2. Market development: This strategy for growth involves entering in to entirely new markets with existing products and services. This strategy aims to add up new customers/travellers to its existing product.
This strategy; o Increase in the number of customers/travellers o Provides scope for new product in future.
However, this strategy will cost more in terms of time and capital because the product has to be addressed to entirely new market, and therefore, it needs to go through an introduction stage for the entirely new potential costumers/travellers. The organisation may have to face the strong completion from the existing rivals in the new market. The rivals in the existing (old) market can capitalise on the situation because there is …show more content…
As discussed, various strategic options of marketing exist for the organization. To survive in its changing environment, British Airways has to find and apply appropriately. Though no doubt this is still one of the best airlines globally other airlines are not sleeping. They are working every second trying to improve their business and beat the market. British Airways already faces serious competition with regional airlines and if it is to maintain its financial stability, it must improve the marketing strategies. Indeed an in-depth analysis of marketing strategy is needed to issues continually if it is to survive. The major strategy areas where the airline needs to improve upon greatly is the area of People Processes and Product Development. Developing unprivileged sectors of tourism British Airways can also help the tourism industry to go wider and also to boost the economy of UK. It is essential for organisation to focus on developing optimum multi-channel business model which will give clear understanding of customers/travellers needs and also provide the right way to the business behaviour to deliver its products and
This strategy; o Increase in the number of customers/travellers o Provides scope for new product in future.
However, this strategy will cost more in terms of time and capital because the product has to be addressed to entirely new market, and therefore, it needs to go through an introduction stage for the entirely new potential costumers/travellers. The organisation may have to face the strong completion from the existing rivals in the new market. The rivals in the existing (old) market can capitalise on the situation because there is …show more content…
As discussed, various strategic options of marketing exist for the organization. To survive in its changing environment, British Airways has to find and apply appropriately. Though no doubt this is still one of the best airlines globally other airlines are not sleeping. They are working every second trying to improve their business and beat the market. British Airways already faces serious competition with regional airlines and if it is to maintain its financial stability, it must improve the marketing strategies. Indeed an in-depth analysis of marketing strategy is needed to issues continually if it is to survive. The major strategy areas where the airline needs to improve upon greatly is the area of People Processes and Product Development. Developing unprivileged sectors of tourism British Airways can also help the tourism industry to go wider and also to boost the economy of UK. It is essential for organisation to focus on developing optimum multi-channel business model which will give clear understanding of customers/travellers needs and also provide the right way to the business behaviour to deliver its products and