Business Strategy British airways - Essay Example

Business Strategy Pierre Messier A4080128 British Airways and its Strategy British Airways is the national airline of Great Britain. It was established in 1974 as a result of a merger of 4 British airlines. British Airways were privatized in 1987. BA expanded as a result of acquiring British Caledonian in 1987, Dan Air in 1992, and British Midland International in 2012. In 2011 British Airways merged with Iberia, creating the International Airlines Group (IAG), the world’s 3rd largest airline group in terms of annual revenue and the 2nd largest in Europe.   Task 1: (LO 1) 1.1. Strategic planning, vision, mission, objectives and core competencies All over the world, organizations have always sought to reach out to their main goals through developing various tactics through which the envisioned goal can be achieved. Whereas every organization would have a goal, the chances of achieving the goals and the objectives set forth would only be possible where the organization has a well-developed and relevant strategy. The concept of strategy is, therefore, considered as the key pillar to the realization of the dreams and or the vision and the mission of any organization. Basically, strategy can be designed as a plan of action or policy designed to achieve a major or overall aim of an organization or entity. In this paper, greater focus has been given to British Airways (BA) and how the organization’s strategy may have worked for or against the organization in the achidfewmne3nt of its overalls goals and objectives.  The vision and the mission of British Airways are indeed pillars to which the organization has worked and provided aviation services for the long-time the airline has existed. The vision of the airline is to become the most preferable airline providing premium quality air travel services to the rest of the world. By this, the organization has set in motion a well cut out picture of what is to be achieved (Ansoff, 1987). In talking about the vision of BA, one has to make a number of considerations. The first is the fact that the organization is not a monopoly. In this case, there is the consideration that there are many other airlines competing within the markets, many of which offer similar services to consumers. As such, it is the role of the airline to work hard and ensure that it stands out as the best amongst the competition. From the vision, it is apparent that British airways do exist within a market that is wide and large. So far, the vision does factor on the fact that the markets are not exhausted. So much is yet to be tapped. Even with the growing number of airlines across the globe, BA must stand up to the competition and seek to grow into various markets across the globe. The mission statement of British Airways; "One Destination seeks to ensure our customers fly confident that, together, we are acting responsibly to take care of the world we live in". Basically, this mission does factor in the aspect of quality. Indeed, quality has been a major pillar that has seen BA remains competitive over the years. Even with the rising of many Global Airlines, particularly from the Middle East, most of what the company offers has factored in well in terms of the quality. In this case, the organization seeks to be the tower of hope and realization of personal achievements to all those that seek to have the nest quality in air travel services (Johnson & Scholes, 2004). BA’s objectives, on the other hand, have sought to define the stakeholders of BA and how the organization seeks to deal with these stakeholders. So far, the stakeholder with great interest to the organization is the consumer. This is because the consumer remains to be the reason as to why the organization exists. From its mission, vision and planning statements, British Airways has made submissions that stakeholders to the organization are "The individual or groups who have interest in how an organization performs because they have some stake in it and thus it affects them in someway". 1.2. Strategic planning and review of the issues involved in strategic planning in BA Strategic planning refers to the manner in which an organization defines its direction or strategy and decides on how to allocate its resources in pursuing the strategy. The development of BA strategic plans is mostly focused on the developments within the markets against the capabilities of the organization. In this case, the planning process within BA has in most cases focused on both the global trends in the aviation industry and the nature of infrastructural and human resource capabilities within the firm. As such, strategic planning has been a reaction to the current situation, the overall trend and the focus on what is expected to happen within the aviation markets over a govern period of time. As such, the planning has always had both the short-term objectives and the long term objectives. 1.3. Strategic planning techniques and how they apply to BA Strategic planning techniques are the tools, approaches and procedures that an organization can apply to come up with an operative strategic plan. Organizations can use techniques such as BCG growth-share matrix and SPACE both of which apply to British Airways. The SPACE technique can well be used in making good of the analysis of British Airways. So far, this has been a technique that has been commonly used by BA, in coming up with the necessary detailed tactics to reap the most from the aviation markets. SPACE Analysis Strategic- The strategic aspect involves placing the organization into states that would enable it utilize its strengths. In this case, strategic is all about taking a clear cut focus on what has happened before and what is expected. The organization has indeed been doing this through looking at the challenges facing the markets and developing tactics that would cushion the organization from any dangers that may be poised to its growth plans. Position-Positioning is all about taking advantage of the opportunities presented by the markets. So far, British Airways has been quite effective in as far as [positioning is concerned. This involves taking advantage of the opportunities in various global markets. The first positioning aspect that