Free Business Essays - Conduct A Strategic Analysis Of A Multinational Company (MNC) Or An International Company - Ryanair
Conduct a strategic analysis of a multinational company (MNC) or an international company, evaluate the viability of its current strategy and make any recommendations for changes to the strategy that you consider to be appropriate. You may legitimately conclude there are no improvements necessary - do not look for change for its own sake.
Company: Ryanair
Introduction
Ryanair was set up in 1985 by Tony Ryan to operate low-cost flights from Waterford and Dublin in the Republic of Ireland to London. In its initial few years of operation, it struggled financially. Michael O'Leary, now Chief Executive of the company, was Ryan's financial controller at this time, and persuaded Ryan to let him try and redress the situation.
O'Leary developed a strategy heavily influenced by Southwest Airlines in the US, the world's first low-cost carrier, and not only stemmed Ryanair's losses, but turned it into a huge success: its forecast profit after tax for the year to March 31 2006 is 303m, a 13% increase on 2005 (Davy 2005: 3). Its operations have also expanded massively in geographical coverage: in the current financial year, Ryanair operated 288 routes across 21 countries using 12 European bases, and plans to more than double its fleet in the next 7 years (www.ryanair.com).
Ryanair Strategy
Ryanair's objective is to firmly establish itself as Europe's leading low-fares scheduled passenger airline through continued improvements and expanded offerings of its low-fares service. Its strategy to achieve this is:
- low fares
- industry-leading customer service
- frequent flights on short-haul routes
- low operating costs, addressing aircraft and equipment, personnel productivity, customer service costs and airport access fees
- taking advantage of the internet and
- commitment to safety and quality maintenance
(www.ryanair.com)
The company operates a policy of offering the lowest fares available from any carrier. If a competitor tries to undercut it, it will match their prices (www.ryanair.com). This may seem to be an anomaly given the company's commitment to customer service, but the two strategic elements are complementary. Ryanair's policy of using small regional airports for its operations helps keep costs lower but also means less traffic congestion for passengers travelling to the airports and less chance of delays. Frequent, short-haul flights mean that the airline does not need to provide services which would be expected by passengers on a longer flight, such as meals.
Cutting costs to a minimum wherever possible is key to the success of the Ryanair operation. The airline is notorious for its ban on staff charging mobile phones on the premises (Clark 2005b) and also charges crews for uniforms, highly unusual for the industry (Creaton 2005: 239).
The internet enables prices to be kept low through removing the cost of agents. Telephone bookings can also be made, but count for only around 4% of bookings, compared with 96% made over the internet (www.ryanair.com).
In its early days, some older planes had various technical problems and O'Leary has said that if there had been a major incident, it would have closed down the airline (Creaton 2005:57). Safety and quality are vital to operations because, in the case of a low-cost operator, suspicions are more likely to be harboured that maintenance is subject to cost-cutting.
The Southwest Airlines Model
O'Leary visited Southwest in the early 1990s. Its strategy has been emulated by Ryanair, although there are some differences, particularly in company culture.
Porter argues that the success of Southwest's strategy is due in part to its consistency and integration:
What makes Southwest Airlines so successful is not a bunch of separate things, but rather the strategy that ties everything together. If you were to experiment with onboard service, then with gate service, then with ticketing mechanisms, all separately, you'd never get to Southwest's strategy (in Hammonds 2001)
Southwest pioneered the use of short flights between secondary airports: its business model was based on a rejection of the traditional method of flying passengers to a hub, then out to their destination because of its inefficiencies, with planes waiting for other arrivals to transfer, and the necessity for passengers to make two journeys with the inconvenience of a change (Creaton 2005: 68). It drove down turnaround times to increase the number of sectors (A to B journeys) an aircraft could undertake in a day. The minimum of on-board services are offered.
These strategies differentiate the airline from competitors, and were adopted perhaps more by Ryanair than by other low-cost European airlines: easyJet, for example, focuses on major airports more than Ryanair does.
However, there are a number of strategic elements in the Southwest strategy that are very different to Ryanair's approach.
