boeing group project final

Aerospace leadership Innovation

Global Company Strategic Audit

Professor Camillo MGMT 483

November 25, 2014

Report By: Guadalupe Ibarra Jill Liu Rishi Parbhakar Chelsea Wilson Tyler Wright

THE BOEING COMPANY 2

Table of Contents

Introduction .............................................................................................................................................................................................................................................. 3

About Us ...................................................................................................................................... 4

Vision ........................................................................................................................................... 5

Strategic Implementation .................................................................................................................................................................................................. 6

Management Strategic Planning ..................................................................................................... 7

Mission ........................................................................................................................................................................................................................................................................ 10

Mission Statement ....................................................................................................................... 11

Values ......................................................................................................................................... 11

Integrity ...................................................................................................................................... 11

S.W.O.T Analysis ........................................................................................................................................................................................................................................... 12

Financial Analysis .............................................................................................................................................................................................................................. 15

Company Culture ............................................................................................................................................................................................................................... 17

Social Responsibility .................................................................................................................... 19

Company Triumph ............................................................................................................................................................................................................................ 20

Taking the Lead .......................................................................................................................... 21

Company Success ........................................................................................................................ 22

Conclusion ..................................................................................................................................................................................................................................................... 23

References .......................................................................................................................................................................................................................................................... 24

Works cited ................................................................................................................................................................................................................................................... 26


Introduction


Boeing is the world’s largest aerospace company and leading manufacturer of commercial jetliners and defense. Their products and services reach a variety of customers in a total of 150 countries.

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Boeing products and services include commercial and military aircraft, satellites, weapons, electronic

and defense systems, launch systems, advanced information and communication systems, and

performance-based logistics and training (Boeing, 2014).

Boeing is an industry leader in aerospace engineering and innovation. The company has

successfully penetrated the market and continues to expand product lines and meet the needs of the

consumer. Boeing has a broad range of capabilities that include creating new, more efficient

commercial airplanes, integrating military platforms, defense systems, advanced technology

solutions, and innovative customer-financing options (Boeing, 2014).

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Headquartered in Chicago, Boeing employs about 170,00 people across the United States and in more than 65

countries; representing one of the most diverse and innovative workforces anywhere. In addition, Boeing

leverages the talents of hundreds of thousands of people worldwide who work for Boeing suppliers (Boeing, 2014).

Boeing is organized into two business sectors:

1. Boeing Commercial Airplane & Boeing Defense

2. Space & Security

These two segments are an integral part of Boeing Capital

Corporation. Boeing is a global provider of financing solutions along with engineering, operations, and

technology which helps develop and protect innovative technologies and processes (Boeing, 2014).

About US Aerospace leadership And innovation Specialist


Vision Direction

Continue being the leading aerospace company and manufacturer of jetliners while expanding product lines and services to meet emerging customer needs. Strategies

Operate as one Boeing Deliver Customer Value Lead with Innovation Fuel growth through productivity Leverage global strength

Core Competencies Customer knowledge and focus Technical and functional excellence Systems integration Lifecycle solutions Lean global enterprises

Values Integrity Quality Safety Diversity and inclusion Trust and respect Corporate citizenship Stakeholder success

“People working together as a global

enterprise for aerospace industry

leaders”


Strategic Implementation


Management Strategic Planning

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Boeing Commercial Airplanes and Boeing Defense, Space & Security are the two main segments of the organization in which the products and services are based on providing commercial and military aircrafts, satellites, weapons, defense systems, launch systems, communication systems, and providing performance-based training (Boeing, 2012). Boeing is also involved in exporting its products and services worldwide through its sub-divisions: Boeing Capital Corporation, Shared Services Group, and Boeing Engineering, Operations & Technology (Boeing, 2012).

