Harvard Case - Jet Airways: Tale of Their Takeoff and Crash Landing
"Jet Airways: Tale of Their Takeoff and Crash Landing" Harvard business case study is written by Saumya Sindhwani, Kanchan Mahadev, Poonamjot Kaur Sidhu. It deals with the challenges in the field of Strategy. The case study is 24 page(s) long and it was first published on : Feb 23, 2022
At Fern Fort University, we recommend a comprehensive revitalization strategy for Jet Airways, focusing on a digital transformation, a restructured business model, and a rebuilt brand image. This strategy aims to regain market share, attract new customers, and achieve long-term profitability.
2. Background
Jet Airways, once India's largest private airline, rose to prominence through its focus on customer service, innovation, and international expansion. However, a combination of factors, including intense competition, rising fuel costs, poor financial management, and ineffective leadership, led to its downfall. The case study highlights the airline's initial success, its subsequent struggles, and its eventual bankruptcy in 2019.
The main protagonists are Naresh Goyal, the founder and former chairman of Jet Airways, and the various stakeholders involved, including employees, investors, and the Indian government.
3. Analysis of the Case Study
Porter's Five Forces Analysis:
- Threat of New Entrants: High, due to the low barriers to entry in the Indian aviation market.
- Bargaining Power of Suppliers: Moderate, as Jet Airways relied on a limited number of aircraft manufacturers and fuel suppliers.
- Bargaining Power of Buyers: High, as consumers had numerous choices in the Indian airline market.
- Threat of Substitutes: Moderate, with the emergence of low-cost carriers and other modes of transportation.
- Competitive Rivalry: Intense, with numerous established airlines and new entrants vying for market share.
SWOT Analysis:
Strengths:
- Strong brand recognition and reputation for customer service.
- Extensive network of domestic and international routes.
- Experienced workforce.
Weaknesses:
- High operating costs.
- Inefficient financial management.
- Lack of innovation in recent years.
- Weak leadership and corporate governance.
Opportunities:
- Growing Indian economy and rising demand for air travel.
- Potential for expansion in emerging markets.
- Technological advancements in aviation.
Threats:
- Intense competition from low-cost carriers.
- Fluctuating fuel prices.
- Economic downturn.
- Regulatory changes.
Value Chain Analysis:
Jet Airways' value chain was characterized by high operating costs, particularly in areas like fuel, maintenance, and labor. The airline lacked a clear focus on cost optimization and process efficiency.
Business Model Innovation:
Jet Airways' initial success was driven by its full-service business model, which emphasized customer service and premium amenities. However, this model became unsustainable in the face of fierce competition from low-cost carriers. The airline failed to adapt its business model to the changing market dynamics.
Corporate Governance:
The case study highlights the role of poor corporate governance in Jet Airways' downfall. Lack of transparency, internal conflicts, and questionable financial decisions contributed to the airline's financial distress.
4. Recommendations
- Digital Transformation:
- Implement a comprehensive digital strategy to enhance customer experience, streamline operations, and reduce costs.
- Invest in advanced technology and analytics for route optimization, pricing, and customer segmentation.
- Leverage social media and online platforms for marketing, customer service, and feedback collection.
- Develop a mobile app for booking, check-in, and other services.
- Restructured Business Model:
- Adopt a hybrid business model that offers both full-service and low-cost options.
- Focus on cost optimization through efficient route planning, fuel management, and workforce optimization.
- Develop strategic partnerships with other airlines, travel agencies, and technology providers.
- Explore new revenue streams such as cargo services, ancillary services, and loyalty programs.
- Rebuilt Brand Image:
- Reposition Jet Airways as a modern, customer-centric airline with a focus on value and innovation.
- Develop a compelling brand story that resonates with target customers.
- Invest in marketing and public relations to rebuild trust and attract new customers.
- Foster a strong corporate social responsibility agenda to enhance brand image and customer loyalty.
5. Basis of Recommendations
These recommendations are based on the following considerations:
- Core competencies and consistency with mission: The recommendations focus on leveraging Jet Airways' existing strengths in brand recognition, customer service, and network reach while addressing its weaknesses in cost management and innovation.
- External customers and internal clients: The recommendations prioritize customer experience, employee engagement, and stakeholder satisfaction.
- Competitors: The recommendations aim to differentiate Jet Airways from its competitors by offering a hybrid business model, leveraging technology, and focusing on cost optimization.
- Attractiveness: The recommendations are expected to improve profitability through cost reduction, revenue growth, and increased market share.
6. Conclusion
Jet Airways' downfall serves as a cautionary tale about the importance of adapting to changing market dynamics, managing costs effectively, and maintaining strong corporate governance. By embracing digital transformation, restructuring its business model, and rebuilding its brand image, Jet Airways can potentially regain its position as a leading airline in the Indian market.
7. Discussion
Alternatives not selected:
- Complete divestment: This option would involve selling the airline to another entity, potentially resulting in job losses and a loss of brand identity.
- Continuing with the existing business model: This option would likely lead to further financial losses and eventually bankruptcy.
Risks:
- Execution risk: Implementing the recommended strategy requires significant investment, organizational change, and effective execution.
- Competition risk: The Indian airline market remains highly competitive, and new entrants may pose a challenge.
- Economic risk: A global economic downturn could negatively impact demand for air travel.
Key assumptions:
- The Indian economy will continue to grow, driving demand for air travel.
- Technological advancements will continue to improve efficiency and customer experience in the aviation industry.
- Jet Airways will be able to attract sufficient investment to fund its revitalization strategy.
8. Next Steps
- Develop a detailed implementation plan: This plan should outline the specific actions, timelines, and resources required for each recommendation.
- Secure funding: Jet Airways will need to raise capital to finance its digital transformation, business model restructuring, and brand rebuilding efforts.
- Build a strong leadership team: This team should have the experience, expertise, and commitment to drive the revitalization strategy.
- Engage with stakeholders: Jet Airways should communicate its strategy to employees, investors, and other stakeholders to gain their support and cooperation.
By taking these steps, Jet Airways can embark on a path to recovery and regain its position as a leading player in the Indian aviation industry.
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Case Description
The case, set in April 2019, follows the managing director of an investment firm that is deliberating whether to invest in Jet Airways. It is the day after the airline halted their operations, and our protagonist, Surjit Trivedi, Managing Director of a Mumbai-based private equity firm, the Agile Group, is headed for a meeting where his team of analysts and strategists are presenting their evaluation of Jet Airways. Trivedi must decide whether to invest in the airline or not as he is due to present the proposal to the board of the private equity firm he works for. He does not want to make a wrong investment and jeopardize the firm's future and his forthcoming promotion. The case follows the rise and fall of Jet Airways. Civil aviation in India has changed tremendously over the past 20 years, both from the consumer and service provider standpoints. This change was due to factors such as globalization, the higher disposable income of Indians, government initiatives, travel enthusiasm among millennials, and so on. With India expected to become third-biggest aviation market by the year 2025, the number of players in the market increased, with both indigenous and global competitors in the fray. Despite positive industry indicators, two major airlines were forced to halt operations in the last decade, Jet Airways being one of them. The case can be used to scrutinize the reasons for Jet Airways' downfall such as their acquisitions and alliances, the decisions of their founder Naresh Goyal, and Jet Airways' response to the challenge posed by low-cost carriers (LCCs) in India. Moreover, the case can be utilized to analyze how the consortium of banks led by the State Bank of India (SBI) handled the Jet Airways crisis.
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