PESTEL Analysis of Emirates Airlines - Example

Emirates Airline Table of Contents Table of Contents 1 I.Executive summary 3 1.0Introduction 5 2.0 Industry/environment analysis 6 2.1Macro-environment- PESTEL analysis 6 2.1.1 Political 7 2.1.2 Economic 7 2.1.3 Social 9 2.1.4 Technological 10 2.1.5 Legal 10 2.2 Demographic 11 2.3 Global 11 2.4 Environmental 11 2.5 Competition 12 2.6 Product 12 3.0 Industry analysis- Porters five forces framework 13 3.1 Threat of new entrants 13 3.2 Power of buyers 13 3.3 Power of suppliers 14 3.4 Availability of substitutes 14 3.5 Competitive rivalry 15 4.0 Attractiveness and profitability of the industry over the next three to five years 15 5.0 Strategic issue identification and internal analysis 16 5.1 SWOT analysis 16 5.1.1 Strengths 16 5.1.2 Weaknesses 17 5.1.3 Opportunities 18 5.1.4 Threats 18 6.0 Major strategic issue faced by the company 19 7.0 Financial performance 19 8.0 Recommendations 20 9.0 Conclusion 20 10.0 References 21 I. Executive summary Emirates airline, a subsidiary of the Emirates Group, forms part of the airline industry. The company is the largest in the Middle East with more than 2,400 flights every week. Since its launch in 1985, the company has undergone numerous modifications which have resulted to effective operations and success of the company. Emirates Airline operates in a competitive environment that is characterized by numerous firms each employing competitive strategies in order to remain competitive in the market. The industry’s macro environment, which encompasses political and economic stability, technological advancement and a favourable socio-cultural environment is also favourable and is one of the factors which has contributed to the growth of the company. However, Emirates Airlines is facing major strategic issues which need to be addressed if the company is to remain successful in the industry. The company’s performance in the global market is very low. Some countries such as Australia have not yet recognized the services offered and the benefits of using Emirate Airlines. It is apparent that, relying solely on one region may impact the company negatively incase the region experiences a man-made or natural disaster. Another issue faced by the company is increased competition from other airlines such as the British Airways, Air France-KLM and Quantas, Deutsche Lufthansa AG among others. This increased competition has the possibility of reducing the profitability of a firm. In addition, increased competition can result to the downfall of a company in case effective competitive strategies are not employed. In order to be in a better position in future, the company must address these strategic issues considerably. In order to improve its market share as compared with other global airlines, the company needs to expand its operations and also advance its performance in the international market. It is evident that, most successful firms are those which adopt an international dimension and choose to diversify in other regions across the world. This will also save and protect the company in case of any instability or disaster in one region. In addition, diversification will also solve the problem of competition. Formulating effective competitive strategies will assist the firm in sustaining its competitive advantage. These include effective marketing strategies such as pricing, promotion, and product strategies. Research has proved that companies employing effective strategies have proved to succeed in the market. 1.0 Introduction Currently, the airlines industry is large and developing, and it is deemed to be the most competitive sector (Butler, Keller, 2000). The industry is linked with various benefits including facilitation of global economic growth, international trade, international investment and tourism. With time and with the employment of present advanced technology, the airline industry has been capable of taking advantage of the high frequency, short haul and gained a competitive advantage over other forms of travel including railroad travel and buses (Butler, Keller, 2000). In addition, the industry still maintains the market for international travel at lower costs and offers a convenient and an appropriate way of travel (Directory, 2007). Furthermore, the aviation industry provides a significant contribution to the gross domestic product (GDP) that encompasses the following; general aviation, airline services, civil airport operations, aviation passengers and aircraft manufacturing (Doganis, 2002).Emirates airline, a subsidiary of the Emirates Group, forms part of the aviation industry. The company is the largest in the Middle East with more than 2,400 flights every week. Furthermore, Emirates airline operates three of the globe’s ten longest non-stop commercial flights (Directory, 2007; Tayeh, 2006).In order to maintain its growth plans and rapid expansion, Emirates Airline transferred its operations from Dubai International Airport to Terminal 3. The company has worn various awards and it is deemed as one of the airlines that purchase the highest number of airlines, for instance, in 2007, the company purchased more than 