The Boeing Commercial Airplanes segment strategy has to be continuously updated to keep up with the fiercely competitive and consistently evolving nature of the airline industry. In June of 2014, the IATA (International Air Transport Association) released its mid-year report, which was bullish on the

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state of the industry for 2014. They expect 1% of the world GDP to be spent on air transport in 2014, reaching almost $750 billion. They also report that the sir travel sector is accelerating, with growth of 5.9% this year, the best since 2011. This growth is being galvanized by the upturn of the economic cycle and also an increase in the world trade (IATA, 2014).

Governmental policy has also had a significant impact on Boeing strategies during the past several decades. As regulations on commercial aviation relax, airlines gain freedom to vary fares in response to competition and demand, develop network and schedule planning, and manage other key aspects of airline business. Deregulation has helped stimulate traffic and network growth and the resulting competition provides increased choice to traveler (Boeing, 2013).


Boeing is the leader in the industry in terms of developing new resources as well as managing existing resources, which helps the organization develop distinctive capabilities and core competencies. The commercial airplanes segment has a comprehensive set of services, which are crucial to the success of the company at large. The resources and capability sectors of Boeing include:

“Detailed and accurate

knowledge off designing

and implementing

customer-based needs

and demands”

The Boeing Airport Compatibility Group provides the product information needed to promote the continued and timely development of the world's airports (Boeing, 2013). They do this through assisting the aviation community with any of their airport-related issues regarding Boeing airplanes. They also help with the planning, engineering and evaluation of airport facilities and their functions. Boeing Capital Corporation is a global provider of financing solutions. Its primary mission is to ensure Boeing customers have the financing they need to buy and take delivery of Boeing products. Boeing Capital claims to “provide customer financing support, primarily utilizing third-party financing, while aggressively managing risk and delivering strong financial performance,” (Boeing, 2012). Commercial Aviation Services deals with customer support, flight operations, fleet enhancement, maintenance services, and material management (Kahn, 2012). The Fuel Conservation Services help the company to increase the fuel efficiency of the airplanes. Training and Flight services are in charge of training the flight crews of participating airlines (Boeing, 2012). Boeing has two main core competencies, product innovation and process innovation, which are vital to the whole company (Mayer, 2013). The product innovation strategy allows Boeing to be precise with their market forecasts after obtaining “detailed and accurate knowledge of designing and implementing customer- based needs and demands.” Boeing’s process innovation strategy is based on the famous Lean Manufacturing philosophy. Lean manufacturing is a management philosophy derived mostly from the Toyota Production System in the 1990s. It promotes the reduction of manufacturing waste and demands efficient use of company’s assets, inventory and supply chain management. This allows the company to produce a high quality product while keeping transaction costs low (Kahn, 2012). The key competency of Boeing commercial airplane segment is the capability to put into practice large-scale systems integration in making advanced and technology-based commercial aircrafts (Hitt et al., 2009).

Boeing Airport compatibility

Group

Boeing Capital Corporation

Commercial Aviation Services

Fuel Conservation

Services

Training & Flight Services


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Boeing uses similar core competencies to bolster their defense, space, and security segment. Boeing has used its skills at adaptability to be on the forefront of modern asymmetrical warfare. In an interview with DefenseNews, Defense, Space, and Security head, Chris Chadwick (2014) elaborated on his strategy,

“From our perspective, we’re looking at the world through three prisms – platforms, services and support, and information. We’re attacking it through dual paths. One is affordability because our customers are living in a more-for-less world. And then, how innovate for both growth and performance.”

In terms of affordability, Chadwick (2014) claims that over the last three years, Boeing had taken out $4 billion in cots. They are going to take out

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another $2 billion over the next couple of years. His other plan is to move from being an exporter to being a global presence. Boeing’s approach is modeled after Pixar where there are no management offices, instead there are only “collaboration offices” where all employees work together.

In an editorial for the Daily Mail Online, Waugh

(2011) argued that there is a competency gap between Boeing’s vision and strategies. The company has failed to meet deadlines multiple times in the past and the delays have caused to increase the cost by millions. The core reason for delays was the major outsourcing strategy of Boeing over its global suppliers. In order to reduce the impact of delays and to manage the supply chain, Boeing has adapted threefold strategy that includes acquisition, on-site technical support, and quality control (Boeing, 2012).

