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Industry Essay

810 words - 3 pages

Industry Research Part I• Select an industry that is affected by the economy, such as the airline, automotive, home building, or technological industry.• Find at least two sources to help you answer the following questions about the industry you chose.Sources:Annotated BibliographyArticle 1: Airlines’ futuresArticle Reference:Haewoon, Y.. (2007). Airlines’ futures. Journal of Revenue & Pricing Management; Vol. 6 Issue 4, p309-311, 3p. Retrieved January 29, 2008, from of Article or Web site:Prior to the 9/11 terrorist attacks most airlines were at a financial peak. Since 9/11 airlines have suffered financial crisis. Many airlines have actually gone bankrupt due to the economic depression, lower ticket prices and increased oil prices that have occurred since 9/11. This financial crisis has caused a shift in airline business procedures toward customer service and satisfaction above all else. Airlines now consider customer purchasing patterns and buying history in order to determine elasticity demand of services. Internet access has opened a new world for airline and customer relations. Sites are competitive in offering the lowest rates possible for customer needs. Internet access has opened increased competition for airline services. Airlines now go to great lengths to accommodate customer needs and access to online sites for reservations, e-tickets and customer services and so forth.The new goal for airlines is to classify customer characteristics and provide fare products prior customer requests, provide customers with a variety of choices from low fares with limited choices to higher fares without limitations, analyze customer willingness to pay said fares, and examine price elasticity based on customer consuming patterns.Article 2: Price Elasticity of Demand for Air Passenger Service: Some Additional EvidenceAnimesh, G. (1981). Price Elasticity of Demand for Air Passenger Service: Some Additional Evidence. Transportation Journal; Vol. 20 Issue 4, p93-96, 4p. Retrieved January 30, 2008, from of Article or Web site:Since the Airline Deregulation Act of 1978 airlines have had difficulty determining customer receptiveness to current price changes due to the use of time series data and the fact that fare changes have been somewhat irregular compared to scheduling, seating, and other customer service related feature changes. Cross-section data has also presents varying results to customer responsiveness because the majority of fare changes have actually resulted from trip length or class status. Therefore airlines have devoted their efforts to finding significant research to...

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