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Korean Air SWOT & PESTLE Analysis

ID : 52793453| Oct 2020

COMPANY PROFILE -Korean Air

Business Sector :Aviation

Operating Geography :Incheon, Korea, Asia, Global

About Korean Air :

Korean Air is the largest airline and flag carrier of South Korea based on fleet size, international destinations and international flights. The Korean Air is the largest airline of South Korea. It ranks amongst the leading 20 airlines of the world in terms of cargo as well as passengers. The airline operates mainly from the Incheon International Airport, Korea’s primary international hub. The global headquarters are located in Seoul, South Korea with a satellite headquarter situated in Incheon.
The airline was started by the government of Korea in 1962 but in 1969 the company was suffering through the losses. The government decided to privatize the Korean airline. The Hanjin Group founded by Mr. Choong Hoon Cho took over the Korean Air on March 1, 1969. The global airline alliance which was formed in 2000 Korean Air is a founding member airline of SkyTeam. Korean Air completed 50 years in the market in 2019. The company offers services in 44 countries, 125 destinations and has a fleet size of 164 as per August 2020 data.
The mission statement of Korean Air reads, “Korean Air aims to be a leading airline recognized by people around the world for providing high quality service and excellence in flight, and become an airline that everybody wants to fly with. Korean Air will take the lead and look to continuously innovate in the aviation industry, helping to take it into a new era and become our customer’s first choice.” The vision statement of Korean Air reads, “To be a Respected Leader in the World Airline Community”. The USP of the airline lies in its wide global presence.

Korean Air Revenue :


USD 10,875.98M – FY ending Dec 2019 (YoY growth negative 8%)
USD 11,823.20M – FY ending Dec 2018

Competitive Analysis of Korean Air

SWOT
PESTLE
The SWOT analysis of Korean Air is presented below:
Strengths
Weaknesses
1. Offering a spectrum of distinguished high-quality services
2. Broad range of business segments
3. Strong brand
Strong global presence
1. Scandal and wrongdoing by Cho’s family may erode brand trust
Opportunities
Threats
1. Opportunities in North Korean market
2. Adoption of new technologies and equipment
3. Growing tourism in South Korea
4. Ferrying fashion goods from Europe and Asia to boost cargo business
1. Increasing Competition from LCC segment
2. Impact of diplomatic row and trade war
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Detailed SWOT Analysis of Korean Air

 

Strength

1. Offering a spectrum of distinguished high-quality services: Korean Air offers both passenger and freight services of excellent quality. Korean Air is one of the founding partner airlines of the SkyTeam Alliance, the world’s second biggest airline alliance. Member passengers can use the lounge and even gain assistance from the ground staff for other services like checking in baggage and issuing boarding pass. Korean Airlines has a partnership with Hotels.com for hotel reservation around the globe. The customers can earn skypass miles or other benefits for every USD spent on Korean air-Hotels.com reservation. The car rental service for domestic traveling offered by Korean Air has a partnership with Hanjin Rent-a-car and Hertz Rent-a-Car companies. The Korean airline is a business partner of Hanjin travels which offers tour programs. The services ranging from hotel booking to tailor made or customized tours. The airline has tie-up with various hotels. The carrot of gaining reward points, encourage customers to repeatedly travel with this airline.
In flight the airline offers entertainment service, tailored meals according to customer demand which can be ordered before 24 hours. There are various meal options for vegetarian, medical, infant or baby meal. In economic class, compared to the other competitors the company offers more ergonomically comfortable seats, more leg space, a USB port to charge electronic devices such as camera, phones, etc. in comparatively lower prices due to which customers are more inclined to fly with Korean. The company also offers a museum guide service of ‘Flying Art Embassador’. In this the museum professional crew give information to the passengers about the museum.

2. Broad range of business segments: Korean Airlines primarily operates across the four business segments of passenger transport, cargo transport, aerospace, catering and in-flight sales. The airline has witnessed growth across all segments in recent years. Its passenger transport segment showed profit spirals of 10% in 2018 in spite of negative external influences like higher international oil prices and weak market conditions. The cargo transport also increased as the airlines started new cargo routes to combat increasing competition in the segment. The Airlines has recently started cargo flights to Delhi, India, Halifax, Canada and Guadalajara and Mexico. Korean Airlines is currently one of the top five cargo carriers globally. The aerospace division has expanded itself by engaging in several unmanned aerial vehicle development projects and through the improvement, production and maintenance of manned aerial vehicle and aircraft structures. Korean Airlines today has emerged as an industry leader in developing unmanned aerial vehicle systems in Korea. the airline has specialized in the research and development of unmanned aerial vehicles for reconnaissance flights by the army. The catering and in-flight sales segment is undergoing experimentation with the airline constantly adding new artisanal menus that relate to the region and passenger needs. A Food Safety Research Center annex has also been established in collaboration with Inha University. Duty free goods are also made available to passengers in-flight.

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Weakness

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Opportunity

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Threat

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TABLE OF CONTENTS
DELIVERY AND FORMAT
WHY CHOOSE US?
References used in Korean Air Analysis Report

1. Korean Air financials - https://www.wsj.com/market-data/quotes/KR/XKRX/003490/financials

2. Korean Air Company Profile - https://www.reuters.com/companies/003490.KS

3. Korean Air Investor Relations - https://www.koreanair.com/global/en/about/economic-responsibility-investor-relations.html

4. Korean Air Sustainability report 2020 - https://www.koreanair.com/content/dam/koreanair/en/documents/AboutKoreanAir/InvestorRelations/Sustainability/Sustainability_report_EN.pdf

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Korean Air SWOT & PESTLE Analysis - SWOT & PESTLE.COM

SWOT & PESTLE.com (2020). Korean Air SWOT & PESTLE Analysis - SWOT & PESTLE.com. [online] Available at: https://www.swotandpestle.com/korean-air/ [Accessed 28 Oct, 2020].

In-text: (SWOT & PESTLE.com, 2020)

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Korean Air SWOT and PESTLE analysis has been conducted and reviewed by senior analysts from Barakaat Consulting.

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Korean Air SWOT & PESTLE Analysis
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