Analysis of China Airlines - Essay Example

? International Business Final Exam BY YOU YOUR SCHOOL INFO HERE HERE International Business Final Exam 0 Industry Analysis The global airlineindustry operates is a mature market, categorised under an oligopolistic model of competition. An oligopoly is a market structure in which there are only a handful of very large competitors that dominate market share in which competitive rivalry is the main function of competition and gaining competitive advantage (Boyes and Melvin 2005). This section describes the macro-level dynamics of this oligopolistic market that both impede or serve to hinder successful business development and revenue growth. Political factors vary in this industry, which are negated from analysis due to the diversity of cultural, regulatory, and economic conditions differing in most Asian destinations. The extent of political multiplicity is not necessarily relevant for understanding the global airline industry, nor is the technological environment as this is relatively homogenous for airlines utilising similar support IT such as e-commerce, on-board entertainment, social media, and software for enterprise resource planning. 1.1 Social Factors The social factors associated with the different target customer segments in the regions serviced by the global airline industry and its competitors is critical to understanding how the business maintains competitive advantages. Each regional culture maintains differing societal views that impact dimensions of service quality, marketing and promotion, and customer relationship management. Customers in Japan maintain distinctly unique cultural values from other Asian nations, scoring high in areas of masculinity as identified by Geert Hofstede. Japanese customers with high masculinity characteristics have significantly high expectations for top quality service and in product presentation (Hofstede Center 2012). Service failures or product quality occurring on-board will be the most predictable elements of service development with this important revenue-generating market segment. Japanese customers are also recognised as being one of the most risk averse cultures on the planet (Hofstede Center 2012), therefore once a business has managed to establish brand loyalty there is little risk of brand defection (Boone and Kurtz 2007). Customers in China, however, are very hedonistic which was established on the foundation of Confucian-era values (Farh and Cheng 2000). Hedonism involves characteristics of self-indulgence and maximisation of self-utility (Lemos 2004; Overskeid 2002), borne of a collectivist culture where saving face is one of the most top valued social characteristics to achieve group affiliation (Hofstede et al. 2010). This highly collectivist culture demands more attention to achieving excellence in service which translates into a hedonistic measure of self-expansion. Influence from Chinese consumers exert new service quality pressures on labour systems charged with service delivery, thus distinguishing Chinese consumers from that of Japanese high-resource buyers. Social factors continue to impose risks on companies operating in this industry sector, forcing transparency in operations and demanding new emphasis on competency in service delivery. There are global consequences in international markets that have reached market maturity and where airline companies must utilise culturally-sensitive promotions and advertising in order to gain market attention that stresses places more emphasis on culturally-based market research to gain market prominence. 1.2 Economic Factors The fiscal situation in China is relevant for analysis since many airlines in this industry service customers from or to this destination. In 2012, China’s fiscal leadership injected 57.92 billion USD into a struggling economy to stabilise interest rates and influence new corporate borrowing (Safe Trading 2013). This has opened new avenues for foreign direct investment and has served to create more favourable exchange rates between Taiwanese currency values and Chinese currency values. At the same time, Chinese consumers witnessed their incomes expand by 9.7 percent and, in rural regions, by 12 percent (Censky 2012). Not all countries in the global airline industry have this type of favourable economic improvement, which requires industry leaders to assess the economic integrity of foreign regions of operations to ensure long-term sustainability in borrowing and ROI for investment. Globally, many countries are still feeling the economic problems stemming from the elongated recession launched in 2008. Global fuel price increase as a result of this have created the need for more strategic emphasis on investment as a method to hedge against these rising prices. In the airline industry, it is common practice to utilise derivatives to offset rising fuel prices, taking the form of interest rate swaps to reduce risk exposure (Kavussanos and Visvikis 2004). Shifting pricing structures in supply chain commodities and fixed costs associated with the global airline industry continue to fuel alternative investment needs to sustain cost reduction throughout the entire value chain in this industry. This means more executive-level labour into identifying potential investment opportunities rather than focusing on methodologies to enhance operations or work inter-dependently with members of the organisational culture to build human capital advantages through coaching or mentoring. 