130 aircraft (Directory, 2007; Gulf news, 2007).Emirates Airline is ranked among the top ten carriers globally in terms of passenger kilometers and revenue. Moreover, the company is the largest in Middle East based on fleet size, revenue, and passengers, and in 2010, the company was ranked sixth worldwide based on global passengers carried, and largest in terms of scheduled global passenger kilometers flown. Skytrax, a research consultancy firm voted Emirates airline as the eighth best airline internationally based on its brand name, service excellence, rapid growth and consistent profitability. Furthermore, in 2011, Emirates Airline was named as the Airline of the Year by Air Transport World based on its operational excellence and safety, financial conditioning and client service. This report will focus on the identification of the strategic issues of Emirates Airline. Furthermore, the report will analyze the airline industry, the microenvironment in which the company operates and the company’s internal environment. 2.0 Industry/environment analysis 2.1Macro-environment- PESTEL analysis A pestle analysis is simply a framework that classifies environmental influences as political, economic, social, technological, legal, global, demographic and environmental (Capon, 2008). The analysis scrutinizes the effects of these factors and their relationship with each other on an industry. The application of pestle analysis is useful for business and marketing planning, strategic planning, research reports and product development (Capon, 2008; Kotler and Kevin, 2006). Pestle analysis also makes certain that, the performance of a company is associated positively with the forces of modifications that are influencing the business environment. Besides, pestle is also efficient when an organization chooses to penetrate its business operations into new states and new markets. 2.1.1 Political The political environment of the Middle East has played a significant role in the success of the Emirate Airline (Jay, 2006). Studies have proved that the region’s political scene has been very favourable during the 2000s and beyond. This is evidenced by the fact that many nations in the Asian Pacific have made agreements which facilitate trade amongst countries particularly in linkage to the aviation sector. The Asian Pacific nations have signed agreements among themselves and with the European and the United States countries. As a result of these agreements, Emirates Airline has been opened up to the world, and in addition, they have offered ready markets for the Emirates airline company (Physical exertion, 2011). The success of the company can also be linked to the peaceful environment in the. It is evident that, peace has prevailed in the United Arab Emirates due to political stability. This has not only seen the growth of the airline industry, but also many businesses in the region have succeeded. It is evident that, a stable political environment results to an effective economic environment. 2.1.2 Economic The Asian Pacific and specifically the United Arab Emirates, has cultivated its economy at a very high speed (booming economy). Evidently, most of the nations in the Asian Pacific have become much stronger in terms of economic growth which has developed at a considerable rate subsequently affecting individuals overall income (Physical exertion, 2011). This implies that, many people are earning more income per capita and as a result, they can pay for air transport. This can be linked to the steady growth of the Emirates Airline in the past years. Markets are modifying quickly and governments in the Asian Pacific are restructuring their economic policies in order to suit the airline industry (Tayeh, 2006). In the world, airline traffic has reduced considerably (Doganis, 2001). Nevertheless, the Middle East region has developed particularly for Emirates. The success of the Emirate Airline is directly associated with the success of the Dubai city, which is believed to be one of the speedily growing cities internationally (Physical exertion, 2011). The city signifies a lot of capacity for investment in the business world and in the tourism industry. Particularly the city has invested in real estate as it is deemed to attract significant capital investment (Physical exertion, 2011). As a result, these business ventures are attracting more visitors to the country and to the Dubai city in particular; and this is providing a ready market for the Emirates Airline. The strategic location of Emirates Airline has enabled the company to tap resources from both the Eastern and Western regions and this has greatly benefited the airline. Like other companies, Emirates Airline has been affected by high costs of fuel. For instance, in 2005, the United Arab Emirates reported an upsurge in fuel expenditure of 7% compared to 2004 (Physical exertion, 2011). This has affected the company’s profits negatively as fuel costs have represented the greatest from of expenditure in the Emirates airline. Furthermore, high costs of fuel mean that customers have to part with a larger portion of their income which might be unfavorable to the consumers. Such consumers may opt to use other transport means and this may affect the company negatively. The general economic stability, stable currencies, and international competitiveness form a basis for the growth and success of the company. However, the company can be affected adequately by a depressed economy, making it to change its marketing strategies which may at times be unfavorable to its success. 