网络经营者的新商业模式(1)

NewBusinessModelsforNetworkCarriersMITAirlineIndustryConferenceApril8,2003Washington,D.C.RupertDuchesnePresidentandCEOAeroplanLimitedPartnership2TheProblem…ReturnoncapitalofprovidersinvaluechainRevenueswillnotcomeback,eveniftheeconomicsituationpicksupReturnoncapital:2majorcompaniesserve100%ofthemarketLeasingCompaniesAirlinesGroundHandlingCateringAirportsCRSCompaniesAircraftManufacturers2majorcompaniesserve45%ofthemarket1500airlines,overcapacity,fiercecompetition3competitorsatderegulatedairports2companiesserve40%ofthemarket“Natural”Monopolies4companiesworldwide16%15%-3%11%10%10%30%3…andit’snotsurprisingthereisaproblem•LowbarrierstoentryHighbarrierstoexitHighcapitalcostsHighfixedcostsSignificantgovernmentalconstraintsHighlabourbargainingpowerTransparentpricing/immediateaccessMovableassetswithlowcashvariablecostsPerishableassetHighprofileinconsumerconsciousness“Positive”responsetoeconomiccycle“boom&bust”4TheAirCanadaAnswer¾Postrestructuring:AirCanadaEnterprises–ACGroundHandlingplusmore…5NewAirCanadaproductslaunchedtoaddressindustryevolutionawayfromfullserviceofferingTango(Oct.2001)–Sub-brandtomainline–Web/CallCentreonly–AllEconomyconfiguration–Payonbooking,norefund–Nointerline(evenAC)–Seasonalcapacity–25A320in2002–Payasyougo–Mainlymedium&transcon–MainlineunionagreementsZIP(Sept.2002)–Separatesubsidiary–Ownworkforce(unionised)–Betterproductivity–Competitivepay–Lowcost,nofrillsmodel–Replacesmainlineflying–Codeshare/interline–20B737(max)6TheMarketCapitalisationoftheAirCanadafamilyissignificantlyhigherwhenexpressedasdiscretebusinessunits.MarketCapitalisation$M1Bt400AirCanadaAeroplanACTSJazz9001.2B300*1Bt??tindependentanalystcommentsQ1/03*ClosingpriceMarch28,20037TheevolutionofNetworkCarriersrequiresakeenfocusonthecorebusinesswithinthenewindustryparameters.WhySubsidiaries?Whataboutthecore?¾Scaletomeetdemand¾Focusedpressureonkeycostdrivers▫Labour▫Infrastructure¾RethinkNetworkFlowàSimplifypricingàChangehubdynamicsàAllianceleverage¾DefinedMarket¾StableRevenue¾Managementfocus¾Investorstosuitopportunity