Introduction
Revenue management is a critical process for companies operating in various industries globally. The process of revenue management can be viewed from different perspectives, the general view being the process of profit maximization through the forecast of market demand as well as the arithmetical maximization of inventory and pricing strategies. The main objective of the business process is to make sure that the right product is sold for the right price and at the right time and more importantly to the right consumer (Levin, Nediak & Topaloglu, 2012). Indeed, to be effective in revenue management, it is important for the management to have a comprehension based on the perception of the value of the product or service by the customer as well as precisely align the prices, placement, and availability of the product or service with the correct customer segment. Revenue management is critical in all sectors, including for the companies operating within the airline sector (Wensveen, 2016). There are various strategies that the revenue managers put in place to ensure that the objective of profit maximization is achieved. Revenue management is the basis for ensuring that the company is moving in the right direction in terms of revenue and profitability, and in case of any need for change to rectify the strategic direction.
Air Canada Overview
Air Canada is a leading airline company based in Canada and operating within the country. In addition, the corporation has operations in the United States as well as in the international fields. The company is headquartered at Montréal, Quebec, but with the central operating location at Toronto Pearson International Airport. The company’s history indicates that it was established in 1937, providing passengers and cargo with both charter air and scheduled transport. Air Canada is the 8th largest airline company in the world in terms of the size of the fleet (Horváth, 2016). The company has its genesis in the establishment of Trans-Canada Airlines (TCA) where the Canadian federal government founded a national airline in 1936. During the time, the airline started by operating transcontinental flight destinations in 1938. With the permission of the government, Air Canada was born from the renaming of TCA (Hartt et al. 2014). The airline became private in 1988, following the airline sector being de-regularized in the 1980s.
Since the establishment of the company, it has been on the bid to develop and make more revenue by expanding its operations. In 2000, the corporation acquired Canadian Airlines, which was its main rival. In 2007, as the company was reaching its 70th anniversary. At this time, the corporation had served 34 million passengers in all its flights. The company has relentlessly increased its operational capacity with the continued enlargement of its fleet, which currently consists of Boeing 767 and 777, Airbus A330, and Boeing 787. For Long-Haul directions, the company is currently using wide-body jetliners. Besides these, the airline company is operating the Airbus A320 group aircraft, comprising of three variations, A319, A320, and A321 (Hartt et al. 2014). The short-haul routes have been using the Embraer E190 group of aircraft. The operating factions of the airline comprise Air Canada Express, Air Canada Cargo, and Air Canada Rouge (Horváth, 2016). The company has attained these achievements working by itself and in conjunction with other partners in the industry.
It is the leading provider of services in the form of scheduled passenger operations within the local market, the trans-border market with the United States, and the global operations from the Canada to many other countries across the world. The country has partnered with many other companies in the country and outside, primarily in the United States, including Jazz as well as other regional airlines (Pearson & Merkert, 2014). Some of the companies like the Jazz have operations on the behalf of the company, allowing it to expand its operations and enhance the revenue. The ongoing restructuring of the company’s flight has been an important indicator of revenue increment, where, in 2015 the company assumed release of six Boeing 787 aircraft. The company has been enhancing its operations, both local and Transborder through capacity purchase agreements (“CPAs”). Some of those it has made deals with in the recent past include Air Georgian Limited Sky Regional, Jazz, and Exploits Valley Air Services Ltd (Air Canada, 2016). The local airlines are involved in operating travels on the behalf of the company. The companies are a vital component of the global network approach to service provision afforded by the company.
The company has come a very long way from the time it was incorporated, passing through highs and lows, while remaining in operation and continually expanding. The company, still regarded as “Canada’s National Airline” by many, has major achievements that it has attained through its history (Hartt et al. 2014). The management has witnessed ramifications of remaining a complete player in the market, among them, having to face cyclical economy and the increase in competition. The changes have impacted a lot on the airline, necessitating counter changes within the company to remain productive and competitive. The effect of the changes will continue to mark the future direction of the company. The airline has continued to renew the global and local fleet, incorporating fuel efficient and state-of-the-art aircraft (Horváth, 2016). The main effects of the changes have been experienced in the increase of passengers, while others are yet to be experienced because the management implements forward-looking strategies.
