1. Please respond to the post below regarding the subject and pose questions
2.In my hypothetical, I am introducing a luxury in-flight service to the United Kingdom market. The target audience is primarily homeowners and renters seeking advanced security solutions to protect their properties/ investments. The main reason for entering the UK market is its strong economic standing; and it’s longstanding participation in the global economy makes taking metrics to gauge success less costly than a less developed country (Peter& Donnelly& James, 2019). A healthy economy, like the UK, is one that has a strong sense of trade, globally driven consumers with spending power, a politically stable parliamentary democracy, and a robust legal system that makes business less volatile, all of which are important variables in a healthy and strong economy (Peter& Donnelly& James, 2019). The high consumer spending power, receptiveness to innovation technologies leads the UK to being the sixth largest global economy and as it is primarily driven by services, manufacturing, and a thriving tech sector, makes it the best option for changing the relationship between the flier, the airline, and the expected experience in-flight (World Bank, n.d.).
The country itself has a long-standing reputation of embracing technological advancements and securing top spots in the global markets making them a first world country able to afford a luxury product/service (Mintel, 2023). The compatibility of British culture and the values of a privacy market, and innovation make this an ideal launch pad for a new in-flight luxury AI business. Capitalizing on the cutting-edge aspect of this technology, paired with a value-driven price that is competitive- this could be a very lucrative option for breaking into the exterior markets to the USA. The core functionality of this product would remain unchanged, from the US to the UK, but certain features might need tweaking to comply with UK regulations and the consumer preferences of specific areas. For example, perhaps the adjustment of language settings, the units of measurements, and data privacy protocols might have to be monitored so as to meet local and district standards.
In terms of the pricing and promoting, we would need to consider the average UK consumer protection laws, advertising standards for the country, and taxation policies to secure protection of profits. With a developed market, and consumer behavior similar to that of the USA, we could likely employ comparable pricing and promotional strategies with only minor tailoring to accommodate local market dynamics that might be a slightly more prudish than that of the US (ITA, 2024). Regarding the distribution, we could explore partnerships with UK-based retailers, ecommerce platforms that are popular in the UK, and establish relationships with home security service providers that have already been established to reach the target segment successfully. We might need to establish or outsource a streamlined delivery system, in the UK, to ensure efficient product delivery across the country to ensure technology on board flights stays operational.
