The New South Wales Taxi Industry - 1964 Words

As the age of the ‘sharing economy’ becomes increasingly pervasive, many rigid and well-established public markets are being threatened by innovative development in the provision of goods and services. The New South Wales taxi industry is as such, a resilient industry that has until now effectively served the unique needs of a wide scope of consumers. The rise of app-based ridesharing as a means of transport has consequently put significant strain on the monopolistic taxi market, leading to calls for policy reform and a deregulation of the heavily enforced barriers to entry that have thus far prevented the industry from effectively allocating its resources to benefit both producer and consumer. The advantages of allowing free competition, as evident in several global cities, are numerous and include cost savings, price reduction, product differentiation and improvement in quality of service. Being one of the state’s most important public service industries and a key segment of its public transport system, the New South Wales taxi industry provides a valuable service to consumers with varying transport needs not met by other forms of travel. The industry has been operating since 1906 and possesses one of the largest fleets in the southern hemisphere (NSW Taxi Council, 2014). Whilst classified as a public transport system, the industry is not government subsidised and relies heavily on private investment. It is, however, co-regulated by the government and the NSW TaxiShow MoreRelatedEssay about The Taxi Industry in New South Wales618 Words   |  3 PagesThe Taxi Industry in New South Wales has been one that has involved very little competition within its market, allowing prices for its services to be quite high. Now, however with the advancing technology, the rise of App-based taxi or Ride Sharing services such as Uber threaten to provide substitutes to customers increasing competition in the Taxi Industry. The NSW Taxi Industry is somewhat run by the NSW Government (Abelson). There are three major companies, that as (Abelson) states, ‘ControlRead MoreHow Sustainable Development Urban Areas Is Wicked Problems For Modern Share Economy Businesses Such As Uber And Dropbox1070 Words   |  5 Pagesefficiently through P2P networks and by providing cheaper and more personalised experiences for customers, Uber drivers and Airbnb landlords. Although the large growth of share economy businesses within the urban space can be beneficial by providing new opportunities for a range of stakeholders, there are several challenges and complexities including the ones faced by regulatory authorities. 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Uber drivers have higher income compared to traditional taxi drivers also they do not have to pay for the taxi license and the taxes that black cab driver are obligated to pay. On the consumer side, after downloading Uber, they can track the car as it approaches them on their as well as having some information about their driver beforeRead MoreRed Bull Integrated Marketing Campaign Essays2752 Words   |  12 Pagesmarketing campaign and concludes that it would be an ideal candidate to meet the challenge presented by the market and could satisfy the new consumer demand since it uses specifically targeted advertising, integrated and highly interactive social media awareness strategy and public relations initiatives, to our target demographic of 18 to 25 year olds living in New South Wales. 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