1.3 Buyer Power in Industry Growth in competition, both high frills and low-frills, have given multi-national consumers many more purchasing options, thus price competition between major players in this market is a significant risk. In the oligopolistic market structure, competitive rivalry is one of the most important methodologies for differentiation with moves and counter-moves occurring, usually in marketing and promotion, between major players (Boyes and Melvin 2005). Consumers that have considerable price sensitivity can simply defect to a competitor, therefore there must be an element of service or competency, an intangible of operations, that can be translated into proper market positioning in the minds of consumers. In most competitive instances, services and on-board amenities are homogenous and difficult to differentiate. To remove competitive risks of brand defection, branding becomes a critical competitive tool to gain market visibility and consumer target group interest. Through branding, airlines in this industry can nurture and innovate important market assets as aligned with consumer demands (Abimbola 2001). In this oligopolistic market, consumers have considerable leverage and control that strongly influence airline operations. New pricing transparencies occurring between e-commerce models of service and bricks-and-mortar service facilities serve to educate multi-national consumers about their pricing options with like carriers and even those with low-frills business models. Porter (2011) identifies that when consumers are able to defect to another organisation because of price sensitivity, they force backward integration into the business model and make it difficult to create heterogeneous service offerings. The consequences of this to the industry is renewed price competition in order to gain market attention and loyalty. 1.4 Supplier Power Supplier power in this industry is critical where many products (ranging from fleet to food services products) are dominated by a small volume of major suppliers. For this industry, suppliers also maintain much leveraging power, as only a few suppliers dominate the sales market, which are typically Boeing and Airbus. Switching costs are very low for these suppliers in the event that major players in the industry attempt to impose pricing negotiations or operational demands for service and support. Boeing also maintains a very corporate-minded, rigid hierarchy of top-down autocratic leadership that stems from its long history as a militaristic organisation. This cultural dimension at a critical supplier prevents establishment of long-term strategic alliances within the supply chain, a necessary methodology for effectively managing an efficient supply chain (Copacino 1996). This maintains many disadvantages for airlines in the industry in areas of cost control and ensuring timely delivery of contracted fleet deliveries. With such high leveraging power in this industry, consequences include higher procurement costs for important fleet products and high costs of maintenance and supplier support. 2.0 Analysis of China Airlines This section outlines the specific market forces and capabilities of China Airlines to sustain its current business model and achieve market profitability. Only the most critical dimensions of the VRIO, value chain model, and RBVF view of competitive advantages are included in analyses. 2.1 Local and Regional Competition The main competitor for China Airlines is EVA Air, based in Taiwan (Khurana 2010). EVA was able to build a positive brand reputation as an innovator in 1991 for introducing the first-of-kind premium economy class (Thomas 2003). According to theorists, first movers in a new product category maintain long-term advantages by consumers who are risk averse. They will often measure the innovator with later market entrants with very unfavourable opinion (Gurumurthy and Kalyanaram 2008). EVA currently holds 16 percent of total market share (PPS Publications 2012). EVA lost its number one position against China Airlines in 2008 due to a 34 percent increase in global fuel prices, whilst China Airlines was able to effectively hedge against these recurring threats. This illustrates a competency in executive-level decision-making and investment that gives China Airlines an advantage over experiencing such losses occurring with competition. China Airlines also services customers with destinations in Japan, China, Malaysia and Vietnam, thus giving the airline a much larger basket of competitive threats from major players such as Air-France KLM, Delta Airlines, and Air Asia (a low-frills business model). All of these competitors have well-established international brand reputations and brand equity, thus forcing innovation in promotion to maintain a differentiated, competitive edge in the minds of important target consumers. As identified by Michael Porter (2011), volume of competition influences risks of consumer brand defection, which is a critical tool for establishing long-term consumer loyalty. Each competitor in both high-class and low-frills business models position their organisations on the market under quality, pricing, or competency. The complexity of competitive positioning in this oligopolistic market structure conflicts stabilisation of a congruent brand identity and personality. 2.2 Financial Analysis Between 2010 and 2011, China Airlines experienced a seven percent growth in passenger-driven revenues (China Airlines 2011). Much of this success has come from changes to the business model that include membership in the SkyTeam Alliance, an international airline alliance consisting of multiple competitors that has raised brand awareness and helped the business to achieve many industry-driven accolades for service excellence and competency (China Airlines 2011). In 2011, total operating expenses, including labour, fuel, maintenance and handling was NT$ 1.3 billion (China Airlines 2011), a 19.2 percent increase from 2010. Rising costs along the supply chain, as well as higher labour requirements to achieve superior service quality were major influencers for this increase in operational costs. 