The Pink Cabs (Pseudo name) is a women-only cab service that provides safe and secure riding experience to female travellers. The report includes a SWOT analysis, PEST evaluation, market research, competition analysis, and viable suggestions for targeting the market.
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Table of Contents INTRODUCTION...........................................................................................................................3 MAIN BODY...................................................................................................................................3 Overview of the business idea.....................................................................................................3 SWOT analysis of The Pink Cabs (Pseudo name).......................................................................4 Evaluation of external environment (PEST)................................................................................4 Summary of market research and its results................................................................................5 Discussion of competition............................................................................................................6 Viable suggestion for targeting the market..................................................................................6 CONCLUSION................................................................................................................................7 REFERENCES................................................................................................................................1
INTRODUCTION A successful business plan can be created after keeping the necessary and various aspects of the proposed business and market in mind. The plan can be helpful in providing the company with a structured strategy that can be helpful for the business to follow and achieve the successful performance at the starting of business (McKeever, 2018). The report will explain about the various aspects of a successful business plan that can be used to achieve the sustainable growth in the business. Furthermore, the report will explain about the various factors that can influence the business before operating it in the market. The aim of the report is to analyse and understand the various aspects of a successful business plan. MAIN BODY Overview of the business idea The business idea is to launch the cab and taxi services that will mainly focus on the women. The business will provide the services of assured safety and security of the female travellers so that the women are in the opinion of believing that taking the service will be beneficial for them. The Pink Cabs (Pseudo name) will be providing the services to the women by providing them the assurance of safe and secure riding experience with the help of having the women drivers. The drivers will be trained enough to provide the experience of better and safe travelling. The cabs will be painted in pink so that it will differentiate between the regular cabs and will be able to identified as the cabs that are only for women. The Pink Cabs (Pseudo name) will keep the fair prices low so that the women will not be restricted by their budget and will be able to take the cabs for travelling from one place to another. The business will generate the revenue by providing the women with the better and affordable services of cabs. The idea of keeping the prices of fair lower than the regular cab services will be better for women as they will not be required to take the public transport that can make them uncomfortable in travelling. The Pink Cabs (Pseudo name) will generate as much revenue as it can and will donate the profits to the Macmillan Cancer Support charity of UK that operates to help the people that are dealing with cancer (Macmillan cancer support,2021).
SWOT analysis of The Pink Cabs (Pseudo name) The SWOT analysis can be done to understand the various internal and external factors of the company (Teoli, Sanvictores and An, 2019).Strength- The strength of The Pink Cabs (Pseudo name) is the unique idea of providing the services to the female audiences of the UK. The company will operate the business with a unique idea that is new in the market and has not been implemented by any other companies. This will provide the company with the benefit of standing out from the competitors and making the business successful in the starting times of its operations (Hasan and Koning, 2019).Weakness- The weakness of the company is that it is a new business idea and the company does not have enough funding or the resources for investing in the company. The company does not have enough monetary support and the resources of the cars that can be used as the cabs for providing services to the women.Opportunities- The main opportunity for The Pink Cabs (Pseudo name) is that there is no cab service provider that focuses on the women safety and provide the sufficient means that can ensure the safety of women. The business will be able the large number of women travellers because of its unique idea. Another opportunity for the company is that the company will keep the prices of the fair lower than its competitors that will be beneficial for attracting the women audience. Threat- The threat to The Pink Cabs (Pseudo name) is that there are already pre established cab service providers that owns the huge market capital in the UK. This can be a threat for the company as the organization will be required to create the brand value at the start of its business (Wang, 2019). Evaluation of external environment (PEST) The external environment of the UK will be helpful in understanding the situation and the impacts of the various factors of the country on The Pink Cabs (Pseudo name).Political- The political aspect of the country is very stable as the UK is having a safe and secure political environment for the citizens of the country. The government is in the support of providing women with the various types of benefits and perquisites. This will
