1.1 Background of the Company
Budget airlines are with their cut price flights, served by fantastically low-price flights, and it would directly here to stay. The premise ideas is that once you know where to fly, you’ll be able to find out how much luggage you can take with, how to get the cheapest of cheap seats, make sure that you are don’t pay a dollar more than. In 1986, Ryan-air launched its first ‘cheap’ flight, at that time the costing £90 from Dublin to Luton, they have been going there from strength to strength ever starting. Their prices have dropped further and further in order to attract the public. Not only have they succeeded in desirable many to the skies who would like never previously have been able to afford it, and they have also created a new kind of traveller ever since the European ‘open skies’ agreement of 1987 paved the way for easyJet. People who will long onto the net to find a cheap flight and end up holidaying somewhere they have never hear of.
With low landing charges, Ryan-air to cover its lowly, the idea is use ticket online booking, fly to small airports with low landing charges, cut cost by doing away with all the perks of flying like newspaper, magazine, food and drinks, and, carry as many people as possible for the achievable fares. Ryan-air new carries over a million passengers a month, while easyJet, one of a close and much younger rival budget airline, is fast catching up. Furthermore, budget airlines in response to the greater demand for cheaper flights, some of the larger tour operators as like as British Midland, Jet2 and Air- Scotland, Britannia Direct and MyTravel are beginning to muscle in on the market, leading to hopes that budget flights would soon be available worldwide.
1.2 Oasis Hong Kong Airlines Profile
In 2005, Oasis Hong Kong Airlines began corporate life with long-haul, flying London Gatwick Airport and Vancouver International Airport from its hub.
Oasis Hong Kong, the first flight was flying from Hong Kong International Airport to Russia on October 26, 2006. The cost conscious business model enabled Oasis Hong Kong to advertise its flights as affordable as a long-haul low-cost – at just GBP£75 one way.
The company founders Rev. Raymond C. Lee, and his wife, Priscilla H. Lee and the chief executive, Steve Miller, was founder and first chief executive of Dragon air, they ensured that the new business received plenty of publicity, including sales generated from its web site and travel agents. The internet has helped Oasis Hong Kong make the transition from an upstart airline to London – leading long haul’s low-cost carrier. In additional, though Oasis originally operated as a low-fare airline, it had already broken-even after the first six months of operations. Oasis’ main sources of revenue was who used to have to transfer en-route to get to London, therefore achieved through flying long-haul so as it can decrease operating cost – maintenance and fuel costs. The airline is also recognized for it’s from customer benefit and award-winning product; they have voted and won the award “World’s Leading New Airline” and “Asia’s Leading Budget/No Frills Airline” at the Annual World Travel Awards 2007, therefore Oasis was also named “New Airline of the Year” by the Centre for Asia Pacific Aviation of Australia, and was voted “Best New Service” and “Best Business Class Carrier” at the 2007 World Low Cost Airline Congress Awards held in London.
Services
Oasis Hong Kong, providing meals and soft drinks were served free on both long haul routes in all classes, one of the successes of Oasis Hong Kong airlines was widely advertised. Both meals will be included in the ticket price. If you require special, all special meals are subject to a HKD75 (GBP5), and for any additional snacks and alcoholic drinks are all at a cost of HKD15 (GBP1) per item available to be ordered in economy.
For seat, economy class was 32″ and business class offered at least 50″ seat pitch. Oasis Hong Kong designs a good type of aircraft. It offers the unprecedented levels of productivity, efficiency and the economics in the passenger service. The B-LFC can carry 71 business and 268 economy passengers in a class configuration or up to B-LFA, can carry 81 business and 278 economy passengers in a single-class economy configuration.
Free headphones, blankets and pillows were also distributed free in all classes. Each passenger had their own seat-back TV that had at least 16 channels available, and up to 12 channels of audio.
Furthermore, Oasis Hong Kong announced that all its passenger check-in operation into the newly commissioned Terminal 2 of the Hong Kong International Airport on 28 February, 2007.
Destinations
Oasis Hong Kong airline commences service in long-haul flights between Hong Kong and Europe in October 2006, and operated on two routes, from Hong Kong to London Gatwick Airport and Vancouver International Airport. Hong Kong fights to the United States in the months following the Hong Kong-Europe launch then. Oasis will be flying ex-Singapore Airlines Boeing 747-412 aircraft.
Oasis is the same a first budget airline in Hong Kong. Oasis were also planned offer non-stop fights to London Gatwick Airport in mid-October of 2006, followed by Milan-Malpensa, Berlin-Schönefeld, Germany and destinations in the U.S. (Oakland, Chicago). The long-awaited Oakland service will soon come on line once the Vancouver service is established because Oasis is believed to commence service to Chicago and New York before reaching Washington DC.
Fleet
Oasis Hong Kong currently operates 5 Boeing 747 aircraft, and it had planned to more its fleet to 14 by 2011. Singapore Airlines previously owned two of Boeing 747 aircraft. All Nippon Airways previously owned three of Boeing 747 aircraft.
The first aircraft was delivered to Singapore Airlines on July 11, 1989, with registration 9V-SMC. Later on, to cover for the loss of another Boeing 747-400, Oasis Hong Kong leased to China airline 3B-SMC in the mid-1990s and overshot its runway at Hong Kong Kai Tak Airport in 1993. Furthermore, Oasis Hong Kong is registration TF-AMA that to Iberia Airlines. The aircraft was owned by SIA Engineering Co. Limited but sold to oasis and delivered it to Oasis on September 19, 2006.
The second aircraft was delivered to Singapore Airlines on December 13, 1989, with registration 9V-SME. Oasis Hong Kong is registration TF-AMB that to Air Atlanta Icelandic and Iberia Airlines. With the two aircraft, it was delivered to Oasis on November 24, 2006. At the same time, oasis to offer daily non-stop flights between Hong Kong and London. Another three Boeing 747-400s was selling from All Nippon airways. Later on, Oasis Growth Income and Investment Limited operating these three Boeing 747s and delivered to ANA between February 25, 1999 (JA403A) and June 28, 2000 (JA405A), and were had scheduled to retire from ANA between 2007 and 2008 in exchange for the newer Boeing 777s and 787s.
