The world is facing the worst economic crisis in face of the recent credit crunch, instability across various regions and economies, global warming and failure of the global monetary system, geopolitical systems, terrorism threats etc. These conditions create new challenges for business faced with intense competition, dynamism, sustainability and leadership, in face of dangers faced, internally and externally.
Aviation industry is no different than others. It has always been assumed to be growing upwards, providing better services, increased operational & strategic capabilities and provide for a better brand image of the nation from which they operate.
These expectations were however tarnished in wake of the terrorist attacks on September 11, 2001 as well as the catastrophes it triggered. This day alone, changed the psychology of the aviation industry forever.
The aviation industry has seen difficult times in wake of the tremors received during the 1991 Gulf War as well as the oil crisis of the 1970s (Werner Delfmann, 2005). Similar were the aftereffects of 9/11 that resulted in an almost simultaneous retaliation in the shape of two wars, resulting in a new crisis for oil among fear and further deepened concerns among the general public of safety in this sector.
Also, with the global economic growth slowing down, amidst rising commodity and prices, has also resulted in shaping consumer preferences when willing to travel. Consumers now look for cheaper means to travel, with reduced time, easy transfers and low costs incurred on services that may be acquired at will, rather than being forced in the overall brand offering. This low-cost trend gave the aviation industry a new niche for operations and boosting growth, low cost carriers.
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