Marketing Mix Model of Qantas Airline †MyAssignmenthelp.com

Question: Discuss about the Marketing Mix Model of Qantas Airline. Answer: Introduction Themarketing mix is considered as the foundation model to understand the current market demand in the context of any organization (Festa et al., 2016). Product, price, promotion, and place are the four components of themarketing mix. In the recent years, marketing mix becomes a dominant framework that allows the business organization to take the decision regarding their business (Srijumpa, 2017). This assignment deals with the marketing mix analysis in the context of Qantas Airline based on its target market. It is important for the organization to give value to their customers and offer product according to their demand. Summary of the previous assignment based on the target market analysis and segmentation The target market of the Qantas Airline includes both business travelers and the leisure. However, traveling is a common need of the individuals who are associated with the business. Hence, the business travelers and the leisure travelers are the good target for Qantas Airline to enhance their profit in the business. The target customers of Qantas Airline aged 18 to 60 years. However, people of this age are able to show their choice regarding the traveling. People who are associated with the fashion trends will be the good target customers of Qantas Airline as such individuals like to gain new experience through the traveling. By achieving the leverage relation regarding its target customers Qantas Airline has obtained its position. Apart from this adoption segmentation is applied by Qantas Airline as it allows such organization to meet the demand of the customers. Marketing Mix According to the above PLC or product life cycle, it has been identified that the service or product of Qantas Airline is in the growth phase of the PLC. However, product in the growth phase means this service or product is going toward the maturity that ensures the profitability of a business (Adams, 2016). Branding is an important part of the product in the marketing mix (Dadzie et al., 2016). In the context of Qantas Airline, their branding logo is vital for their business. However, such organization uses different logos for their different brands. Kangaroo Icon is one of latest brands of Qantas Airline that gets significant profit in their business. Packaging The packaging is another part of the product strategy in the marketing mix. In the context of Qantas Airline, they use unique packaging method for their products within the flight and they follow unique design in their packaging. However, Qantas focuses on the environmental sustainability thus their packages can be recycled, which is a vital aspect of their packaging method. On the other hand, their attractive packaging method is effective to attract the customers. Labeling Labeling and the product quality of Qantas airline are very well this includes creativity to attract their customers. However, the labeling and the quality of the product should be unique in nature as this makes a business unique from other (Srijumpa, 2017). They provide safe service as it is vital for the customers to get a safe service within a flight. Therefore, the food quality of the Qantas Airline is also good that is provided to the customers. The labeling method of Qantas product follows unique design to gain the customer attention towards their product. Product mix Type of product Product Feature Enhancement of the economy service Offering new menu in economy classes of Qantas Airline including various types of food and beverages. Virtual reality glass Qantas Airline provides virtual reality glass to their customers to see the world in a unique way Offering discount to the regular customers Discount in booking and reward are provided Table 1: Product mix (Source: Ahmed Rahman, 2015) Augmented Service Qantas Airline provides augmented service to the frequent fliers. I-phone app and the Smartphone app are the suitable apps of the augmented service off Qantas airline. These apps are beneficial for the frequent fliers to take the current booking in the Qantas airline. Such augmented services will be beneficial for such organization to increase their customer loyalty and increase in the sales revenue generation Pricing Strategy Pricing strategy is one of the vital elements of the marketing mix as the success of a business depends on the selection of the pricing strategy of an organization (Sari, 2017). Qantas Airline follows cost plus margin strategy to set the price of their product and service. In order to fulfill the high demand of the market competitive pricing method is also used by Qantas. They offer refunding, which enhances their customer loyalty for such organization. They offer the discount as well as the low price for the existing and new customers. This will fulfill the demand of the business and leisure travelers. Promotional Mix Integrated marketing communication strategy is beneficial for the business organization to involve their stakeholders in the business promotion (Ahmed Rahman, 2015). Integrated marketing communications Features Inside-out approach This allows Qantas to provide the single unified message to their stakeholders for their business promotion by assimilating the elements of the communication. Cross functional strategic approach This creates a customer centric environment during the promotion of the product. Outside-in approach This allows Qantas to understand the demand of their target market during their promotion of the product. Table 2: IMC (Source: Moorthy Suresh, 2014) People The target market is the business and leisure travelers in context of Qantas Airline. They focus on the age group between 18 to 60 years as this age is able to make the decision about their travel. However, it is important for the business organization to select their target people to give success to their business (Moorthy Suresh, 2014). Process Market penetration strategy, discount strategy and providing customer value are the main processes of Qantas Airline to carry out their marketing mix strategy (Jin, Kim Kim, 2015). Such method enables this organization to build a good relationship with their stakeholders, which give a valuable shape to their business. Physical evidence Physical evidence plays an important role in a marketing mix as it enables an organization to attract their customer towards their service (Moorthy Suresh, 2014). However, in the context of Qantas Airline, they use the logo in their products that increase their brand awareness among the customer domain. Conclusion This above study focuses on the application of the marketing mix model in the context of Qantas Airline. Product, price, promotion, and place are the four major elements of the marketing mix. It has been found that Qantas uses discounts in their service and they also use competitive strategy to penetrate in a market. Furthermore, use of the unique logo in their product increase their brand awareness. Recommendations Product life cycle or PLC is a good idea, as it will enable an organization to understand the phases of product life cycle from development to its decline. However, the Qantas Airline should follow the PLC practice to maximize their profit. PLC management will be helpful for Qantas Airline to reduce the cost of market entry. PLC management can be considered as the profitable and efficient distribution channel. Qantas Airline will be able to get high return from their investment by PLC management. References Adams, M. E. (2016).Beyond the Glass: Examining Wine Tasting Room Profitability Using the 4Ps of the Marketing Mix(Doctoral dissertation, Virginia Tech). Ahmed, S., Rahman, M. (2015). The effects of marketing mix on consumer satisfaction: A literature review from Islamic perspective. Dadzie, K. Q., Amponsah, D. K., Dadzie, C. A., Winston, E. M. (2017). How Firms Implement Marketing Strategies in Emerging Markets: An Empirical Assessment of The 4A Marketing Mix Framework.Journal of Marketing Theory and Practice,25(3), 234-256. Festa, G., Cuomo, M. T., Metallo, G., Festa, A. (2016). The (r) evolution of wine marketing mix: From the 4Ps to the 4Es.Journal of Business Research,69(5), 1550-1555. Jin, N., Kim, J., Kim, K. H. (2015, June). THE SERVICE MARKETING MIX EFFECT ON CUSTOMER EXPERIENCE AND CUSTOMER EQUITY IN THE SERVICE INDUSTRY. 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