Southwest西南航空Word文档下载推荐.docx

Southwest西南航空Word文档下载推荐.docx

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low-costcarrier"

becauseofitsuniquebusinessmodel.Themodelincludesflyingoneaircrafttype,theBoeing737,onhigh-densityroutesthroughouttheUnitedStates.Southwest'

s"

low-cost"

businessmodelisfurtherdefinedbytheairlinenotofferingmanyservices,whichareastandardofferingonmosttraditionalAmericancarriers,suchasaFirstClasscabin,airportlounges,reservedseatassignments,andvideo/audioprogramming.Bynotofferingtheseservices,Southwestclaimsthatitcanofferlowerfaresandproduceahigherreturnoninvestedcapitalthanotherairlinecompanies.

HerbertD.Kelleher

HerbertD.Kelleher（bornMarch12,1931）istheco-founder,andChairmanEmeritusandformerCEOofSouthwestAirlines（basedintheUnitedStates）.

KelleherwasbornandraisedinHaddonHeights,NewJersey,wherehegraduatedfromHaddonHeightsHighSchool.Hehasabachelor'

sdegreefromWesleyanUniversityandaJurisDoctorfromNewYorkUniversity.AtWesleyanhewasamemberofDeltaKappaEpsilonfraternity.HeismarriedtotheformerJoanNegleyandtheyhavefourchildren.TheKellehersmovedtoTexasintendingtostartalawfirmorabusiness.

LegendhasitthatKelleherandoneofhislawclients,TexasbusinessmanRollinKing,createdtheconceptthatlaterbecameSouthwestAirlinesonacocktailnapkininaSanAntonio,Texasrestaurant.Afterovercomingayear'

sworthoflegalchallengesfromcompetitorswhotriedtokeepitgrounded—Southwesthassucceededbydaringtobedifferent:

offeringlowfarestoitspassengersbyeliminatingunnecessaryservicesandavoidingthe"

hub-and-spoke"

schedulingsystemusedbyotherairlinesinfavorofbuildingtrafficinsuchsecondaryairportsasAlbany,Chicago-Midway（insteadofChicago-O'

Hare）andOrangeCounty.

DuringhistenureasCEOofSouthwest,Kelleher'

scolorfulpersonalitycreatedacorporateculturewhichmadeSouthwestemployeeswell-knownfortakingthemselveslightly—oftensingingin-flightannouncementstothetuneofpopularthemesongs—buttheirjobsseriously:

Southwesthasneverhadanin-flightfatality.SouthwestisconsistentlynamedamongthetopfiveMostAdmiredCorporationsinAmericainFortunemagazine'

sannualpoll.FortunehasalsocalledhimperhapsthebestCEOinAmerica.Mr.KelleherwasinductedintotheJuniorAchievementU.S.BusinessHallofFamein2004.

OnJuly19,2007,SouthwestAirlinesannouncedthatKelleherwouldstepdownfromtheroleofChairmanandresignfromtheboardofdirectorsinMay2008,thoughhewouldremainafulltimeemployeeforanotherfiveyears.KelleherultimatelysteppeddownaschairmanonMay21,2008.Immediatelyfollowing,SouthwestAirlinesnamedcurrentCEO,GaryC.KellythenewChairmanoftheBoardofDirectors.

InJuly,2010KelleherwasappointedChairoftheFederalReserveBankofDallasboardofdirectorsfor2011.Kelleher'

stermwillexpirein2013.Previously,hehadservedasDeputyChair.

Competitiveenvironment

TheAirlineDeregulationActof1978redefinedtheindustrybyeliminatingtheabilityoftheCivilAeronauticsBoard（CAB）tosetfares,allocateroutes,andcontrolentryandexitintomarkets.Unfortunately,mostairlineswerehamstrungbyhighcoststructures,includingexorbitantlaborcosts,andhighlyinefficientplanesandinfrastructurefacilities.Intheaftermathofthecompleteremovalofentryandpricecontrolsby1980,competitionintensifiedconsiderablyasnewentrantscherry-pickedthelargecarriers'

mostprofitableroutes.Thisledtoanextendedperiodofsevereindustryshakeoutandconsolidation.

Structuralcharacteristics

Theindustry'

sstructuralcharacteristicsmakeitatoughplacetobeveryprofitable.Theoverallindustryisnothighlyconcentrated,althoughithasbecomemoreconcentratedsincederegulation.Nevertheless,mostdiscretemarketsareservedbyalimitednumberofcarriers.Intheoligopolisticmarketsinwhichmostairlinescompete,thepricingactionsofonecompanyaffecttheprofitsofallcompetitors.Intensepricewarshavebeenafrequenteventintheindustry.Becausecompetitionvariesfromroutetoroute,acarriercandominateonemarket,bedominatedinanotherandfaceintenserivalryinathird.Asaresultofthehub-and-spokesystem,airlinesfacehead-to-headcompetitionwithmorecarriersinmoremarkets.

Supplierstendtohaverelativelyhighbargainingpower.Certainunionsareinapositiontoshutdownairlines.Airplanemanufacturers（Boeing,Airbus）haveconsiderablepowerinalteringthetermsofpurchaseforplanes.Furthermore,thebusinessiscapitalintensiveandrequiresverylargeexpendituresforairplanesandotherinfrastructure.

