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Singapore Airlines and Airasia X How Airlines Create Value for Customers

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Singapore Airlines and Airasia X How Airlines Create Value for Customers SINGAPORE AIRLINES AND AIRASIA X HOW AIRLINES CREATE VALUE FOR CUSTOMERS Albertus Andhika (816960) Frances Guastalegname (698669) Cassandra Tonkin (856101) Lin Qian (901693) Yuhan Shi (816195) 1 TABLE OF CONTENTS EXECUTIVE SUMMARY 3 MARKET OVERVIEW 4 AirAsia Overview 4 Singapore Airlines Overview 4 MARKET DRIVERS AND FACTORS 6 Market Drivers 6 Key macro-environmental factors 6 MARKET SEGMENTS 8 TARGET SEGMENTS 11 VALUE PROPOSITIONS 14 VALUE DISCIPLINES, TYPES AND SOURCES OF VALUE 15 BUSINESS MODEL PERSPECTIVE 20 AirAsia X – (Cost Leadership Strategy) 20 Singapore Airlines (Differentiation) 21 Head to Head (AirAsia and Singapore Airlines) 22 CONCLUSION 23 APPENDICES 24 REFERENCES 27 2 EXECUTIVE SUMMARY This report analyses and compares how Singapore Airlines and AirAsia X (as a subsidiary of the AirAsia Group) create value for their customers as part of the Asia-Pacific airline industry, and whether these organisations actually deliver the value they promise. We begin with an overview of Singapore Airlines, AirAsia X, and the Asia-Pacific airline industry, defining the industry, providing key statistics and key market drivers and factors. We then explore major customer segments in the industry, narrowing to examine how Singapore Airlines and AirAsia segment and target their customers’ needs and value considerations. As both airlines target business travellers, we follow this with an analysis of the types and sources of value offered by each airline, comparing the two airlines’ value propositions for their target customers. Finally, we evaluate and compare Singapore Airlines and AirAsia’s business models and conclude by discussing whether the value offered by each airline is what their end customer receives. 3 MARKET OVERVIEW The Asia-Pacific airline industry is comprised of passenger air transportation through both scheduled and chartered flights, but excluding airfreight travel (MarketLine, 2017b, p.7). It is evident that the industry as a whole has grown substantially in recent years (MarketLine, 2017b, p.7). Profit margins in this industry surged in 2015, making the region the second most profitable airline market, following North America (MarketLine, 2017b, p.7). Possessing total revenues of AUD$212,920.3 million in 2016, the Asia-Pacific airline industry saw a Compound Annual Growth Rate (CAGR) of 9.4% between 2012 and 2016 (MarketLine, 2017b, p.8). Lastly, trend forecasts suggest that performance of the Asia-Pacific airline industry will continue to grow, with an anticipated CAGR of 11.8% between 2016 and 2021 (MarketLine, 2017b, p.8). AirAsia Overview AirAsia Berhad (AirAsia Group) is one of Asia’s leading Low-Cost Carrier (LCC) airlines, headquartered in Malaysia, and operating through a network of hubs in Thailand, the Philippines, India and Indonesia (MarketLine, 2017, p. 3). AirAsia Group operates under two brand names – AirAsia, specifically for domestic air transportation service, and AirAsia X for international flights – but there is no difference between them as they both operate as LCCs. As noted by MarketLine in 2017, AirAsia Group possesses a market share of 49% in Malaysia, 22% in Thailand, 8% in Indonesia, 11% in the Philippines and 4% in India (MarketLine, 2017a, p. 23). As of 2017, the AirAsia Group operates flights between 109 destinations across 18 countries (MarketLine, 2017a, p. 5). Singapore Airlines Overview Singapore Airlines Group operates with a focus on the full-service passenger segment (MarketLine, 2017c, p. 5) where its subsidiary SilkAir serves domestic flights and Singapore Airlines serves international flights. Headquartered in Singapore, Singapore Airlines operates throughout East Asia, South West Pacific, Europe, the Americas, and West Asia and Africa (MarketLine, 2017c, p. 3). The full-service passenger segment is most important to the brand, with this segment generating a total revenue of SGD10,134.2 million in the 2017 financial year (MarketLine, 2017c, p.5). 