What you want to accomplish through your marketing activities Specific – are your objectives stated in a way that is precise about what you are hoping to achieve? Measurable – Can you quantify each objective, i.e. can you use a unit of measure such as market share in percentage or dollars or other to provide a way to check your level of success? Achievable – Are your objectives reasonable in terms of what you can actually achieve or are you setting your sights too high?
Realistic – Do you have sufficient employees and resources to achieve the objectives you have set, if you don’t then they are likely to be unrealistic? Time specific – When are you hoping to achieve these objectives, you need to define a timing plan with target timing for each specific objective?
“Singapore Airlines is a global company dedicated to providing air transportation services of the highest quality and to maximising returns for the benefit of its shareholders and employees.” Business strategy:
Repeatable model with twin elements (2 points of differentiation): 1. Service:
Maintains service levels through recruitment procedures, intense training, and a well-developed culture, all combined with regular innovation, such as offering on-demand entertainment in all classes. 2. Low costs:
Formulating the low-cost part of its response has the unintended consequence of distracting management from what Singapore Airlines excels at – being at the forefront of premium air travel with innovations and superb customer services. Maintains low costs through measures such as rigorous standardization, low maintenance costs and outsourcing of ticketing, payroll and other non-core activities. Maintaining the youngest generation of aircrafts provides SIA with some of the lowest fuel costs in the industry. This is very significant since 15-20% of an airline’s total costs derive from fuel.
On top of this, SIA carefully hedges up to 50% of their fuel contracts two years in advance to avoid cyclical and often large volatility in fuel prices. Two interlocking forms of differentiation propel the company’s success. Its cost position without the service levels would substantially reduce loyalty and load factors. Its service without the cost advantage would compromise its ability to out-earn and out-invest competitors. Ensures repeatability, since SIA can expand into new geographic markets, add new flights and amenities and create innovations that reinforce the model. Marketing objectives:
From SIA’s website, under “About Us”: “Singapore Airlines has come a long way since our founding in 1972, evolving from a regional airline to one of the most respected travel brands around the world. We fly one of the youngest aircraft fleets in the world to destinations spanning a network spread over six continents, with our Singapore Girl as our internationally-recognisable icon providing the high standards of care and service that customers have come to expect of us. We have made a habit of leading the way, and along the way developed a reputation for being an industry trendsetter.”
SIA constantly markets itself with the following characteristics: 1. Technology: “fly one of the youngest aircraft fleets in the world” 2. Market segmentation: “to destinations spanning a network spread over six continents” 3. Customer service: “our Singapore Girl as our internationally-recognisable icon providing the high standards of care and service that customers have come to expect of us” 4. Innovation: “We have made a habit of leading the way, and along the way developed a reputation for being an industry trendsetter.”