2.1.3 Social Evidently, Emirates Airlines operates in a country that is characterized by many employees who seldom demand for high reimbursement. Comparing the United Arab Emirates with countries in the European continent or in the United States, it is evident that there is considerable variation in the costs of labor as the latter nation employs 38%of its operating expenses as workers remuneration whilst the former (UAE) uses only 8% of its operating expenses for the same (Physical exertion, 2011). Due to these variations, the Emirate Airline Company has made a lot of returns (Morrison and Winston, 1997). In the Asian Pacific, employers are greatly affected by labour issues whereby employees have recognized their capability and as a result are demanding for high remuneration (Physical exertion, 2011). Due to the various kinds of aircrafts such as four engine planes, and regional jets among others, Airline Companies are hiring different types of employees who belong to various workers unions. These workers may necessitate attention from human resources, and also it is hard to maintain payment schedules if some employees operate in stable economies. Although Emirate Airline has been impacted by this predicament, it is however not to a greater extent as the company has not purchased varied Aircrafts. The company has an opportunity for growth without spending too much on employees. 2.1.4 Technological The contemporary society has been characterized by rapid technological growth. This has impacted many companies and the airline industry is not an exception. It is apparent that companies should combine new and existing technologies in order to respond to the increasing technological development. Furthermore, firms that were employing technology to gain competitive advantage over their rivals must look for other means presently in order to remain successful (Smith, 2002). In addition, Emirates Airline has to deal with the initiation of better informed customers. Currently, most individuals have become more knowledgeable concerning reputable airline firms as they are using the internet to obtain such information. This technological advancement has greatly affected Emirates Airline as it necessitates ascertaining that it provides better services compared to its rivals and that it can be able to meet customers’ future demand (Tayeh, 2006). However, the advancement in technology has also affected the company positively. Through the internet and especially the social sites, Emirates Airline can be able to advertise itself adequately especially to the target customers. 2.1.5 Legal Most governments in the Asian continent used to function under an authoritarian government policy (Physical exertion, 2011). This was however, due to the need to protect the airline industry from external factors. The current policy modifications have opened up the airline industry to competition and as result, airline like Emirates have grown tremendously. The airlines can follow economic rules to maintain their competitive advantage without government hindrances. This implies that, in the airline industry, there are less legal problems. 2.2 Demographic Emirates Airline targets high income earners who can be able to pay for or afford to use a flight. Particularly, the company targets investors such as business minded people and tourists to the United Arab Emirates and other states. 2.3 Global The airline operates and competes globally offering its services in different countries and continents. For instance, Emirates airline operates three of the globe’s ten longest non-stop commercial flights. In 2010, the company was ranked sixth worldwide based on global passengers carried, and largest in terms of scheduled global passenger kilometers flown. Skytrax, a research consultancy firm voted Emirates airline as the eighth best airline internationally based on its brand name, service excellence, rapid growth and consistent profitability. There is an international consistency on quality of services, with clients having equal prospects. 2.4 Environmental As part of corporate social responsibility, and in order to gain a good corporate image, Airline companies must adopt strategies to ensure environmental protection (Turner, 2002). This encompasses adopting better disposal and recycling techniques. Furthermore, the companies can engage in projects which may include tree planting in order to contribute to environmental sustainability. In terms of emissions, Emirates Airline have lower emissions compared to other airlines as a result of its fleet that has an average fuel burn of less than four litres for every 100 passenger kilometres they fly (Bibby, 2009). 