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make a positive impact on the business as the company will be operating to provide the services only to the women (Benzaghta and et.al., 2021).Economic- The economic factor of the UK is strong as the GDP of the country is strong and the people of the country earns in a good manner that allows them to spend on their needs and desires. This will make a positive impact on The Pink Cabs (Pseudo name) as the women will not hesitate in spending their money on the fair of taking a cab service.Social- The social factor of the UK is changed as the people of the country are now taking the steps towards living a high standard life (PEST of UK,2022). The people of UK is spending on the things that can raise their standard in the society. This will create a positive impact on the business as the women will be taking the cab service instead of public transport to maintain and keep their standard of living high. Technological- The UK is more technology driven country and making the steps towards having a better and technology driven culture. The UK is having the digital means of booking cab services. This will make a negative impact on the company as The Pink Cabs (Pseudo name) will be required to create software and applications that allows the women to book the services online through their mobiles (Vlados, 2019). Summary of market research and its results The Pink Cabs (Pseudo name) has conducted various types of market research and came to the various decisions that led to the idea of the business (Shtal and et.al., 2018).Survey- The company did the various types of surveys that helped in gathering the various types of information about the market and the necessary changes that is required to be brought in the market. The result of the survey was that there is no provider of the cab services that is more focused on the safety and interests of the women.Interviews- The Pink Cabs (Pseudo name) has taken the interviews of various experts of market behaviour and asked them about their opinion on the current conditions and requirements of the market. The result was that the experts has expressed that the market of UK is lacking the services that targets only a specific group and operates to benefit them. Focus Groups- The company has made the various activities of focus groups in which the organization has conducted the group interview and gathered a group of people
(Prostova, Sosnina and Tikhonova, 2020). The people have been asked that what change would they like to see in the traditional services of cabs and taxis that have provided to them. The result of the interview was that the service providers should be more focused on the safety and concerns of the women so that they will not hesitate in travelling alone. Discussion of competition The competitors of The Pink Cabs (Pseudo name) are the big players of the market that holds a hug market capital and provides the services of the cabs and taxis to the people of UK. The competitors have gained the trust of the people and created a monopoly in the market as the Uber and Radio Taxi of the UK are providing the services to the customers that are looking for the cab services for travelling from one place to another (Jukova and et.al., 2019). The Pink Cabs (Pseudo name) will be taking the advantage in the market as the competitors are not focusing on the safety of women and uses the regular business model that provides the services to all the people. The company will be required to promote its business in the starting as the business and the idea of the business is new and requires the awareness of the people that there is a company in the market that is operating to provide the services of cabs that is more focused in providing the safety and security to the women rather than just making profits. The competitors are mainly focused on increasing the revenue of their business by charging the customers with more prices for the services that they are providing (Pérez Ortega, 2020). Viable suggestion for targeting the market The suggestion can be made for targeting the market is that the organization is need to promote the idea of their business to the women by advertising the services of the company on the various digital platforms that can help the company in reaching to the customers. This can be done by advertising the services of the organization on the television and the social media platforms so that the business can be promoted and the services of The Pink Cabs (Pseudo name) can be marketed to the women audience in the market (Abdullah, 2020). This can be helpful for the company in attracting the audience from the various platforms. The social media marketing will be able to promote the business in the youth audience and attract them towards the services of the company. This will make the audience to be more
aware that there is a cab service provider in the market that is mainly focused on providing the safety and security to the women travellers (Vašutová, 2020). CONCLUSION Thus, it can be concluded as the business plan can be created for achieving the successful growth in the business before launching it in the market. The successful business plan can be made after analysing and understanding the various aspects of the market that can make an impact on the business and its operations. The business plan for The Pink Cabs (Pseudo name) can be very helpful for understanding the various aspects of the market that can be necessary to be kept in mind before operating the business in the market.
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REFERENCES Books and journals Abdullah, R., 2020. Importance and contents of business plan: A case-based approach.Jurnal Manajemen Indonesia.20(2). pp.164-176. Benzaghta,M.A.andet.al.,2021.SWOTanalysisapplications:Anintegrativeliterature review.Journal of Global Business Insights.6(1). pp.55-73. Hasan, S. and Koning, R., 2019. Conversations and idea generation: Evidence from a field experiment.Research Policy.48(9). p.103811. Jukova, E.E. and et.al., 2019. Planning a new business: typical mistakes of a business plan in the service sector.Journal of Environmental Management & Tourism.10(3 (34)). pp.441- 447. McKeever, M.P., 2018.How to write a business plan. Nolo. Pérez Ortega, D.C., 2020. Business plan based on a new business idea: Gadget PC. Prostova, D., Sosnina, N. and Tikhonova, A., 2020. Sustainable development of organizations in modern conditions. InE3S Web of Conferences(Vol. 208, p. 03030). EDP Sciences. Shtal, T.V. and et.al., 2018. Methods of analysis of the external environment of business activities.Revista Espacios.39(12). Teoli, D., Sanvictores, T. and An, J., 2019. SWOT analysis. Vašutová, S., 2020. A Business Plan for a New Company. Vlados, C., 2019. On a correlative and evolutionary SWOT analysis.Journal of Strategy and Management. Wang,K.,2019.Towardsataxonomyofideagenerationtechniques.Foundationsof Management.11. Online Macmillan cancer support. 2021. [Online] Available through: <https://www.macmillan.org.uk/> PEST of UK. 2022. [Online] Available through: <https://pestleanalysis.com/pest-analysis-of-the- uk/> 1