Reference no: EM133399129

Tyrone's Tours

Tyrone is from a family of transport operators. His father owned and operated B three minibuses, while his uncle operated two tractor-trailers and his grandfather owned a few country buses. In recent years Tyrone himself had ventured into the business by putting a route taxi on the road and based on the encouraging returns, he decided to insert a second taxi into the business. Tyrone's fortune has stayed with him as all his vehicles have performed well, even better than his competitors' and today he has four taxis and two minibuses operating on various routes; as a result of this success, he has decided to launch Tyrone's Tours, catering to charter trips, excursions, airport drop-off and pick-ups, church trips and so forth. Although he uses the existing cars and minibuses for this new service, he is hoping to have a separate fleet of vehicles dedicated solely to the tour business while maintaining the route taxis.

Tyrone has been contemplating his future and how far he should venture; as far as he is concerned, the sky is the limit; yet he knows that not all that glitters is gold. His fares are actually better than his competitors' fares, especially because fuel prices have been trending down in recent months; moreover, his vehicles are also newer and in better condition than those running alongside his. Tyrone does not really have a cash flow problem as his current fleet generates strong profits and he doesn't have any "boss" to pay like many of the other taxi men. Moreover, he realizes that a number of banks have recently been offering very cheap car loans, so he has no issues getting funding for a new set of vehicles, plus his family's name is well-known throughout Jamaica.

After chatting with Uncle Jay, his chief business advisor, Tyrone decides that there is no time as the present and nothing was going to stop him from extending his reach in the transport industry. The only concern he has though is the recently introduced new traffic laws which could prove a setback for his drivers...or maybe a plus for them instead. He was a bit concerned as well about the worsening crime rate in the country as a number of taxi operators had been killed in recent years, but the good news was that technology would enable easier tracking of his vehicles, thus enhancing his drivers' safety.

As part of the new operation, Tyrone is going to rebrand his business - to include new colours on his vehicles, catchy logos, and stickers. His Uncle Jay also encouraged him to develop a mission statement to share with his corporate clients to show that he is serious and committed. Tyrone's mission statement says:

"We try to please all our customers with top class travel across Jamaica, with nice cars and experienced drivers, we are only a call away and will be right there at your service." He did not craft a vision statement.

Tyrone needs your help

Question 1: Produce a revised mission statement for Tyrone's Tours; ensure that all the components are included and clearly labeled.

Question 2: Develop an OT analysis for Tyrone's Tours: this means you are to identify and list five (5) opportunities and five (5) threats facing Tyrone.

Question 3: What is an EFE matrix and what purpose does it serve? How would it help Tyrone? Discuss deeply. NB: you are NOT required to do an actual EFE matrix here; you may do a matrix only if you wish.