2.5 Competition Emirates Airline wishes to take its place amongst the globe’s leading airlines. However, the high competition in the airline industry means that the company has to employ effective marketing strategies and also tackle its existing strategic issues (Ferris-Lay, 2007). Some of the major competitors of the Emirates Airline Company include British Airways, Air France-KLM and Quantas, Deutsche Lufthansa AG, Ethiad Airways P.J.S.C and Singapore Airline all of which focus on particular cities including Hamburg, London Heathrow, and Singapore Changi Airport (Ferris-Lay, 2007). However, due to its low costs of operations, simple organizational structure, and minimal overheads, Emirates Airways has been able to remain competitive in the market and has recorded an accelerated growth since it was launched in the year 1985. In fact, research has proved that, profitability of airline companies solely depends on operation efficiency, and company overheads. Studies have revealed that, the company manages to double its size in every four years and it is amongst the speedily growing airlines in the globe. 2.6 Product Emirates Airline offers scheduled cargo and passenger services to over 100 destinations in around 60 countries across the world. In order to offer these services adequately thus meet customer needs, the company operates a fleet of over 130 Airbus and Boeing jets and approximately ten cargo freighters. The company’s operational excellence and safety, and client service are major factors which have contributed to the growth of the company. In fact, in the years 2001, 2002, and 2011, the company was named the Airline of the Year due to its safety record and quality of service offered to the customers. 3.0 Industry analysis- Porters five forces framework The porter’s five forces are used to analyze the firms’ competitive structure. The probability of businesses making profits depends on these forces (Badi, 2007). 3.1 Threat of new entrants This is the degree to which entry barriers to the business exists (Porter, 2008). It is apparent that entering into the airline industry is not a simple task. This is contributed by the high costs of entering into the industry and high government regulations. It is evident that starting an airline company is not similar to buying a bus and putting it in the highway. For this reason, Emirates Airline is in a better position from facing competition from new market entrants. However, the company should utilize efficient strategies to ensure that it competes effectively with the existing rivals. 3.2 Power of buyers In case the bargaining power of the buyers in a specific industry is high, they have the capacity of forcing the prices down and this may impact the company negatively as it may lessen it returns (Porter, 2008). On the other hand, low buyer power means that the company has the ability of formulating pricing strategies which will favour such a company in terms of increasing profits (Porter, 2008). In the Airline industry, the bargaining power of buyers is very low as there are numerous buyers and all are very significant to the company. Generally, the bargaining power of buyers in the airline industry is affected by existent of homogenous products, high switching costs and large volume of customers. Questions may arise among customers as to whether the seats in one particular airline are more comfortable compared to others; evidently, no unless customers are considering a luxury liner such as Concord Jet. This is of great advantage to the Emirates Airline as they can be able to retain their customers irrespective of the prices they place for their services. 3.3 Power of suppliers If the bargaining power of suppliers is high in a sector, it is hard for firms in that industry to make profits as such suppliers can determine the conditions of conducting a business (Porter, 2008). Usually, the bargaining power of suppliers is affected by switching costs, supplier concentration and size, and uniqueness of resources supplied. In the airline industry, the supply business is largely dominated by Airbus and Boeing; as a result, there is very low competition amongst suppliers. In addition, the probability of vertical integration by a supplier is very low. 3.4 Availability of substitutes It is apparent that maintainable competitive advantage is the key to success for any company. The emergence of a substitute product to the market threatens the company in that it significantly lessens the competitive advantage of that firm (Porter, 2008). Simply, these substitutes amplify competition in an industry, for instance, the launch of Nas Air and Sama Air in Saudi Arabia to compete with Saudi Airlines (Incumbent carrier). Although the availability of substitutes is high, it however depends with various factors. For instance, for regional airlines, people can opt to use other means such as rail or road transport, however, for international airlines; the threat of substitute is low. Whilst determining this, various factors including money, time, convenience and personal preference in air travel should be considered. 