1.3 Key issue that Oasis Hong Kong has been facing
On 9 April 2008, Oasis Hong Kong announced that it had ceased operations at 2pm local time that it will cease operations of losses caused. I heard the news from television and much news reported that airline was struggling with debts of up to 8 million USD and loses more than 8,000 USD per flight. It seriously affects the image and liquidator appointed to oversee the liquidation of the company. With the amazing HK billion Oasis Hong Kong bankruptcy that just happened, leaving 700 employees jobless and 30,000 travellers, these poor traveller woes. Any Airline that goes out of business in exorbitant oil prices, with the price of fuel surging upwards by more than 73% in the past year. Therefore, Oasis Hong Kong one of reason ceased operations is that in these few years, the price of oil and petroleum products is volatile since Oasis first flew in October 2006; the fuel prices was US$ 60 a barrel up to US$ 100 a barrel up to years of 2008. Facing with greater debt, Oasis Hong Kong main debt are has been facing greater debt is failure to attract new investment on time and under intense competition, Oasis airline was unable to retain their Hong Kong employee, except to remain a few overseas staff.
1.4 Rationale of doing the study
I found out there are some interesting phenomenon available in budget airline industry in Hong Kong is that why Oasis Hong Kong suddenly announced that it had ceased operations. The study is to depict a scenario for answering the question are there any business opportunities available to invest in low-cost airlines?
As a graduate of BBA, there are good opportunities for applying what I have learnt from the course. Moreover, the area is a very interesting topic to explore.
1.5 Significance of the study
Find out how to make improvement, if it continues to operate as a going concern. Which side must be spending more to improve or against defending?
After that, how well the airline can face with threat. As Oasis airline facing first flew was delayed after Russia held back its right to over fly Russian territory in October 2006 this bad news. Why Oasis airline just can alive in the industry in 2008? In this study, the purpose is to find out the answer why Oasis airline announced that it had ceased operations suddenly. As a graduate of BBA, there will be a good opportunities for applying what I have learnt from the course. Moreover, it is a very interesting topic for me to explore in the subject area. The most effective way to learn any subject is by doing it.
1.6 Expected Outcomes and Scope of The Study
Referring to the section 1.4, there are eight components of strategic management model, including Ratio Analysis, Industry analysis, CPM, External Assessment, Internal Assessment, SWOT analysis, Strategic Choices and Evaluation analysis. We will conduct research for collecting and analyzing data and information, depicting an overall profile of scenario for the purpose of Oasis Hong Kong.
Ø To analyze, assess and verify whether the intensity of competitive rivalry is not keen.
Ø To analyze, assess and verify whether the threat of new entrants is not strong.
Ø To analyze, assess and verify whether the bargaining power of customers is weak.
Ø To analyze, assess and verify whether the bargaining power of suppliers is weak.
Ø To analyze, assess and verify whether the threat of substitute products is weak.
Ø There are still business opportunities available for airlines to invest the low-cost airlines under the following hypotheses.
1.7 Aim of The Dissertation (referring to the section 1.5)
After the completion of this study, I will organize a seminar, report it on the newspapers. Moreover, post on the internet, and send it to Oasis Hong Kong top management. Final, inviting those members concerned on investment of budget airline industry in Hong Kong in the coming five years, and announcing what I have found.
1.8 Objectives of the Study (referring to the section 1.6)
In order to accomplish the dissertation, the following will be taken:
Establish a conceptual framework with hypotheses for the study.
Review literature for relevant theories, concepts, models which facilitate the study.
Conduct research for organizing related information ready for analysis.
Analyze the result of research.
Verification of the hypotheses and discussion of the facts & findings.
Draw conclusion
Make recommendation in order to make achievement of the budget airline perspective on that situation.
a. any adverse effects to the company will occur if nothing to be done on the fact.
b. treated as guideline or policy for organizations to determine their future investment in budget airline industry in Hong Kong.
Chapter 2 – Literature Review
2.1 Ratio Analysis
In any contemporary operating organisation, progress that the company is making is recorded as basis for, among a host of other essential things, decision-making and as a benchmark for measuring the firm’s performance for the period under scrutiny. A financial situation analysis is one such yardstick that documents current and future financial situation in an attempt to determine a financial strategy to help achieve organisational goals. As formally defined by Riahi-Belkaoui in 1998, financial analysis ‘is an information processing system used to provide relevant information for decision making’ (p. 1). The main sources of information for such analyses are published financial statements of the concerned company. Various accounts from published financial statements are evaluated in relation to each other to form performance indicators, which are then compared to ‘established’ standards. These performance indicators are better known as ratios, and constitute the main tools of conventional financial analysis.
Basically, Atril & Mclaney (2004) mentioned that by calculating a relatively small number of ratios, it is often possible to build up a reasonably good picture of the position and performance of a business. In consideration to Oasis Airline, ratios help to highlight the financial strengths and weaknesses of a business, but they can not, by themselves, explain why certain strengths or weaknesses exist, or why certain changes occurred. Just by details investigation will find the reasons. Ratios can be grouped into certain categories; each of them identifies a particular aspect of financial performance or, position. There are five broad categories which define as follows: (1) Profitability; (2) Liquidity; (3) Financial Leverage; and (4) Asset Management (Pike & Neale 1999). With this regard, the financial ratios of Oasis Hong Kong Airline are presented in Appendix (see Appendix). Basically, the presented ratio was only updated as of December 2007 since the company decided ceasing their operation last April 2008 (Chiu J. & Chaney 2008).
2.2 Industry analysis
Airline industry is a complicated business, starting an airline company is not easy, it involves major capital requirements for aircraft, compliance of government regulations, restrictions and state policy, competitive reaction from other tourist transport and requiring high level of expertise to operate and manage. What is the airline industry problem that they have to face? Airline is facing the rapid increase of globalization, rising fuel prices, heavy repair and maintenances cost, raising labor costs, increasing competition and requirements for higher service levels and greater flexibility, budget airlines especially.
2.3 Definition of Competitive Advantages
Competitive advantages is show a company sustains profits that exceed the average for its industry, how well that retain more customers than its competition, the firm can over its competitors and an ability to generate greater value for the firm and its shareholders.
