While all of the principles of marketing are important, it is crucial to have a valuable brand name, understand your competitors, and be innovative. Having a valuable brand name is vital because customers and potential customers attribute product quality, styling, service and reliability to a brand name. Having a brand name that is trusted and easy to remember gains greater customer loyalty, after all, people tend to buy products from companies that they have heard of and from companies that have a good reputation. Understanding your competitors allows you to set your prices competitively and help you respond to rival marketing campaigns with your own initiatives, as well as then tailor your own product and marketing campaigns to stand out. Innovation is usually the key difference between market leaders and their competitors.
EasyJet’s chosen marketing principles include: a well-known brand name, innovation, and understanding their competitors. easyJet’s mission statement according to their website is “in support of our overall cause – making travel easy and affordable for our customers – we are passionate about walking in our customers’ shoes to ensure we understand what they value…we give ourselves the best opportunity to meet and exceed our customers’ expectations, differentiate ourselves from our competitors and drive long-term loyalty and customer value” (easyJet, 2014). By following this mission statement, easyJet has created a strong brand name for their company. Also, by making it easy to buy low fare tickets through their website, which has over one million visits everyday, and through mobile device applications, they have attracted people to the well-known easyJet brand and service offering.
Apart from having a well-known brand name, easyJet understands that besides focusing solely on price competition, you need innovative ideas and products to make your company stand out from competitors. According to their website, one of their key values...
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