Product Development and Pricing Strategies Assignment - 1

Product Development and Pricing Strategies - Assignment Example Increasing competition in today’s globalised economy has put the organization under the pressure of designing effective marketing strategy. Marketing is the process of developing and implementing the idea of pricing, promotion and distribution of products and services such that they create exchanges that generates satisfaction in the objective of the organization and individual (Ferrell and Hartline, 2010). Marketing strategy provides the best opinion to the organization regarding how it can use its resources and skills in the market place so that it can run the business profitably (McDonald, 2007). The marketing strategy is mainly concerned regarding the four P’s and the objective of the organization. Flexibility in the marketing strategy creates a positive influence on the performance of the organization (Pride and Ferrell, 2010). In a competitive economy successful marketing is all about customer focus, positioning and attaining competitive success (Lancaster and Mas singham, 2010). Classic Airlines is the fifth largest airline in the world. It has a fleet of over 375 jets that flies over 240 cities. Classic Airlines has about more than 2300 flights flying daily. It has been operating in the airline industry for more than 25 years. It has employee strength of more than 32,000. In the year 2004 the company has recorded earnings of $10 million and sales figure reached $8.7 billion. But being in a profitable business, Classic Airline has started facing some problem that has reduced its profit by significant numbers.