Michael Porter’s (1998, 2006) framework and typology:
2.4 Critical Path Method (CPM)
This method was developed by E.l du Pont de Nemours and company in 1956 to aids them in the scheduling of some management works like routine plant overhaul, maintenance, and construction work. Actually, this method is crucial to airline businesses since their work usually fall under repetitive operations of which the management has experience on data involving time and costs among others (Thompson, A.A. and Strickland, A.J. 2003), and relatively small variance in their performance time, and CPM reasonably assumed that the completion time for each activity involved in a work project is known. Moreover, the CPM incorporates no statistical analysis in its determination estimates.
2.5 For External Assessment
Opportunities
1.
Expansion to becoming a major carrier
2.
Improving quantity of core customers
3.
Possible partnership with other low cost air transport organisations
4.
Marketing and business development through e-commerce, internet
Online booking are so popular recently, Oasis Hong Kong is easy to make their brand name become more and more famous. Besides, they need to introduce the B2B and B2C Business. In initially, Oasis Hong Kong has promoted the low cost fares for the ticket to the school graduation/rest, and providing them with the various kinds of support they need to become self assured on years of 2006 summer. However, Electronic commerce emphasizes the generation and exploitation of new business opportunities.
Technological Advancement, Rapidly Growth of E-commerce Market, Online Advertisement and online booking can Generate Revenue are the other three opportunities that we should pay attention. E-commerce is often thought to doing business and using simply, fast and low costs refer to buying or selling using on the Internet. People would immediately think of consumer purchase. For the Online booking, Oasis Hong Kong can via their own celebrity to attract different types of commercial companies to advertise on their website. Moreover, rapidly growth of E-commerce Market is the suitable time to attract more new clients, especially the youngest to use their services.
Threats
1.
Potential strengths of the new entrants in the low cost air transport industry
2.
Unstable market places the company in danger of filing Chapter 11 claims
3.
Increasing competition in e-commerce
4.
Escalating prices of fuels used in business operation
5.
Attack by substitutes, Time consuming & costly infringement, and Internet fraud complaints
In opposites, we need to focus on the threats and try to make some improvements. Firstly, the most we worry about is there is strong competition in the current market. There are so many competitors as like Dragon Air, Cathay Pacific Airways, and budget airline including Jetstar, United Airlines and so on, although each airline has their potential customer. They need to face the strong competition and try to via the improvements to attract more clients. Besides, elements include substitutes, and the competitor, and so on. Payment in the Internet, it caused the problem on the tax, the revenue of internet sales may decrease, and especially it will affect the buyer. Attack by substitutes in a threat, Time consuming & costly infringement, and Internet fraud complaint are the other threats that we should pay more efforts to deal with. Many of the budget airlines work on a first come, they sell all the low fares first and don’t release any more closer to the date of departure. Therefore, the cheap fares advertised by budget airlines. At the same time, customers always complain which they can never get the fares online. For the attack by substitutes, Oasis Hong Kong should strength it’s characterized to keep their clients. They need to make an investigation on the complaint and give the feedbacks to their clients. Furthermore, in the whole process of trading, buyer usually don’t have any kind of receipts.
Originally, almost all of airlines are having a market share, has than one more fares supplier in Hong Kong; therefore we cannot fulfill all the demand. People can select to buy budget fares or not, i.e. more airline company with promotional offers seasonal specials.
2.6 Internal Assessment
Strengths
1
Strong language, culture and kinship
2
Strong reputation
3
Customer oriented
4
Strong community involvement
5
High technology
6
Strong in brand name
7
Unlimited innovation
8
High sales amount
9
Full skilled labour
10
Larger in local market share with long-haul
11
Online Advertisements can Generate Revenue
12
Rapidly Growth of E-commerce Market
Based on the previous presentation of the external and internal assessment, Oasis Hong Kong is indeed on its way on becoming the dominant player in the industry. However, the road it has to travel is paved with obstacles and hurdles that will essentially test the company’s resolve. This is highlighted in the previous presentation analysis above. The company, regardless of its potential to be great, has some weaknesses that may cause their demise if not dealt with accordingly. This is compounded by the imminent threats to its operations as seen in the macroenvironement of Oasis Hong Kong. However, the opportunities and strengths that the company have may well even out these perceived negativities as they outnumber them.
Seeing that the company’s strength is built on their reputation, it seems that Oasis Hong Kong does implement a strategy that complements their environment. In the same manner, the previous presentation has given the impression that the internal environment of the organisation is able to contribute to this success. Thus, a balance in managing both internal and external environment may have been the redeeming feature of Oasis Hong Kong in the low-cost air transport industry.
Weaknesses
1
Relatively high price and high operation cost
2
Investment cost in high technology
3
Weak bargaining power of labour union
4
Financial stability
5
Internet fraud complaints
6
Strong competition in current market
7
Government impose tax on internet sales
8
Time consuming And costly infringement claims
Fares change all the time, with promotional offers for the opening of new routes, seasonal specials and so forth. Enterprises must make sure don’t miss any bargains, an example Oasis Hong Kong can sign up their customer on e-mail with any promotions from all the websites.
2.7 For Strategic Choices
They are currently selling their travel tickets through their website, which can be accessed at www.oasishongkong.com. Although not in par with the websites of old-timers like Cathay Pacific Airways that is also Hong Kong-based, it seems to function pretty well and has all the basic information for its users. One outstanding characteristic of the website is that compared to other sites in the same line of business, it is remarkably uncluttered. Since the start of its operation, many have expressed scepticism in its success, as it has been proven that the economies of scale are not effortlessly shifted to the long haul model. If there is anything so far that Oasis Hong Kong has done right, it is the creation of a fair bit of coverage about its service and has reportedly endeavoured to reach out to their market by permitting agents to register on the firm’s site to vend tickets. In October of 2006, they launched an online promotion (‘Be The First To Fly’) giving away more than 100 free flights between London and Hong Kong, as part of its first marketing initiative in the UK market[1].
