Strategies used to respond to competition

Dr Frankie O’Connell

Istanbul Technical University

Air Transportation Management, M.Sc. Program

Airline Business Models and Strategic Management

Module # 4

9th December 2016

Strategies used to respond to Competition and Diversification Strategies

Dr Frankie O’Connell

Turkish Airlines Executive MSc

December 2016

Outline

• Defending the position of the airline

• Strategy of Singapore Airlines

• Innovation

• Uplifting the Brand

• Methods adopted to respond to competition

• Strategies available to enhance and respond to competition

• Diversification Strategies

• Collaboration • Building Competitive advantage (Matching the requirements of passengers)

Hyper Competition in the Airline Industry

The Airline Business has changed over the years from:-

Regulated to Deregulated

No Nonsense to User Friendly

Rigid to Flexible (e.g. fares)

Government owned to Privitised

Procrastinate to Reactive

Inward to Outward Looking

Rules driven to Business Driven Profit Centres

Labour Driven to Technology Driven

Strategy can be viewed as the building of defenses to protect a company from

competitive forces or to position the company where competition is weak (Michael Porter)

Knowledge of the company’s capabilities and the forces of the surrounding

competition will become indicators to a company if it should confront or avoid

competition.

Kotler outlines a framework whereby a company can segment its defenses

depending on the objectives of the encroaching competition. (Source: Kotler, P. Marketing Management editions 1-14)

Objectives of Strategy for use in Competition

(1) Position

Defender

Position Defense

Source: Kotler, P. Editions 1 - 14

(6) Contraction

Contraction: Firms realise that they can no longer defend all the territory

(2) Flank

Erect Flanks: to protect a weak Front

(3) Preemptive

(4) Counteroffensive Attacker

Preemptive: Attack before being attacked

Counteroffensive: When attacked, counteract with an attack

(5) Mobile

Mobile: Leader streches its domain over new territories

Decision Making?

Poor

Decision

Making

Singapore Airlines is considered to be one of the world’s Best airline to benchmark against

Singapore Airlines’ organizational activity system

supporting cost-effective service excellence

Source: Heracleous, L., Wirtz, J. (2009). Strategy and organization at Singapore Airlines: Achieving sustainable advantage through dual strategy,

Journal of Air Transport Management, Volume 15, Issue 6, November 2009, pages 274-279

Hong Kong – San Francisco

Barcelona – Sao Paulo

Frankfurt – New York JFK

Moscow - Houston

Tokyo – Los Angeles Milan - Barcelona

Singapore Airlines

Bypassing the Hub 7th and 8th Freedom Traffic (2016 data)

Canberra – Wellington

(Capital) (Capital)

Seoul – San Francisco

Munich - Manchester

Johannesburg – Cape Town

SIN $ Million

Passenger Revenue 7,893.4

Bellyhold revenue from carriage of cargo 999.4

Others 2,793.3

Total Operating Revenue 11,686.1

Total Operating Expenses 11,210.0

Singapore Airlines 2015/16 financials

Operating Profit $476.1

20

09

/10

20

10

/11

20

11

/12

20

12

/13

20

13

/14

20

14

/15

20

15

/16 $0

$2,000

$4,000

$6,000

$8,000

$10,000

$12,000

$14,000

Total Revenues

Mil

lion

s

Total Expenses

Operating Revenues and Expenses

2011/12 2012/13 2013/14 2014/15 2015/16

65%

70%

75%

80%

85%

90%

Load Factor

78.0%

78.0% 82.0%

79.5% 80.2%

Break Even

Load Factor

77.4% 79.3% 78.9% 78.5% 79.6% 0.6%

1.4% 3.1% 1% 0.6%

Singapore Airlines

Operating Performance

Source: Singapore Airlines

Load F

acto

r

2015 data

Complexity

of SIA

Associated

Companies

within the

SIA Group

2003 0%

10%

20%

30%

40%

13%

LCC market share within S.E. Asia Seat capacity 2003 – 2015

2

015

50%

60%

70%

60%

2004

2005

2006

2007

2008

2009

2010

2011

2012

2013

2014

Source: O’Connell, CAPA, OAG

(% o

f sc

hed

ule

d s

eats

)

The ASEAN liberalisation in its entirety would entail unlimited 3rd, 4th and 5th freedoms for all

designated points within the ASEAN sub-regions and unlimited 5th freedom traffic rights for the

capital city in each the policies to liberalise in wider Asia as well. This is underpinned by the

ASEAN Plus agreements that are underway, one of which was between the ASEAN states and

China providing for unlimited 3rd and 4th freedom opportunities for both sides except to Hong

Kong, Macau and Taiwan. The overriding factor is the availability of airport slots.