The Product or Service
Being an airline company, Air Canada provides services as opposed to production and marketing of products. The company has three general groups of services to the local, trans-border and international clientele. The three groups include Economy, Premium Economy, and Business. There are different routes in which the company has been providing the services, including the long-haul worldwide routes. Two of the classes, International Economy Class and Business Class are provided by the airline (Hartt et al. 2014). There are extra flights that are offered under the same category, including Premium Economy Class. Another group of services is offered under the short-haul and local routes. The services in this category include Economy Class and Business Class, which are provided on the Air Canada Express category of flights. The aircraft providing these services include Embraer 175 and CRJ705 (Air Canada, 2016). The rest of the aircraft under the Air Canada Express have a single class cabin for the economy category.
Besides traveling, there are various other services that are provided by the airline to passengers who use the company’s aircraft. The travelers in some of the company’s aircraft have the opportunity to enjoy the internet services through the WiFi. The narrow-body mainline airplane, Embraer 175, as well as the Bombardier CRJ705, offered under the Air Canada Express, have WiFi installation available for the passengers on board the aircraft. In fall 2016, the installation was implemented on the wide-body aircraft (Hartt et al. 2014). The service allows for the users of the aircraft to access internet through their mobile devices, including laptops, tablets, and smartphones among other gadgets.
The company has been providing a loyalty program for the customers for the purpose of building the loyalty of its customers. The company has implemented the program in conjunction with Aimia Canada Inc. (previously known as Aeroplan Canada Inc. The program is designed in such a way that the customers are offered a chance to gain Aeroplan® Miles for those with the membership of Aeroplan®. The customers flying with airline as well as with other airline members of Star Alliance® are able to gain the loyalty points. The Aeroplan® members are provided with the loyalty points which they have the liberty of redeeming for more flights with the airline (Horváth, 2016). The associates of Aeroplan® can easily redeem the accumulated loyalty points and use Star Alliance® airline.
Besides the loyalty points, the airline companies offer the frequent flyer program which another program used to provide rewards to the customers. Under the program, the company awards Miles to the regular customers, which can be later redeemed for airline tickets’ rewards. Some of the services that accompany the program include hotel reservations and car agencies for provision of rental car services to the travelers. The points can also be bought back for charitable donations or merchandise. “Air Canada Altitude” is the flyer program launched by the company in 2012 as a supplement for Aeroplan. The members of Aeroplan® who frequently use the airline are identified and given rewards using the Air Canada Altitude™ (Air Canada, 2016). The customers have the opportunity to go up the ladder depending on their increased use of the airline, and hence standing the chance of enjoying a wider range of premium. The benefits and privileges depend on the level that one has attained.
The Customers
Air Canada serves a wide range of clientele, including individual and corporate passengers. The individual customers comprise those people who buy the air ticket on their own or with their family or friends to use the airline to travel to a destination within the country, to the United States, or to another country in the world where the airline has destinations. These individuals use their resources to facilitate their travel and pay for the related expenses. The other segment of the customers is the business travelers, who are individual or groups who use the airline to travel in the course of their business operations (Hartt et al., 2014). The business travelers make up an important segment of the airline given the reality that they are likely to keep returning as long as the airline earns their loyalty. The individuals and groups should be the most targeted customers of the airline.
The airline services corporate clientele are those clients who are affiliated to another organization and have the services paid for by the company they are affiliated with or work with. Particularly, in the current era of globalizations, many companies have moved their operations abroad. The reality has witnessed an increase in the movement of employees between the home and the host country. Among those making up this group are the expatriates who move from their country to work in another where the company employing them has operations (Hartt et al., 2014). The employing companies are the primary customer segments for the company since they pay for the services, although individual workers use them. Among the single largest client for the airline is Aeroplan. The association between the two companies is aimed at providing a constant and returning revenue source from the buying of seats from Air Canada by Aeroplan (Horváth, 2016). Basically, Aeroplan has members who are leading users of the airline.
Besides the revenue generated by Air Canada from the passengers, there is also the revenue obtained from the cargo unit (Levin, Nediak, & Topaloglu, 2012). The company has the department that is engaged in providing direct cargo services. Just like the passengers, the cargo services are provided locally within the country, to the United States, and to many other countries across the world. The company prides itself on having sale representations in more than 50 nations across the world. Air Canada Cargo has been placed at the top as an air cargo service provider in Canada. The position is measured according to the capacity of cargo that the airline is able to deliver to the different destinations. The services are usually offered on regional and United States transnational flights (Dupuis, Gamache, & Pagé, 2012). They are also provided between the country and other leading markets in South America, Australia, Europe, and Asia.