Just this month, Oasis signed an agreement with Galileo GDS (a global travel distribution system), which allowed Oasis’ fares and inventory to be added to the Galileo GDS. As a consequence of the agreement, the carrier is supplied with a platform that permits the airline to examine online and offline total travel distribution. Also, Oasis will now be able to sell its tickets more effectively through Galileo’s wide-ranging exposure to agent locations. Consequently, Galileo-connected travel agents will have new opportunities to increase sales with new Oasis content available directly on their desktops[2]. Further, Oasis has outsourced contact centre services last year which will provide the carrier’s customers and travel agents with sales, general enquiries and customer service assistance, handling all inbound calls between 08:00 and 20:00 each day, seven days a week. They also have partnered with various hotels, car rental agencies, apartments and villas for the accommodation of their passengers, which was effectively incorporated in their website as one of the many conveniences of travelling with Oasis Hong Kong.
As evidences to the effectiveness of their low-cost strategy, Hong Kong has experienced an 8.1% visitor increase last year, and a couple of airline operators (AirAsia and Jetstar) have introduced low cost long haul routes of their own, also last year[3]. Oasis Hong Kong Airlines claims to be committed to delivering nothing but the best of service, and as the passengers are the most fitting judge of their performance, the management asserts to looking forward to hearing from their customers regarding their flight experience with the carrier. And while they do not guarantee to reply to all feedback forms, they declare to welcome comments and offers assurance that they will be forwarded to the relevant department(s). From their original fleet of two Boeing 747-400s, the finalisation of an agreement with All Nippon Airways Co., Ltd. to purchase three additional Boeing 747-400s, increased their fleet to five aircrafts. This was carried out just earlier this month as part of its planned fleet expansion in preparation for the launch of the airline’s new Vancouver route in the second half of 2007.
2.8 For Evaluation analysis
As the airline previously operates on one route only (Hong Kong International Airport to London Gatwick Airport), they have plans of expanding to other routes this year and the years to follow. Number one in their list of priorities is to be able to fly their growing number of loyal passengers to Vancouver International Airport, but negotiations to give license to fly to said airport is still on-going, subject to government approval. It is widely speculated that next in their priority list is the Oakland International Airport, and other airports that also route budget carrier hubs, like easyJet and Westjet. Oasis is also currently in the process of negotiations with Southwest Airlines and JetBlue Airways for potential partnership arrangements. The application for route licenses is currently going headstrong, as part of the carrier’s marketing strategy to fly to leading aviation hubs around the globe. The main targets for expansion as of the moment are Cologne/Bonn, Berlin and Milan in Europe and Oakland (San Francisco) and Chicago in USA. Other aviation hubs in leading tourist-garners will follow after the said routes have been given licences, to further increase market scope for the company, in their intention to provide low-cost flying to more people.
Also, like all other businesses in the same line of industry, Oasis has plans to participate in oil hedging to safeguard against potential fuel price increases. This is not only to maintain the low-cost fares being offered to passengers but also to be able to sustain business profitability. As Oasis has plans to break even during the first 12 to 18 months of operations, the said strategy will aid a good deal in its realisation. Although the increase of tourism activity in Hong Kong is seen as a positive sign which will likely to continue in the following years, it is hardly comparable to the marked increase of the same activity in neighbouring Asian countries.
Chapter 3 – Methodology
3.1 Introduction /Purpose
In this part, we will rank and analyze the Oasis Hong Kong ability to create and maintain an environment in which budget airlines can compete.
We assume Oasis Hong Kong operate in a wealth creation environment that enhances or hinders their ability to compete their business, based on analysis made by our own research project, the methodology is divides the national environment into 2 main factors:
Ø PEST analysis
Ø 5-Forces Analysis
Research Question:
Are there any business opportunities available to invest to the low-cost airlines?
3.2 Data & Information required
Proposition
There is a still business opportunity available for airlines to invest the low-cost airlines. The phenomenal success of budget airlines like easyJet, Virgin Atlantic Airways Ltd and Ryanair has revolutionized the travel industry. Between them, other budget airlines now can carry staggering passengers a year to destinations all over Europe. Why Oasis Hong Kong can’t? In this part, we outlines what the various budget airlines have to offer and recommends which destinations are any adverse effects to the company will occur if nothing to be done on the fact.
3.2.1. PEST analysis
Political Conditions - political influences include government stability, taxation policy, foreign trade regulations and social welfare policies.
Hong Kong is an attractive market for overseas eyewear makers and the newest trends. The opening of Oasis Hong Kong and the growth of long-haul market economy is supporting the demand for transportation services in Hong Kong. Oasis Hong Kong does not worry that the legislation could severely set back their most effective marketing. Hence, it has started flight to London from Hong Kong and thinks it can manage to avoid turbulence by keeping costs down and efficiency high.
The political situation of Hong Kong is very stable now or even in the knowing future, all of these are provide by its stable and high visibility law. As the policy they adapted to the worldwide are in peace and free for development and easy to follow the market trend in major.
Social cultural - In a research conducted by AC Nielsen in mid January 2005, 25 per cent out of 1,016 consumers felt that their personal financial situation will improve in the next 12 months. Consumer spending has been grown to 11 per cent in the second quarter of 2004. The average spending on holiday travel will be HK,320. Subsequent to the Tsunami incident in South Asia on the past Boxing Day, the travel desires on Hong Kong people seemed to have softened with less than a third indicated plans to travel aboard, but 73 per cent of those claimed to be shifting to visit the Mainland China.
Technological - Today, e-business has become an integral part of operations in the airline industry, with ultimate objectives of not only achieving cost saving but also generating additional revenue. Beyond to enhance their current product line, their further investment should be focus on improving and incorporating appropriate new technology. Two years ago, Oasis Hong Kong implemented and ambitious to become Asia’s leading e-business airline and the company is determined to provide greater ease and convenience for its customers and business partners—enhancing efficiency and economic benefits, as well as creating new opportunities for further business growth.
The airline expects its e-business projects to significantly increase revenue, with 25-30 per cent of tickets being sold online by 2005. E-business is also expected to help cut operational costs by more than HK0 million a year by 2003, with substantial savings coming from the airline’s own online purchasing and reduced inventory.
