Strategic Management Report: Ryanair's External and Internal Analysis
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This report provides a comprehensive strategic analysis of Ryanair, a low-cost airline. It begins with an introduction to strategic management and its importance, followed by an examination of Ryanair's external environment using PESTEL analysis, considering political, economic, socio-cultural, technological, environmental, and legal factors. The report then applies Porter's Five Forces model to assess the competitive landscape of the airline industry. An internal analysis is conducted using SWOT analysis, evaluating Ryanair's strengths, weaknesses, opportunities, and threats. The report proceeds to evaluate Ryanair's future strategic directions based on the Ansoff Matrix, with a focus on market development strategy and its justification. The conclusion summarizes the key findings and offers recommendations for Ryanair's strategic direction, emphasizing the potential for expansion and increased profitability. The report highlights the importance of adapting to external factors and leveraging internal strengths to achieve strategic goals.

Strategic Management
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Table of Contents
INTRODUCTION...........................................................................................................................3
MAIN BODY ..................................................................................................................................3
Analysis of External Environment..............................................................................................3
Porter's 5 Forces Model...............................................................................................................4
Analysis Of Internal Environment..............................................................................................5
Evaluation of Ryanair's Future Strategic Direction....................................................................7
Strategy Selection And Justification...........................................................................................7
CONCLUSION AND RECOMMENDATION...............................................................................8
REFERENCES................................................................................................................................9
INTRODUCTION...........................................................................................................................3
MAIN BODY ..................................................................................................................................3
Analysis of External Environment..............................................................................................3
Porter's 5 Forces Model...............................................................................................................4
Analysis Of Internal Environment..............................................................................................5
Evaluation of Ryanair's Future Strategic Direction....................................................................7
Strategy Selection And Justification...........................................................................................7
CONCLUSION AND RECOMMENDATION...............................................................................8
REFERENCES................................................................................................................................9

INTRODUCTION
Strategy is a concept of management which is related to the high level plan to achieve the
objectives and goals of the company. It is an important term used in strategic management which
is a continuous process of planning, implementing, analysing and monitoring the strategies in
order to meet with the goals and objectives of the organization. Ryanair UK is the subsidiary
company of low cost airline group Ryanair Holdings. It was established on 30th May 1985. It's
headquarter is in London, England, United Kingdom. Report will highlight on the Pestle
analysis, Swot analysis and Porter's 5 forces model of the company. Report will evaluate the
strategic directions of the company. Report will also evaluate and justify the future strategy
selected by the company.
MAIN BODY
Analysis of External Environment
External Business Environment includes various factors which affects operation of
companies. Thus, it is necessary to analyse all macro factors having an impact on business of
Ryanair Airlines. Analysis of external factors are done by company with the help of PESTEL
Analysis. This analysis is discussed below-
Political Factors- Political factors includes government stability, political power,
taxation policies made by government, budget, exchange rate and various law & legislation
related to environment protection, employee safety and restrictions related to trade practices.
Changes in these factors affects operations of Ryanair airways as company operates its business
in various countries thus, changes in exchange rate affects company’s operation further different
country has different political power thus, this affects operation of firm (Aithal, 2017).
Economic Factors- Economic Factors consists of factors such as exchange rate,
inflation, tax rate, interest rate and unemployment all these factors affect profitability, market
share and customer base of Ryanair Airways. For Example, if there is a situation of inflation in
Ireland than purchasing power of citizen of that country decreases which in turn reduces demand
for services of Ryanair Airways. Thus, changes in these factors has an effect on performance of
company.
Socio-cultural Factors- Social factors such as attitudes, beliefs, ideas and opinion which
directly connected to population expansion and age distribution. Ryanair Airways analyse this
Strategy is a concept of management which is related to the high level plan to achieve the
objectives and goals of the company. It is an important term used in strategic management which
is a continuous process of planning, implementing, analysing and monitoring the strategies in
order to meet with the goals and objectives of the organization. Ryanair UK is the subsidiary
company of low cost airline group Ryanair Holdings. It was established on 30th May 1985. It's
headquarter is in London, England, United Kingdom. Report will highlight on the Pestle
analysis, Swot analysis and Porter's 5 forces model of the company. Report will evaluate the
strategic directions of the company. Report will also evaluate and justify the future strategy
selected by the company.