would be considered is the fact that BA id the official British Airline. This positioning cannot be cast into doubt as it is in nature advantageous to the company as compared to many others within the British markets. On the other hand, other aspects of position would be dependent on the trends and developments within the Global Business markets. For purposes of positioning within the markets, the cooperation has since 2006 embarked on increasing its presence within the Middle East region, owing to the increasing number of consumers moving across Europe and other regions  Action Evaluation Matrix- British Airways compete with both domestic and international airlines on short-haul and long-haul routes. BA has a vision of becoming “the world’s leading global premium airline”. The company has several lines of products and targets different customer markets with those products. For example, its business class products are geared towards corporate customers. Responding to the difficult economic situation in the UK, BA reduced its employee base significantly throughout the recession. BA had plans of achieving target savings of £300 million for reduced staff costs during 2006 and 2007. This was in addition to planned £450 million savings from programs including greater use of technology and reduced external spend. The cost reduction plan included 30% reduction in employee costs at BA head office. Despite cost reductions BA aimed to maintain the size of its flying programme. In 2009 and 2010 in response to declining passenger numbers BA planned to slash almost 3,700 jobs. BA claimed that retrenchment measures would allow the company to achieve 20% reduction in spending which would be down from £725 million to £580 million. In 2003, 2005, 2007, 2009 and 2010 to name a few British Airways had industrial disputes and issues with the trade union. These strikes led to very significant financial losses in millions of pounds, disruption to flights, cancelations, rescheduling of flights and accommodation arrangements which created inconvenience for customers. BCG Growth-Share Matrix Under this technique, resources are allocated depending on a unit’s relative market share and its growth rate. BA has identified the transatlantic route as a cash cow as it has been generating cash despite the low investment that BA has done on it. The company’s Spanish unit Iberia has also been allocated significant resources after the company identified it as a fast growing unit in a rapidly growing market and proved effective in helping the company meet its 22% growth in operating profits in 2015. These routes fundamentally involve corporate flights. BA’s flights that ferry teens have been experiencing a drop in business and has since been allocated minimal resources. BA believes that the unit’s growth rate and market is low and considers it inappropriate to allocate more resources to it for fear of incurring superfluous losses. Task 2 (LO 2): Formulating Strategy 2.1. Organizational audit and SWOT analysis of British Airways Organizational audit is the process of evaluating what is and what is not working for an organization and is likely to lead to the organization’s failure. SWOT analysis which considers the strengths, weaknesses, opportunities and threats that the business is exposed to is an important component of internal organizational audit. Strengths The greatest strength that comes with British Airlines has to do with partnerships and alliances. In this case, it would be right to reckon that BA has one of the best partnerships with airlines across the region. The next advantage lies with the fact that the organization has a great name within the region unlike airlines like Virgin Atlantic or Qantas. This implies that it already has experience and may not need to work hard in creating a brand. Weaknesses The company’s employee relations record is poor as evident from the recent strikes by members of the cabin crew. Similarly, the company’s applications have often been unable to lead innovation and change at a rapid pace to match the needs of the global consumers. Opportunities Budget travelling, an emergent market whose prominence is increasing, presents an inordinate opportunity for BA to expand and grow. BA can also grow by taking advantage of the niche that has emerged after various competitors were pushed out of the industry due to the unbearable cost of competing. The Skytrax quality system presents an opportunity that BA can use to market and improve its international appearance. This will boost its sales and ultimate profitability. Threats The global economy is yet to recover from the 2007/8 financial depression. The continual falling of the value of the pound against major currencies such as the euro and the dollar is a clear indication of this. The contemporary consumers are more sensitive on environmental matters and are continuously forcing BA to exercise control on flight schedules and reconsider its energy policies. Failure to adopt ecological regulations might make consumers to shun the airline. Companies like Virgin Atlantic have been able to easily abide to such regulations, a factor that gives it a competitive advantage. Organizational culture according to Ravasi and Schultz (2006) can be perceived as a set of shared assumptions that guards and guides the actions of the organization and its members by defining how act in various scenarios. BA’s culture is centered on hope, reality, and understanding the feelings of customers and employees. Similarly, Virgin airline’s culture centers on ethical conduct and creating a feeling of unity or rather family. From its culture, BA has been able to improve its handling of issues concerning employees as well as customers, a factor that has greatly improved its reputation. Virgin airline’s culture has enabled the company to increase its network from the single 747 fly that covered only one route when the company started in 1970 to a global network employing thousands of wonderful people. Benchmarking denotes the practice of comparing an entity’s performance with the set standard by considering key performance metrics such as strategies, products, policies, sales, and profitability. Comparing the flight time on the route CPH-LHR-HKG, one might realize how wasteful BA is as compared to Finnair. It would take 8 hours using BA as compared to 5 hours if one uses Finnair. However, BA’s ticket for the route costs 2100€ which is 400€ below the prices of Finnair. Similarly, BA’s flights are scheduled to leave and arrive at the best times if the day and night compared to other flights in the European region. Considering profitability, BA has been making profits over the past decade where Finnair has been experiencing more losses than profits during the same period. In 2014, BA’s profits amounted to €1.2 billion as compared to Finnair’s losses of EUR83 million (CAPA, 2015). 