5-Forces Analysis - Airline industry conducts more research and development (R&D) than any other industry because air transportation is dependent to considerable degree on the quality and performance of equipment produced for the airlines and airways operators, therefore R&D is a major long-term determine of national economic growth. With this, Porter’s 5-Forces Model is useful for understanding the context of the industry, in which the firm operates (‘Porter’s Five Forces’ 2006).
Distinctive Competencies of enterprise- Evaluation of the distinctive competencies of an enterprise is really vital to their development. This evaluation serves as basis of strategies to be used in business procedures. Thus, it is vital for the company to carefully assess the important features of this factor.
3.3 Approach
For this research design, the researcher gathered data, collated published studies from different local and foreign universities and articles from journals; and make an analysis of the collected documentary and verbal material. Afterwards, the researcher summarised all the information, make a conclusion based on the results of evaluation and provide insightful recommendations on the dealing with the business practices of Oasis Hong Kong.
These gathered data and collated studies form and comprise the discussions of that this study is base on. This complements with the other data that the researcher gathered through the company news and reports. The information that is summarised and the conclusion that gained form these sources helps the researcher to have an idea of the magnitude of the sufficiency and criticality of business practice of Oasis Hong Kong.
3.4 Data Organization and Analysis
As stated, this study utilised the secondary data. Secondary data include raw data and published summaries, as well as both quantitative and qualitative data. Saunders & Thornhill (2003) deduced that secondary data fall into three main subgroups—documentary data, survey-based data, and those compiled from different sources. On the other hand, the study used news and company reports to gather primary data. Basically, these are called documentary secondary data.
Documentary secondary data, accordingly, are the ones often used in research projects that also use primary data collection methods, although such data can also be used on their own or be combined with other secondary data. The type includes written documents (notices, correspondence, minutes of meetings, and reports to shareholders, diaries, transcripts of speeches, administrative and public records, as well as articles from books, journals, magazines and newspapers). Because it can be important raw data sources on their own right, a storage medium for compiled and provide qualitative data, and can be used. To generate statistical measures (e.g., data on absenteeism derived from company records); and, non-written documents, like tape and video recordings, pictures, drawings, films and television programmes, digital versatile disks and CD-ROMs that can be analyzed both quantitatively and qualitatively, as well be used to help triangulate. The part of findings, based on other data such as written documents and primary data collected through observations, interviews and questionnaires (Saunders & Thornhill, 2003, pp. 190-191). From the gathered past studies related to the status of Oasis Hong Kong business practice, this study employed an analysis since this study involves gathering information by examining records and documents.
In addition, the documentary data discussed in this paper are often used in research projects. Research based almost exclusively on secondary data is termed archival research and, although this term has historical connotations, it can refer to recent as well as historical documents i.e. review of related literature (Bryman, 1989).
3.5 Difficulties and Limitation of the research
This dissertation looks at some of the variables that affect particularly those under the control because the data should be corrected in the same period, much, found more related books. From this foundation, it continues with a summary of techniques used in the design, as like how to write a research paper. Moreover, knowledge problems and tackle difficulties in time limited. The research should be preceded in the form of more detailed studies.
Chapter 4 – Findings
The management of operation requires a continual making of decisions regarding the future and the basis for such forecasts is the record of the past performance.
When observations of this kind are arranged in a time sequence and separated by (or represent) more or less regular intervals of time (months, years, decades, etc.), the progression of values is known as a time series. The concept of trend in economic time series rests in large part upon the secular growth of population, capital and resources. On the other hand, this work attempts to determine and analyse the business operation of Oasis Hong Kong in accordance to their strategies in the Airline market.
These days, everyone talks about the virtues of interactive marketing and building long-term relationships with customers by relying on websites, call centres, and bricks-and-clicks integration. We all know there is a compelling case for treating different customers differently and focusing on “share of customer” as a metric of success. To some of us now, it seems that this new world of competition was created entirely from the development of a newly available Internet technology, or that it was simply imagined out of the thin air of entrepreneurial drive and business guru creativity.
Actually, the most dominant strategic management paradigm in recent years is known as the strategies model (Fredrickson 1991). Porter (1998) claims that the intensity of competition in an industry is neither a matter of coincidence or bad luck. Rather, competition in any business industry is rooted in its underlying economic structure and goes well beyond the behaviour of current competitors. The state of competition in an industry depends on five basic competitive forces. The following discussion illustrates the five basic competitive forces in the two companies.
Figure 1 – The Five Factors or Forces Affecting Competition in an Industry[4]
With this regard, this part of the chapter will be divided into five categories: (i) intensity of competitive rivalry, (ii) new entrants’ status, (iii) evaluation of the bargaining power of customers, (iv) presentation of the bargaining power of suppliers, and (v) presentation of the threat of substitute products. The summary of findings will be shown in 4.6 and the analysis of Porter’s Five Forces will be discussed in the next Chapter.
4.1 The intensity of competitive rivalry is keen
This part of the study will analyze and assess the intensity of competitive rivalry of Oasis Hong Kong. Basically, in order for Oasis Hong Kong to develop a strategy that can provide superior performance, they must achieve and sustain competitive advantage and it has been suggested to develop some degree of competitive advantage.
Basically, companies in the aviation industry considered to be diverse in their history and culture and in how they do business. Moreover, the aviation industry in Hong Kong is experiencing fast market growth. The services offered by aviation companies in the industry are essentially interchangeable and indistinguishable. It has also been established that the services provided by the Oasis Hong Kong is a commodity to a major part of its stakeholders. Moreover, it also shows that there are considerable numbers of large competitors that dominate the industry.
Currently, Oasis Hong Kong had high fixed costs and spent a lot of money on their operation. Likewise, service capacity, to be economically feasible, must be done in large, expensive increments. Significant barriers as well hinder companies that want to exit the industry. These include regulations, labour agreements, costs of closing facilities, and the absence of secondary market for assets. In addition, it could also be observed that staying in the industry is of great strategic importance to companies in the industry, probably because they have nowhere else to go.