ASEAN Open Skies in 2016

Fleet On order

(2016) (2016)

Lion Air (737/A320 series) 110 472

VietJet Air (Vietnam) 37

Air Asia Group (A320s) 161 303

180

IndiGo (A320 series) 111 424

Jetstar Group (A320s) 101 99

To REACT: almost every flag carrier in Asia has set up a LCC subsidiary ..... Will it work?

LCCs are growing very quickly in Asia

2016 data

TigerAir (Singapore) 49 41

The Big Four

Will Thai Airways Survive after ASEAN?

79% 87%

71% 81% 85%

0%

20%

40%

60%

80%

100%

Passengers

11%

7%

15%

Cargo

6% 3%

1% 5% 12%

Other

7%

Revenue distribution of business units from Network Airlines

2013/14 data

Source: Company reports

5% 13%

MRO

3% 7%

Catering

IT

2%

Other: can include catering, charter flying, maintenance

Lufthansa Group

Revenue Contribution % of each Business Unit – 2014 data

(Lufthansa Group)

Source: Lufthansa Group

Passengers 69.7%

IT Services

2.1%

MRO

12.9%

Catering 8.1%

Logistics/Cargo

7.2%

Service

Companies

2009/10 2010/11 2011/12 2012/13 2013/14

0%

5%

10%

15%

-5%

-10%

) )

) )

MRO )

)

,

, ,

Catering ,

, , '

IT '

' '

'

'

$

$

Cargo/

Logistics $

$ $

$

Passenger

Opera

ting M

arg

ins

Operating Margins of Lufthansa’s Business Units

Source: Lufthansa

Lufthansa’s business units

* Partnerships include Porto Rico where it will conduct

heavy checks (C & D) on A320s. JetBlue is the largest

Airline serving this state and LH has a 19% equity

Its extensive know-how in culinary excellence and logistics

has led to its successful entry in adjacent markets, such as

train services and retail.

*

Operating Result for

2014 €380 million

Operating Result for

2014 €88 million

Lufthansa vision for 2020 for Revenue Growth

Source: Lufthansa

Ideas

Source: Goffin and Mitchell (2005): Innovation Management: Strategy and Implementation using the Pentathlon Framework

Innovation Strategy

Prioritization Implementation (New product development)

Innovation Strategy

People and Organization

Goals Communication

Measures

Culture

Appraisal

)

Technology

)

)

Motivation

)

)

)

)

Air New Zealand’s economy class Sky Couch

Computer storage in the 1970s

Computer storage … 2000s

How things change

Computer storage ... today

36% of Airline IT budget now spent on Innovation

Data (e.g. Movies) from onboard silo’s will be increasingly streamed to hand held devises

Increase in use of Smart watches – ‘Boarding pass’ on watch

Staff using Wearable technologies – 10% of Airlines worldwide are trialling such services

Frontline staff will increasingly use Tablets because of their larger screen – 70% are estimated by 2018

Location based notifications such as ‘Time to Gate’, which will increase On-Time departures

will be achieved by 70% of the Global carriers by 2019.

Resolving Customer Service issues such as Missed flights via Mobile phones will be added

to Apps .... Now in 30% of Airline Apps

Selling ancillary products via Mobile Apps have BIG potential: last minute impulse purchasing

like: Seat selection, more legroom, upgrades, change flights, car rental, hotels, etc

IT Trends for 2016

Mobile Aps

Over the coming years the majority of airlines will offer WIFI

Data (Movies) from onboard silo’s can be streamed to hand held devises

Mobile Apps will allow passengers to book destination services such as Taxi’s, Restaurants

Frontline staff will increasingly use Tablets because of their larger screen – 70% are estimated by 2018