Value Proposition
Because of the increase in the competition within the airline industry, it is critical for the company to offer value to the customers. From the strategic planning point of view, the airline should create some value to the consumers, proving that they provide services that are better than those provided by the competitors. It is also critical to offer value for the money spent by the customers on their services (Air Canada, 2016). Air Canada believes in creating value depending on the segment being targeted at any particular time. The passengers and cargo segments of the company have been targeted in the strategies assumed by the company to create value, including the loyalty and flyer programs. The strategies have set the company apart from the competitors within the country, in the United States, and internationally (Dupuis, Gamache, & Pagé, 2012). Awarding the customers the points to redeem for flights and other services has been an exceptional strategy to ensure that the company has a loyal client base. The company has been engaging the public in the design of its strategies to ensure that the designed services are what the customers want.
The customer engagement strategy has allowed for a better experience for the customers of the airline. It has also led to improvement of the premium client base for the company. The strategy is in line with the forward-looking approach to revenue growth since the company obtains its revenue from the customers (Air Canada, 2016). Where the company focuses on expansion to the global market and expanding its capacity without putting into consideration the needs of the customers, then it would be counterproductive. Thus, the management of the company has realized the importance of the customer base in its revenue management strategy (Dupuis, Gamache, & Pagé, 2012). The airline has shown commitment towards improving the loyalty of the customers and generating positive reviews. Strategically, the airline recognizes the criticality of positive referral and hence seeking to make the experience of the current customers great (Dupuis, Gamache, & Pagé, 2012). The management has shown a realization that the ongoing success of the airline depends on the capacity to deliver superior value, together with innovative services.
Customer service is another area associated with a value proposition that the airline has concentrated on. The airline has proven to be proactive in identifying the current and transforming needs of the customers, hence designing services that are in line with those needs. There has been evidence of improved value for the customers and gains in the company’s use of effective strategies (Horváth, 2016). The airline, in 2015, gained some prestigious industry awards, proving the appreciation of the customers of the services it has provided in the previous years. Improvement of services is not done in isolation but following adequate understanding of the client base being served by the airline. The airline has proven effective in assuming professionalism and dedication to serving the customers (Dupuis, Gamache, & Pagé, 2012). With such services, Air Canada has been assured of returning customers since the clients desire good services from the airline that they use.
From a survey of the customers in 2015, it was revealed that 86 percent of the frequent business travelers in the country prefer the airline (Air Canada, 2016). The ratings of the company have also remained positive showing that it has remained top of the game in serving the customers. The same survey has evidence of the strong ratings and improvement in the customer inclination to use the airline, particularly because of its loyalty program. It is always rewarding to the part of the customer to know that they are valued and appreciated. Another survey revealed that 95 percent of the participants had intentions to use the airline in the following year. Indeed, this was an increase from the 93% of the subjects who responded to the same surveys in 2014 (Air Canada, 2016). The expansion of the services globally has been with the aim of fulfilling the increasing needs of the customers based on the recent trends and the responses from the customers.
Revenue management strategy
The company has implemented a revenue enhancement and cost transformation as the main strategy towards achieving sustainable growth in its revenue. Sustainable change in cost for margin enhancement is at the core of the strategy adopted by the company. According to Horváth (2016), the company is not just focused on revenue, but on attainment of sales revenue in a profitable manner. Profitable revenue is the primary priority for the company in its strategic revenue management. Among the measures underlying the strategy include reduction in the operating cost by implementing technology and innovative operations. With the reduction in the cost of operations, the company expects to get a high-profit margin from the sales revenue, hence sustainable profits. From the perspective of profits being the difference between the sales revenue and the operating cost, then a reduction in operating cost would mean an increase in the profits (Air Canada, 2016). Reducing unit costs and improving the margins remains the main measures that the management has adopted. The ground-breaking stratagems, which have worked for Air Canada are together with the improved fleet productivity and also the fleet modernization.