Actually, the assessment of the airline industry attractiveness is based on Porter’s 5 forces model. In our case, Oasis Hong Kong position in the airline industry in Hong Kong is not in good status since there are some wobble situation they are facing. As reported by Chiu J. & Chaney (2008), Oasis Hong Kong shows its desire to establish autonomous growth through the development of their services but because of the growing number of budget carrier competitors and increasing price of fuels, Oasis Hong Kong Airlines said that they halted flights and would go into liquidation after just 17 months. Basically, stiff competition triggered heavy losses of Oasis Hong Kong Airline (Chiu J. & Chaney 2008).
Even though this is happening to Oasis Hong Kong Airline and they decided to ceased their operation for the mean time, Hong Kong travel industry has still been showing steady signs of growth and progress for a couple of years now (Travel Daily News Website 2008). This consistent progress can be attributed to the change in strategic directions that was implemented several years ago and is still being further structured up to now. Basically, the critical element of the strategy was that Hong Kong travel industry started looking at things from the perspectives of the consumers and the customers.
4.2 The threat of new entrants is not strong
The threat of new entrants could be considered as serious because the lack of distribution channels of major competitors will damage the good reputation of companies and organizations as well as their products and services (Krajewski, 1999).
Firstly, in the case of Oasis Hong Kong Airlines, the threat of new entrants is not strong (Chiu J. & Chaney 2008). Because of the existing high price pressures of fuels in Airline Industry (Chiu J. & Chaney 2008), the new entrants especially the new low-cost airline will have difficulties in surviving in current business market. As revealed by Chiu J. & Chaney (2008), even though Oasis Hong Kong is considered as a leading long-haul low-cost airline they are still suffering because of global inflation rate and high and escalating business costs.
Secondly, a national air-taxi system is force airline industry’s hand. In the words, financing billions of dollars in flight and ground equipment during the 1990s present a tremendous challenge to the airline industry. Airline industry returns on investment generally have been poor (see below table). Otherwise, with a notable exception (Nawal K.Taneja, The Commercial Airline Industry, 1976) 12 airline cash flows over the long term have been inadequate to meet capital requirements. Therefore, the ratio of debt to equity for many airline company owners has increased impact to negative levels on their credit worthiness. This has not only limited access by airlines industry to external, but also led to larger option fees and progress payment requirements from the airline industry-as much as 20precent of the aircraft price in a three-to four years period before delivery.
At the same time, deregulation has increased the demands on management for marketing skills, strategic planning, cost control, policy to guarantee, and competition with other firms. Investor who is should be concerned with financial condition of the airlines. The financial condition of the industry directly affects the company behaviour in short run and ultimately, like their structure, performance in long term.
For short term, the airline company might resort to less than compensatory fares in order to generate sufficient cash to cover their fixed cost to meet the above-mentioned financing. This may threaten that the profitability and survival for carriers in long term. Benefit from low fares in short run, carriers to survive, fares must be raised eventually to keep capital in the industry. Furthermore, a small number of carriers need to complete with each more. At all the large commercial airports, they provide much stronger competitive pressure to hold down costs and fares competing in less extensive networks than a large number of carriers.
Table Net profit /Loss and rate of return on investment for the U.S. scheduled Airlines, 1990-2005
Year
Net Profit/Loss(thousands)
ROI (%)
Year
Net Profit/Loss(thousands)
ROI (%)
1990
9,140
3.0
2000
28,006
3.5
1991
(37,331)
1.6
2001
214,850
4.9
1992
52,319
5.2
2002
226,693
5.1
1993
78,480
6.1
2003
321,641
6.4
1994
223,172
9.8
2004
(84,204)
2.5
1995
367,119
12.0
2005
563,354
8.5
1996
427,633
11.0
1997
415,388
7.6
1998
209,952
4.9
1999
52,752
3.2
1999
(178,930)
1.5
4.3 The bargaining power of customers is not strong
This refers to the impact that customers have on a producing industry (‘Porter’s Five Forces’ 2006). In Oasis Hong Kong’s consumers, buyer power is strong, such that this could provide Oasis Hong Kong Airline’s rivals with a strong and efficient business. In Oasis Hong Kong environment, the buyer power is the impact that customers have on the industry.
Travellers are who fly for trends in jet airplane sales. A talk with air-taxi model would be attractive for a reason beyond mere convenience was a routine first stop for understanding the small plan system.
4.4 The bargaining power of suppliers is not strong
With respect to the current stance of global economy, everyone is suffering from high inflation rate. In the case of Oasis Hong Kong, the power of their suppliers is also strong. The increase in costs of maintenance of airplanes and costs of fuels has significant impact to the operation of Oasis Hong Kong (Chiu J. & Chaney 2008). In addition, because of this, Oasis Hong Kong has to adjust their prices in order to cope up with the current changes in the business environment. Basically, the proceeding presentation below illustrates that high fuel prices are leading airlines a faster-growing source of gas emissions, more eco-friendly cars. For years, airlines have countered pressure from environmentalists, airlines are working hard to develop fuels for their jets (Denis Balibouse/Reuters).
Source: http://www.fujibullion.com/Download/Daily/gold-24_07_08.pdf
Source: Bureau of Transportation Statistics
As seen in these presentations, it is predicted that within the next five years, high oil prices could be one of the biggest problem in the airline industry. With oil topping 0 a barrel, it is in the interest of airlines, now to really push for fuel alternatives. Oil prices are skyrocketing, and do not look to be coming down anytime soon. It is sad what has become of the airline industry.
Source: http://mxie.gotdns.com/oil.htm
Regarding above the figure, oil sources running out fast, we will see oil at a barrel again. Energy costs are a huge portion of an airplane’s expenses, so naturally the companies became worried and began to look for alternatives. The effects of high fuel prices to bring to airlines attention a huge potential fuel savings that would save the industry hundreds of millions of dollars annually with.
It is said that the conditions and the present arrangement in the fuel supply market largely determines the extent in which effective competition can be achieved. The bargaining power of a supplier could be a threat for the profit of the company, and Oasis Hong Kong is very much aware of it. In this manner, Oasis Hong Kong is trying to have a good contract with its fuel supplier. Herein, Oasis Hong Kong makes it sure that they are also benefited in the said contract while the suppliers enjoy the agreement with them.
