Assignment: Your Business Strategy in the Global Environment This week’s materia
ID: 393003 • Letter: A
Question
Assignment: Your Business Strategy in the Global Environment This week’s materials focus on your innovations and creativity in a global environment. Congratulations! You have just started a new business!
Your assignment has three parts, but is submitted in one paper.
the paper i want you to do is aboit rental car company
1. First, tell me what your new business is. Do you provide a service, or a product? Define this business you have spent so much time dreaming of starting.
2. Next, develop a PEST Analysis using this template: PEST-analysis-template-doc.doc .
3. Finally, describe how you are going to grow this business in the global environment.
Explanation / Answer
1) The new business is of a car rental company.It is a service.The idea of getting into this business came into the mind considering the increasing demand in both small towns as well as big cities.
Small towns where people dont have so much opportunities to enjoy luxuries like owning a car but they earn good enough to spend money on car rentals while travelling for business or personal reasons this will be a successful business there.
On the other hand in big cities which are highly populated and infrastructure is not capable enough to accomodate the growing number of cars on the roads this business will flourish as people will try to avoid taking their personal vehicle in the hustle bustle of the city and will go for cabs where they can utilize the travelling time doing some important work on the go.
2) PEST analysis - PEST stands for Political Economic Social and Technological factors.
Political - Commercial Licence requirement by government which are expensive and adds to cost of doing business and reduces profit margins.
Economic -
Increasing per capita income is improving the purchasing power of people who in turn can afford purchasing cars.
Social -
Sometimes carrrying own car become a status symbol so less demand for rented car.
On the other hand increasing demand for transportation in urban areas is a plus for this business.
Technological -
The market is open for technological advancements and innovation so always have to be careful about the latest advancements in the industry which can add more value to customer.
3) In this global business environment the only way to grow this business is to be customer centric.Customer will only pay if they find the ride worth it.This can be achieved by hiring quality drivers who are responsible enough to understand the customer's requirement and are punctual.On long routes assign a driver to customer in a way that both are happy.Small example of it would be language commonality between customer and driver is very important on long trips and it helps in generating brownies for the business.
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