A focus on improving the capability to attain increased and sustainable passenger as well as ancillary revenues is a process of achieving greater rewards in terms of productivity and profitability for the company (Hartt, 2013). The emphasis on increasing the revenue from the passengers is the primary focus for the company, this being the largest part of the consumers of its services. Towards this end, the year 2015 has seen the Air Canada implement an innovative management system for passenger revenue. The system was implemented towards the end of optimizing the revenue performance of the airline. With the new system in place, the goal would be achieved through sales based on the complete trip itinerary of the passenger instead of single flight legs (Air Canada, 2016). The strategy would appeal more to the customers, which in the end means an increase in revenue for the airline. Worth noting is that the process of making the travel more convenient for the customer is the main factor for improved competitiveness.
For most companies, expansion of services is the basis for gaining more revenue, and hence, becoming more profitable. The strategy has been successfully implemented at the airline. The management of the airline has enhanced the production capacity of the company to allow the firm to accommodate real and potential increase in the customer base. Among the approaches used has been the introduction of additional aircraft. The recent move towards this end has been the introduction of six Boeing 787 aircraft (Hartt, 2013). The move would not only increase the current customer base, but expand its coverage in terms of the number of flights it operates and the geographical locations served. For instance, the introduction would allow for operation of routes that were in the past served by Boeing 767 aircraft, but in a rather efficient manner (Horváth, 2016). The company has continually expanded its rouge, the leisure carrier of the company, and highly productive global operations (Air Canada, 2016). It would also allow for the company to venture into new and more productive global opportunities.
The management of Air Canada has been strategic in its acquisition of the fleet of aircraft for its use, strategically focusing on operations that would provide it with the highest levels of returns. With the strategy, the management has emphasized on low operating cost, longer range of operations, and mid-size capacity. The strategy has been aimed at providing novel growth opportunities, in terms of revenue and profitability (Air Canada, 2016). The company has also ventured in the routes that could not be flown in the past, a strategy aimed at expanding the reach for greater revenue and cost-effectiveness. Another area that the company has strategically ventured into being the provision of means to serve the leisure market. Among the recent changes towards this end is the creation of a leisure group within the company, commonly known as the Air Canada Leisure Group (Hartt, 2013). The group is evident of a coordinated approach leveraging the company’s strengths, its rouge, Air Canada Vacations, and low-cost leisure services offered by the airline. The company has also been seeking unexplored opportunities in the global leisure market. The changes are towards the end of increasing business for the airline.
Pricing and Inventory Practices
For the purpose of maximizing the revenue and profitability of the company, the market dynamics are necessitating the implementation of dynamic pricing, which is now a rule and not an exception. There is increasing demand for the companies operating within the airline sector to adopt the dynamic pricing strategies for a better outcome (Hartt, 2013). The strategy used within the airline industry is different from the ones used by the companies that deal with tangible products. There has been the need for implementation of effective strategies for the management of revenue through effective pricing and inventory management. Air Canada, being a leader in the market, is among those companies that have adopted the Revenue Pricing Optimization model for pricing and inventory management. The model is becoming the most competitive strategy for modern companies regardless of the sector (Zhang & Bell, 2012). The company employs experienced individuals to provide the service specifically targeting to pricing and management of the inventory for the company, reflecting its success in the recent years.
The pricing strategy is based on the number of seats (the capacity of the aircraft) and the projected revenue from the aircraft. For Air Canada, the management uses the number of seats on an aircraft and divides the same into diverse products based on the diverse restrictions. The pricing is also based on the class of travel offered by the company. For example, $1000 Y class product which is free to be bought regardless of time, there are no restrictions in this case. There could be another, $200 Q class product. In this case, there could be a requirement for three-week purchase in advance, which means that there are restrictions for this class (Granados, Gupta, & Kauffman, 2012). Pricing also depends on the nature of the service provided.
The management of Air Canada has also been proactive in inventory management. The process is based on the number of flights the company makes in a day. For example, the company could have 1000 everyday departures in a 200 seats per flight leg on average. Therefore, transforming to 200 × 1000 = 200,000 seats every day, 365 network days that the inventory maintains, and 365 × 200,000 = 73 million inventory seats in whatever time (Granados, Gupta, & Kauffman, 2012). However, it has been indicated in the history of the company and others within the same industry that the mechanics of the management of the closing inventory is challenging given the fact that there are vast volumes to deal with (Zhang & Bell, 2012). In addition, there is the reality that the service industries have different mechanisms from those dealing with products. In revenue management, the company has been cautious to maximize revenue based on the sales price of the inventory at any particular time.
