January 10th, 2018
Marketing Plan for Singapore Airline – Marketing Definition of a Firm
The marketing definition of a firm relates to marketing power. Marketing power is evaluated through internal operations, experienced personnel, suppliers, competitors and customers. Essentially, marketing is all about the four Ps i.e. price, product, place and promotion (Sheth & Usla 2007; Vargo & Lusch 2004). Unlike product marketing, service marketing however involves additional aspects such as people, procedures and the physical environment. In order for any organization to retain its market power, a significant percentage of market share is essential. Such a share is only possible by developing products that are responsive to dynamic needs of the customer.
Marketing definition and differentiation of SIA is on how the employees treat the entity’s customers. The company in this case has utilized a dual strategy. For instance, it endeavours to invest in innovation and differentiation by offering excellent service and cost leadership (Heracleous & Wirtz 2009). The company also considers continuous and vigorous service design as other strategic ways behind its success. Similarly, diversification at corporate level has been a strategy the entity has used as evidenced by the 36 companies and direct subsidiaries associated with it (Heracleous & Wirtz 2009). The company also pursues strategic alliances as part of its international strategy. It for instance joined Star Alliance (the major alliance), Sky team and one world in 2000. Through strategic alliances with local organizations, some SIA groups have also invested in China and India (Heracleous & Wirtz 2009).
As part of enhancing efficiency and improving customer service, the company fully utilizes the information technology techniques. In this case, SIA’s website is a user-friendly and advanced site that enables the customers to do all their activities online. For instance, the customers can buy tickets, check schedules, manage their Krisflyer accounts, check into a flight, find out the promotions or order food for their flight as highlighted in the entity’s website. This method has greatly reduced operation costs while enhancing customer services. The company has also been able to segment its market effectively delivering premium services even to very demanding customers. Such has been possible through its able human resource and excellent customer service, a factor highlighted by its mission statement (SIA, 2011). Despite the segmentation, the airline ensures quality for all its customers for instance providing wine, cocktails and in-flight movies at no extra charge to all passengers irrespective of class. The company has also introduced innovative new forward facing beds which provide more luxury and comfort. Go to part 5 here.