Airlines can be notified of the passenger’s

location in the airport, which will ensure

On-Time departure. This will be essential when

passengers are connecting from different flights

Kiosks will offer a wider range of options

such as new issuing new tickets due to

disruptions and declaring lost baggage

IT applications that Airlines are investing in

Source: SITA, 2015

By 2018 70% of airlines plan to

keep passengers up to date with

the location of their Baggage

IT tools in the form of Beacons located in the Airport which will use Bluetooth, WIFI, NFC to

connect to passengers mobile devise, will assist passengers with:

Way finding

Flight & Gate info

Time to Gate

Baggage Collection

Checking in passengers

This is changing very quickly

Online

Kiosk Smart phone

Traditional method

Automatic: 30 hours before departure (AF)

Tablet

2015

Global Check-in Channel Mix (2015/16 data)

2018

% of passengers by channel checking in

Source: Airline IT trends, SITA 2015

Sourcing an Opportunity Changing the Cabin

• Dedicated Premium Economy check-in.

• A separate cabin with a maximum of five rows

• Up to 38 - 41 inches of leg room versus 31 inches in economy

• Seat Width is 20 inches vs 17 in economy

• Seat recline 8 inches vs 5 in economy

• Seat has adjustable headrest with Leg support & foldout foot rest

• Power port at every seat

• Superior IFE and extra baggage allowance

Premium Economy – Market opportunity

Premium economy fares typically cost 30-50% more than an economy ticket

Premium

economy

Air France B777-300ER

Air Canada Densification of 777-300ERs

Economy - 307 seats Business – 42 seats

• In 2009: Air Canada had a 2 class layout with 42 Business class seats and 307 Economy

• The economy class was configured in a 9 abreast configuration with a pitch of 32” and

a seat width of 18.5”

• By 2013 Air Canada had a 3 class layout with 40 Business seats; 24 PE; 336 Economy

• Densification: 1 seat per row added to economy, reducing the pitch to 31’’ & width to 17’’

349 seats

2009

Boeing studies indicate that that there is no significant difference in comfort perception

of 777 in 9 abreast & 10 abreast configurations as other factors influence comfort

Economy – 336 seats PE 24 Business – 40 seats

400 seats 2013 to Today

Purchasing an upgrade to premium economy

Middle Seat is

always kept empty

Lufthansa A320neo – from 2016 onwards

Lufthansa Seat Densification Strategy

Economy - 132 seats Business – 28

Lufthansa A320 – until 2015 ..... 160 Seats

... 172 seats

Economy - 144 seats Business – 28

• Reduce seat Pitch to 30’’ and install smart Lavatories and smaller galley’s

Configuration of A320

Newer Configuration

Traditional Configuration

Brand strength of Emirates

Emirates spends 4% of its revenues each year on branding

It is split evenly between Advertising and Sports Sponsorship

US $Billions

6.64

6.33

4.86

4.09

3.65

3.64

3.46

2.95

2.93

2.91

1

2

3

4

5

6

7

8

9

10

2.59 12

Top 2015 Brand values (US $Billions)

Source: Brand Finance, 2015

2.77 11

2.35 13

2.22 14

US $Billions

Yippie!

Emirates Sponsorship - Football

Football is a truly global sport and consequently has always been an important strand to

Emirates’ sponsorship portfolio. Emirates has arguably become one of the most

prominent airline brands within football.

Emirates was an Official FIFA Partner from 2007-2014. It ended its

partnership after the corruption allegations in the Summer of 2015

Asian Football Confederation Arsenal and Emirates stadium

Real Madrid Paris – Saint Germaine Hamburg SV

AC Milan

Portugal: S.L. Benfica Saudi: Zain Professional LeagueGreece: Olympiacos FC

Shirt sponsorship between Emirates and Real Madrid

Shirt deal is costing € 30 million a year

• Real Madrid is the world's richest football club in terms of revenue, with an

annual turnover of €513 million.

• The club is worth €3.3 billion

India, Pakistan & Sri Lanka are ‘Cricket Mad’

The umpires also weak the Emirates logo

Emirates is the Official Airline of 22 Major Golfing

tournaments worldwide.

Golf holiday packages sold worldwide represent

more than €1 billion per year.

The golf business is valued at around $38.8 billion

per year

Emirates tennis portfolio includes some of the most

high profile events on the ATP and WTA Tour.