3.5 Competitive rivalry This measures competition levels amongst the existing firms. It is apparent that, when there is high competition in a certain industry, firms in that industry enjoys low returns due to the high competition costs (Campbell et al, 2002). This can be very unfavorable for the firms especially during the times of economic instability. Evidently, there is high competition in the airline industry. Emirates Airline has to compete with other major players in the industry including British Airways, Air France-KLM and Quantas, Deutsche Lufthansa AG among others and this means that companies have to use effective strategies in order to overcome such a competition and remain successful in the market (Ferris-Lay, 2007). Emirates Airline has nevertheless a competitive advantage over its rivals due to its location, low operating costs and low overheads which means that the overall expenses of the company are low. 4.0 Attractiveness and profitability of the industry over the next three to five years The analysis of the Airline industry indicates a lot of potential in terms of profitability and attractiveness. The increased competition between the airline companies is one of the major factors contributing to the industry’s attractiveness. For instance, with a need to offer the best services to the clients, and improve on safety which as a result contributes to the competitive advantage of the industry compared to other means of transport, individuals have gained a lot of confidence with the airline industry. In addition, with a need to save on time, money and travel with convenience especially for the international airlines, people are opting to use air transport rather than the other means such as rail or road transport. Furthermore, the industry’s profitability will continue to increase in the next five years. This is evidenced by the low threat of entry, low threat of substitutes especially for international airlines, and low bargaining power of buyers and suppliers. This means that the airline companies can be able to make their own decisions in terms of prices and they can formulate pricing strategies in their own favour. Furthermore, the increased consumer preference for quality irrespective of prices means that consumers are ready to pay any price as long as they are offered with quality services. 5.0 Strategic issue identification and internal analysis 5.1 SWOT analysis Internal analysis encompasses the evaluation of the strengths, weaknesses, opportunities and threats of a company. This assists in formulating strategies to overcome such weaknesses and threats and also focus on the strengths and the available opportunities to accelerate the growth of the firms. 5.1.1 Strengths One of the major strengths of the Emirate Airline is its unique business model (Physical exertion, 2011). According to literature, the model thrives upon espousal and flexibility to the subsisting external environments (Physical exertion, 2011). Furthermore, the management of the company is very creative and constantly looks for means to cope with the present situation and creates strategies for future growth. This is linked with the ability of the Emirate Airline’s ability to deal with most of the international economic predicaments which have attacked the airline industry. Emirate Airline has received various awards from World Airline Entertainment Association (WAEA) between 2003 and 2007 (Physical exertion, 2011). In this year, 2011, the company was named the Airline of the Year by the Air Transport World due to its operational excellence and safety, financial conditioning and client service. The integration of technology in customer services has also contributed a lot in the company’s success. Emirates Airline has gained an extensive admiration due to the inclusion of email services for its travelers. It also permits live text news for its clients in their airplanes. According to Morrison and Winston (1997), Emirates was the first to introduce a Digital Widescreen in the year 2005, a technology that has not been introduced in other global airline companies. 5.1.2 Weaknesses Emirates Airline is the market leader in terms of market share in the Asian Pacific Continent. Compared to other airlines, Emirates has a market share of 39%, with Singapore Airlines second with a market share of 26%, Qatar Airways with 13% Thai Airways with 8%, Gulf Air 8%, and Sri Lankan Airlines with 4 % (Physical exertion, 2011). However, this is not the case when the company’s market share is compared with other airlines across the world. Some countries like Australia have not realized the benefits of Emirate Airline as most individuals in this region prefer other airlines (Physical exertion, 2011). This means that the performance of the company in the global market is very low and this is a major weakness faced by the firm. It is apparent that, relying on one region only may impact the company negatively in case of a man made or natural disaster (Directory, 2007; Reza and Sharma, 2007). The issue of labour unions has also affected the operations of the Airline. It is evident that Emirates Airline Company is very conservative on this issue as it fears high costs of labour. This is a great hindrance to the success of the company as it is shielding it away from expanding its operations (Bamber et al., 2009). 