Evaluation of Effectiveness
From the data and statistics provided in the reports from the company and records available online, there is evidence of success of the strategy adopted by Air Canada to achieve productivity and profitability. From the report written by Air Canada (2016), the company experienced an increase in “Earnings before rent costs, taxes, interest, depreciation, restructuring, and amortization, (EBITDAR)” margin of 5.7 in 2015. Indeed, this is in comparison to the achievement made in 2014 (Air Canada, 2016, p. 7). The company achieved a reduction by 9.3% from 2014. Regarding adjusted CASM, the company witnessed a 0.2% decrease from 2014. From the perspective of the exchange rate of the Canadian-United States dollar remaining at the level of 2014, the figure would be at 3.6% decrease from 2014 to 2015. The airline’s rouge fleet has generated for the company approximately 25 percent lower Cost per Available Seat Mile (CASM) in comparison to its mainland services (Air Canada, 2016). Evidently, the expansion of the airline’s services has been beneficial for the company through increased revenue and profitability.
The expansion measures for the company has allowed for an increase in the revenue made by the company. The company made a deal with the Jazz for the purchase to allow for the expansion plan. The arrangement is expected to provide the airline with major reduction in cost and great stability through better alignment of interests (Pearson & Merkert, 2014). There is evidence from the reports of the company that there is economic value in the decision made by the management. The financial value is anticipated at an estimated $550 million till December 31, 2020. The previous capacity agreement was lower than the current figure, indicating that the company has made strides in gaining value through strategic decision-making. Evidence from research and available figures has indicated that after a period of low performance, the company is witnessing a growth. Hence, the collaborative efforts are gaining ground and allowing the airline to reap the benefits (Air Canada, 2016). The partnership with Jazz and other local operators has strategically promoted growth for the company, with the future expected to be even better.
The airline has benefited in terms of increased service capacity from the recent capacity purchase agreements, among them those made with Jazz. The revenue strategy has allowed the airline to garner more revenue and profits as well as making it more competitive compared to other airline in the country and globally (Pearson & Merkert, 2014). Post-2020, the management of the airline anticipates realization of competitive cost as well as ongoing high levels of service from Jazz. On average, in 2015, the company in conjunction with the others partnering to provide services run 1,579 every day scheduled flights. The airline was able to operate on five continents, reaching about 193 direct destinations. The 63 cities in Canada were part of destinations together with 52 other destinations from America who also include Australia, Europe, the Caribbean, Asia, Mexico, Middle East, and South America. From the figures based on 2014, the airline company witnessed approximately 7 percent increase to more than 41 million passengers (Air Canada, 2016). The growth in the number of destinations has allowed for improved efficiency and convenience of travels by the customers.
By the close of the year 2015, the mainline operations of the company also witnessed a major boost, operating a total of 171 aircraft. The growth permitted the corporation to intensify to “37 Embraer 190 regional jets, 60 Boeing and Airbus wide-body aircraft, and 74 Airbus narrow-body aircraft, while Air Canada Rouge operated a fleet of 39 aircraft. In this case, it comprised of 20 Airbus A319 aircraft, 15 Boeing 767-300 aircraft, and four Airbus A321 aircraft for a total fleet of 210 aircraft” (Air Canada, 2016, p. 5). By the close of 2015, the Express fleet operated by the airline company has been made up of “85 Bombardier Dash-8 turboprop aircraft, 43 Bombardier regional jets, 17 Beech 1900 aircraft, and15 Embraer 175 aircraft for a total of 160 aircraft” (Air Canada, 2016, p. 5). Air Canada and Jazz, on February 2, 2015, finished the deal amend and extend “Jazz CPA,” allowing for considerable decrease in costs, enhancing relationship, and improved interests’ alignment in the long run (Air Canada, 2016). The strategy has not only expanded the company but also increased its revenue and profit margin.