2.2. PESTEL and Porter’s Five analysis for BA The PESTEL Model is an evaluation of the business environment from the political, economic, social, technological, environmental and legal perspective to keep track of changes and ideas that might be supportive or detrimental to the organization (Porter, 1998). Political Due to the London bombings that transpired in July 2005 and the 9/11 air hijacking in America, measures to increase air security and counter-terrorism acts have increased regulation in the airline industry including rescheduling of flights. For profitable operations, BA needs to comply with these new regulations to guarantee consumers their safety. Economic The worldwide economic crisis negatively affected many businesses. As a result, most businesses and individuals resulted to cost cutting measures by reducing travel expenses. This has led to the reduction in passengers since 2009. Similarly, the over 50% reduction in oil prices since 2007 has forced many consumers to reduce their spending. Social The UK’s population is aging and unemployment levels are increasing. BA can take advantage of the aging population as such people often spend so much on travelling and tours. Due to high unemployment levels, BA can bargain for the best wages. Technological The current tech-savvy consumers compare prices of flights, conduct bookings and check-ins online. Provision of these services is becoming mandatory in the industry. While BA will use technology for its advantage, it needs to remember that competitors are doing the same. BA should also not ignore the huge percentage of old folks that conduct booking and check-ins offline. Environmental Since the latest stages of 2009, environmental friendliness has been perceived as the major marketing tool since policies on energy consumption and noise pollution became functional. The present consumers are willing to spend on organizations that show responsibility towards the environment hence BA must adhere to environmental policies. Legal The 2009 Open skies treaty was perceived as a chance for BA to easily transport planes between Europe and the US. This, however, did not happen and legal problems arose as many considered this to be a way of price fixing and unfairly controlling competition. The frequent strikes of BA’s cabin crew further presents a legal challenge leave alone the botched anticipated merger between American Airlines and BA which led to BA being fined heavily. On the other hand, Porter’s Five Forces is a tool used in assessing the competitive nature of an industry by looking at the competition, supplier power, buyer power, threat of entrants, and the threat of substitutes. Competition Small competitors in the industry have consolidated thus increasing competition. Similarly, while BA offers both short and long distance flights, it is hardly differentiated from those of competitors in terms of pricing. Supplier Power As the two predominant aircraft manufacturers, Airbus and Boeing have a high bargaining power since many companies are competing to buy their aircrafts. Moreover, BA is not free to import the amount of fuel it requires since the fuel suppliers have placed restriction on this. Buyer Power It is medium due to the low concentration of buyers compared to the suppliers of airline services. Internet use has also augmented the interaction between customers and raised awareness thus giving them more powers. Threat of Entrants The likelihood of new participants entering the market is low due to the presence of significant barriers as well as high initial capital requirement. Similarly, the recent failure of airlines like Zoom and XI has discouraged entry. Threat of Substitutes No direct substitutes can be identified in the industry. However, short haul airlifts are at a low risk of being substituted by Ferries and the Eurostar. 2.3. Stakeholders and stakeholder mapping Stakeholders are people or crowds that can be impacted by a change, plan, or project in an organization and they can as well impact on it. The process of identifying groups or persons to be affected or to affect the change or plan in the organization is termed as stakeholder mapping (Bourne, 2015). While BA has many stakeholders, 10 of its predominant stakeholders include the customers, employees, the government, financial institutions, suppliers, the media, shareholders, environmental protection agencies, competitors, and the local community. Stakeholder mapping enables the business raise its profile by understanding how to communicate or conduct a certain change or project. Each stakeholder has a unique need and expectation (Bourne, 2015). For instance, BA’s shareholders require maximum return on their investment. To uphold their interests, BA must invest in projects that have a positive NPV. Equally, the customers expect best and friendly services at affordable prices. BA must thus adhere to these expectations to avoid being ousted in the industry (Bourne, 2015). Task 3 (LO 3 ): Approaches to Strategy Evaluation and Selection  3.1. Growth and BA’s strategies There are quite a number of alternatives to British Airways. Indeed, as an airline. The company must be ceased with the advantage of every other strategy over the other. In this case, the most important strategy would be to choose which provides the most for every other Business operation and/or goal without having to bring to the fore any negations that would affect the sustainability of the organization. The first strategy would be that of providing premium services and standing out as a world leading player in aviation and air transport services for those who seek to get high quality. Here, one