2011 represented a loss of net income due to the rise in operational costs, thus depleting some cash flow capacity for the business. The company has, however, successfully determined a new methodology to offset these expenditures and return the business to profitability by establishing codeshare agreements with major competitors. Under codesharing, several airlines share the same flight where seats are purchased with one competitor and then serviced by another. This ensures higher revenue production and allows China Airlines to maximise capacity for operational savings. 2.3 Culture Issues One competitive advantage currently experienced by China Airlines is the company’s repositioning strategy to remove negative emphasis from historical negative perceptions in consumer markets regarding safety and service quality. This included a new emphasis on training quality and imperative establishment to achieve a better brand conception in the minds of important consumer markets both domestic and international. According to the company’s CEO, China Airlines has created new, stringent hiring practices to ensure that individuals fit the cultural dynamics associated with corporate values and principles (China Airlines 2011). According to one industry expert, the travel industry is seeing a swing from what used to be marked by ostentatious expectations to authenticity in the travel experience (Horwath HTL 2011). This has changed previous service development to cater to hedonistic consumers to a more transparent cultural competency positioning as a brand damage control methodology. China Airlines actively promotes employee involvement in areas of corporate social responsibility in charitable activities and disaster relief (China Airlines 2011). Utilising appropriate press releases to illustrate new competency and sustainability in CSR, China Airlines is repairing much damage to its record that occurred in the last decade. Competency as a potential differentiation tool gives the business a contingency plan in the event that current market positioning meets with revenue declines. 2.4 VRIO In terms of determining value in the VRIO, China Airlines maintains one distinct advantage over competition that allows the business to neutralise external threats. This is the company’s renewed focus on development of strategic alliances and partnerships with industry players. By entering the SkyTeam Alliance with such competitors as Air-France KLM and Delta Airlines, it makes it difficult for new market entrants to impose new competitive restraints. This alliance created new hub opportunities to create seamless flight experiences with customer markets that had once been unable to ensure efficiency without defecting to other ticketing airlines (Air France-KLM 2012). With new opportunities for distribution and maximisation of existing flights, the ability of new market entrants to establish similar efficiencies injects a new sense of long-term value and sustainability for China Airlines. The business is organised appropriately with well-trained service and operational staff, as well as executive prowess, to achieve proper exploitation of this valuable resource that poses opportunities to eliminate externally-driven market threats. The issue of rarity is a competitive disadvantage for China Airlines, as many products and services offered with major competitors are homogenous and easily replicated. This includes e-commerce booking websites, on-board entertainment, use of social media, and many other common operational factors found within this industry. This is a mature market where growth is difficult to achieve without significant financial investment into portfolio diversification, something not achievable without establishing considerable brand equity and consumer target market favour about the brand. China Airlines would need to inject innovation into its service or operational model in order to maintain any critical competitive advantage over homogenous airline competitors. 2.5 Value Chain Analysis Marketing and sales are the most critical dimensions along the value network, supported with new emphasis in development of rigorous human resources models. In 2007, the business promoted a new corporate vision, one that included competency in service, safety, discipline, and innovation under the “Team Spirit” HR model (Samanta and Faheem 2010). Establishment of a safety management system with adequate auditing teams in all areas of operations, provided new opportunities to present consumers with a high competency business model under branding strategies. Having allowed the business to maintain a very negative safety record, marketing and sales provided new opportunities to gain new market interest or re-establish old loyalties. Internal marketing conducted to gain employee and management commitment to new “Team Spirit” imperatives as well as publication of successes in safety management continue to fuel revenue increases. Unfortunately, however, the sustainability of all aforementioned competitive advantages is questionable as the ability of competitors to benchmark and adopt these practices is significant, thus creating parity rather than above normal sustainable advantages under the VRIO model of analysis. China Airlines must continuously assess internal competencies and external competitive mimicry of existing advantages to inject innovation and maintain market position long-term. 2.6 RBVF Analysis Strategy formulation is the most significant element of the RBVF resource view of competitive growth. It has been established