Flying on a Full Service Airline as Opposed Low Fair Discount Carrier Term Paper

Flying on a Full Service Airline as Opposed Low Fair Discount Carrier - Term Paper Example The airline is home to more than 35000 employees who are the backbone of the airline company. The employees are provided with friendly working environment to help them deliver the best services to the customers. Southwest Airlines has further strengthened itself by acquiring the Air Tran Airways in 2011. The mission of the company has been to deliver the best quality services to its customers at low price which has enabled the airline to grab a large market share. Executive Summary of Marketing Plan The marketing strategy is an important aspect for the company to launch a new product. The marketing strategy involves factors like target market which hold the key to success for the new airline in the competitive airline industry. It gives the airline company the leverage to target the desired market. Competitor description and the analysis of direct and indirect competitors is also an important part of a marketing plan. The strategy followed by the competitors and its weakness can prov ide the airline company advantage. ... Pricing strategy can make customers opt for the company’s product or reject it for being expensive. The right method to implement a pricing strategy is to make the product valuable in terms of its price. The implementation plan finally needs to take place considering all the marketing strategy factors. A proper analysis of these factors can provide better knowledge to the Southwest Airline Company regarding the launch of its new full service airline. Description of Target Market A group of people who are looked upon by the company as the customers which can fit in the marketing strategy adopted by the company can be termed as the target market. Target market is the most essential component to a company’s marketing plan. Southwest Airlines marketing plan largely depends on the 4 P’s of marketing mix and the target market to decide the success of its new product. Target market can be segmented into the following four parts: Geographic Segmentation Southwest Airline can segment its desired target market based on the nation, state, region, country, etc. to which a customer belongs. The airline company then can decide whether it wants to function in selected geographic regions or across every geographic area. The airline has to accordingly develop its product or service (Kotler & Armstrong, 2008, p.173). Demographic Segmentation Demographic segmentation is another variable which divides the target market based on the factors like age, religion, gender, family, etc. This segmentation can prove to be a boon for the airline company as it is easily measurable and can be used to select the target market for its new product or service. Psychographic Segmentation This segmentation can help the airline company to divide the customers on the