My Cab Transports is a Pune; Maharashtra based company, whose mission is to serve the customers by being reliable, timely and safe. To provide service with the use of in-car credit & debit card access & computer aided technology for better connectivity. Today there is a need in the market to bridge a gap between the high end-cab services and public transport, this is evident in most of the Tier I and Tier II cities in India. In Tier II cities people appreciate the high end cabs companies which provide luxurious cars but they cannot afford the price point that is set by these cab companies. We are focussing on Pune, Nasik and Nagpur (Maharashtra) initially.
We at My Cab work with a mission "to provide the customers finest transportation service at a reasonable price and keep up with their expectations by using it as a ladder towards growth and success". We exist to attract, maintain and value our customers. We would also like to say that we will keep up with our missions and objectives and would also make sure that our services surpass the expectations of our customers.
My Cab Transports would lead to profitability by Aashay Joshi, a passionate entrepreneur who has done research in the transportation industry. He has a Bachelors degree in Business, and a Masters in Tourism Administration from Christ University, Bangalore. Being a student of the tourism industry he the required skill needed to make My Cabs Transportation Service a thriving company.
We will be focusing on families, business travellers and people residing in the Tier II cities like Pune. The families would utilize the service as it is convenient and inexpensive if they need to travel to the Airports, Bus stations or Railway stations as it would save their costs on long-term parking of their car. Business travellers would use it because it would offer a service where the traveller has the mode of transport awaiting for him when he arrives in the city by air. The population of the city can travel if they want a better option for transportation in the city which would provide more space and privacy. As the service level is comparable to any other cab service in the city, customers would encourage their acquaintances to utilize My Cabs as a cost-saving measure. The cars that we will be providing are Wagon R, Indica Vista, Swift, Innova and Indigo Marina. The rates would vary amongst the mentioned cars.
Innovation is an important factor if we have to make a mark in the industry. One of the most innovate ideas that we have is that we would be providing the customers an inbuilt 15 inch screen behind the front seats which would enable them to watch channels or listen to music. A total of ten channels would be screened, which would include three news channels three music channels two entertainment channels and two channels which would be dedicated to promotion and advertising of firms and companies for examples Airtel, PVR, or any other corporate house. The advertising would be based on a contract.
2. Business Plan
Back in 2003-04, the car rental market attracted the large companies, venture capitalists and companies in the BPO sector. Today car rental industry has grown significantly and grown from Rs 3000 crore in the year 2003 to Rs 10000 crore, in 2007 which is more than threefold increase. Growth rates during 2007 were around 30%. The cab industry's growth prediction is evident when we look at India becoming a global market and a lot of western oriented behaviour among the people of the country. Though there is an increase in competition in the market but there is also growth in demand for cabs providing quick and dependable service.
Customer being the king there are a lot of ways to lure him. One of these would be providing world class service that any other high end priced cab would provide.
2.2 SWOT analysis
Well trained professional employees
Strong, market driven business model
Lack of brand equity because of the start up nature of the organization
inability to raise huge amount of capital
Difficulty in finding above average employees
Involvement in a high-demand, developing industry
better profits as operating efficiencies are gained
steady growth in demand in the future
A lesser competition in the Tier II cities compared to Tier I
Group created by smaller operators
Some disastrous event which might have a considerable and harmful effect on the travel industry.
Government restrictions and regulations
Another firm coming up with the same format for business
Taxi Service: Taxis do provide service to & from placest; however, you cannot book the trip in advance, forcing you to call them exactly before you want to travel Taxis can also be quite expensive if you are going out to the suburbs.
Public Transportation: While this is an inexpensive alternative, there are some disadvantages. The service does not run all hours of the night.You also have to manage your entire luggage yourself.
The trade pattern of these services vary based on the length of the trip, who is paying for it, and if it is a last minute or planned trip. The longer the trip, the more economical a transportation. A large percentage of business travelers use an upscale transport way out like My Cabs for their employees. If the trip is planned at the last minute, taxi service might be the only option for someone to drive you, however, My Cabs will provide last minute service if the cars are available.
MY CAB TRANSPORTS marketing & sales strategy will be split into two:
1. Families/individuals: MY CAB TRANSPORTS will be by means of advertisements increase the visibility of the company. The advertisements will be placed in Times of India, the newspaper with the highest readership level in the area. The ads will appear in the weekly travel section. We will also be working with BPO companies such as Wipro, Convergys and other companies to try to build up a network of users. MY CAB TRANSPORTS believes that working with these BPOs will provide them with a steady flow of customers. Moreover, since a lot of companies are close knit among members, referrals will be quite powerful when it comes from a member who already has established a trust bond with the other organizational affiliate.
Live Media, an advertising company has collaborated with majoriy of the restaurants and shopping malls in Pune, Mumbai and Bangalore. They help in advertising products by showing promotional videos on television sets installed in restaurants. It will help in creating a market for My Cabs.
2. Business Travelers: MY CAB TRANSPORTS will also contact the travel department of many of the different companies in Pune having employs who travel and tell them about MY CAB TRANSPORTS service and offer them an introductory discount. This will be an important segment to win over, as companies routinely have employees travelling throughout the year.
Businesses are also valuable because once the initial contact is made, the relationship can be turned into a steady stream of business. Additionally, there will be advertisements targeted for this market segment. The ads will appear in the Economic Times as well as the business page of Financial Chronicle.
The price will be on a per kilometre basis. For first two kilometres the price would be Rs 30 and then it would be Rs 10/km. For long distance trips a minimum of 400 kms/day will be a criteria.