Airlines Define Their Business Models A Content Analysis

World Review of Intermodal Transportation Research, Vol. 6, No. 2, 2017 141
Copyright © 2017 Inderscience Enterprises Ltd.
Airlines define their business models:
a content analysis
Yusuf Sengur*
Faculty of Aviation and Space Sciences,
Department of Aviation Management,
University of Kyrenia, Karakum Campus,
Kyrenia, Turkish Republic of Northern Cyprus
Email: yusufsengur@gmail.com
*Corresponding author
Ferhan Kuyucak Sengur
Faculty of Aeronautics and Astronautics,
Department of Aviation Management,
Anadolu University, 2 Eylul Campus,
Eskisehir, Turkey
Email: fkuyucak@anadolu.edu.tr
Abstract: Business model is not a new concept; however, it has been recently
studied in business management literature. On the other hand, business model
concept has not been studied in terms of its components in airline business. The
purpose of this study is to see how airlines define their business models based
on business model components. In this study business model concept is
introduced and business model components are discussed as they have been
explained in literature. Research part aims to explore how airlines describe their
business models. To clarify this, a content analysis has been done in the
strategic statements and in ‘about us’ parts of the websites of 50 biggest airlines
worldwide. Our study shows that there are four components that airlines
mention in their strategic statements and in ‘about us’ parts of their websites.
These components are: 1) the value proposition; 2) the market segmentation;
3) the value chain; 4) the profit structure.
Keywords: business model; airline management; airline strategy; air
transportation; airline business models; low-cost airlines; airline industry.
Reference to this paper should be made as follows: Sengur, Y. and
Sengur, F.K. (2017) ‘Airlines define their business models: a content analysis’,
World Review of Intermodal Transportation Research, Vol. 6, No. 2,
pp.141–154.
Biographical notes: Yusuf Sengur obtained his undergraduate degree from the
Faculty of Business Administration, Bilkent University. Then he continued his
education to get his MA and PhD in Aviation Management at Anadolu
University where he worked as a Research Assistant and an Assistant
Professor. He also obtained his MS in Computer Information Science at
LaSalle University, Philadelphia. Currently he is an Assistant Professor and
Head of Aviation Management Department at University of Kyrenia. His
research interests are strategic management in aviation, airline business models,
and strategic planning in aviation. He teaches several courses such as air
transportation, aviation management, business and economics in aviation.

142 Y. Sengur and F.K. Sengur
Ferhan Kuyucak Sengur received her BA, MA and PhD in Aviation
Management at Anadolu University. Upon the completion her Doctoral studies,
she worked as a Visiting Professor and Postdoctoral Research Fellow at Embry
Riddle Aeronautical University. She works as an Associate Professor at the
Aviation Management Department at Anadolu University. Her research
interests are airline and airport management, innovation in aviation, social
responsibility in aviation, and air transport and regional development. She has
been working as a Senior Researcher in several national and international
projects in aviation. She teaches several courses at undergraduate, graduate and
doctoral levels such as air transportation, transportation policy, e-commerce in
aviation, and corporate strategies in aviation.
This paper is a revised and expanded version of a paper entitled ‘Airline
business models: a conceptual analysis’ presented at the 20th National
Management and Organization Congress, Izmir, Turkey, 20–24 May 2012 and
paper entitled ‘How airlines define their business models? A content analysis’
presented at the 21st National Management and Organization Congress,
Kutahya, Turkey, 30 May–1 June 2013.
1 Introduction
Business model term has been a part of business jargon for a long time. However, there is
no widely accepted definition and has not received attention from both practitioners and
academics until the 2000s (Casadesus-Masanell and Ricart, 2010). They also argue that
there is little understanding of what a good business model is. Business model concept
was initially used for internet business and it then attracted attention, nevertheless it has
become a concept that is considered to be essential for all businesses (Magretta, 2002;
McGrath, 2010). Indeed, every business has a business model even it is not clearly stated
(Chesbrough, 2007) and a good business model is essential for the success of any
business (Magretta, 2002). Amit and Zott (2001) argue business model concept offers a
best framework of the source of value creation among other strategic management
theoretical frameworks. Also detailed understanding of the business model is valuable
when the firm seeks to alter its strategic position in the value network (Nenonen and
Storbacka, 2010). According to Chesbrough (2007) business model matters because a
better business model often beats a better idea or technology.
Although businesses do not clearly state their business models; the way of doing their
business and presenting their goods and services can give some hints about their business
models. The general framework of their business models can also be determined from
how they are strategically expressing themselves. Strategic positioning statements like
vision, mission, and values are the basic elements of the business identity. In this case,
strategic positioning statements and company information which is given by company
itself can have some evidences about their business models.
The emergence of new business models and changes in the existing ones is the
driving force of the transformation of airline industry (Nair et al., 2011). In literature, the
airline business models have been mentioned comparing the features of low-cost airlines
to each other and the original Southwest model (Rhoades, 2006; Alamdari and Fagan,
2005; Mason and Morrison, 2008; Francis et al., 2006) and highlighting the distinction
between low cost airlines and network airlines (Franke, 2004). Gillen (2006) examined

