Marketing Strategy of Boeing – Boeing Marketing Strategy: The world’s leading aerospace and defense manufacturer Boeing has been ranked the number one commercial jetliners manufacturer, as well as the leading aerospace and defense system manufacturer. The company provides customized services and products to airlines operating in over 150 countries worldwide. These include advanced information and communications systems, commercial and military aircraft as well as launch systems, satellites, and weapons systems. Training and logistics are also provided by the company.
Boeing At A Glance – Marketing Strategy of Boeing
Company : The Boeing Company
CEO: Dave Calhoun
Founder: William E. Boeing
Year founded: 15 July 1916, Seattle, Washington, United States
Headquarters: Chicago, Illinois, United States
Annual Revenue: US$62.29 billion
Profit | Net income: US$−4.20 billion
Number of employees : 141,014
Products & Services: Commercial aircraft | Military aircraft | Satellites | Space vehicles and launchers
Competitors: Airbus | KEYW Corporation | Lockheed Martin | BAE Systems | Raytheon Technologies | Bombardier Inc | General Dynamics | Space Exploration Technologies Corp
Boeing Fun Facts: Guinness World Records list the Boeing Everett factory as the largest building in the world by volume at 472 million cubic feed (13.3 million cubic meters).
Marketing Strategy of Boeing
Boeing’s Marketing Strategy covers various aspects of the business right from segmentation and targeting to the overall mission and vision of the company and the various parameters which the company executes to become the top brand that it has in the market. So what is the Marketing Strategy of Boeing? Let us discuss.
Segmentation, Targeting, Positioning – Boeing Marketing Strategy
Segmentation variables can be used to identify distinct characteristics and group them according. Boeing employs a mixture of demographic strategies and geographical strategies to serve customers from different countries.
Based on the customer segments of Boeing, a selective targeting strategy was used. This is because different offerings such as fighter jets, and commercial and private aircraft are intended for different customers.
The company uses a positioning strategy to highlight the distinct benefits of its offerings in terms of IT-enabled advanced capabilities.
Boeing Mission Statement
“To Connect, Protect, Explore and Inspire the World through Aerospace Innovation”
Boeing Vision Statement
“To be best in Aerospace and Enduring Global Industrial Champion”
“Creating Breakthroughs, Expanding Opportunities”
Competitive Advantage – Marketing Strategy of Boeing
Wide range of services and products for different customer groups: The company’s extensive product range for long haul/ short-haul, domestic and international routes as well as satellite network services, fighter jet planes Boeing, and fifth-country freedom rights, are just a few of the many factors that help it stay ahead of its competition.
Operating in Critical Businesses Supporting the Mainline Businesses: Extensive presence in Commercial, Security & Defense as well as Capital services for supporting and financing customer purchases as lease requirements make the business model of Boeing more competitive.
BCG Matrix – Boeing Marketing Strategy
Boeing’s business segments are split into three groups: Commercial Airplanes, Defence, Space & Security (BDS), and three sub-segments.
Boeing Military Aircraft (BMA).
Network & Space Systems (N & SS).
Global Services & Support (GS & S).
Boeing Capital (BCC)
It operates in segments that are stars of the BCG matrix.
Distribution Strategy – Marketing Strategy of Boeing
The Company provides support to airlines and government offices via products & MTO (make-to-order) products. These products include weapons, electronic and defense systems, launch systems, advanced information technology systems, and satellites.
More than 140000 people are employed in over 65 countries. They help the company to operate in three business segments: Space & Security and Commercial Airplanes.
Brand equity – Boeing Marketing Strategy
Boeing is ranked 73 rd on the Forbes list of Top regarded Companies (as of May 2017), while it is ranked 24 in Fortune 500 (June 2017), and 30 th on Fortune World’s list of Most Admired Companies. According to the market capitalization method, the brand was valued at $108.8 Billion in May 2017. This generated revenue of $94.57 Billion.
Competitive Analysis – Boeing Marketing Strategy
Boeing is in direct competition with other companies in segments like the commercial jet industry and airline industry. Bombardier, Airbus, and Embraer, as well as companies from Japan, China, and Russia, compete with Boeing.
The company is able to remain competitive by taking initiatives like improving operational processes and a large customer support network that spans the lifespan of an airplane, its acquisition, preparation for maintenance and engineering, as well as the daily cycle of gate-to-gate operations, and cost-cutting.
Market Analysis – Marketing Strategy of Boeing
The factors that are shaping the market for aircraft include increasing political unrest, ISIS and other Islamic movements, geopolitical tensions among the nations, government regulations, and increased economic activity between emerging nations. There is also an increase in migrations of people, cargo activity, and an increasing demand to fly commercially.
China and India are the 1 top and 4 top nations, respectively, based on (ADV), aircraft delivery value.
Customer Analysis – Boeing Marketing Strategy
Boeing customers include a variety of companies in the aviation industry, governments from different countries, and space & research institutes that have distinguished needs.
Customers can order MTO (make-to-order) products that are customized to their requirements.
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