It includes the US Open and the French Open

Emirates Sponsorship ….. cont

Emirates have sponsored the Emirates Team New Zealand since 2004

It started services to New Zealand in 2003

Emirates is involved in some of the biggest races across the

world including the Melbourne Cup Carnival, the Dubai World

Cup, Dubai International Racing Carnival & the Singapore Derby

Emirates will sponsor the Rugby World Cup 2015 and 2019

It sponsors the referee’s (International Rugby Board)

It sponsors the Dubai Rugby Sevens, US Rugby 7s & Glasgow 7s,

Emirates Sponsorship …. /Cont

Melbourne, Collingwood Football Club

Emirates sponsors the Collingwood Football Club which is

the most supported club in Australia – with 70,000 spectators/game

The team was won 15 premierships and has contested more

grand finals than any other club in the history of the sport

Countries that hosted a Grand Prix in 2015

Emirates signed a five-year agreement which will see its ‘Fly Emirates’ branding

trackside at 15 of the 19 races

Australia is sponsored by Qantas; Bahrain by Gulf Air; Abu Dhabi by Guess Who?

$40 million (Source: Forbes, 2013) Emirates’ investment for F1sponsorship each year is?

Emirates Sponsorship of Formula 1

F1 has a global television audience of 425 million people – many of these fly regularly

Emirates Cultural Sponsorship

Emirates and the Australian Symphony Orchestras are

organisations with similar values, sharing the same high

standards of excellence, innovation and quality. EK’s

brands are synonymous with luxury, creativity, style

and first class entertainment.

Australian Symphonies

The San Francisco Symphony is an orchestra that has

been an integral part of the city’s arts and culture

landscape since 1911. Nearly 600,000 people hear

over 220 concerts and presentations of the San

Francisco Symphony each year

San Francisco Symphony

Dubai International Film Festival Since its inception in 2004, the Dubai International

Film Festival. It attracts top talent including George

Clooney, Sharon Stone, Goldie Hawn, Oliver Stone,

Nicholas Cage, Danny Glover, Anil Kapoor, Abhishek

Bachchan, Mohammed Al Mansoor, Mirvat Ameen,

Richard Gere, Salma Hayek and many more

Emirates continuous brand development

Is this the way of the Future?

1-directional vertical

engagement

2-directional vertical

engagement

Multi-directional multi

lateral engagement

(Trialogue)

Shift between Traditional and Social Media engagements

Source: Blanchard, 2011

Number of Monthly Active Facebook’s Users (millions)

2004 - 2015

Source: Facebook

In 2006 , Yahoo gave an offer of $1 billion to buy Facebook

Facebook is now worth over $200 billion, But Yahoo value is $39 billion

2015

1 6 12 58

145

360

608

2004 2005 2006 2007 2008 2009 2010

0

200

400

600

800

1,000

1,200

1,400

1,600 1.44 billion

845

1,056

1,230 1,317

2011 2012 2013 2014

Mil

lio

ns

Facebook is the Second Largest and popular website in the Internet next to Google

Facebook has 936 million daily active visitors

79% of all users are accessing Facebook from their mobile phones

Businesses spent $2.66 billion on Facebook advertising on Q1 2015

an average ad in Norway costs $1.28 per click, while in Venezuela, it’s just 5 cents.

More videos are uploaded to Facebook than Youtube

The average Facebook user spends 21 minutes a day on the platform

136,000 photos uploaded to the site each minute

500,000 Likes are posted each minute

There are 1 billion different aps on Facebook

48% of 18-34 year olds check their Facebook when they wake up

Some Facebook facts

(Summer 2015 data)

Source: Facebook

Tweets

Come to the land of Dreams

The video has received 10 million hits (Airline Business)

Mentioned on ABC news, CNN, MSNBC and Fox According to YouTube – it was ‘Top 10 most shared video’s of 2010’

People took note of the fun, upbeat video and forwarded it to others via email and social media networking sites such as Facebook and Twitter

http://www.youtube.com/watch?v=Lqh8e2KYIrU

Virtually overnight, CeBu Pacific was instantly brought into the International Spotlight for the RIGHT reasons.

