GE

In terms of its approach to pricing aircraft engines, GE Aircraft engines knows that purchasing an aircraft engine is multimillion dollar expenditure for their customers (airlines), and one that does not end at the point of purchase. Customers face continued maintenance costs to meet certain international safety regulations to ensure reliability of their engines. Within this context, in 1999, GE launched a marketing campaign titled : "Power by the hour" which provided their customers to pay a fixed fee for every hour they run their engine. On the flip side, GE performs all the maintenance and guarantees the engines reliability. When demand for air travel is uncertain, "Power by the hour" provides GE Aircraft Engine's customers with a lower ownership cost, that is, valued by them, this also creates a degree of stickiness..

This insight helps me to understand that in the future if I was a manager and I wanted to know the degree to which it is important to exhibit an understanding of business markets in this manner and adapt your way of doing business to connect with what customers want and value especially within an ever changing marketing and business environment. Its also a very good example of getting customers to stick to the products on offer and remain loyal to my company.