Conclusion
The designs, approaches, and strategic acumen of revenue management in the aviation industry formulate the pathway for cost leadership and differentiation measures. While there are series of models that shape the understanding of revenue management, the foundational framework borders on the application of analytics in predicting customer behavior. At both micro and macro environment level, revenue management allows organizations to optimize the availability of products and maximize revenue growth. In the case of Air Canada, the design of revenue management is hinged on the objective of having an effective and successful revenue management solution. In fact, this imperative direction affects the pricing model, customer analysis, competitors dimension and the existing revenue management strategy. Accordingly, it is plausible to note that a comprehensive management strategy is the gateway to increasing profits and sales. Air Canada’s approach has been anchored on creating and managing the demands of customers that are established within the market strategy as well as business control systems. The objective to yield a competitive advantage allows the company to evaluate its position in the airline industry and build the fundamental principle of revenue management. The pricing model allows Air Canada to utilize advanced techniques to make strategic decisions within the context of the airline industry, shape its inventory controls, and encourage the manipulation of demand to leverage the overall performance of the organizations, as well as the price of the airline. From the discussion, it is satisfactory to conclude that Air Canada should focus on revenue management in order to gain competitive advantage. Moreover, airline’s profitability depends on the law of demand and supply; therefore, the management should be able to take such element into consideration.
Recommendations
To achieve business efficiencies in revenue management, Air Canada should employ a proactive and strategic approach in the pricing decision. It is imperative for Air Canada to develop a revenue management system for effective revenue management approach. Indeed, this will allow the airline to manage hundreds of thousands of flights simultaneously. The integration of the technological innovation will incorporate the time-tested, sophisticated, optimizing and forecasting model. The service pricing and the revenue management build the logic on which Air Canada can establish strategic inputs in a bid to optimize and execute their revenue management strategies (Hartt, 2013). Therefore, the concept lies in estimating the capacity of marginal value, understanding the effects of customer loyalty, and retention, establishing demand evaluation as well as the availability of revenue control.
The company should engage in research and development to anticipate the market reaction among competitors on the basis of process changes. The approach will determine the best structural orientation of the pricing model and generate opportunities for creating and managing demand. The airline’s current economic environment does not seem to be very promising. Indeed, this saw its average everyday rates for the flight rates fall to about 60 percent. However, the figure of the average flight increases during certain times of the year, especially during events such as holidays or when there is a conference or such like functions in Canada that brings a lot of people together from different places (Air Canada, 2016). Still, during the one-off events, they, directly and indirectly, helped the airline increase every flight rates and subsequently its profits during that year. However, the surging new supply in the course of 2015, as well as 2016, is likely to further bring down the airline’s flight rates for some time.
Air Canada should also convey a practical understanding between negotiated sales and transient revenue management. The airline can undertake the rack rates before the pricing of the flights. In fact, the rack rate is the base selling price for the flights that are offered by the Air Canada. There are a number of considerations that are looked at for instance the costs of the construction, the rates that are charged by the competitors in the industry, as well as a number of other considerations. The cost approach will be used to consider the rack rates for the flights and airline’s products. For Air Canada to survive in the market where there is a great level of local competition, the firm must focus on the significant differentiation of the products (Hartt, 2013). Therefore, the flagship services that have made the firm to be highly recognized in Africa and Asia can be transferred to the Middle East.
References
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Granados, N., Gupta, A., & Kauffman, R. J. (2012). Online and offline demand and price elasticities: Evidence from the air travel industry. Information Systems Research, 23(1), 164-181.
Hartt, C. M. (2013). The non-corporeal actant as a link between Actor-Network Theory and Critical Sensemaking: A case study of Air Canada.
Hartt, C. M., Mills, A. J., Mills, J. H., & Corrigan, L. T. (2014). Sense-making and actor networks: the non-corporeal actant and the making of an Air Canada history. Management & Organizational History, 9(3), 288-304.
Horváth, É. Z. (2016). Management’s discussion and analysis of results of operations and financial condition-Angol-magyar fordítás (Doctoral dissertation, szte).
Levin, Y., Nediak, M., & Topaloglu, H. (2012). Cargo capacity management with allotments and spot market demand. Operations Research, 60(2), 351-365.
Pearson, J., & Merkert, R. (2014). Airlines-within-airlines: a business model moving East. Journal of Air Transport Management, 38, 21-26.
Wensveen, J. G. (2016). Air transportation: a management perspective. Routledge.
Zhang, M., & Bell, P. (2012). Price fencing in the practice of revenue management: An overview and taxonomy. Journal of Revenue and Pricing Management, 11(2), 146-159.
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