4.5 The threat of substitute is weak
Actually, Oasis Hong Kong was chosen in 2007 as “World’s Leading New Airline” and “Asia’s Leading Budget/No Frills Airline” at the Annual World Travel Awards 2007. In addition to this, the company was also named as “New Airline of the Year” by the Centre for Asia Pacific Aviation of Australia (CAPA New Airline of the Year 2007), and was voted in 2007 World Low Cost Airline Congress Awards as “Best New Service” and “Best Business Class Carrier” held in London (Recognising the airline industry 2007).
Another reasonably of forecasting is time-series and trend. Aviation is certainly static, like new aircraft sales, fares prices, revenue passenger miles, passengers benefit, flying hours, on-time performance and number of departure all stability than ship and other transportation.
For trend, is a long-term tendency for the forecasted, and it must consists of interpreting the time-series. The trend determined by four factors: (1) long-term trend, (2)business cycle, (3) seasonal phenomena, and (4) irregular or unique phenomena, such as strikes, market segmentation, intensive growth strategies. The value of trend is a reflection of its statistical relationship with time. It functions are can be a negative for phasing out of fuel-inefficient aircraft or positive described by growth curves, GNP, industrialization, changes in technology, and long-term shifts in preference from the airline fleet.
For business cycle, it is due to the level of economic activity that has been associated with the developed. The business cycle has a significant effect on all segments of the air industry. The level of traveller or leisure purpose all refer to the income elastic that is airplane sales, revenue passenger miles, and disposal income, personal income, and national income. In addition, the business cycle has never been fully explained by economics, like controlled by government, employment levels, corporate profits or capital investment. Although the government is dealing with new, tiny companies or/and trying to help them innovate without making them into mini defence constructors who will remain permanently dependent on its funds, still possible for many people, much of the time. For seasonal, the value of it is associated with the time of years. it is said both the weather and the social customs associated with four seasons.
4.6 Summary
As revealed in the findings, currently Oasis Hong Kong Airline is suffering from possible downfall because of stiff competition, escalating high price pressures of fuels and changing behaviour of their customers. As discussed, the knowledge of the underlying sources of competitive pressure highlights the critical strengths and weaknesses of Oasis Hong Kong Airline, animates its positioning in the industry, clarifies the areas where strategic changes may yield the greatest payoff, and highlights the areas where industry trends promise to hold the greatest significance as either opportunities or threats. Basically, the previous presentation revealed that the intensity of competitive rivalry among budget airlines in Hong Kong is keen. This stiff competition among budget airlines triggered heavy losses to Oasis Hong Kong Airline. But even though there are stiff competitions among rival airlines, the new entrants for this industry are not that strong. And the primary reason is due to the global inflation that makes the survival of new players difficult. Apparently, the buyer and supplier power in this type of industry is strong which may possibly contribute to their survival difficulties. In consideration to these difficulties, the quality of services and the satisfaction give by Oasis Airline to their clients and customers will hinder any substitutes to have their way.
Chapter 5 – Discussion/Analysis
In investigating rivals’ operational processes, Oasis Hong Kong Airline may learn of new and improved methods and processes that allow it to remain competitive. Thus, securing information across several environmental sectors may enable a firm to gain competitive advantage or maintain its market position. According to Davies & Lam (2001), although the five forces approach provides sound theoretical basis and allows systematic analysis, it has the disadvantage of not providing how to measure and weight the many different components which determine each of the forces. Also, it is only possible to make an unambiguous judgment on the strength of a force if all the indicators ‘point’ in the same direction. If indicators contradict each other, there is the problem of how to balance them.
5.1. Verification whether the intensity of competitive rivalry is keen
As revealed in the previous chapter, the intensity of competitive rivalry is keen and it affects the business operation of the company. As justified, the company still dominates the low-cost Airline business but due to the escalating prices of fuels, Oasis Hong Kong Airline ceased their operation. This means that even though Oasis Hong Kong Airline is still on top of the competition among other low-cost Airline company, the company is not exempted to the impact of global inflation. The company enjoys its competitive position in the region and still trying to sustain its competitive advantage among its rivals. With this regard, the company still needs to manage and sustain the quality of their services in order to gain trust to their customers.
5.2. Verification whether the threat of new entrants is not strong
According to Davies & Lam (2001), barriers to entry are related to economies of scale, the existence of learning and experience curve effects, brand preferences and customer loyalty, capital requirements, cost disadvantages independent of size, access to distribution channels and government actions and policies. The economies of scale, for instance, implies that the more scale economies, the less threat of entry in that if entrant cannot quickly get large market share, it will have a major cost disadvantage. In the case of Oasis Hong Kong Airline, the threat of new entrants is not strong since Oasis Hong Kong Airline already established the position in the market. The new entrants in the market may possibly have difficulties to maintain their business because of the inflation rate which lessen the treat of new entrants.
5.3. Verification whether the bargaining power of customers is strong
Airline businesses have a long history–a history rich in diversity, international scope, and, above all, continuous change and adaptation. These competitive changes have forced adaptations, and in general have improved the level and efficiency of the services offered by Oasis Hong Kong Airlines to clients, thereby increasing service quality. Coupled with these and extensive advertising of airline companies, the customers have become informed and becoming more demanding. They have required that airline companies meet their very specific individual needs, therefore showing that clients to this industry have shaped what it is right now. This means, on an overall note, that customers have a high influence on the workings of the airline industry, as they have the ability to affect it.
5.4. Verification whether the bargaining power of suppliers is weak
Similar to the results of previous variable, the bargaining power of suppliers in Oasis Hong Kong Airline is also high. This is evident as when the said airline ceased their operation in 2007 (Chiu J. & Chaney 2008). The fuel supplies and airplane maintenance materials use in business operation is crucial for the company. And currently, due to global inflation and the increase of prices of these supplies, this becomes a treat in business operation of Oasis Hong Kong.
