Innovation and Entrepreneurship in Qantas Airlines
Entrepreneurs get innovation ideas from sources like new knowledge (scientific/non-scientific), changes in industry, demographics, and perceptions. Bessant defined entrepreneurship as the ability and readiness to establish, coordinate and operate a business enterprise together with any of its uncertainties in order to yield profits when factors of production are incorporated. Innovation and entrepreneurship are achieved through recognizing, analyzing and expanding a concept and cultivating it into a concept (Bessant, 3). The essence of entrepreneurship is indicated by innovation and willingness to take risks and is necessary for states capability to prosper in the very dynamic and the seemingly competitive worldwide marketplace. The purpose of this essay is to provide a strategic report that presents analysis on innovation and entrepreneurship in the Qantas Airlines and offer definite suggestions future innovations and improve its competitiveness to help consolidate Qantas’ position as industry leader.
Primary research sources; surveys, direct surveillance, interviews and focus groups. Secondary sources; internet, available market research outcomes, existing information from stock list and Qantas Airlines database, data from governmental agencies, libraries, industry bodies and local councils. Types of data acquired from quantitative research; sales figures, repeat customer frequency, sales in the industry and financial trends. The type of data gathered from qualitative research; perception and attitudes of existing and potential customers towards the services. Using informal and formal conversation with clients to review competitors and comprehend more about Qantas service and practices. Qantas has the best worldwide connecting flights with the best airport locations and facilities that has placed it on global recognition map as a reputable brand and logo. According to “Qantas Frequent Flyer Program Turning into Airline's money spinner”, Qantas has been known to carry out one of the most prominent regular flyers programs that provide wonderful consumer benefits (1).
It offers the best freight tracking systems that ensure the safety of containers using the quickest routes (Qantas tracking- Track and Trace Qantas Air Cargo Shipments, 1). Qantas safety records are outstanding as it has some of the best safety measures put in place to ensure zero death in flights. Qantas won the Cumber batch Award for superior engineering. Cancellations in Tamworth also raised the local concern with several customers saying they no longer rely on Qantas Link services. According to the Online Airline and Airport review, customers have expressed their feelings of dissatisfaction with the customer service with the majority of them failing to recommend the airline. Above is an image displaying cancellation on the online site of QantasLink. EMERGING TRENDS IN THE INDUSTRY AND NEW MARKET SEGMENTS TO TARGET According to Kletzel, in 2016, the airline's industry experienced about 6.
IATA numbers indicated the highest financial performance ever reported 35. The previous ultra-low-cost carriers and the low-cost carriers now provide improved voluntary pay-as-you-go services. This composite perspective is efficient and productive in the current developing and arising market where travelers tastes are becoming refined. Various carriers are running separate airlines under their corporate brands. FSCs have developed LCCs services e. g. Geoffrey Thomas an editor of website airlineratings. com explained that this advancement makes these planes very light and stronger than the previous aluminum models. These modern planes are also fuel economical New traveling paths have opened up as a result of the lightness and fuel-economical capability. A350 has recorded sales of approximately 800 787s. An example is the new Etihad addition of Johannesburg as a 9th city.
Opportunities; they can exploit the collapse of Ansett by recruiting new personnel, widening and broadening their destination routes and acquiring more Aircraft. Due to the downfall of Ansett, Qantas recorded domestic increase in sales, revenue and market share, Qantas plan to recruit more personnel and add to their fleet by approximately fifteen percent achieved through temporary leasing of additional crafts is an effective strategy to realize this opportunity. As a result of Ansett's collapse, Qantas is currently in the growth stage domestically (with increased sales, revenue and market share) but in the decline stage internationally. In response, Qantas has planned to hire more staff and increase the Qantas fleet by 15% by long-term leases and purchasing new aircraft. Also by establishing a discount airline called Australian Airlines.
Legal/political environment; i. e. the bureaucratic interference on the economic processes in Airline industry. Schrega explained that Airlines deal in a highly monitored and limited legal environment with interferences structured to safeguard the consumer’s interests and safety protocols operations of airlines. Regarding Qantas, it encounters governmental practices in its various sectors. Chen expounded that Qantas has been addressing the air pollution issue. Qantas is aiming to reduce its pollution discharge by fifty percent by the year 2050. Currently, from flying activities, Qantas carbon footprint is 95% (1). Social; the social environment and tendencies are a major issue when it comes to Qantas airlines with regards to its performance. According to Climis, the consumers have widely accepted and prefer low-cost air traveling services.
Organization of passenger information gathered into absolute view of passengers, changing the understanding resulting from this information into appealing offers e. g. “we know your preferred accommodation from the previous visitation, would you prefer a discounted facility this time around?", and creating a unique software application. Exploiting digitization to facilitate and upgrade operations to decreased costs and offer better services. This will solve the website traffic, simplify it and also help reduce the flight cancellation problem. e. leisure or business. The business section is further divided into regular habitual business and leisure sections are divided into vacations and visitations. Qantas can focus on outlining products, creating profitable products that appeals and captivates consumers of particular consumer sections like scheduling features highlighting arrival and departure time and luxurious and relaxing features when it comes to amenities.
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