Economic Characteristics of Airlines
A few firms producing similar goods is called this.
Oligopoly
The process of achieving an organization’s goals through the coordinated performance of five specific functions is this.
Management
Predicting, projecting, or estimating some future volume or financial situation is called this.
Forecasting
The broad area of business activity that directs the flow of services provided by the carrier to the customer in order to satisfy customers’ needs and wants and to achieve company objectives is called this.
Marketing
Any platform offering exchange of thoughts or feelings possibly through the use of computer technology is the definition of this.
Social Media
Cost, aircraft availability, and difficulty obtaining terminal space are all this which prevents new airlines from joining the industry.
High barriers to entry.
These are the five specific functions of management.
Planning, Organizing, Staffing, Directing, and Controlling
Setting objectives and goals and developing alternative courses of action to reach them is called this.
Planning
The time when services were so scarce that customers accepted whatever was available was this period.
Production-oriented
Airlines focus on this when on social media.
Brand development and product marketing.
Achieving lower unit costs by producing multiple services is called this.
Economies of Scope
These are the different levels of management.
Top, Middle, Operating
A forecast based on intuition and subjective valuation is called this.
Judgemental
When airlines entered a period where airlines produced services that reflected the operations and selling talents of the company, and only secondarily the needs of the flying public was this period.
Sales-oriented
These are the main objectives of an airline having an active presence on social media platforms.
Build a relationship with passengers, to listen to what passengers say and to respond in real-time, to drive traffic, to increase awareness about the airline brand, to engage and to interact with passengers, and to be transparent in operations.
A decrease in a firm's long-term average costs as the size of its operations increases is called this.
Economies of Scale
When employees at all levels are given tangible goals and held accountable for achieving them, it is considered management by this.
Objectives
These forecasts are based on a statistical relationship between variables.
Causal or model
When airlines used many tests and new-product surveys designed to discover what consumers really want they entered this period.
Consumer-oriented
This WestJet campaign is an example of an airline driving revenue through social media.
Christmas Miracle campaign
These kinds of advances in flight equipment have come at a rapid pace in the last 40 years, which causes airlines to buy new planes any time a competitor does.
Technological advances
Those whose orders and authority flow in a straight line from the chief executive down to lower levels in the organization and that have the responsibility of being directly involved in producing or selling air transportation while accomplishing the objectives of the firm are this kind of personnel.
Line Personnel
The forecasted variable in a causal model is called this.
Dependent
Cultural and social differences, the political and regulatory environment, the economic environment, the existing competitive structure, and the resources and objectives of the company are these kind of variables.
Uncontrollable
Ryanair uses this social media platform to reach Millenials and Gen Z.
TikTok