that in this industry, it is significantly difficult to maintain unique resources that cannot be copied by highly-competitive industry players. One example of where strategic intention has served China Airlines well is the redevelopment of the Dynasty Flyer Program. The changes included addition of tour packages, thus diversifying the business’ portfolio, to gain more market attention and supplementary revenues over that of just passenger traffic (Samanta and Faheem 2010). In an industry environment where many domestic and international consumers are price sensitive and willing to defect to other brands, constant innovations in proven loyalty programs injects the necessary innovation to sustain competitive advantages. Though many large competitors utilise loyalty programs to gain revenue and market loyalty, the competencies of the business and its management to create new additions to the program illustrate firm flexibility and service relationship development that, again, fuel a positive brand reputation. Research did not uncover any non-imitable advantages in this industry. Being a mature market, differentiation occurs typically through marketing function and not through tangible product or service emphasis when many services and products are homogenous and easily replicated. There is little about the e-commerce model at China Airlines or the services (including on-board meals and entertainment) that cannot be adopted by innovative competition. Many products are highly substitutable, ranging from on-board Internet access to on-board telephony that is becoming rather standardised. Consequences to the industry for this include a renewed need to innovate in order to maintain dominant market positioning. 3.0 Recommendations It has been established through this research project that this is an environment where competitors have relatively simplistic opportunities to replicate existing service and amenities models of competition. At the same time, homogenous products and services make it difficult to establish a method of differentiation from other airlines. The business only spends 3.2 percent of its total budget on the sales and marketing function (China Airlines 2011, p.32). Research utilising a variety of secondary and primary sources, as well as from the case study, did not indicate an executive-level prowess of conducting routine and concurrent external market analyses to observe consumer attitudes or competitive strategies in marketing and promotion. Differentiation and establishing brand loyalty with important domestic and international markets is critical in an environment where homogenous operations are difficult to innovate and easy to reproduce. The business should conduct a financial analysis, supported by internal capacity audit, to determine how to effectively reallocate budget to include higher emphasis on marketing expenditures. China Airlines should be utilising both qualitative and quantitative research methodologies to gain important, real-time market sentiment about the brand which can be translated into better operational systems and service delivery imperatives. Additionally, increasing marketing expenditures will allow the business to pursue more PR initiatives with advertising agencies or marketing experts to assist in differentiating the organisation effectively. It is further recommended that China Airlines seek new market opportunities, now that the business has new flexibility in the SkyTeam alliance for inter-dependent hub usage. China Airlines has such a high volume of domestic and international competitors with similar resources and capital availability to replicate any innovations along the value network. There is significant growth in low-frills carriers that continue to exert competitive pressure on airlines in this industry to make pricing and service dimensions transparent. China Airlines should seek out establishment of low-price, low-frills subsidiaries, branded under the now-improved China Airlines brand personality. Now that the business has an established brand reputation in new markets thanks in part to the SkyTeam alliance, brand recognition has been established in new foreign markets that could support direct investment into the new subsidiary scheme. With the ability of e-commerce to allow the organisation to better service existing markets and with the information technology architecture established for efficiency in e-commerce, new market entry under low-frills methodology would gain the attention of highly price-conscious buyers whilst also minimising operational costs for establishment of yet another high-frills business philosophy. The industry is projected to grow by 13 percent between 2012 and 2016 (Report Buyer 2012), thus China Airlines has an excellent opportunity to be a first mover in certain markets under a low-cost operational model that provides consumers with perceptions of value and quality established already under the China Airlines logo and integrated marketing communications utilised. 