The fundamental platform of sharing economy has resulted in the production of explosive start-up growth since the inception of technology market. Irrespective of opposition from unions, disrupted businesses, neighbourhoods and governments, Uber has been dealing with exponential growth (Schneider 2015). With the latest funding of 1.2 billion dollars by Uber, there has been a growth in the investment by 6,000 per cent since the last five years. The valuation of Uber has managed to reach 18 billion dollars, and has approximately 550 employees.
Uber has been facing a challenge to define itself across the future. Can it be considered as a service that offers competitive and democratic pricing, or luxury, service and convenience?
As Uber emerged, it had a significant impact on a number of services as these follow the business model of Uber (Kleiner 2015). There are a number of similar company offering services of ride sharing, and there are organizations willing to have a business as that of Uber such that there is delivery of products and services. Uber has initiated a signalling trend in the sector in which individuals are considered as the infrastructure instead of fleets of vehicles or office buildings. Uber is currently facing several challenges of marketing that include legal and regulatory issues both outside and inside the United States of America (Krueger 2015). Laws for the protection of consumers can be seen targeting the services of taxi, while Uber is known to be terming the services as “ride sharing”, and they consider themselves as the agent of individual contractors. Individual contractors are drivers. However, a number of court do not consider viewing the services similarly, while forcing the company to be in compliance with stopping business or licensing laws in specific areas (Mastracci 2015).
Irrespective of these challenges, Uber has been successful in becoming extremely popular among independent contractors and consumers. It has been claimed by a number of supporters that Uber revolutionized the sector of transportation services. Investors hold the clear belief that Uber will retain and enhance its growth in the longer run. Uber can be seen as having a bright future with several opportunities of expansion. Therefore, it is important for the company to ensure the compliance of laws and safety of the drivers and the rider (Schneider 2015). Uber also should be adopting certain controls for ensuring that driver who use their app show obedience towards related national laws. Uber needs to consider addressing all of the issues affecting the trust of governments and customers, for the achievement of market success in the longer run.
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