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Singapore Airlines (SIA) is one of the most thriving and influential companies in the global aviation industry with tremendous potential for further growth. Although the company has a substantial international presence, it can expand its service to new geographic regions. This primarily concerns North America, where demand for traveling is steadily rising. To achieve this aim, like Thai airlines, the company should implement efficient ultra-long-haul services to avert the hassle of connecting flights (Qin, 2020). Such a service will entail extra expenditure on installing advanced equipment and even purchasing new aircraft. The additional problem is related to the exchange rate fluctuation, which can cause issues while converting currencies. The company should also aim at catering to domestic traveling within Singapore by introducing a carrier that provides internal flights at premium pricing.
In this regard, the airline can use promotional strategies, including digital and traditional media, to target the customers. For instance, Singapore Airlines should deliver its service by allowing customers to book tickets through social media platforms such as Facebook, Instagram, Twitter (Pramitha et al., 2018). This method should also be applied in all other countries. It is worth noting that the main challenge is that before visiting the new foreign market, SIA should understand the need and values of regional culture. This also requires hiring and training the appropriate staff that is aware of the cultural aspects of customer behavior profoundly.
SIA offers comparatively expensive full-service carriers for the population insensitive to pricing, especially from the upper and middle-class. Nevertheless, the middle eastern competitors have started to consider price sensitivity and provide the economy product (Qin, 2020). Thus, the company should segregate the full-service carriers into two categories, namely, carriers delivering luxurious premium products and lower-cost carriers containing compulsory business amenities (Qin, 2020). The primary risk associated with this plan is that customers may not appreciate such options adequately, which resulted in an insignificant increase in revenue.
References
Pramitha, D. A., Wasito, T., & Ozali, I. (2018). Strategy formulation to increase the passengers of Singapore Airlines. Journal Management Transportation & Logistics, 5(2), 141-152. Web.
Qin, T. (2020). Elevating Value Marketing Strategies in Singapore Airlines Driven by macro and micro environment.In The 3rd International Conference on Economy, Management, and Entrepreneurship (ICOEME 2020) (pp. 271-279). Atlantis Press. Web.
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