MAIN BODY
Analysis of External Environment
External Business Environment includes various factors which affects operation of
companies. Thus, it is necessary to analyse all macro factors having an impact on business of
Ryanair Airlines. Analysis of external factors are done by company with the help of PESTEL
Analysis. This analysis is discussed below-
Political Factors- Political factors includes government stability, political power,
taxation policies made by government, budget, exchange rate and various law & legislation
related to environment protection, employee safety and restrictions related to trade practices.
Changes in these factors affects operations of Ryanair airways as company operates its business
in various countries thus, changes in exchange rate affects company’s operation further different
country has different political power thus, this affects operation of firm (Aithal, 2017).
Economic Factors- Economic Factors consists of factors such as exchange rate,
inflation, tax rate, interest rate and unemployment all these factors affect profitability, market
share and customer base of Ryanair Airways. For Example, if there is a situation of inflation in
Ireland than purchasing power of citizen of that country decreases which in turn reduces demand
for services of Ryanair Airways. Thus, changes in these factors has an effect on performance of
company.
Socio-cultural Factors- Social factors such as attitudes, beliefs, ideas and opinion which
directly connected to population expansion and age distribution. Ryanair Airways analyse this
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factors because it affects marketing strategies and customer base of company. For Example, if
there is a change in preference of customers and they shifted towards other airlines than it affects
customer base of firm (Barik and Kumar, 2018)
Technological Factors- Innovation and advancement in technology used by pilots and
changes in technology used by Ryanair Airways in offering other services affects profitability
and performance of company if it is not able to adapt advancement and innovation. Thus, it
minimises profits and has an adverse impact on company’s brand image.
Environmental Factors- Environmental Factors are most important factors as it leads to
lack of raw materials and also has an impact on target audience of Ryanair Airways. This factors
include carbon footprint, earthquake and rainfall changes in these factors affects service provided
by company like if there is a situation of heavy rainfall than airways are not able to offer its
services which declines sales volume and profits of organisation.
Legal Factors- Legal Factors such as various legislative laws and provisions related to
consumer rights, employee safety and retention and health & safety for members and customers
affects operations of Ryanair Airways. If company do not follow all guidelines provided in these
acts and if there are changes in any provision. If in case organisation is unable to follow
guidelines of any act applicable on it than that affects its operations as it is not able to perform its
operations (Zahari and Romli, 2018).
Porter's 5 Forces Model
It includes five factors that provide shape to organization because through this it
evaluates competition of Ryan air airlines. It analyses strength and weakness of organization and
focus on that other industry's way of earn profit. Following are five modals :-
Competition in the industry :- This factor evaluate numbers of competitors in market
with same services like airline Because Ryan air is also providing airline services at low cost.
Many competitors present in market like Virgin airline and British airways. So customers divide
with different competitors in market. So if competitor provide services at lower price and low
fares so passengers get services through them
Potential of new entrants into an industry :- Ryanair also affected through new
entrants in markets. So this factor shows that if cost and time are not sufficient available with
organization so new entrants easily enter in market and increase their performance and make
there is a change in preference of customers and they shifted towards other airlines than it affects
customer base of firm (Barik and Kumar, 2018)
Technological Factors- Innovation and advancement in technology used by pilots and
changes in technology used by Ryanair Airways in offering other services affects profitability
and performance of company if it is not able to adapt advancement and innovation. Thus, it
minimises profits and has an adverse impact on company’s brand image.
Environmental Factors- Environmental Factors are most important factors as it leads to
lack of raw materials and also has an impact on target audience of Ryanair Airways. This factors
include carbon footprint, earthquake and rainfall changes in these factors affects service provided
by company like if there is a situation of heavy rainfall than airways are not able to offer its
services which declines sales volume and profits of organisation.
Legal Factors- Legal Factors such as various legislative laws and provisions related to
consumer rights, employee safety and retention and health & safety for members and customers
affects operations of Ryanair Airways. If company do not follow all guidelines provided in these
acts and if there are changes in any provision. If in case organisation is unable to follow
guidelines of any act applicable on it than that affects its operations as it is not able to perform its
operations (Zahari and Romli, 2018).
Porter's 5 Forces Model
It includes five factors that provide shape to organization because through this it
evaluates competition of Ryan air airlines. It analyses strength and weakness of organization and
focus on that other industry's way of earn profit. Following are five modals :-
Competition in the industry :- This factor evaluate numbers of competitors in market
with same services like airline Because Ryan air is also providing airline services at low cost.
