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1、ThirdassignmentNewVentureCreation:FromTheorytoPracticeDorellaChuRapizza–C2015091002DorellaChuRapizzaC2015091002WhatweresomeofthecriticaltransformationsinZipcar’sbusinessmodelandwhatwerethedrivingforcesbehindthem?a)Thecompanydecidedtohireanewpresidentwhowasnotgoingtoreceiveanysalaryuntilthefinanc
2、ingcamethrough,thenhewouldreceiveabonusroughlyequivalenttobackpay.Thiswasamistakebecausehespentalotofmoneyinlunchesandparking,createdhugelistsanddetailedtasksandproceduresthatwere25%outofdatebythetimetheyhitmydeskand50%outofdatebythefollowingday.Consequently,ChasedecidedtohirehimandbecameCEOandD
3、anielsonremainedvicepresidentofenvironmentalaffairsandstrategy.In2003,ZipcarhiredanewCEO,hisnameisScottGriffithwhogavethebusinessaseven-steptune-upwithnewideastogrowththebusiness.Hecouldunderstandthemainproblemsandstructurenewstrategiesrelatedtothecurrentcarmarket.b)Pricingstructureandcostassump
4、tions.Chasestartedthebusinessbyaninitialpricestructure:securitydeposit,initiationfee,annualfee,monthlyfee,permile,andhourlyordailyrates.ThecompanyneedstocovertheCOGS(costsofgoodssold)andthencoveroverheadatsometargetvolumeandutilizationlevel.Someoftheassumptionswastobecomeamember,youneedtopay$25n
5、onrefundableapplicationfee,a$300fullyrefundablesecuritydeposit,anda$300annualsubscriptionfee.Inaddition,memberwouldbechargedfordrivingtimeat$1.50perhourand$0.40permile.Therewasa$20fineforlatereturn.ThenChasedecidedtochangethepricingmodel,lowerthemembershipfeeto$75peryearandimplementatieredpricin
6、gstructure,raisingthehourlychargefrom$1.50perhourtobetween$4.50and$7.00perhour,dependingontheparkingcostsassociatedwiththearea.In2003,therewasanotherdefinitionofthepricingmodelbythenewCEOGriffith,hestablishedtojoinZipcard,andyoushouldpayanannualmembershipfeeof$50.AftercheckingyourDMVrecord,theco
7、mpanysendsyouacredit-card-sizeZipcardthat’sradiofrequencyidentification,orRFID,enabled.Whenit’stimetoreserveacar,yousimplygotoZipcar.com,enterthedate,time,anddurationoftherental,andZipcardeliversalistofcarsarrangedbydistance