4.0 The Relevancy of Foreignness Any business that operates in a home country with one set of well-defined cultural characteristics that also services multiple cultures as a multi-national business must understand the liability of foreignness in order to satisfy markets and achieve competitive advantage. A 2008 study utilising a large sample of consumers from Taiwan and China indicated that Taiwanese consumers are highly ethnocentric, preferring domestic brands and services over any foreign products and services (Hsu and Nien 2008). This would seem to have significant competitive advantages for companies that take a marketing approach to ensure that operations and services are aligned with culturally-relevant messages and models. According to Henslin (2005) individuals in society that score highly in ethnocentrism will make consumption decisions with considerable bias leaning toward their own home culture. Businesses must conduct market research to determine the pre-existing cultural superiorities residing in key markets, attempting to utilise language, visual representations of relevant lifestyle actors, or any other methodology through promotion that builds a psychographic connection with target consumers (Boone & Kurtz 2007). Ethnocentrism imposes a variety of firm-specific costs associated with lack of competency and knowledge about foreign cultures (Zaheer 1995). These costs could, theoretically, include procurement costs associated with providing products suited to local tastes (e.g. foods and beverages relevant to the airline industry), recruitment of bi-lingual service support staff to improve the service encounter, or even sales and marketing promotions with culturally-sensitive messaging and content. Thus, overcoming the liability of foreignness is critical to not only gaining market attention and loyalty, but to ensure significant capital expenditures are not imposed into the business model for meeting local cultural needs in business. “The importance of local responsiveness increases with the maturity of an industry” (Chen 2006, p.289). Thus, companies operating in mature markets, such as the Taiwanese airline industry, simply must include dimensions relevant to ethnocentric buyers in order to achieve market sustainability in an environment where growth is difficult to achieve. Foreignness is also critical for business assessment as it helps the business become more responsive to local cultural needs. Chinese consumers, as one example, are moderately ethnocentric when it comes to certain products and service conceptions, however at the same time they are notoriously price-sensitive which conflicts their decision-making processes. Removing some liabilities within a business model that is multi-national and relies on multiple baskets of foreign currencies to sustain its business could involve establishment of new financial systems to allow for host culture currency, such as in the case of markets utilising the Euro as well as local currencies such as the British Pound Sterling. By allowing for more effective currency exchanges and payment options in host currency, it will illustrate to local buyers that the business values their lifestyle and economic systems. Though analysis of whether this would have long-term exchange rate and profit burdens would be necessary, it is an example of utilising psychological and sociological premise among a standard business model relevant to host culture needs. According to marketing theory, once a business has managed to establish brand loyalty, it becomes easier to justify premiumisation models in pricing and service delivery (Chaudhuri and Holbrook 2001). It was established that for the competitive industry where China Airlines operates, as only one example, branding is the most significant competitive tool in the oligopolistic market structure. Overcoming foreignness has significant brand value propositions and outcomes by creating a closer connection between firm and the foreign culture, bridging the divide between geographic or other industry-level constraints. If a business illustrates empathic values and principles through promotion, it has long-term equity opportunities for increasing pricing for brand loyal consumers that trust in cultural sensitivity. Dooley (2005) reminds the business world that it is often quite difficult for businesses operating in mature markets to recognise signs of product or service decline until revenues begin to illustrate drops in consumer demand. This is highly relevant to multi-national companies that operate in mature markets as sudden and unexpected declines in consumer belief or need for a particular product or service maintains significant costs associated with inventory holding costs, cash management, and obsolescence costs (Dooley 2005). Utilising integrated, culturally-sensitive communications in promotion and advertisement are two fundamental methods for gaining ground with rigid, ethnocentric cultures that has long-term opportunities for significant revenue increases. 5.0 The Relevancy of Entrepreneurship Corporate entrepreneurship is defined as maintaining flexibility, sustaining a focus on innovative business development, and one that builds human capital to gain positive competitive advantages. In business, there are many ambiguities and inconsistencies that make forecasting and establishment of a relevant business model difficult to determine. These factors include establishment of an internal culture that is motivated and dedicated to achieving strategic goals, which involves emphasis on human resources development to gain these intangible benefits that are difficult to replicate by competition. Fairholm (2009) iterates that in order to build an effective organisational culture, one must be visionary, regularly impart vision and mission values in regular communications, and work to develop others through coaching and mentoring. Entrepreneurship in this context is relevant when considering entrepreneurial behaviour targeted at foreign consumers. Human capital advantages achieved through entrepreneurial behaviour allows for more focus and emphasis on training imperatives, such as providing experiential learning to employees to gain cultural knowledge. In the form of role playing, entrepreneurs can create a variety of culturally-sensitive scenarios, thereby providing employees with valuable empathy and understanding of ethnocentric values. 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