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Case Study: Gaining Market Share Via Prophecy® Thoughts®
Client:
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Jetstar
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Period:
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2008/09
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Research:
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To identify how Jetstar could compete more effectively and profitably in the leisure segment of the low cost carrier market.
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Research Method:
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Prophecy® Thoughts®
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Results:
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Market share increase: 29% in Year 1
Contribution to profit: A$40m
NPV of increased market share: A$128m
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Jetstar commissioned Forethought to conduct market research on how it could effectively and profitably compete in the low cost carrier market.
Jetstar sought to understand how it could improve its positioning on price competitiveness and service parity.
Informed by the research, three major campaigns were executed between March 2008 and March 2009:
1. ‘Price Beat Guarantee'
2. ‘Focussed Service Delivery'
3. ‘Low Fares – Good Times’
Jetstar actioned Forethought recommendations within days of receipt of marketing research reports, which were tightly integrated into the decision making process. This fostered a relationship of deep trust between Jetstar management and Forethought.
The implementation arising from the research substantially increased the Jetstar sales performance:
1. Jetstar market share rose by 29 percent in the first 12 months of this research initiative.
2. Jetstar ascribed A$40m of its improved profit performance to initiatives associated with the study. The net present value of the increased share was A$128m.
At the time Jetstar CEO Bruce Buchanan forecast Jetstar will overtake Virgin Blue in terms of revenue within the next two years.
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