Four areas of SWOT analysis in which the marketing strategies can be defined include:
- Lowest Cost Base
- Fast turnaround times
- Market Growth and Market Share Gains
Four Smart marketing objectives that Ryanair can pursue in the order of priority include:
Service Excellence: Service differentiation is a strong marketing strategy so as to improve the services of the airline and use it as a differentiating factor for developing a competitive edge over the other operating airlines. The airline should opt for being the best airline in terms of customer service. The customer service shall start from the first contact with the customers with the airline and shall last till the customer reaches his destination. This strategy shall increase the customer satisfaction and customer loyalty.
Cost Efficiency: Ryanair should achieve a reduction of 20 percent in its cost in the coming year. The cost efficiency shall enable the company to make savings and divert its capital towards creating better service facilities for the customers. The cost efficiency of the airline can be achieved by operational efficiency. Some of the ways to increase cost efficiency is by spending minimal money on traditional marketing strategies and concentrating on the social media marketing strategies that are cost effective.
Service Innovation: Ryanair should develop innovative strategies so as to provide innovative services to the customers. The airline can offer innovative services on board that may include WI-fi on demand (internet during flight), facility to fax/email or beauty/salon/spa services during flight and wait times.
Gain Market Share: Ryanair should focus on gaining a larger market share in the airline industry by adopting various strategies such as service innovation and service differentiation.