Southwest is very unionised, and its Chief Executive, Herb Kelleher, has encouraged this. His argument is that without a union, employees feel vulnerable, whether or not they have need to. O'Leary has tried to prevent unionisation at Ryanair (Creaton 2005: 252). Southwest staff are among the best paid in the US aviation industry, partly through stock holdings, while Ryanair looks to minimise staff costs (Clark 2005b). The company culture at Southwest involves fun and humour as well as hard work: crew have to be touchy-feely extroverts (Creaton 2005: 72), and the company's offices take Halloween off for a party, with departments given budgets to create party themes (ibid: 71). Ryanair has acquired a reputation for relatively poor employee relationships: according to the deputy general secretary of Impact, an Irish trade union:
It's a very, very oppressive regime there and they have extremely high staff turnover, particularly among junior pilots and cabin crew (in Clark 2005b).
This is a potential weakness for Ryanair. The costs of high staff turnover are reduced efficiencies due to learning curves, training costs and recruitment costs in interviewing time and advertising. These are offset to some extent by Ryanair's policy on charging employees for training (ibid). Although salaries are competitive, the hidden costs for employees - from charging their own phones to training and uniform costs - have an impact on the figure.
In recent months, recruitment has turned to agencies in Eastern Europe due to a shortage in Ireland (ibid). With the airline industry increasingly buoyant, there is a wider range of options for Ryanair staff and would-be applicants. With Ryanair planning a large expansion - it has ordered 125 new aircraft to be delivered over the next 7 years (www.ryanair.com), recruitment difficulties must be addressed.
Strategic analysis
By applying several strategic analysis tools, the strengths and weaknesses of Ryanair's strategy can be examined further.
PESTLE Analysis
This tool looks at political, economic, social, technological, legal and environmental factors.
Political
European politics are particularly important as Ryanair operates and employs in a number of countries across the EU, including its home territory in the Republic of Ireland. In 1997, deregulation of aviation opened up opportunities for airlines across Europe to compete with each other on a more even footing, allowing airlines from one member state to compete with another on its domestic routes. In 2004, 10 eastern European countries joined the EU opening up the market still further. However, European legislation has been detrimental to Ryanair and will be considered shortly (see 'Legal' below).
Ryanair entered into a dispute with Cornwall County Council over a 5 levy on each passenger it flew to Newquay airport. This was to help fund expansion of the airport, but O'Leary argued that the tax was unfair given the amount of revenue that would be brought to the area by Ryanair passengers, and withdrew a number of Ryanair flights (Milner 2005). Cornwall responded by offering the slots to competing airlines (ibid). The effects on Ryanair are unclear: while the levy may have had some effect on demand, it is probably more likely that O'Leary withdrew services to try and force the council to capitulate. A similar tactic seems to have been used more successfully to negotiate price reductions with Bergerac airport (Creaton 2005:228).
Tax policy is another possible problem for Ryanair. The Economist argues that compared with most forms of transport, aviation is undertaxed (2005:34), although Tony Blair ruled out some huge tax on cheap air travel before the last election (ibid). However, businesses seen as making large profits seem to be a target for the UK Chancellor, with a North Sea tax recently imposed on oil producers (Tempest 2005). There is also concern over the capacity of airports and air traffic control to manage the large increase in flights, as well as impact on the environment, and a tax may be seen as an appropriate way of addressing this.
With tax a potential issue with bodies from local councils though to national governments in every country in which Ryanair operates, careful judgement must be made so that reactions are persuasive and make economic sense: pulling out of a market in order to try and influence a change of policy may simply result in reduced profitability due to lost opportunity.
Economic
As a European operation, with headquarters in Eire, Ryanair is a euro-based business, and so many of its operations are not affected by exchange rates, despite it operating internationally.
Oil prices are an issue for all airlines. Ryanair has addressed the problem of large price increases through some hedging - this involves agreeing a price for oil in well in advance of requiring it, but this involves a cost. The overall effect is much like insurance. However, it has recently relied on cash reserves to deal with unhedged oil price rises, affecting profits (Davy 2005:1). Other airlines e.g. British Airways have added a surcharge to tickets to address the issue. Ryanair's policy relies on periods of unhedged price rises being short.
Social
Major social changes have been effected across Europe by the entry of new members to the EU. This has opened up opportunities for migrant workers, and hence an expanded market for Ryanair, as many from less affluent Eastern European countries have migrated west, and are likely to welcome the chance to return home regularly on cheap tickets, much like the 'Ryanair Generation' (Creaton 2005: 257) from Ireland in the 1990s, who, after moving to the UK, used the airline to increase significantly the number of visits home they made each year.
