Yankee Airline: Case Study Analysis
Yankee Airline Overview
One of the largest service organizations known in the world today are those airline industries. These industries all over the world are now living in an interesting era. More and more people have been using these industries for every services and purpose they want and for their travel satisfaction. The process of change as of the old economy to the new global economy has brought tremendous changes and development to the services being offered. Part of the changes brought by the competition of these industries globally is the new economics, new market structure, new marketing strategy as well as the new technological structures of each and every industry within the marketing service field. Nowadays, people are more willing to use the services of the airline industry especially those individuals who wanted their travel to be convenient and satisfying which makes all such industries to be in demand. Thus, this paper will critically study Yankee Airline and the strategies that it has been using throughout the years that it is recognized as one of the competitive Airline industry.
Three Impressive Things about Yankee Airline
Being one of the largest airline industries, Yankee Airline has three impressive strategies that makes it different from its competitor and made the industry ranked to be one of the most admired and top performed airline companies in the United States. The services that Yankee Airline industry is offering with its target market or passengers can be seen as a combination of a traditional and modern way.
One of the impressive things about Yankee Airline is their unique of rendering the services to their customer or passengers. Yankee Airlines have made their focus on its market in a different level of recognition. In the same manner that they are doing in giving value to their customers as well as valuing the passengers’ comments and feedbacks. Their strategy includes the style of being customer oriented industry in which the suggestions of the passengers are taken seriously. As Yankee Airlines realized that their customer is one of the essential stakeholders in order for the whole industry to succeed and achieve its objectives, they used the psychographic approach to determine the demands of their passengers and target market.
However, the company is facing difficulties in terms of the liquidation. In this regard, the company should be able to formulate their financial strategies and in making the financial management effective, proper research and studies should be made in order to define and maneuver the direction of the whole business plan. Setting up the ideas and presenting them to the figures of authority for a rich exchange of views will be helpful in generating plans that will be best for the business establishment. The company should be conscious and cautious in terms of the savings and the transparency of the expenditures. The people involved should also have the guts and the character to make the long-term plans a success by initiating efforts that will make such conjured ideas possible and tangible in the future.
Specifying the date and time frame of executing the business plans and strategies that will make its attainment possible will push and business to start right on and take the challenge. As much as possible, hesitations should not be acknowledge unless there are enough reasons to postpone the initial execution of the plans that will be more risky than the imagined drawbacks of the project. They should be sensitive in making delays and lagging off from the defined plan and tactics as well as in the changes and differences of the actual application and that of the plan.
It would also be advisable to get help and consult from a professional finance consultant because they can provide information and views that were not pointed out and brought up during the planning period. There should also be an account to serve as a financial back up for the emergencies and difficulties that were not foreseen while conjuring with the plans.
Mack (1994) introduced the most common mistakes that are encountered in managing the finance of a business organization which should be minimized if not totally avoided by the management. These include the failure to research and conduct studies regarding the goals prior or after the planning period, not using an automatic saving plan, being too conservative with long-term investments, the problem of succession, putting off the start of the investment, not getting professional advice, and not setting aside at least three to six months worth of savings in an interest-bearing account.
This leads to reasoning that in managing the financial resources of a business organization, it is of primary importance that the resources of the company are identified. From these resources the people in the general management especially the financial manager to be selective in choosing the resource or resources that the company will invest in. the nature of the resource should be studied so that the opportunities that it offers can be fully exhausted by the company.
Reference
Mcmenamin, J. (1999) Financial Management: An Introduction. London: Routledge. p. 9.
Credit:ivythesis.typepad.com
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