Boeing Rolls out new business strategy


Mission


MISSION The international Boeing association is composed of machinist and aerospace workers who are committed to focus and improve the relationship among employees. Providing a healthy environment in which creativity and innovation are key components to the company’s success. Boeing culture mirrors the herit age of aviation itself, built on a foundation of innovation, aspiration, and imagination (Boeing, 2012).

The accomplishments of Boeing have led it to be one of the most recognized companies in the industry. It has created multiple aircrafts that have lived throughout the years, being the creator of the first biplanes, now supporting and innovating today’s supersonic aircrafts and spacecraft’s. The massive company does not succeed by resting; it is constantly reexamining their capabilities and processes to ensure that the company is as strong and vital as its own heritage.

VALUES Boeing has set a firm value base that not only demonstrates who they are but also sets/creates a path to becoming the company they aspire to be. Boeings values include: integrity, quality, safety, diversity and inclusion, trust and respect, corporate citizenship, and stakeholder success.

INTEGRITY & QUALITY Keeping the workers honest and having them be responsible for their own actions is an integral aspect of Boeing. The quality of the company is always ensured to be the best and is always looking for better ways to improve and exceed the expectations of the customers.


S.W.O.T Analysis


Boeing has a variety of strengths to mention. The first one has to do with a “Robust Commercial Order Book”. Currently, there is a high demand for new airplanes. This is because there is growing trend to update existing aircraft frequently. The main focus is on Boeing’s successful 787 Dreamliner. The aircraft features dynamic LED Lighting, Bigger Windows with adjustable tint, spacious stowage, cleaner cabin air, lower cabin altitude, smoother ride through turbulence, and calmer engines ("787 Dreamliner Airplane | Boeing Commercial Airplanes," n.d.). In addition, Boeing has a backlog of 4,800 jets and a record total of $345 billion at the end of the September interim. The company is expected to continue its successful path despite its intense competition, low interest rate environment, and a focus on light, fuel-efficient designs. Boeing plans to increase its planned production rates that could positively enhance the company’s earnings and cash flow. The second major strength of the company is its KC-46 Tanker Program. According to Boeing’s website, “The KC-46 is a wide body, multi-role tanker that promises to revolutionize the air mobility mission…The ability to detect, avoid, defeat and survive threats using multiple layers of protection will allow the KC-46 to operate safely in medium-threat environments” ("Boeing: KC-46A Tanker," n.d.) The first delivery of the aircraft is due to the United States Air force by 2016. By 2027, Boeing plans to complete and deliver 179 tankers ("Boeing: KC-46A Tanker," n.d.). The third and final strength that the company possesses is how “financially sound and shareholder friendly” the company is. Boeing has constantly shown that it is committed to returning most of its cash to shareholders as dividends and stock buybacks. Dividends were expected to increase to two dollars a share in 2014. A 1.5%-2% increase in future yield is also expected. (Hellman, 2013)

Conversely, Boeing also has some serious drawbacks in the form of weaknesses. The first major problem that the company has is its “high R&D spending”. Research and development expenditures totaled up to 3.3 billion dollars in 2012, which was four percent of the sales that year. The cost of research and development is squeezing margins and penalizing the bottom line. It is predicted that research and development will increase further as Boeing continues to make substantial profits off of its 737 and 777 platforms. Another contributing factor is the pension costs that Boeing pays to its retired workers. The pensions cost Boeing about seventy-five billion dollars at the end of 2013. This liability is far more than the fair value of its plant’s assets. The pension plans are forcing the company to take money from its earning to meet the prior agreements with retired workers. The costs will probably not be decreasing, even with efforts to negotiate less-taxing plans with labor unions. Lastly there have been problems with Boeing’s “Execution”. The problems have mainly been with the development and production of the new 787 aircraft (Hellman, 2013). According gulf business.com first Dreamliner aircraft was finished in 2001, which was three years behind schedule. The problems consisted of engine and fuselage issues. As well as fuel leaks, cracks in the windshield, and malfunctioning lithium-ion batteries causing the entire global feet to be grounded (Anderson, 2014). The president of the company stated that the execution was unsatisfactory.


