Evaluate marketing strategies the business could use to achieve its business objectives
When devising a marketing strategy, it is important that a business has a clear understanding of the target market. Once this has been established, the business will develop appropriate promotional and pricing strategies that cater to the needs of this target group. The business will also need to consider appropriate locations to sell the product. Qantas is Australia's leading and largest airline and one of the oldest airlines in the world. Qantas was founded in the Queensland outback in 1920 and has grown to be Australia's largest domestic and international airline. Qantas is widely regarded as the world's leading long distance airline and one of the strongest brands in Australia. In order for Qantas to accomplish specific business objectives, the business’ marketing department must undergo various identification of which marketing strategies to practice. Qantas uses various marketing strategies such as Global Branding, the People Strategy and the Loss Leader Price Strategy to achieve business objectives such as increased profit margin, increased market share, high quality customer service and attaining a competitive advantage.
One of the very effective marketing strategies used by Qantas to achieve their business objectives is Global Branding within the Global Marketing strategy. Global Branding is the advantage of marketing the global brand which is instantly recognisable worldwide. It is therefore a company’s most valuable asset, making the company far less volatile than others during a time of economic uncertainty. Qantas’ logo of the red and white kangaroo on the tail of their aircrafts is the logo which is well known by consumers. With this, Qantas’ reputation has become well known and they have now entered into the Asian market. Due to their well known brand, market share in Asia has increased by 5% over the past 12 months. Through the use of Global Branding,...
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