It showcased that the Philippine airline was warm, friendly and talented – an airline that people would become attracted to • It did not cost the airline anything

YouTube sensation – Viral Marketing

WestJet gift wrapped presents for each of the passengers

which totally surprised them and made them happy

The event was captured on video by Westjet and released

to YouTube

It got 36 million hits (Sept 2014) and was a PR masterpiece

Southwest Airlines encourages its passengers and crew to do

fun things onboard

Flash mob at Dubai airport

Creating a ‘Wow Factor’ - Uplifting the Brand

Airline

Marketing

Understand

Marketing

Passenger

Segmentation

- Business Traveller - Leisure Traveller

Connecting with

Passengers

- Customer Relationship Management - Frequent Flyer Program- Corporate Policy

Build a

Strong Brand

Shape the Market

Offerings

- Setting the Product Strategy- Develop Pricing Strategies

Advertising

Source: Adapted from the literature of Kotler and Keller (2006) and Shaw (2004)

Capturing the

insights of the

Passenger

- Customer Satisfaction

- Customer Perceived Value

- What does the Passenger

Want?

Important Aspects of Airline Marketing – Directly Related to Strategy

Source: O’Connell, 2007 - Adapted from the literature of Kotler and Keller and Shaw

The Importance of Corporate Contracts

• Corporate contracts are key to the profitability of an airline and are negotiated contracts

• Lufthansa’s corporate contracts accounted for 38.6% of its total passenger revenue in 2012

• Alitalia corporate contracts accounts for 25% of its total passenger revenues in 2015

( (

( ( ( (

( ( ( ( ( )

) ) )

) ) ) )

) ) )

,

,

,

, , , ,

, ,

, ,

20

05

20

06

20

07

20

08

20

09

20

10

20

11

20

12

20

13

20

14 $0

$200

$400

Billi

on

s

20

23

(

( ( ( ( ( ( ( (

20

15

20

16

20

17

20

18

20

19

20

20

20

21

20

22

)

) ) ) ) ) ) ) )

$600

$800

$1,000

,

, ,

, ,

, ,

,

,

So

urc

e: A

mad

eus,

Oxfo

rd E

cono

mic

s , B

usi

nes

s T

ravel

in A

sia

Pac

ific

: S

etti

ng t

he

Sm

art

Co

urs

e

Total Corporate Travel Spending (Air fare, hotels, car, etc)

China now spends $250 billion on corporate travel is expected to spend and $500 billion by 2023

Continental Airlines (Brand development through Advertising) (Only US Airline that did not file for Bankruptcy at the time)

Source: Continental Airlines accounts and Nielsen Media Research

1995 1996 1997 1998 1999 2000 2001 2002 2003

0

5

10

15

20

25

-5

-10

% Change in RPK

% C

han

ge in

RP

K

% Change in Advertising &

0

50%

20%

10%

30%

40%

-10%

-20%

% C

han

ge in

Ad

vert

isin

g

&

&

&

& &

& &

&

&

Fare Reduction

Benchmark In-flight Products

Continuous Training of Service Staff

Reduce the complexity

Customer Focus and CRM

Increased the leverage of FFPs

Cost Restructuring

More Transparency with Employees

Working closely with Unions

Increasing Productivity

Increase Advertising & Brand Awareness

Low Cost Airline within an Airline

Scheduling to improve productivity

Enhancement of IT

Strategic switch in Distribution Channels

Corporate Contracts with Companies

Strategies available to enhance competitive advantage

Passenger segmentation (Leisure and Business)

Cargo (bellyhold)

Increased use of Regional Aircraft

More cost synergies with alliances

More revenue synergies with alliances

Increased Code Sharing

De-hubbing

Smooth interlining at Hub

Anciliary Revenue

Cargo Revenue

Equity Investments

Cut unprofitable routes – regardless of politics

Stand alone business centres (e.g. Catering)

Become better Negotiators

Effective and Visionary Leadership

Source: O’Connell

Capability

Platform

Core Competencies

• Market position at hub

• Landing Slots

• Aircraft and Network

• Infrastructure/terminals

• In-house strengths (Maintenance)

• Brand

• FFP membership portfolio

• Lounges

• Staff Dedication

Airline Capability Platform

Source: O’Connell

Capability

Platform

Core Competencies

• Market position at hub

• Landing Slots

• Aircraft and Network

• Infrastructure/terminals

• In-house strengths (Maintenance)