4 Figure 1. Perceptual Map (Singapore Airlines Group and AirAsia Group) As explained above, the perceptual map shows that Singapore Airlines Group and AirAsia Group are competing in different segments (domestic versus international). Therefore, in this report we will focus on international markets and compare Singapore Airlines with AirAsia X. 5 MARKET DRIVERS AND FACTORS Market Drivers Business travel spending in the Asia-Pacific is anticipated to grow “four times faster than in North America and twice as fast as in Europe” between 2014-2018 (Singapore Tourism Board, 2015, p.2), driving significant demand for air travel in the region. Key macro-environmental factors The following macro-environmental factors impact the Asia-Pacific airline industry most significantly. Political and legal Political and legal factors influence whether airlines can operate in certain countries (Yashodha, 2012, p.1). Instead of an Open Skies policy as in Europe, each country has different requirements which can prevent pilots and aircrafts from operating in countries outside their own (Paylor, 2017, p.17). For instance, Indonesia, Laos and the Philippines only permit access to “specific areas and airports", with Manila strictly "off limits" (Driskill 2016, p.54). Such restrictions are particularly damaging for low-cost carriers like AirAsia X if they cannot afford joint ventures and local certifications permitting access. Economic While 2015’s decline in crude oil prices presented favourable conditions (MarketLine 2017b, p.7), costs are expected to increase in 2018 (Tarrant, 2017, p.5; MarketLine 2017b, p.20). These, along with rising staff costs (MarketLine, 2014, p.16), impact costs for passengers in an industry already “vulnerable” (MarketLine 2017b, p.22) to economic changes such as passenger income levels and fluctuations in exchange rates, inflation and unemployment rates (MarketLine 2017b, p.22; MarketLine 2014, p.15). Environmental International Air Transport Association (IATA) members, such as Singapore Airlines, are under increased pressure to reduce air travel carbon emissions (IATA, 2017). IAT aims to improve fuel 6 efficiency by a yearly average of 1.5%, to reduce “net aviation carbon emissions by 50% by 2050, relative to 2005 levels”, and to cap net aviation carbon emissions from 2020 onwards (IATA 2017). The pressure is likely to impact passenger costs in the near future as airlines seek more environmentally friendly methods (IATA, 2017). 7 MARKET SEGMENTS According to Royo-Vela and Martinez-Garcia (2010), besides the monetary cost of the travel, several other flight and trip related attributes, such as quality of service, purpose of travel, choice of destination and frequency of travel, can influence air traveller preferences. Based on the study and the demographic, psychographic and behavioural characteristics of the potential customers, the major customer segments of airlines can be divided into four categories as follows: Table 1. Market Segments of the Asia-Pacific airline industry Business Traveller Quality Economic Segment Good deal seeker Premium Business vacationers Business Traveller Traveller Demographic Income Below average Average Low to Average Moderate to High Students, White and blue Professional business people with Occupation manufacturers, self- collar workers, frequent business trips employed families Psychographics “I want to get there “My travel as conveniently and allowance is “I place high comfortably as “Price tag is limited. I need to Lifestyle importance on possible. Service everything.” get there on time value-for-money” quality is more and within important than budget.” price.” Behavioural 8 Travel frequency Low (Up to 4 Low (Up to 4 High (approx. 5 Moderate - High times/year times/year times/month (approx. 20 times/ year Benefit sought Cheapest price Good service, good Price, Luxury, quality of add-on products, convenience, service, less transit reliability convenience, comfort Purchase occasion Budget holiday, Family holiday Business trips Business trips backpacking, quick getaway Distance of Domestic International Domestic and Domestic and travel Flights International International Flights Flights Loyalty status Low Moderate High High See: O’Connell & Williams (2005) and Singapore Tourism Board (2015). 1. Good deal Seeker (price-sensitive) Passengers in this segment are price-sensitive and, due to their lower trip frequency, they are able to book cheap tickets early. While AirAsia X describes itself as “the best low-cost airline” (AirAsia, 2018a), passengers in this segment tend to perceive little differences between airlines, which means they are less loyal to certain brands, making it hard for the company to achieve long-term value (O’Connell & Williams, 2005, p.17). 2. Quality vacationers (quality service) Quality vacationers are less price sensitive than good deal seekers, but place higher importance on value-for-money. For example, they are more likely to choose the airline that provides better quality service at an affordable price than choosing solely on price (O’Connell & Williams, 2005, p.17). 3. Economic Business Traveller Customers in this segment are middle class consumers who travel frequently for business but are still price sensitive due to limited travel allowances. They seek value in convenience, reliability and affordability (Singapore Tourism Board, 2015, p. 21, 23). 9 4. Premium Business Traveller This segment consists of passengers with a high travelling budget. They typically fly several times per month and may outsource the flight ticket booking processes to their assistant.
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