Many competitors present in market like Virgin airline and British airways. So customers divide
with different competitors in market. So if competitor provide services at lower price and low
fares so passengers get services through them
Potential of new entrants into an industry :- Ryanair also affected through new
entrants in markets. So this factor shows that if cost and time are not sufficient available with
organization so new entrants easily enter in market and increase their performance and make
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weak to this organization performance. So if new organization enter in market so it comes with
strong barriers and special features that attract to customers and charge higher prices from them
(O'Hara, 2017).
Power of suppliers :- Power of suppliers is important for organization because if Ryanair
want to change in their cost of all things like food, cleaning items, facilities for customers. So
large number of suppliers available in organization that they increase power of it. If other
company give more money to suppliers so they switch to one company and join to other. More
suppliers always increase power.
Power of customers :- this force shows that customers power is very important for
Ryanair and if it increases their cost of services increase so they have more choices for customers
because it takes services of other organization. So power of customers is very high and without
customers organization do not work and earn profit. Because customers want to service at lower
price that helps in increase profit. So Ryanair has large number of customers because it provides
services at lower cost (Zha, 2016)
Threats of substitutes :- substitutes is very major things that effect organization. It
means that if product price increase so customer increase uses of substitute or alternative product
that fulfil same need and satisfy wants. Airline has substitute service of train and other airlines so
it decreases it profits and it is a major thing.
Analysis of Internal Environment
For the analysis of internal environment, company can use SWOT Analysis as a strategic
tool. Swot analysis of Ryanair Airline are as follows -
STRENGTHS WEAKNESSES
Low Cost
Strong Market Presence
Brand Perception
Employees' Relations
OPPORTUNITIES THREATS
Easy Access To The Customers
Market Expansion
High Competition
Fuel Prices
STRENGTHS -
Low Cost
strong barriers and special features that attract to customers and charge higher prices from them
(O'Hara, 2017).
Power of suppliers :- Power of suppliers is important for organization because if Ryanair
want to change in their cost of all things like food, cleaning items, facilities for customers. So
large number of suppliers available in organization that they increase power of it. If other
company give more money to suppliers so they switch to one company and join to other. More
suppliers always increase power.
Power of customers :- this force shows that customers power is very important for
Ryanair and if it increases their cost of services increase so they have more choices for customers
because it takes services of other organization. So power of customers is very high and without
customers organization do not work and earn profit. Because customers want to service at lower
price that helps in increase profit. So Ryanair has large number of customers because it provides
services at lower cost (Zha, 2016)
Threats of substitutes :- substitutes is very major things that effect organization. It
means that if product price increase so customer increase uses of substitute or alternative product
that fulfil same need and satisfy wants. Airline has substitute service of train and other airlines so
it decreases it profits and it is a major thing.
Analysis of Internal Environment
For the analysis of internal environment, company can use SWOT Analysis as a strategic
tool. Swot analysis of Ryanair Airline are as follows -
STRENGTHS WEAKNESSES
Low Cost
Strong Market Presence
Brand Perception
Employees' Relations
OPPORTUNITIES THREATS
Easy Access To The Customers
Market Expansion
High Competition
Fuel Prices
STRENGTHS -
Low Cost

It is the low cost airline in whole world. It is lowest as compared to its competitors in
terms of Cost per available seat kilometre, cost per seat and cost per passenger. Its production
costs and traffic costs are also lower to its competitors. Thus, due to low cost, its fare price is
also low which give company profits. That is the main reason, company are able to attract
business customers who prefer short route and low costs.
Strong Market Presence
It has a strong market presence in Europe and UK due to low cost. It also has a large
market share in European market. It has covered more than 200+ destinations and 1800+ routes.
WEAKNESSES -
Brand Perception
Due to its low cost and low fare, customers' perceptions towards company is low costs
means low quality. This perception become the biggest weakness of the company and company
could not establish himself as a good brand as compared to another companies.
Employees' Relations
Despite having a strong balance sheet and strong financial position, management of the
company has not been able to maintain its relationships with the employees, staffs and pilots due
to low pay and heavy workload (Gürel & Tat, 2017).
OPPORTUNITIES -
Easy Access To Customers
Company can open its e-business and provide all the facilities online to its customers.
This would lead company to bring more close to its customers.
