Marketing plan for LYFT - Research Paper Example

Lecturer LYFT Marketing and Financial Goals LYFT is a new player in the highly competitive transport sector. As an organization, we will launch our services in San Francisco before spreading our operations to other cities within and out of USA. This will give us an opportunity to increase our market coverage as we strive to reach as much people as we possibly can. However, in order to accomplish any goal, we will have to put in place a feasible marketing plan on how carry out our activities in a much organized manner.

A part from conducting a rigorous marketing research and ascertaining the consumer tastes, competition levels and the prevailing market conditions, we will ensure that we have a clear and well designed marketing and financial goals. This will be necessary for our penetration, growth and enjoyment of a larger share of the market. In our marketing policy, we will have to conduct serious sales promotion activities. This will enable us to create awareness about this new and unique product in the market.

One of the ways through which we will achieve this is through sales promotion. We will have to do a lot of advertising on our services. Since we are targeting a highly dynamic class of clients, we will have to be so creative to use a variety of media. These include the broadcast, print and online media. By placing adverts in the online platforms such as social media sites, we will manage to reach a lot of potential clients who usually use such sites because they have become so popular with many people.

A part from using the online media, we will use the TV and radio to advertise our services. These are also very popular media which are used by a very large number of people in this society. After all, our services will not be restricted to a certain section of the populations because everyone requires transportation services at least at one given time in their pursuits. Hence, by using these broadcast media to promote our services, we will definitely access a lot of people. Through this, we will be able to inform them about our novelty, creativity, low rates and dynamism.

Thus, they will have to give us a trial. Once we succeed in promoting our services to the target audience, we will be assured of enjoying a good share of the available market (Porter 71). In terms of financial goals, our organization will put the necessary measures to ensure that we manage a viable organization. Meaning, we will seek to offer excellent services to clients at all times. This will be a thoughtful and viable strategy because it will help us to attract, retain and increase their number after each day.

As a result of this, we will increase our revenues. As part of our financial goals, we are planning to get revenues from the charges on our services. Unlike the normal taxi services, we will not charge fares, but urge our clients to offer us ‘donations.’ It is these donations which will be used to pay our drivers and cater for any other expenses which might be experienced during our operations. However, for us to appeal most to our clients, we will have to charge slightly lower rates as compared to our competitors.

The main reason for adopting this approach is to appeal to our clients and make them resort to our services as the best alternative in the market (Mead 27). Once they can be assured of lower charges, they will have to consider using our services since they will be much economical to them as compared to the traditional taxi services. However, this strategy will have to be keenly looked at so as not to cause any unnecessary losses to our company. Despite our lower rates, we will still ensure that they are reasonable and can allow us to get some good profits at the end of the day.

Therefore, for the start, we plan to charge our clients at least $1.9 per each mile, $2.5 for pick up services, $1 for insurance and only $50 cents per minute for any delay or traffic jam experienced in the course of transportation. This will be extremely cheaper as compared to the taxis which currently charge $2.75 per mile, $3.50 for pickup and $55 cents per minute when stack in a traffic jam (Hoge). Meanwhile, we will encourage our clients to offer friendly services to our clients and establish with them personal relations.

This will ensure that they offered high quality services to retain them. Works Cited Hoge, Patrick (7 Dec 2012). "Lyft, SideCar grow as economic drivers". San Francisco Business Times. Mead, Edward. Makers of Modern Strategy. Pinceton: Princeton University Press. Porter, Michael. Competative Strategy. New York: Free Press, 2004. Print.