Despitedifficulteconomics,theindustryisstillattractivetonewentrants.Therearefewsubstitutesforlong-haulairtravel.Inaddition,mostoftheincumbentshavehighcoststructuresthatareexceedinglydifficulttoimprovesignificantly.Carrierfailuresanddownsizinghavealsocreatedalargesupplyofrelativelynew"

used"

aircraftandthecostofacquiringaircraftisreducedfurtherbythepracticeofaircraftleasing.Givenhighdebtlevelsandlowprofitabilityincomparisontootherindustries,mostairlines,includingSouthwest,havebeguntoleasetheirplanesratherthanpurchasethem.Inlightofhighdebtandlowprofits,thedepreciationtaxshieldisnotasvaluabletotheairlines.Byleasing,carrierscan"

sell"

thattaxshieldtotheleasingcompany,actuallycreatingvalueforthecarrier.Asaresult,entrybarriersarenotashighasonewouldexpectinothercapital-intensiveindustries.

Furthermore,newentrantsgenerallygainsignificantcostadvantagebysecuringlowerlaborcostsbecausetheyarenotburdenedbytheunfavorableunioncontractsthataffectmanyolderairlines.Manyoftheunioncontractsagreedtobythemajorairlinescallforhigherpayandcontainworkruleprovisionsthatreducelaborproductivity.Inaddition,newentrantsaresometimesabletogainfavorabletermsbypurchasingexcesscapacityofotherairlines,suchastrainingandmaintenance.

Profitability

Inordertosurviveandprofitinthistoughenvironment,airlinesattempttomanipulatethreemainvariables:

cost,calculatedastotaloperatingexpensesdividedbyavailableseatmiles（ASM）;

yield,calculatedastotaloperatingrevenuesdividedbythenumberofrevenuepassengermiles（RPM）;

andloadfactor,calculatedastheratiobetweenRPMsandASMs,whichmeasurescapacityutilization.Thus,profitability,definedasincomedividedbyASM,iscomputedas:

Profitability=[yieldXloadfactor]–cost

Themajorairlineshavefacedintensivecompetitionfromlowpriceairlinesinthe1990s.Whiletheselowpricedairlinesexpandedthemarketforairtraveltheyalsoplacedgreatdownwardpressureonthepricesofthemajors,therebyreducingtheiryields.Tocompete,themajorsengagedingreatcostcuttingefforts.Deltaannouncedthegoalofreducingitscost/ASMto7.5centsbyJune1997.Itfellfrom9.6centsinApril1994to8.75centsinMarch1997.Whilethisresultedinsignificantsavings,itdidnotpreventDelta'

sstockpricefromfallingafterthecompanyannouncedearningswellbelowWallStreet'

sexpectations.StrainsarosebetweenDeltaCEORonaldAllenandtheboardasaconsequenceofthedamagedonetoDelta'

sreputationforstellarservice,dueinparttothecostcutting.Thisapparentlycontributedtotheboard'

sdecisioninMay1997toreplaceAllen.

Capacity

JPMorgananalystsbelievethatthemostimportantfactorinfluencingpricinginthelong-termwillbethefallingindustrycostcurve.Theypointoutthatlow-costairlineshavealreadyloweredandinvertedthetraditionallydownwardslopingindustrycostcurve."

Withittheyhavepressuredfaresindustry-wide,butparticularlyinshort-haulmarketswheretheirimpactoncostshavebeenmostdramatic...theairlinesthatareincreasingcapacityarethoselowestontheindustry'

scostcurve.Thisshifthasoccurredbecauseofthegrowthinlow-cost,short-haultravel.

Outlook

LehmanBrothersanalystsconcludedin1996thattheUSairlineindustrywasenteringamatureandmorestablephase,asthemajorrestructuringitrequiredwaslargelyaccomplished.Intheirview,thisrestructuringwasdrivenbytwokeydevelopments.Firstwastheretrenchmentofthemajorsintotheircorehubs.Secondwastechnologydiffusion,whichoccurredwhentheweakerairlinesupgradedtheirsystemstechnologyregardingpricingandyieldmanagementandeliminatedmanydisparitiesamongmajorcarriers.

Arenasofcompetitionhavealsoshifted.Low-costcarriers,includingSouthwestAirlinesandShuttlebyUnited,dominateshort-haulcapacityinthewest.Expansionofthelow-costcarriersseemstobeslowing,andcompetitionappearstobestabilizing.MeanwhiletheEastCoastisstilldominatedbyhigh-costcarrierssuchasUSAir.Consequently,itisnotsurprisingthatthelow-costairlineshavetargetedtheeastasamajorarenaforexpansion.Southwest'

sinvasionofFloridaandProvidence,RIisanoteworthyexample.IntheNortheast,capacityreductionbyhigh-costcompetitorssuchasAmerican,USAir,andContinentalhasalsoenhancedtheopportunitiesforlow-costairlines.Ascarrierslearntoadaptthelow-costformulatothegeographic,climatic,andmarketintricaciesoftheNortheast,low-costoperationswilllikelycontinue