Market Expansion
Due to its strong market presence, low cost airline and strong financial position, this
company has a huge opportunity to expand its business in another countries. This would help
company to gain competitive advantage over its competitors.
THREATS -
High Competition
Company has so many competitors such as EasyJet, Aer Lingus and IAG etc which
create a cut-throat competition for the company.
Fuel Prices
terms of Cost per available seat kilometre, cost per seat and cost per passenger. Its production
costs and traffic costs are also lower to its competitors. Thus, due to low cost, its fare price is
also low which give company profits. That is the main reason, company are able to attract
business customers who prefer short route and low costs.
Strong Market Presence
It has a strong market presence in Europe and UK due to low cost. It also has a large
market share in European market. It has covered more than 200+ destinations and 1800+ routes.
WEAKNESSES -
Brand Perception
Due to its low cost and low fare, customers' perceptions towards company is low costs
means low quality. This perception become the biggest weakness of the company and company
could not establish himself as a good brand as compared to another companies.
Employees' Relations
Despite having a strong balance sheet and strong financial position, management of the
company has not been able to maintain its relationships with the employees, staffs and pilots due
to low pay and heavy workload (Gürel & Tat, 2017).
OPPORTUNITIES -
Easy Access To Customers
Company can open its e-business and provide all the facilities online to its customers.
This would lead company to bring more close to its customers.
Market Expansion
Due to its strong market presence, low cost airline and strong financial position, this
company has a huge opportunity to expand its business in another countries. This would help
company to gain competitive advantage over its competitors.
THREATS -
High Competition
Company has so many competitors such as EasyJet, Aer Lingus and IAG etc which
create a cut-throat competition for the company.
Fuel Prices
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Fluctuations in fuel prices due to global political and economic reasons, may threat the
company to keep its costs and fare prices high which will create negative impact on the business
model and profitability of the company (Dalton, 2019).
Evaluation of Ryanair's Future Strategic Direction
Ryanair Airline has 4 strategic directions which are evaluated by Ansoff Matrix. Ansoff
Matrix provides 4 different strategies to the companies which are as follows -
MARKET PENETRATION STRATEGY
In this strategy, company can focus on more selling its existing services in existing
market. It is the least risky strategy. Company can choose this strategy because firm wants to
increase its current market share. In this strategy, company can improve its promotional and
selling strategies by effective marketing plan. Company also can use various discounting
activities and sponsorship with famous personalities etc.
PRODUCT DEVELOPMENT STRATEGY
In this strategy, company can focus on the selling new services in existing market. This
strategy may require the development of new competencies to develop modified and new
products which can appeal to the existing markets and increase its market share and profitability.
In this strategy, company can launch its own online cab booking system for providing more
transportation services to its existing customers (Desai, 2019).
MARKET DEVELOPMENT STRATEGY
In this strategy, company can focus on the selling its existing services in new market in
order to expand its business. Company can adopt this strategy because it can help company to
increase its customers base and profitability. Also, through this strategy, company can enhance
its brand image and improve customer's perception. Company can expand its business into
developing countries where low prices play major factors in the success of business.
DIVERSIFICATION STRATEGY
In this strategy, company can focus on the selling new products to the new market. This
strategy is considered to be most risky strategy. If company is able to successfully implement
this strategy, company's profitability and market share will increase. In this strategy, company
can offer its customers discounts if they book car hire with car rentals operate by company
(Ansoff & et.al., 2019).
company to keep its costs and fare prices high which will create negative impact on the business
model and profitability of the company (Dalton, 2019).
Evaluation of Ryanair's Future Strategic Direction
Ryanair Airline has 4 strategic directions which are evaluated by Ansoff Matrix. Ansoff
Matrix provides 4 different strategies to the companies which are as follows -
MARKET PENETRATION STRATEGY
In this strategy, company can focus on more selling its existing services in existing
market. It is the least risky strategy. Company can choose this strategy because firm wants to
increase its current market share. In this strategy, company can improve its promotional and
selling strategies by effective marketing plan. Company also can use various discounting
activities and sponsorship with famous personalities etc.
PRODUCT DEVELOPMENT STRATEGY
In this strategy, company can focus on the selling new services in existing market. This
strategy may require the development of new competencies to develop modified and new
products which can appeal to the existing markets and increase its market share and profitability.
In this strategy, company can launch its own online cab booking system for providing more
transportation services to its existing customers (Desai, 2019).