Technological
The internet has enabled Ryanair to keep costs low by allowing customers to book through its website rather than through an agent (they can also book by phone). However, the web is less attractive for Ryanair's expansion in east European markets, as penetration of both the internet and credit cards is lower than in western Europe (Economist 2004c: 69). This situation is likely to change in the longer term.
Aircraft technology offers opportunities. Ryanair currently has orders placed for Boeing 737-800s, suggesting it will continue with its current pattern of relatively short flights, but replacing the 737-200 with its smaller passenger capacity: the 737-900 has an even greater range and capacity than the 737-800. The advantage of different formats of the 737 is that pilots at Ryanair are all type-rated to fly the variants. To fly other Boeing aircraft, such as the 757 or 767, requires additional training to gain a type rating, with expensive flight simulator time and line checks (where pilots new to the rating are checked by a training captain on flights). It is far simpler to run a pilot rostering system - which is subject to a number of complex legal limits - by restricting the fleet to one type of aircraft. If the 737 goes out of production, there would clearly be major issues for Ryanair, who would need to phase in an alternative. However, as the 737-900 was only introduced in 2000 (www.boeing.com), and planes are typically manufactured for several decades before being discontinued, this appears to be a small risk for Ryanair at present.
Legal
The legislation with the most impact on Ryanair - and other low-cost carriers - is an EU ruling on providing compensation, food and accommodation for passengers whose flights are cancelled or heavily delayed. This was introduced in February 2005, and has been unsuccessfully challenged by bodies representing low-cost carriers (Milner et al 2006). Ambiguous wording in the law has been exploited by airlines: the rules do not apply if a cancellation is for reasons of safety, and it has been alleged that airlines are claiming safety issues as the reasons behind cancellations when the true reasons would qualify passengers for compensation (ibid). The argument of low-cost carriers is that the costs of compensation are disproportionate to the outlay of customers for tickets. At present, the law is being tested, and a number of passengers are pursuing claims through the courts (ibid: Ryanair is not specifically mentioned).
With Ryanair employing staff across Europe, legal issues are more complicated than within a domestic operation. Several Belgian staff were laid off after a year-long trial period, which was acceptable under Irish law. A court ruled, however, that they were subject to Belgian law because although they had been hired in Ireland, their main place of work was Belgium. Under Belgian law, the maximum trial period is 6 months (Rochet 2005) and the dismissals were therefore unfair.
Particularly damaging for Ryanair has been an European Commission ruling on subsidies. A number of airports have helped subsidise Ryanair's operations because of the economic benefits they can bring to the local area. The Commission ruled that subsidies from Charleroi in Belgium were illegal and that Ryanair must repay 4m (Creaton 2005: 229). Ryanair's share price dropped by 30% in reaction (Economist 2004a:61). The Economist commented that the decision seemed to be in opposition to the EU's wish to encourage economic growth and movement between member nations (ibid).
Operating internationally has also given Ryanair opportunities to get round legislation. When it took over the discount airline Buzz, it acquired Buzz's UK licence, which gave it less restricted access to opening up operations in eastern Europe than its Irish licence (Creaton 2005:222).
Environmental
The main environmental issue facing Ryanair is that of greenhouse emissions. At present, aviation accounts for roughly 5% of the UK's emissions, but this is expected to rise to 25% by 2030 (Economist 2005:35). When visiting Ryanair's website (www.ryanair.com), clicking on the 'Ryanair and the Environment' link opens up the 'Story so Far' page - it is not clear whether this is an error or O'Leary's way of expressing a lack of interest in environmental issues. A news release on Ryanair and the environment is posted on the site: it states how Ryanair's strategy has a positive environmental impact, but at no point implies that this is intentional. For example, the operations between underutilised airports rather than use of the 'hub' structure was adopted because it was a key factor in Southwest's success rather than because of its environmental benefits.
A second environmental issue is noise, and the 737-800s will help reduce this.
With the increasing focus on environmental issues and pressure on governments to address these concerns, it is likely that airlines that work to become more environmentally friendly will not be affected by tightening of legislation to the same degree as those who adhere to legal minimums, and this could be an issue for Ryanair. However, positioning itself as a environmentally-sound operator is not consistent with its strategy. To explain this further, we must consider Porter's theories.
Porter
The explanation for why promoting environmental concerns should not be part of Ryanair's strategy can be explained through Porter's generic strategies.