5.1.3 Opportunities Within the Middle East, carriers are growing speedily. The association of the airline firms in the Middle East reported an overall upsurge in passenger traffic of almost 23% in 2006. In 2004 also, the association registered a growth of 24%. The Emirates Airline has a great opportunity of expanding its operations in China, as the country offers high potential for growth and returns. In the year 2011, overall traffic in China has reached 51%. It is apparent that the company can increase performance in China by marketing itself aggressively (Tayeh, 2006). 5.1.4 Threats The improvement of air transport in the Asian Pacific has resulted to increased competition in the airline industry. Evidently, the company is the market leader in the Middle East in terms of market share. Nevertheless, there is likelihood that Emirates Airline will be facing stiff competition within the airline industry which may result to diminished business (Physical exertion, 2011). This therefore necessitates aggressive strategies to overcome the same and therefore retain its competitive advantage. However, the company encourages high competition as it deems this as tool for increasing industry standards and thus; good performers will be greatly acknowledged. 6.0 Major strategic issue faced by the company The company’s performance in the global market is very low. Some countries such as Australia have not yet recognized the services offered and the benefits of using Emirate Airlines. It is apparent that, relying solely on one region may impact the company negatively incase the region experiences a man-made or natural disaster. Another issue faced by the company is increased competition from other airlines such as the British Airways, Air France-KLM and Quantas, Deutsche Lufthansa AG among others. This increased competition has the possibility of reducing the profitability of a firm. In addition, increased competition can result to the downfall of a company in case effective competitive strategies are not employed. 7.0 Financial performance Emirates Airline has recorded a positive growth since it was launched. In the fiscal year 2009/2010, the company’s profits increased by AED 2,852 million to AED 3,538 million ($964 million) compared to 2008/2009 with AED 686 million (Annual Report 2010-2011). Passengers also increased by 21 percent in the fiscal year 2009/2010. The following table shows the company’s financial performance between the years ended 31 March 2000 to 31 March 2011 in AEDm. Year ended Turnover (AEDm) Expenditure (AEDm) Net profit (AEDm) Net loss (AEDm) 31 March 2000 5,113.8 4,812.9 300.900 - 31 March 2001 6,427.3 5,970.7 421.825 - 31 March 2002 7,274.6 6,783.7 468.231 - 31 March 2003 9,709.7 8,749.6 906.747 - 31 March 2004 13,286.3 11,602.1 1,573.511 - 31 March 2005 18,130.9 15,628.3 2,407.385 - 31 March 2006 23,050.9 20,489.6 2,474.999 - 31 March 2007 29,839.6 26,675.9 3,096.416 - 31 March 2008 40,196.6 35,121.7 5,020.424 - 31 March 2009 43,266.3 43,143.4 981.676 - 31 March 2010 43,455.8 39,890.4 3,538.000 - 31 March 2011 54,384.0 48,943.0 5,441.000 - (Annual Report 2010-2011) 8.0 Recommendations In order to be in a better position in future, the company must address these strategic issues considerably. In order to improve its market share as compared with other global airlines, the company needs to expand its operations and also advance its performance in the international market. It is evident that, most successful firms are those which adopt an international dimension and choose to diversify in other regions across the world (Kingsley-Jon, 1999). This will also save and protect the company in case of any instability or disaster in one region. In addition, diversification will also solve the problem of competition. Formulating effective competitive strategies will assist the firm in sustaining its competitive advantage. These include effective marketing strategies such as pricing, promotion, and product strategies. Research has proved that companies employing effective strategies have proved to succeed in the market. 9.0 Conclusion It is evident from the above analysis that, Emirate Airline has grown rapidly since it was launched. The company is the largest in the Asian Pacific in terms of market share and furthermore, compared to other airlines in the world, Emirates Airline has emerged successful globally in terms of customer service and safety. Although the industry and competitive environment is fair, the company requires to embrace international markets thus will be forced to abide by various rules within those markets. This strategy will foresee increased financial performance of the company and moreover, diversification of operation will protect the company in case of a disaster or economic instability. 10.0 References Airliner World (Emirates – 25 Years of Excellence: Building a global network), pp. 28–37. Stamford: Key Publishing. Annual Report (2010-2011). Available http://www.theemiratesgroup.com/english/facts-figures/annual-report.aspx. (Accessed September 30, 2011). The Emirates Group. (2011). Annual reports Ekgroup.com. 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