Greyhound's future rests on a novel idea: pleasurable bus travel
Greyhound has been competed by many other busses such as Mega Bus, NeOn Bus and BotBus. Neon Bus’s services is superior in just about every respect: it arrives in Toronto 35 minutes earlier than Greyhound, and its brand-new buses has more legroom, power ports for laptops, video entertainment and free on-board WiFi. And it's cheaper; a one-way ticket costs $85 to Buffalo while Greyhound’s one way costs $95 to Buffalo. Mega bus offers a few seats at absurd discounts — as low as $1 — well in advance and jacking up the price as the travel date approaches.
Greyhound is facing with one of the external fierce forces which is a competitive force. This type of competition is one of Porter’s Five-Forces Model and it is called potential entry of new competitors (pg 86) because new competitors found some weaknesses in Greyhounds services and turned them into their strengths. The loopholes in Greyhounds services are its expensive prices and its long trip time. Its competitors have created new strategies to get into the transportation services by offering what customers are looking for such lower prices and shorter trips.
Greyhound is clearly facing fierce competition and needs to build up a strategy to get more customers to use their buses. They can have bus lines or they can lower their prices, or the buses can arrive at the destinations in shorter period of time. Those are good options that should be taking into consideration when creating a strategy...