Strengths

o High demand for new aircraft o 787 Dreamliner o Backlog of 4,800 jets o Increasing plan production rate o KC47 Tanker Program o Dedicated to returing cash to shareholders

Weaknesses

o High RDR spending o Pension costs o Execution

Opportunities

o Fast recovery after recession o Aircraft carriers are looking to increase

numbers o 787 Dreamliner

Threats

o Candian manufactureres of C-Series Jets o C010 Chinese Manufacturer o Market share battle with Airbus o Increased RDR spending o Less orders from U.S.

Despite having some costly weaknesses, there is a future for Boeing. After the financial crisis and recession, the airline industry has made a fast recovery in the last few years. An increased demand, stable fuel prices, and improved macroeconomics backdrops have fueled the successful recovery. Aircraft carriers are also looking to maximize their flight decks as we head toward future wars. The 787 Dreamliner has a chance of changing from a start up disaster to a leading source of cash flow in the future. The aircraft has provoked numerous orders even after its technical difficulties. The plane has proven to be long range and fuel-efficient. Also, the 787 is the first jet to be composed of mostly composite materials. It is expected that the 787 will become profitable in the future. Paying off the start up costs will limit a profit to be me made for a while longer. By the end of 2015, the 787 Dreamliner should reach production rates of fourteen jets per month apposed to ten per month currently (Hellman, 2013). Boeing is not the only business in town. There are many threats to the currently successful company. Boeing’s competition has stepped up and is competing for more of the overall market share. Orders are in high demand for Bombardier’s new C-series jets built by a Canadian manufacture. China also has the C010 family competing for orders. There is a constant market share battle with Airbus that could potentially take away future orders. All of the present completion will continue to push Boeing to further increase its research and development spending to keep its technologic advantage. A decrease of U.S defense spending is becoming a large threat to the company. U.S defense spending continues to be cut and the effects will not reverse anytime soon with the current government. More government spending cuts could occur in the near future. To counter the cuts, Boeing is taking business outside of the country and establishing better international relationships. International business accounts for twenty-three percent of the defense segment’s total revenues and forty percent of its work backlog. In addition, Boeing plans to decrease its cost structure by 2.5 billion dollars in the coming years.