Generic Strategies
There are three main types of strategy identified by Porter in this model: differentiation, cost-focused and niche. A differentiation strategy involves charging higher prices for features that add value to a product. Cost-focused strategies involve reducing the features of a product to a minimum to keep costs low so prices are minimised. A niche strategy involves providing a highly-specialised product to a narrow market, possibly with the addition of cost or differentiation elements.
Ryanair's strategy is clearly cost-focused. To introduce a concern for the environment would involve incorporating a feature to the product that does not reduce costs but differentiates it, potentially adding value and enabling Ryanair to charge higher fares. This conflicts with their promise to passengers always to offer the lowest possible fare, and to undercut any operator who tries to undercut Ryanair.
Porter argues that mixing strategies is a mistake, and it is clear from the example above confirms that it would not be appropriate for Ryanair. There are exceptions to the mixed strategy argument: supermarkets, for example, offer cost-focused ranges (Sainsburys Basics), differentiated ranges (Sainsbury's Taste the Difference) and niche ranges (Sainsbury's SO organics range, which has elements of differentiation allowing it to be priced higher than standard product ranges) in addition to its regular products. It is notable that, in contrast, airlines with several ranges have struggled to achieve success with all of them. The most successful low-cost carriers, Ryanair and easyJet, do not run standard or premium operations. KLM's Buzz, British Airways' CitiExpress and BMI Baby, all segments of wider product portfolios, have been less successful.
Ryanair has attempted to introduce elements of differentiation on several occasions, with a Business Class and frequent flyer programme both abandoned in 1989 (www.ryanair.com) and, more recently, a lack of take-up of in-flight films offered through a personal DVD at 5 (Clark 2005a). Porter's theories help explain why this was not successful.
Five Forces
Porter's Five Forces theory is useful in a discussion of Ryanair because it looks at how influences affect competing companies within an industry.
Buyers
Ryanair offers a basic product to a large number of individual consumers. This kind of market will not have powerful individual buyers, allowing Ryanair to dictate its terms. As customers' purchase decisions are made on the basis of price, rather than features, the likelihood of failing to provide an acceptable product is minimised. Ryanair's figures for punctuality and flight completion are ahead of competitors, suggesting customer requirements are met (www.ryanair.com), although it quotes May 2004 figures: it is unclear whether it is still performing better than competitors operationally. The figures are helped by its strategy of utilisating small local airports with less air traffic, hence minimising the likelihood of delays.
Ryanair does, however, fail to address the needs of certain minority groups of passengers, and came in for particular criticism for requiring disabled passengers to pay for wheelchair transfers (Creaton 2005: 246-7), a policy that was ruled illegal. The cost-focus strategy means that introducing features for a minority group is not conducive to making profit: the business model depends on a standard product. However, Ryanair is bound by legal decisions. In the case of the wheelchair charges, it responded by adding a levy to all tickets: any price increase is a risk in a price-sensitive market.
Suppliers
All airlines are subject to changes in oil prices: competitive advantange is gained through how they approach this e.g through hedging or an additional levy on tickets.
Ryanair's other key suppliers are airports. It has the advantage over competitors that regional airports are keen to subsidise the airline to ensure it flies to the area because of the local economic benefits. For airlines using major airports, there is no such incentive for the airport to lower its charges.
Entry to the market
Entering the airline market is dependent on having the finances to set up an operation, possibly requiring investor backing. However, operations can be grown gradually, through initially leasing or buying a small plane. Ryanair's operations began with one 15-seater plane (Creaton 2005:21).
It is, however, far harder for airlines to gain a foothold in certain routes that are particularly competitive. Ryanair's early financial difficulties were caused largely by aggressive competitive tactics from Aer Lingus and British Airways on their key routes (www.ryanair.com). Ryanair has now become large enough to push competitors out with similar tactics, as seen when Buzz attempted to establish a Bournemouth-Prestwick route in 2002: Ryanair offered tickets at half the price of Buzz's, and Buzz quickly withdrew from the route (Creaton 2005: 221). Ultimately, Buzz's poor performance meant Ryanair could acquire it for an attractive price, expanding its own operations because it acquired Buzz's airport slots as part of the deal.
Undercutting competitors to force them out is common in the low-cost carrier market. While lower prices may boost passenger numbers, the accompanying decrease in profit is not sustainable long-term. This limits a very competitive approach to the largest companies who can afford the impact of short-term losses to establish new routes. British Airways announced a revamp of its regional UK operation, CitiExpress, in January 2006: the service will not be as low-priced as Ryanair's but will be cheaper than standard BA flights, with the hope of attracting customers through some differentiating features (news.bbc.co.uk). Given that the more the customer buys on price, the less important non-standard features become, this strategy does not appear to be a significant threat to Ryanair.