MARKET DEVELOPMENT STRATEGY
In this strategy, company can focus on the selling its existing services in new market in
order to expand its business. Company can adopt this strategy because it can help company to
increase its customers base and profitability. Also, through this strategy, company can enhance
its brand image and improve customer's perception. Company can expand its business into
developing countries where low prices play major factors in the success of business.
DIVERSIFICATION STRATEGY
In this strategy, company can focus on the selling new products to the new market. This
strategy is considered to be most risky strategy. If company is able to successfully implement
this strategy, company's profitability and market share will increase. In this strategy, company
can offer its customers discounts if they book car hire with car rentals operate by company
(Ansoff & et.al., 2019).
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Strategy Selection And Justification
Ryanair may choose market development strategy because it is very best way for expand
business and increase profit in organization. It is an airline company so it has huge opportunity to
spread business at global level and cover different countries. It is a very good strategy because
through this it joins new country and understand different types of people so it also learns risk
taking. Organization gets new route and increase customers through this strategy. It develops
their market through research because firstly it does research of market like customers,
competitors, substitute etc. so before developing market it has to research of all conditions and
situations that helps in getting success. One more aspect for developing market that pricing
because if many competitors are present in market so it has to fix and decide pricing of product
reasonable that helps in attract customers that direct increase profit. So to spread their business it
also does attractive advertisement (Olsson, Andreassen and Wathne, 2015)
Ryanair has need of expanding their market because it covers only limited place and
country so it earns very low profit. Through adopting this strategy it easily can increase their
business and also increase their customers. This organization has no idea about face competition
so through this it easily learns and get knowledge about face competition and create new ideas
that helps in beat to competition. So this strategy is very helpful to earn huge profit and getting
success in the future (Mittelstaedt, Kilbourne and Shultz II, 2015).
CONCLUSION AND RECOMMENDATION
From above study it has been summarized that many factors are present in environment
that affect to organization performance. SWOT analysis is a tool that helps in evaluating internal
factors that impact to performance of organization directly and regularly. It also covered pestle
analysis that is a tool of evaluating external factors that impact to performance and it is
uncontrollable. Many competitors present in markets of above organization so competition was
analysed by porter model that helps in evaluating about competitors in market and market
situation as well. Ansoff matrix model was use in this report for reviewing of strategy and
market development is the best way to improve strategy of organization.
Recommendation :-
Organization should use service development in future that helps in attract more
customers.
Ryanair may choose market development strategy because it is very best way for expand
business and increase profit in organization. It is an airline company so it has huge opportunity to
spread business at global level and cover different countries. It is a very good strategy because
through this it joins new country and understand different types of people so it also learns risk
taking. Organization gets new route and increase customers through this strategy. It develops
their market through research because firstly it does research of market like customers,
competitors, substitute etc. so before developing market it has to research of all conditions and
situations that helps in getting success. One more aspect for developing market that pricing
because if many competitors are present in market so it has to fix and decide pricing of product
reasonable that helps in attract customers that direct increase profit. So to spread their business it
also does attractive advertisement (Olsson, Andreassen and Wathne, 2015)
Ryanair has need of expanding their market because it covers only limited place and
country so it earns very low profit. Through adopting this strategy it easily can increase their
business and also increase their customers. This organization has no idea about face competition
so through this it easily learns and get knowledge about face competition and create new ideas
that helps in beat to competition. So this strategy is very helpful to earn huge profit and getting
success in the future (Mittelstaedt, Kilbourne and Shultz II, 2015).
CONCLUSION AND RECOMMENDATION
From above study it has been summarized that many factors are present in environment
that affect to organization performance. SWOT analysis is a tool that helps in evaluating internal
factors that impact to performance of organization directly and regularly. It also covered pestle
analysis that is a tool of evaluating external factors that impact to performance and it is
uncontrollable. Many competitors present in markets of above organization so competition was
analysed by porter model that helps in evaluating about competitors in market and market
situation as well. Ansoff matrix model was use in this report for reviewing of strategy and
market development is the best way to improve strategy of organization.
Recommendation :-
Organization should use service development in future that helps in attract more
customers.

It should evaluate time to time competition and market situation through porter 5 forces
that helps in prevent and detect risk.
that helps in prevent and detect risk.
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REFERENCES
Books And Journals
Aithal, P. S. (2017). ABCD Analysis as Research Methodology in Company Case
Studies. International Journal of Management, Technology, and Social Sciences
(IJMTS). 2(2). 40-54.