• Brand

• FFP membership portfolio

• Lounges

• Staff Dedication

Growth-

Enabling

Competencies

• Code sharing/Block space

• Alliances

• Mergers & Acquisitions

• Equity Investment

• Deregulation Experience

• Negotiation Skills

• Alternate Financing

• Advertising

• Promotions

Business-

Specific

Competencies

• Network Management/Planning

• Consumer Marketing

• Yield Management

• Complex Operations Management

• Customer Services Management

• Inhouse/Outsourcing

Development

• Safety

• Training/Skills Development

• Forecasting

Special

Relationship

• Customers

• Frequent Flyers/CRM

• Alliances

• Governments

• Regulatory Agencies

• Airports

• Distribution (GDSs)

• Manufacturers/Leasing

Collaboration

Improved Competitiveness

by Collaboration

Interlining with LCCs e.g. JetBlue, Gol, WestJet

Code Sharing & Block

Space agreements

Alliance membership Equity Partnerships e.g. Etihad with Virgin Australia, Air Berlin,

Air Seychells, Alitalia, Air Serbia,

Jet Airways, Etihad regional

Franchising arrangements e.g. LAN, Air Asia, BA’s Comair

Regional Airlines e.g. Air Dolomiti with Lufthansa

Merger

General Interlining with

FSAs e.g. PIA with United

Source: O’Connell

Sustaining competitive advantage

Source: Johnson et al. Exploring corporate strategy

Sustaining competitive advantage

Price based strategies Differentiation

Lock in (keep)

- Accept reduced margins

- Win a price war - Reduced costs

- Focus on specific segments

- Create difficulties of imitation

- Achieve imperfect mobility

(of resources/competencies) - Reinvest margin

- Maintain size/market dominance

- First-mover advantage

- Reinforcement - Rigorous reinforcement

Most important strategies used by European Full Service Airlines to respond to Low Cost Carriers

S

ourc

e: O

’Conn

ell,

PhD

2007

Serving primary or hub airport

Satisfying the needs of the passenger

Frequent Flyer Programs

Product differentiation & innovation

Full union transparency

Revenues generated via alliances/code sharing

Interlining traffic

Ticket flexibility & refund ability

Partnership/ownership of regional airline

Driving profitability through Cargo operations

Building value through CRM

Travel policy arrangements with corporations

Dynamic packaging

Joint purchasing with partners

Equity investments in other airlines

Diversification strategies

Setting up a low cost carrier subsidiary

Maintaining business class in short-haul

Importance of advertising

Operating to secondary airport

Operate some routes point-to-point

0% 20% 40% 60% 80% 100%

extremely (5) some what (4) some (3) not very (2) not at all (1) .

5.0

4.80

4.53

4.40

4.26

4.26

4.20

3.86

3.80

3.73

3.70

3.66

3.66

3.60

3.53

3.46

3.40

3.20

3.20

3.0

2.93

Average

score

Satisfying the needs of the passenger

Driving profitability through Cargo operations

Serving primary or hub airport

Product differentiation & innovation

Frequent Flyer Programs

Interlining traffic

Revenues generated via alliances/code sharing

Setting up a low cost carrier subsidiary

Diversification strategies

Maintaining business class in short-haul

Travel policy arrangements with corporations

Equity investments in other airlines

Partnership/ownership of regional airline

Ticket flexibility & refund ability

Full union transparency

Importance of advertising

Joint purchasing with partners

Building value through CRM

Operating to secondary airport

Dynamic packaging

Operate some routes point-to-point

0% 20% 40% 60% 80% 100%

extremely (5) some what (4) some (3) not very (2) not at all (1) .

5.00

4.91

4.82

4.73

4.64

4.55

4.55

4.45

4.36

4.27

4.18

4.00

3.73

3.55

3.45

2.91

2.82

2.64

2.18

2.00

1.64

Average

score

Most important strategies used by Asian Full Service Airlines to respond to Low Cost Carriers

Source: O’Connell PhD, 2007

Virgin Atlantic has 3 main businesses

Virgin’s Earnings for 2012/13 are :-

Passenger revenue £1.9 billion

Virgin Cargo £230m

Other revenues (mostly Virgin Holidays) £193 million

Source: Virgin Atlantic

In 2009 Virgin posted a heavy group pre-tax loss of

£132 million. However its holiday division posted a

profit of £24 million

Diversification Strategies - Holiday Division with Virgin

Many airlines today have Holiday divisions – Brand dependent

Dynamic Packaging could be the future?

Important strategies used by the Middle East /Indian/ African

airlines to respond to Low Cost Carriers

Source: O’Connell PhD, 2007

Thank you all very much