Exit from markets
As demonstrated by those airlines with whom Ryanair has competed aggressively, such as Buzz, exit from a route can be speedily executed. Barriers to exit could exist in the form of agreements signed with airport operators to deliver a service for a specific length of time, yet it is unlikely that such agreements would be signed without an option to withdraw unprofitable services.
Substitute Products
There is no obvious substitute that can quickly transport price-sensitive customers long distances, often with sea crossings, at so competitive a price as low-cost airlines. Substitutes such as trains operating through the Channel Tunnel, Irish Sea, Channel and North Sea ferries and train and coach services across Europe are already established, but are not enjoying the commercial success of low-cost airlines. P&O saw passenger numbers fall by 3% in 2004 (news.bbc.co.uk).This suggests the low-cost airline proposition is generally more attractive to consumers.
Rivalry
Ryanair are in a particularly strong position in the low-cost sector. The slight differences between their strategy and those of competitors provides them with advantages, particularly avoiding operating out of Europe's main airports: this helps them provide a superior product (in terms of delays) at less cost, and provides a huge incentive for the supplying airports to do all they can to encourage Ryanair's patronage for their own economical benefit. The disadvantage of this is that some customers require flights to major airports: Ryanair's Frankfurt flights go to Hahn, two hours' road journey away (Creaton 2005: 4); this means the business market, where time is at a premium, may prefer to pay more for a more direct route.
This is an example of what Porter describes as trade-offs (Hammonds 2001): he argues that they are vital to compete. For Ryanair, the advantage of maintaining cost-minimising, service-maximising strategy outweighs the cost of business lost from customers wanting to use major airports.
When other airlines do decide to compete directly with Ryanair, few have the resources to maintain an aggressive competitive stance. However, it is likely that the current pattern of the industry becoming increasingly dominated by a few large players will continue, and any price wars between large players are likely to be more drawn out and expensive than those between a large player and a smaller company.
Conclusion
From the discussion above, it is clear that Ryanair's strategy has several differences from those of its competitors, and that these differences directly and indirectly contribute to its competitive advantage.
Ryanair also fits Porter's ideal company profile through the charismatic leadership of O'Leary:
To be successful, an organisation must have a very strong leader who's willing to make choices and define the trade-offs. I've found that there's a striking relationship between really good strategies and really strong leaders (Porter in Hammonds 2001).
This is also a potential weakness. O'Leary is so closely associated with the Ryanair strategy that his departure would have a significant impact on the operation. Employees have commentated that even when O'Leary is on holiday, his absence is felt (Creaton 2005: 266). O'Leary is still in his 40s and appears to run Ryanair for personal enjoyment and challenge rather than financial reasons: his cashing in of share options has earned him many millions, so it is unlikely that there is any immediate threat.
The threat of legal and political issues is to some extent mitigated by the fact that changes affecting Ryanair will affect its low-cost competitors too, possibly more so: the compensation legislation is likely to have more impact on easyJet than Ryanair as it flies to more major airports and is more subject to delays because of volumes of traffic.
Only one major weakness in Ryanair's strategy is evident: the attitude to employees. Post 9/11, the aviation industry initially suffered major job cuts, and as demand for jobs outstripped supply, employee relations were less important. This situation has changed with the huge expansion of flying, particularly in the low-cost market. Ryanair's own planned expansion relies on being able to recruit crews. Without adequate staffing, expansion could lead to rapid increases in cancellations and hence compensation costs.
The one change to strategy that is therefore suggested is an increased move to spread staff bases more across Europe, particularly in eastern Europe where wages are lower. Since training payments can be deducted from salaries, the financial disincentive to entry is removed. By setting up training schools across Europe, crew recruitment procedures can be made more efficient, and agency costs could also be removed.
The employment market may ultimately dictate an improvement in staff terms in order to address shortages, which would have an impact on costs.
Overall, Ryanair can be summarised as a company that has had a very clear strategy differentiating it from competitors in a way that enabled it to meet customer requirements particularly effectively, and there are remarkably few commercial weaknesses in its approach. References
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Websites
www.ryanair.com
www.southwest.com
www.boeing.com
News.bbc.co.uk
BA relaunches UK regional airline at http://news.bbc.co.uk/1/hi/business/4598360.stm
