level of service is the Plain Lyft which provides a ride to the individual travellers or even a maximum group of four. Curb: The Curb transportation Company was established in the year 2014, which connected individuals with a safe and also reliable ride from the professionals who have a fully licensed taxi. Moreover, the company usually provides transportation services in the nationwide, whereby in the United States the company operates in more than 60 cities. In addition, the Curb transportation Company has almost 35,000 its own cars (Leng, et al, 2016). The company has still a mobile application which provides a map that indicates where the customer is located, and also shows the Curb drivers who are available in their nearest locations. Furthermore, customers can book their rides instantly, or even schedule their rides within 24 hours. Also, the customers are always provided with the opportunity to choose either to pay for the transportation cost through the mobile application or pay cash in the car. Didi Chuxing: it is a transportation company which mostly provides services for the ride-hailing and it comprises of the two largest firms for the taxi-hailing in China, which are the Didi Dache and the Kuaidi Dache. Moreover, in China, the Didi Chuxing Company is mostly known as the Uber Company of China since it holds all the taxi-hailing market of China. In addition, the Company provides transportation services in more than 400 cities in the region. Moreover, the Didi Chuxing transportation company engages itself in a strategic partnership with the Lyft Company thus the Lyft Company has been allowed to provide transportation services in the country China (Quinton, 2015). Furthermore, the Didi Chuxing Company is always well funded, whereby the total equity funds for the company is almost worthy 7.32 billion dollars Grab: The Grab transportation company which was initially referred to as the Grab-Taxi was established in the year 2011 that operated from the Southeast Asia, especially in the Singapore and in Malaysia. However, just like the Uber Company, the Grab Company makes use of the application which is always based on the smartphones platform (Alley, 2016). In addition, the total equity funds for the Grab Company are amounting to 680 million dollars whereby the company has 75,000 taxi drivers who are registered on its network. Moreover, the major aim for the Grab Company is actually to revamp the local taxi markets through the introduction of a mobile-based technology which is cost effective to the passengers. Market segmentation The market of the uber company can be segmented into demographics, psychographics and geographic. Geographic’s Uber Company has invested in many countries globally where it has introduced online taxi services to compete with the traditional taxi. The management of the company has been targeting the geographical regions that have a high number of customers (Ward and Sverchek, 2014). For example, most of the uber taxi services are available in the urban areas due to the large population. Uber Company provides a level of services that are of high quality by providing transport services to those who are travelling with their suitcases. Therefore, the Uber Company usually gives customers an opportunity to choose the level of transportation service which is much convenient to them despite their geographical locations. However, the transportation rates for Uber Company are actually not fixed but always vary depending on the region and the level of demand in the area. Demographics The main target market for Uber Company is the middle age and the young people who are looking for more innovative taxi services. Besides, this age group embrace technology and are looking for more convenient transport services. As a result, the uber services are the best option for most of the young and middle age population (Taschler, 2015). Also, the online taxi services are targeted for the customers who have high disposable income and tight working schedules hence they are looking for convenient and most efficient means of transport. Also, the company makes use of the surge pricing while considering the demographic factors in the market (Jonas, 2015). Importantly, the Uber Company is widely spread in the various parts around the globe where the demographic factors are usually different. For instance, the company has been providing transportation services in the United States in many cities while in Africa, the transportation services from the Uber Company are available in the big cities. Psychographics The primary psychographic factors that have been affecting the operations of the uber market include the personality aspects of the customers. Most of the customers with a high personality in the society are likely to use uber services to retain their personality in the society (Sviokla, 2014). Therefore, the personality of the customers is important in segmenting the market in which Uber Company operates. The people who have a high personality in the society are likely to be associated with innovative services like the online uber services. The fact that Uber Company considers the psychographic factors in the process of delivering its services makes it very competitive in the market. Customers are easily satisfied by the services offered as they are in line with the expectations of the customers. Segment Uber Company has concentrated mostly in the areas that are highly populated. Its segments target large number of people with the aim of accessing a large number of customers in the market. The popularity of the uber company has increased as it is being linked with convenience and improved service delivery. The Uber Company also provides an alternative option for the customers to choose their suitable method of payment either the cash payment or the digital payment. The company has introduced other new services aimed at meeting the diverse needs of the customers in the market (Rempel, 2014). For instance, Uber has outstation services that usually require customers to book for a ride two hour in advance and the rental services that require a customer to hire a car on the basis of hours. Furthermore, the Uber Company has made a partnership with the other organizations with an aim of competing better in the market. Summary The Uber transport Company usually provides pro-codes as well as discounts to their first time passengers or even to those individuals who invite their friends to the Uber transport services. Therefore, these discounts and the promo codes in most cases attract a large number of customers to the Uber Company. However, in order for the company to bear up with the regional competition such as the Grab-Taxi, they should provide promotions to their potential customers in a yearly basis. Also, the company should introduce rewards to the customers who are loyal and faithful through the credit card reward system (Rogers, 2015). Moreover, drivers actually play a significant role in the development of the Uber Company, whereby when the drivers are many, definitely there would be the greater satisfaction of the customers` needs for the transport services. The majority of the customers in the taxi industry highly value various aspects such as the opportunity, security and also compensation, but in nowadays a large number of the employees are mostly attracted to the companies which are perceived to be strongly invested. Therefore, the employees always seek opportunity for developing their transferrable skills as well as developing their careers (Anderson, 2014). The aspect of culture can actually interfere with the process of integrating the professional development into the strategy of Uber Company, even though it can provide the company with a competitive advantage. Moreover, a good culture usually leverages a continuous learning in order to establish an environment which has preparation and also adaptability for performing a certain job. The managers who usually conduct their activities in an environment which integrate learning in most cases they develop the ability to influence as well as driving the performance for the employees. However, in the past, managers survived on by responding in a reactive way to the prevailing conditions in the market place, even though the reactive options in some cases fails to provide an advantage of professional development, it also gives a company a competitive advantage. The top talent who always appreciate the continuous learning environments, in most cases they usually get interested in remaining consistently engaged in the brand of a company. Moreover, the main aim for the brand ambassadors was actually to promote the company value to the new employees and also to the potential investors (Liss, 2015). However, the opportunity for thriving professionally is usually based on the understanding that, the Uber Company is always committed to providing transport services which are convenient and effective to their customers. Although there has been a lot of criticism concerning the contract relationship between the company and the drivers, the Uber Company has been trusted by a large number of customers. Conclusion The Uber Company is usually among the most valuable companies in the whole world, whereby its success is mostly attributed to its aggressive strategy of acquiring as well as retaining the talented people. Moreover, the most current tactic which has been employed by the company is making use of the top experts of the Google in its process of mapping. Therefore, such kind of move always gives the Uber Company an important competitive advantage in the provision of the transport services. In addition, both the talented executive and also the engineers who are flocking in the Uber Company always believe that the company possesses ambitions which are world changing according to the corporate culture. Besides, the uber company has heavily invested in the human capital since it is a functional practice which new startups always overlook. According to the new research, it has been proved that both good leadership and the professional development usually play very significant roles in the growth of the Uber Company. Moreover, in the recent context of the marketplace, there are actually different areas of focus which the startups are required to embrace in order to establish a competitive edge that includes embracing technology advancements. References Alley, J. K. (2016). The Impact of Uber Technologies on the New York City Transportation Industry. Anderson, D. N. (2014). “Not just a taxi”? For-profit ridesharing, driver strategies, and VMT. Transportation, 41(5), 1099-1117. 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