Worth noting is the fact that its low price strategy propelled the company to success for some years. However, towards the end of 2013 and part of 2014, the company experienced a decline in profits. The decline served as a warning for the company to develop better strategies so that it can survive in the industry. This paper will describe Ryanair’s low-cost strategy and highlight its recent marketing strategy, which has helped the company to rise from the decline.
Ryanair is a company founded by three individuals named Christopher Ryan, Liam Lonergan, and Tony Ryan in 1985. Notably, the three of them began with a family aircraft that were determined to develop the company into a successful airline. Ryanair would soon develop to become a low-fare airline in Europe, providing customers with an opportunity to travel at cheaper rates. In 1990, the company undertook a venture of restructuring the company and focusing on the low-cost model. In 1995, the company became the greatest airline in Ireland overtaking its competitors in the country. In 1997, the company went public on the Dublin stock exchange. In 2000, the company advanced to introduce online booking for its customers. The company progressed to open up new roots and expansion of its business in the European airspace in 2004. However, in 2009, the company registered an annual loss of € 169M. With such a loss, the company needed to strategize on how to get back on the right track (Dominic OConnell 2014, p. 6). Notably, the company has five main bases Madrid, Bremen, London, Charleroi, and Marseilles.
The current CEO of the company is Michael OLeary. The company’s core vision is to register evolution in line with the company’s maturity. The company’s mission is to ensure that it remains profitable and offers customers opportunities to travel at low-cost while maintaining high customer standards. Recently, the company’s vision is centred on registering