This study shows that traditional financial and cost accounting analyses only tell part of the story regarding business strategy. In many cases, the strategies perceived using traditional analyses can be inappropriately applied. The use of value chain analysis links the ocmpany's need to produce profits and keep costs low with the customer's desire for increased value. This study investigates whether U.S. airlines have modified their financial operations in the post-recession environment of the 1990s. This provides insight into the relative facilityof individual airlines in the management of cost factors. However, equally interesting is its inquiry as to the nature of airline strategies with regard to the value and operating revenues.
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