Ansoff, H. I. & et.al., (2019). Strategic Issue Management. In Implanting Strategic Management.
(pp. 431-447). Palgrave Macmillan. Cham.
Barik, B., & Kumar, S. (2018). Macro Environment of Indian Life Insurance Business: A
PESTLE Analysis. Bimaquest. 18(3).
Dalton, J. (2019). SWOT Analysis (Strengths, Weaknesses, Opportunities, Threats). In Great
Big Agile. (pp. 249-252). Apress, Berkeley, CA.
Desai, C. (2019). Strategy and Strategic Management. In Management for Scientists. (pp. 65-84).
Emerald Publishing Limited.
Gürel, E. & Tat, M. (2017). SWOT ANALYSIS: A THEORETICAL REVIEW. Journal of
International Social Research. 10(51).
Mittelstaedt, J. D., Kilbourne, W. E., & Shultz II, C. J. (2015). Macromarketing approaches to
thought development in positive marketing: Two perspectives on a research agenda for
positive marketing scholars. Journal of Business Research. 68(12). 2513-2516.
O'Hara, N. N. And et.al., (2017). Tuberculosis testing for healthcare workers in South Africa: A
health service analysis using Porter's Five Forces Framework. International Journal of
Healthcare Management. 10(1). 49-56.
Olsson, U. H., Andreassen, T. W., & Wathne, K. (2015). Does Estimation Methods in Structural
Equation Modeling Impact Theory Development in Marketing?. In Proceedings of the
1997 World Marketing Congress (pp. 84-84). Springer, Cham.
Pels, E., Njegovan, N. & Behrens, C. (2017). Low-cost airlines and airport competition. In Low
Cost Carriers. (pp. 125-136). Routledge.
Zahari, A. R., & Romli, F. I. (2018). Analysis of suborbital flight operation using
PESTLE. Journal of Atmospheric and Solar-Terrestrial Physics.
Zhao, Z. Y. And et.al., (2016). Competitiveness assessment of the biomass power generation
industry in China: A five forces model study. Renewable Energy. 89. 144-153.
Books And Journals
Aithal, P. S. (2017). ABCD Analysis as Research Methodology in Company Case
Studies. International Journal of Management, Technology, and Social Sciences
(IJMTS). 2(2). 40-54.
Ansoff, H. I. & et.al., (2019). Strategic Issue Management. In Implanting Strategic Management.
(pp. 431-447). Palgrave Macmillan. Cham.
Barik, B., & Kumar, S. (2018). Macro Environment of Indian Life Insurance Business: A
PESTLE Analysis. Bimaquest. 18(3).
Dalton, J. (2019). SWOT Analysis (Strengths, Weaknesses, Opportunities, Threats). In Great
Big Agile. (pp. 249-252). Apress, Berkeley, CA.
Desai, C. (2019). Strategy and Strategic Management. In Management for Scientists. (pp. 65-84).
Emerald Publishing Limited.
Gürel, E. & Tat, M. (2017). SWOT ANALYSIS: A THEORETICAL REVIEW. Journal of
International Social Research. 10(51).
Mittelstaedt, J. D., Kilbourne, W. E., & Shultz II, C. J. (2015). Macromarketing approaches to
thought development in positive marketing: Two perspectives on a research agenda for
positive marketing scholars. Journal of Business Research. 68(12). 2513-2516.
O'Hara, N. N. And et.al., (2017). Tuberculosis testing for healthcare workers in South Africa: A
health service analysis using Porter's Five Forces Framework. International Journal of
Healthcare Management. 10(1). 49-56.
Olsson, U. H., Andreassen, T. W., & Wathne, K. (2015). Does Estimation Methods in Structural
Equation Modeling Impact Theory Development in Marketing?. In Proceedings of the
1997 World Marketing Congress (pp. 84-84). Springer, Cham.
Pels, E., Njegovan, N. & Behrens, C. (2017). Low-cost airlines and airport competition. In Low
Cost Carriers. (pp. 125-136). Routledge.
Zahari, A. R., & Romli, F. I. (2018). Analysis of suborbital flight operation using
PESTLE. Journal of Atmospheric and Solar-Terrestrial Physics.
Zhao, Z. Y. And et.al., (2016). Competitiveness assessment of the biomass power generation
industry in China: A five forces model study. Renewable Energy. 89. 144-153.
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