FINANCIAL Analysis


Boeing looks to be successfully continuing operations in the future. The Sales/Revenue section of the Income Statement has continued to increase over the last five years: 28.28 Billion, 64.31 Billion, 68.74 Billion, 81.7 Billion, and 86.62 Billion in 2013 respectively. Although the Sales/Revenue section continues to increase, the increase is matched with a consistent rise in the Coast of Good Sold: 56.37 Billion, 51.68 Billion, 55.87 Billion, 68.56 Billion, and 73.35 Billion in 2013 respectively. With the COGS subtracted, Boeing’s Gross Income has only increased marginally from 11.92 Billion in 2009 to 13.43 Billion in 2013. Also noteworthy, Boeing’s Research and Development costs have reduced by half in the last five years: 6.51 Billion, 4.12 Billion, 3.92 Billion, 3.3 Billion, and 3.07 Billion in 2013 ("BA Annual Income Statement - Boeing Co. Annual Financials," n.d.). In the following section, the focus will be on the Historic Prices and Financial Ratios. The official ticker symbol of The Boeing Company is BA and the stock is traded on the New York Stock Exchange. Since the recession the price of Boeing stock has dramatically increased from $38.58 to its current price of $132.78. At the beginning of 2014 the price declined by about ten dollars. Since then the price has regained and passed its lost value ("BA Interactive Stock Chart | Yahoo! Inc. Stock - Yahoo! Finance," n.d.). I will be going over the following financial ratios of Boeing: Price to Earnings Ratio, Price to Sales Ratio, Debt to Equity Ratio, Current Ratio, Accounts Receivable Turnover, and Total Debt to Total Assets Ratio. Boeings Price to Earnings Ration is $22.08. This ration is the best-known investment valuation indicator. “A high P/E ratio means investors are paying more for today’s earning in anticipation of future earnings growth” ("8 Simple Investing Ratios You Need To Know - Slideshow | Investopedia," n.d.). The Price to Sales Ratio is 1.20. “This ratio measures the price of a company’s stock against its annual sales and reflects how many times investors are paying for every dollar of a company’s sales” ("8 Simple Investing Ratios You Need To Know - Slideshow | Investopedia," n.d.). Currently, Boeing is paying 1.20 for every dollar of sales. The Debt to Equity Ratio is currently 65.50. This ratio is used to compare total liabilities to its total shareholders’ equity. “This is a measurement of how much suppliers, lenders, creditors and obligors have committed to the company versus what the shareholders have committed. A lower number means that a company is using less leverage and has a stronger equity position” ("8 Simple Investing Ratios You Need To Know - Slideshow | Investopedia," n.d.). Boeing’s Current Ratio is 1.26. The Current Ratio is created by dividing the current assets by the current liabilities, the higher the current ratio, the better the company’s liquidity ("8 Simple Investing Ratios You Need To Know - Slideshow | Investopedia," n.d.). The company’s Receivables Turnover is 13.47. “This ratio represents the number of times in the period that the payment owed to a company will be collected. A higher number means that the company collects more frequently” ("Analyze Investments Quickly With Ratios," n.d.). Lastly, the Boeing’s Total Debt to Total Assets Ratio is 10.51. “As a general rule, a number close to zero is generally better, because it means that more assets were paid for without debt” ("Analyze Investments Quickly With Ratios," n.d.).


Company Culture


COMPANY CULTURE

The success of Boeing Company has been driven by its culture and ability to understand the business environment. First, the company’s culture comprises of good people who appreciate working in one of the existing sectors in the world. The people understand the company’s culture that aligns to the aviation frameworks of innovation and creativity. The people work as a team to deliver quality customer service, innovation, productivity and promote their company’s brand. The organizational culture emphasizes on some key aspects including customer knowledge, technical excellence, and large-scale processes integration. Boeing also values diverse skills and perspectives within its employees. Thus, it had developed a collaborative workplace that allows employees to develop solutions for any customer problems for the success of the company. Its recruitment and selection process employs people from different ethnic and cultural backgrounds in order to enhance diversity. The diversity of the employees has given the company a competitive edge in the international business environment.

According to Yenne (2005), Boeing gives the diverse workforce an opportunity to identify and develop their strengths and perspectives in the different levels of the organization. Some of the company’s sponsored groups have been influential in promoting diversity in the company. The Boeing diversity councils that comprises of subordinate employees, line manager and managers have created a respectable and inclusive culture. The group provides learning and leadership skills, promotes effective communication and supports the proper implementation of the company’s plans. Another group is the Boeing Affinity groups developed to promote personal and professional growth of the employees within the organization. They also support diversity and networking with the different departments.

Strong Leaders, Stronger Boeing


Soc ial Re s pons ib i l ity

“ Being apart of our community is a

Boeing core value ”

Being a global firm, Boeing has developed relevant efforts towards improving the social and economic aspects of the world. It has collaborated with different community organizations to promote positive changes in the community. There are corporate contributions distributed to different local communities. Boeing is also focused on promoting the quality of learning climates for improved education. For example, Boeing has funded California State University to create a good curriculum for teachers, more the special education teachers. It has community-based programs that support the conservation of energy and development of sustainable development programs. Boeing’s social responsibility efforts can also be reflected by their efforts to drive environment improvements in their sector. The workers of Boeing participate in different domestic and international environment forums and organization. Some of the organizations include Air Transport Action Group (ATAG), Business for Social Responsibility (BSR) and Algal Biomass Organization among others (Yenne, 2005). Moreover, the operations of Boeing are governed by ethical standards and provisions, in which provides for a fair and impartial working setting. It requires that all employees and company relationships must comply with ethical business conduct. Some of the ethical standards that guide Boeing employees include honesty, reputation and impartiality. Also, the employees are not expected to engage in any form of conflicts of interest, drive personal gains or engage in illegal or unethical actions. The strict ethical standards have helped Boeing enhance ethical responsibility and performance in the company.