must consider the fact that there are two major categories of travelers the generous traveler who would not mind paying more to get the best in air travel. This has been the major growth strategy that had been adopted by British Airlines over the years. In this scenario, a number of possibilities including avoiding the low-cost consumers who would mind about price as a factor of demand has to be considered. In this case, BA has had to go through serious challenges including that of the Global Economic Crisis that reached its climax in 2008 and so was the reduction in travels across the globe. The other strategy would be to provide for low-cost services, yet ensure the numbers of consumers of its airline services are increased. In this case, the issue of marginal profit would apply, as is the case for the first alternative. Whereas BA is yet to embrace this strategy, this has been applied by a number of airlines in the US including one of America’s profitable Airlines, the South West Airlines. The marginal profit per travelled would be reduced, yet the overall profit margins could be increased, depending on how well the marketing department carries out its job. The third and yet another, major alternative would be that of price differentiation and/or developing diverse products for diverse sections of the market. As a global airline, this strategy may not be easy to adopt, given that it provides for a paradigm shift in operations and policies o0f the company with much of the policies being geared towards contingent decision-making and the scrapping of standardized operational policies and or roles. In this case, British Airline would have the opportunity to serve both consumers in the high-end markets and those who seek to have the low-cost travelling packages. Apparently, BA has been able to expand its operations through partnerships and alliances, an important aspect of substantive growth. Substantive growth connotes a scenario where an organization expands or aggregates through the development of its scale of operations. BA has been able to attain substantive growth through horizontal and vertical integration, and related and unrelated diversification. Horizontal integration is an expansion strategy where a company expands its market power by merging, taking over, or buying out another company in the same industry. For instance, BA’s merger with Iberia enabled BA to have a larger market share and an increased control of the Airline industry. On the other hand, vertical integration is expanding the entity’s market power by having a single entity control the production or even the distribution of a product or service. BA has used this strategy as it has established its tour operating firms, a factor that gives it more control in the marketplace. Related diversification connotes a situation where an organization starts engaging in business activities that fall under a different, but closely related industry. For instance, introduction of holiday packages by the BA is a good example as this activity falls under the tourism and hospitality sector. In unrelated diversification, a business undertakes activities that are unconnected with its major business simply to increase profitability, a clear example being the introduction of commercial socialization programs that British Airways will launch in 2016. Considering the risky and costly nature of rapid growth, BA has often been pursuing limited growth which can be described as a growth strategy where a business grows gently through restricted allocation of resources. This has enabled the company to avert financial problems and plummet exposure to risks. It is however proving to be a hard aspect for BA as the business’ complexity is increasing daily. At times, the company has found itself in situations where doing nothing is the best survival strategy. In this case, an entity finds it best not to take any action despite the prevailing financial adversity. For instance, in 2008, BA had no environmental strategy, but despite calls from every corner, the company delayed action as development of such a strategy during that time would potentially have compromised the company’s functionality and further limit its growth. What’s more, BA has been striving to sustain its growth through product development, market development, and retrenching of unprofitable services. Product development refers to taking new innovations that replace the previously existing ones or developing new products and marketing them to customers. BA has introduced online booking of flights and has well acquired better and steadfast aircrafts, aspects that have increased service delivery. Market development refers to a business’ act of increasing its market share by marketing a range of products to new consumers. For instance, BA started offering express, uninterrupted flights to India and China after the increase in commercial activities in these regions. Conversely, market penetration involves marketing the existing services or products to customers by improving the positioning. BA has attained this through revamping and remodeling the customers’ perception of its brands and focusing on the corporate class of consumers. Despite its success, BA has had its bad times too. For instance, failure of holiday tour flights was detrimental to the company. This product had to be retrenched. Retrenchment refers to removal of nonperforming products from the market of minimization of operating expenses. During the 2007/8 financial downturn, many companies reduced number of employees and BA was not an exception. 