5.5. Verification whether the threat of substitute is weak
With respect to the efforts of the company in maintaining the quality of their services, the treat of substitute is weak. Actually, substitutes give high influence to the company since substitutes they can make a company lose the clients it has. But in the case Oasis Hong Kong Airlines, they make sure that the substitutes won’t give them too much problem. They do this by proving that the services they offer are of best quality and are better than substitutes. They also prove that their services are better against others by comparing and contrasting it with substitutes so that clients can know the difference. The company also offer services superior than substitutes so that they can attract more clients.
Chapter 6 – Conclusion
6.1 Summary of Objectives to have achieved
The strategies of Oasis Hong Kong Airline focus more on the management and access of information rather the creation of irrelevant airline services. For this reason, Oasis Hong Kong Airline has developed a unique set of guiding principles – simplicity, cost-efficiency and effectiveness. Total commitment to these principles makes the airline services of Oasis Hong Kong Airline very user-friendly to its customers. Oasis Hong Kong Airline was able to achieve a broad market leadership through various acquisition deals over the years even there is a stiff competition in the market. The strategies of Oasis Hong Kong Airline are focused mainly on driving the growth of its airline services and improving the company’s financial performance. These innovations have also helped secure significant acquisitions and partnerships. And more importantly, these innovations have led to the release of the potentials of the company’s employees, thus building a quality performance- based culture.
On the other hand, Oasis Hong Kong Airline’ strategies in the airline industry changed for the better at the start of the new millennium and began pursuing airline service differentiation. True enough, the differentiated airline services of Oasis Hong Kong Airline were able to satisfy the needs of customers through a sustainable competitive advantage. This also justified that the bargaining power of their customer is high while the treat of their substitute and new entrant is low because of their extensive efforts in maintaining the quality of their services. Moreover, this allowed Oasis Hong Kong Airline to desensitize the prices of their airline services and instead focused on the values that generated not only a comparatively higher price but also a better margin since these things could help to avoid business downfall.
6.2 Implication of the findings and the fact
Methods that Oasis could use to collect information and assess the relative attractiveness of potential overseas markets will be aided by technological innovations abound ready for the utilisation of a company such as the one under analysis. Understanding passenger values can lead to major strategy decisions—particularly around investment and branding to meet and market to customer needs. If the client values the attribute, it is worth investing to improve and/or market that attribute—if the client doesn’t, then the investment is likely to be wasted (somewhat akin to spitting in the wind). The Internet, in this case, will be the most powerful tool of the company to gather market information in order to assess the relative attractiveness of potential overseas markets. With the glut of information and the Internet, there is now so much data available that the challenge is no longer uncovering it but rather figuring out how not to be overwhelmed. If the business knows the drivers of its success, then it can determine where to direct focus and from where to base peripheral vision.
The potentialities of the internet as a major marketing tool has been notably utilised by Oasis. The Internet presence of an organisation, in this case, the Oasis Hong Kong Airlines, has vast potentialities as well as limitations. It is important to note that with globalisation and with the current rate of advancement in technology, there is an increasingly bigger chance of getting the entire firm’s marketing message through to the target markets with the utilisation of the Internet. The wise use of a website could either attract or lose existing and potential customers. The Internet marketing strategies of the firm, therefore, need to be consistent with what was preset as marketing objective of the firm and in an industry as civil aviation where innovations are an edge, this is very vital.
6.2.1. Consequence or effects to the company if nothing will be done on the fact
Oasis Hong Kong Airlines’ primary marketing objective is to attract more consumers away from the conventional long haul travel services offered by previously existing in Hong Kong in order to maximize profits and achieve market leadership. Another marketing objective of the company is to decide on whether to continue or not the space bed project. A marketing objective should be to improve the service the company offers at the same time lowering the costs made by the company. In relation to the marketing objectives the strategies company use is the following. The company could further improve the image of their flight attendants since people are known to be tensed and uptight during a flight. The company can train the employees to be more conscious and obedient to clients. The company can implement discounts and other benefits on flight fares to attract consumers to avail their services. Lastly, a strategy by the company is a continued use of different media to promote the company’s services in relation to such the company should use more advertisement techniques. The company need to constant seeks out creative new ways of solving existing problems and generating original ideas. In addition, managers must realize the value of international marketing management theories and how such theories can support them in the better management of the marketing aspect of the business. Be it formulating strategies or making major decisions, they also need to fully understand the mistakes made in the past. That way, they can avoid similar mistakes in the future.
6.3 The Future
As the airline is currently operating on one route only (Hong Kong International Airport to London Gatwick Airport), they have plans of expanding to other routes this year and the years to follow. Number one in their list of priorities is to be able to fly their growing number of loyal passengers to Vancouver International Airport, but negotiations to give license to fly to the said airport was still on-going, subject to government approval. It is widely speculated that next in their priority list is the Oakland International Airport, and other airports that also route budget carrier hubs, like easyJet and Westjet. Oasis is also currently in the process of negotiations with Southwest Airlines and JetBlue Airways for potential partnership arrangements. The application for route licenses is currently going headstrong, as part of the carrier’s marketing strategy to fly to leading aviation hubs around the globe. The main targets for expansion as of the moment are Cologne/Bonn, Berlin and Milan in Europe and Oakland (San Francisco) and Chicago in USA. Other aviation hubs in leading tourist-garners will follow after the said routes have been given licences, to further increase market scope for the company, in their intention to provide low-cost flying to more people.
Also, like all other businesses in the same line of industry, Oasis has plans to participate in oil hedging to safeguard against potential fuel price increases. This is not only to maintain the low-cost fares being offered to passengers but also to be able to sustain business profitability. As Oasis has plans to break even during the first 12 to 18 months of operations, the said strategy will aid a good deal in its realisation. Although the increase of tourism activity in Hong Kong is seen as a positive sign which will likely to continue in the following years, it is hardly comparable to the marked increase of the same activity in neighbouring Asian countries. In fact, it is said by analysts that what the Hong Kong tourism industry is experiencing is just the tip of the iceberg.
Appendix
Financial Ratios of Oasis Hong Kong Airlines (*data as of December 2007)
Source: http://investing.businessweek.com/research/stocks/financials/ratios.asp?symbol=0001.HK
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[1] From http://corp.oasishongkong.com/gb/en/pr.aspx?pr_id=OHKAGenUKPREN060808Befirsttofly
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