Company triumph


We selected Boeing Company due its various attractive capabilities and aspects. First, Boeing has a high earning potential in relation to its recent financial performance. In last two years, Boeing has reported an increase its earnings per share. The improved earning potential would lead to better salaries for workers as well as improved working conditions. Boeing also recognizes its workers by offering different benefits. The benefits include competitive salaries and additional benefits. The additional benefits include retirement health care plans, retirement benefits and non-financial rewards such as protection of their employees. Boeing employees have access to online learning centers that offers adequate learning and education opportunities. Other benefits include Boeing discount programs and international allowances. In addition, Boeing has relevant and reliable career growth programs. Boeing rotation program in different international locations helps in learning and development of the employees. The employees are assigned to rotational assignment that exposes them to different ideas and communities. Thus, employees are able to understand how to adapt to different environments as well as learning cross-functional areas and skills. Boeing has special recognition programs for its employees and even suppliers. The management recognizes exceptional performance from the employees by providing employee incentive plans or even special incentive awards. Similarly, the suppliers are recognized when the company achieves superior performance. Boeing also organizes appreciation dinners and events for celebrating the outstanding performance of the team. It also offers appreciation of military personnel during special occasions. Boeing has a flexible working environment for its employees that have led to its productive environment. The employees can also work on different lines of work depending on the current demand at the workplace. Boeing also accommodates family employees by assigning home assignments for them to enjoy balanced lives. Most important, Boeing focuses on creating a friendly and diverse environment for its employees. In Boeing, individuals work with people with diverse skills, abilities, and cultures. The diversity helps make for a friendly and collaborative working experience at Boeing. Boeing remains one of the most exciting companies for employees due to its accomplishments in the aircraft industry. The company is usually committed to its various values that guide its day-to-day operations. All people work together in striving for continuous quality improvement. The satisfied customers have also been influential in encouraging Boeing towards improving its service delivery and performance. Therefore, Boeing is an attractive and appropriate company in supporting personal and career development of the various individuals.

T a k i n g t h e l e a d


Company succes s

Safety In order to instill confidence in the workers, safety is a number one priority for the company. Ensuring the safety and health of every single worker not only improves job quality but increase the longevity and loyalty of the workers. Diversity and Inclusion Seeing as the company is consistently developing products with innovation, diversity among the team allows for better workflow and increases creativity having different perspectives. Trust and Respect Boeing’s core values: integrity, consistency, and honesty, are implemented in every action a worker takes. Corporate Citizenship Boeing promotes the health and well being for both the community they represent and the customers they serve. They practice corporate citizenship by helping financially and volunteering with educational programs as well as other organizations that give back to the community. Stakeholder Success By operating profitability and with integrity, Boeing provides customers with valuable innovation while ensuring employees safety. Boeing is considered to be an ethical company in which it performs daily operations with the upmost integrity and quality. Boeing prides itself on rewarding investors and increasing shareholder value. All the while conducting business lawfully and ethically, maintain integrity throughout staying true to the values of the company.

THE BOEING COMPANY

Conclusion

The success of Boeing Company has been driven by its culture and ability to understand the business environment. As the world’s largest aerospace company and leading manufacturer of commercial jetliners and defense, Boeing has continued to lead the way with their innovative technologies and processes. Boeing continues to succeed at being one of the most innovative companies due to its accomplishments in the aircraft industry. The company is committed to its various values that guide its day-to-day operations. Boeing strives for continuous growth and quality improvement. The satisfied customers have also been influential in encouraging Boeing towards improving its service delivery and performance. Therefore, Boeing is an attractive and suitable company in supporting the growth and innovation within the aircraft industry. Boeing looks to be continuing operations in the future while maintaining integrity and innovation throughout.


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