1.Introduction Paragraph
The taxi has for quite some time been one of the prevailing types of transportation in urban areas around the world. Medallions are small metal plates which are attached to the hood of the vehicle as proof of the right to pick up passengers, who can only hail yellow cabs with a medallion in the street. Most cities placed government regulations to control the oversupply of taxis by late 1930s. This was intended to balance out costs, guarantee the wellbeing and nature of cabs, and give drivers a reasonable wage. In 1930s, the year of Great Depression, New York had as many as 30,000 cab drivers and there were more drivers than passengers. Originally the total number of cab licensed to 16,900, in 1937 but the number decreased to 11,787 licenses, staying equal over the next six decades. In 1967, all the medallion taxicabs were ordered to be painted yellow to cut down unofficial drivers and make taxicabs more recognizable.
Industry Analysis:
Porter’s Five-force Analysis- This analysis is based on the observation that profit margins vary between industries, which can be elucidated by the structure of an industry. Also, the analysis provides a starting point for framing strategy and considerate the competitive landscape in which a company functions.
The five-force analysis consists of …show more content…
The strongest competitive force or forces determine the profitability of an industry and become the most important to strategy formulation. Apart from taxi services, Other ‘For hire ’ vehicle included Liveries, Known as Car Services or Community Cars which provided services for pre-arrangement. Also, Black Cars, which serviced mostly for corporate clients, and Luxury Limousines with chartered services, Paratransit providing transportation for healthcare facilities, and Commuter Vans offered services for passengers with fixed
The taxi has for quite some time been one of the prevailing types of transportation in urban areas around the world. Medallions are small metal plates which are attached to the hood of the vehicle as proof of the right to pick up passengers, who can only hail yellow cabs with a medallion in the street. Most cities placed government regulations to control the oversupply of taxis by late 1930s. This was intended to balance out costs, guarantee the wellbeing and nature of cabs, and give drivers a reasonable wage. In 1930s, the year of Great Depression, New York had as many as 30,000 cab drivers and there were more drivers than passengers. Originally the total number of cab licensed to 16,900, in 1937 but the number decreased to 11,787 licenses, staying equal over the next six decades. In 1967, all the medallion taxicabs were ordered to be painted yellow to cut down unofficial drivers and make taxicabs more recognizable.
Industry Analysis:
Porter’s Five-force Analysis- This analysis is based on the observation that profit margins vary between industries, which can be elucidated by the structure of an industry. Also, the analysis provides a starting point for framing strategy and considerate the competitive landscape in which a company functions.
The five-force analysis consists of …show more content…
The strongest competitive force or forces determine the profitability of an industry and become the most important to strategy formulation. Apart from taxi services, Other ‘For hire ’ vehicle included Liveries, Known as Car Services or Community Cars which provided services for pre-arrangement. Also, Black Cars, which serviced mostly for corporate clients, and Luxury Limousines with chartered services, Paratransit providing transportation for healthcare facilities, and Commuter Vans offered services for passengers with fixed