3.2. Future strategy for British Airways to pursue using Porter’s Generic Strategies The future appropriate strategy for BA would be the low-cost services, yet ensure the numbers of consumers of its airline services are increased. In this case, the issue of marginal profit would apply, as is the case for the first alternative. Whereas BA is yet to embrace this strategy, this has been applied by a number of airlines in the US including one of America’s profitable Airlines, the South West Airlines. The marginal profit per person travelled would be reduced, yet the overall profit margins could be increased, deped9ing on how well the marketing department carries out its job. This strategy would work well for BA since it would put into focus some of the challenges the organization has been facing. For instance, the decision to cut down the number of employees as part of the initiative to increase the profit margin can be done away with this strategy. This is because the exp0asioinary low-cost strategy would call for an increase in the number of roots to different destinations. This strategy would never be applied not unless there is increased in air travel and fleets within BA. If this is the circumstance, then the number of employees can be kept as constant, yet expansion would be achieved even as the organization pushes further to achieve more within a shorter period of time. As such, the company would have increased its competency levels, yet it would never have engaged in the mission to reduce the staff or number of employees as part of the cost-effective measures.   Task 4 (LO 4): 4.1. Evaluation of the strategy and roles and responsibilities of managers Increasing the number of fleets to Seoul and other parts of Middle Easy would indeed be most welcome for the British Airways. In this case, there is much to reckon with the resurgence of economic ties between Europe, America and the Middle East. The increase in air traffic in this region is per se a clear indicator that much needs to be done to ensure the company taps the new developments. However, this would never be possible without the contribution of different managers. The Chief Executive is supposed to provide the overall direction with regard to the new policy and operational strategy that is expansion into these new markets. On the other hand, Customer manager is supposed to steer the company into the new markets by developing the much-needed environment and or platform for interaction between the company and the customers in the new regions and or markets. The finance and performance manager on the other hand is supposed to initiate prefer financial operations with respect to the new markets. He or she is also charged with the responsibility of preventing the necessary beliefs including the intervallic and quarterly reports on how the company is performing financially in the news markets. These indicators would be good to help in making any necessary contingent decisions on the progress made so far. The marketing manager, on the other hand, has the responsibility of selling the company in the new markets. This would include developing the much-needed communication platform and getting to cut the ads and marketing deals with key players within the targeted markets. 4.2. Future appropriate strategy for BA and required resources The future appropriate strategy for BA would be the low cost services, yet ensure the numbers of consumers of its airline services are increased. In this case, the issue of marginal profit would apply, as is the case for the first alternative. Whereas BA is yet to embrace this strategy, this has been applied by a number of airlines in the US including one of America’s profitable Airlines, the South West Airlines. The marginal profit per person travelled would be reduced, yet the overall profit margins could be increased, depending on how well the marketing department carries out its job. This would definitely work well for many of the other policies that have defined BA. With this in place, there would be much to like for the organization. For this to happen, the organization should beak even into these markets within a period of 12 months. In this case, it would be expected that BA would be on a profitable path and that a whopping $143 million would be added to its profits. However, the organization needs to purchase modern aircrafts and increase on online flight booking to avoid customer detestation of its services. Moreover, doubling its air hostess and retrenching nonperforming top managers should be considered as an important way of tumbling its operating overheads. 4.3. Targets, timescales and their importance in BA British Airways compete with both domestic and international airlines on short-haul and long haul routes. BA has a vision of becoming “the world’s leading global premium airline”. The company has several lines of products and targets different customer markets with those products. For example, its business class products are geared towards corporate customers. Responding to the difficult economic situation in the UK, BA reduced its employee base significantly throughout the recession. BA had plans of achieving target savings of £300 million for reduced staff costs during 2006 and 2007. This was in addition to planned £450 million savings from programs including greater use of technology and reduced external spend. The cost reduction plan included 30% reduction in employee costs at BA head office. Despite cost reductions BA aimed to maintain the size of its flying programme. In 2009 and 2010 in response to declining passenger numbers BA planned to slash almost 3,700 jobs. BA claimed that retrenchment measures would allow the company to achieve 20% reduction in spending, which would be down from £725 million to £580 million. In 2003, 2005, 2007, 2009 and 2010 to name a few British Airways had industrial disputes and issues with the trade union. These strikes led to very significant financial losses in millions of pounds, disruption to flights, cancellations, re-scheduling of flights and accommodation arrangements, which created inconvenience for customers and damage to BA reputation. For example, in August 2005 as a result of the BA employees’ sympathy strike with its caterer Gate Gourmet’s employees many of who lost their jobs, British Airways losses according to some estimates amounted to £40 million (www.news.bbc.co.uk). BA’s intentions are to distinguish itself from other airlines. However, the company is also paying attention to achieving cost efficiency. The recent strategic move includes entering South Korean market and introducing a new route to Seoul. As a part of its international strategy British Airways has also increased its presence in the Middle East and further penetrated markets in this region. BA particularly increased the number of flights to Dubai and Riyadh due to increased traffic and customer demand. 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