Airlines define their business models 143
the evolution of airline business models and network structure. Mason and Morrison
(2008) applied product and organisational architecture (POA) to classify and relate key
elements of airline business models. Using POA approach Lohmann and Koo (2013)
proposed a spectrum of airline business models. Daft and Albers (2013) developed a
framework to identify relevant dimensions and elements of airline business models. The
framework has three components that describe an airline’s value creation system:
1 the corporate core logic
2 configuration of value chain activities
3 assets.
This study examines the business model components derived from the business model
frameworks in the literature and explores airline business model aspects that overlap with
the business model components. For this purpose, vision and mission statements and
‘about us’ parts of top 50 airlines – according to revenue passenger kilometres – were
content analysed in order to determine which business model components are pointed out
in these sections.
2 Business model and its components
The business model term is often used to describe the key components of a business. It is
linked to how a business creates value for its customers, how a company generates profit,
and how it competes in the market (Hedman and Kalling, 2003). From this point of view,
while a business model synchronises the market perception and the corporate reality
(Lawton and Solomko, 2005), it also shows how as a system, all the pieces of a business
fit together (Magretta, 2002). According to Hedman and Kalling (2003), it could integrate
Barney’s (1991) resource-based view, Porter’s (1985, 1980) value chain and generic
strategy.
While there are several definitions of the business model concept, it is shortly defined
as the story of doing business (Magretta, 2002). Business model includes all activities
related to the value creation and presentation of it. In addition, it represents the
relationship between the company and the business logic (Teece, 2010; Osterwalder
et al., 2005; Casadesus-Masanell and Ricart, 2010). A comprehensive definition of
business model argues that it is a conceptual model which allows expressing the logic of
doing business of an enterprise encompassing a number of components and the
relationships between them (Osterwalder et al., 2005). From a different perspective,
business model is composed of two parts; the choices made by management about how
they should operate and the results of these selections (Casadesus-Masanell and Ricart,
2011). In a broader sense, a business model includes all aspects of a company’s approach
to developing a profitable offering and delivering it to its target customers (Sinfield et al.,
2012). It embraces the target customer, the nature of the business and how revenues are
generated (Yip, 2004). It is also defined as an abstract identification of how a business
operates profitably (Betz, 2002).
Although it has been mentioned in the management and strategy literature, the
conceptual framework of the business model has not clearly been determined
(Chesbrough and Rosenbloom, 2002; Magretta, 2002; Teece, 2010). Therefore, business
model has been explained through its components. It is thought that explaining business

model through its components is more solid because its definition is too abstract to
describe. These components have been expressed in literature as elements, functions,
features, and building blocks (Pateli and Giaglis, 2004; Chesbrough and Rosenbloom,
2002; Hedman and Kalling, 2003; Demil and Lecocq, 2010; Osterwalder et al., 2005).
According to Chesbrough and Rosenbloom (2002) the functions of the business
model are:
1 to articulate the value proposition
2 to identify market segments
3 to define the structure of the value chain within the firm
4 to estimate the cost structure and profit potential
5 to describe the position of the firm within the value network
6 to formulate the competitive strategy.
Business model mediates between technical and economic domain and transforms
technical inputs to economic outputs using these six components (Chesbrough and
Rosenbloom, 2002). According to Hedman and Kalling (2003) business model is used to
describe the main elements of a business. Accordingly, the interrelated components of a
business model starting from the product-market level are:
1 customers
2 competitors
3 presentation
4 activities and organisations
5 sources
6 the supply and production inputs
7 management scope.
Osterwalder et al. (2005) compared the business model components found in literature
and identified nine components which are called building blocks. Johnson et al. (2008)
stated that business model consists of four main elements. These elements are the
customer value proposition, profit formula, key resources, and key processes. According
to Demil and Lecocq (2010) business model consists of three main components. These
are resources and competencies, organisational structure, and value of the proposal.
The majority of business model researchers deal with business model concept within
their model by addressing such questions (Sinfield et al., 2012):
• Who is the target customer?
• What need is met for the customer?
• What offering will we provide to address that need, and how does the customer gain
access to that offering?
• What role will our business play in providing the offering?
• How will our business earn a profit?

Similarly, Giesen et al. (2010) define key elements of a business model with the
following questions:
• What value is delivered to customers?
• How is the value delivered?
• How is revenue generated?
• How does the company position itself in the industry?
According to Gassmann et al. (2013) the way in which the business model of a company
becomes tangible and a common ground for its re-thinking is achieved by answering and
clarifying the associated questions:
• What do you offer to the customer?
• Who is your target customer?
• How is the value proposition created?
• How is revenue created?
Various business model definitions might come from different perceptions of these
components by researchers. The main components in the business model literature are
summarised in Table 1. In the table, business model components proposed by
contributors in selected literature are presented in comparison.
Table 1 Business model components in selected literature
Chesbrough
and
Rosenbloom
(2002)
Hedman and
Kalling
(2003)
Osterwalder
et al. (2005)
Morris
et al. (2005)
Johnson
et al. (2008)
Gassmann
et al. (2013)
Value
proposition
Market
segmentation
Position in
value
network
Value chain
Competitive
strategy
Cost
structure and
profit
potential
Offering
Customers
Suppliers
Resources
Competition
Scope of
management
Value
propositions
Customer
segments
Customer
relationships
Key
partnership
Channels
Key activities
Key resources
Revenue
streams
Cost structures
Offering
Market
factors
Internal
capability
factors
Competitive
strategy
factors
Economic
factors
Growth
factors
Value
proposition
Key
processes
Key
resources
Profit
formula
Value
proposition
Target
customer
Value chain
Revenue
model

3 Airline business models
Industry transformations generally stem from significant technological changes.
Historically the airline industry has been very innovative and many product innovations
originated from the dynamic nature of the airline industry. However, innovative business
models in recent years have also caused industrial transformation. The airline industry
may be a relevant example of it (Nair et al., 2011). From the definitions of the business
model concept, it can be said that airline business models demonstrate how airlines
operate and create value for their stakeholders. Today creating value through innovation
became a very distinctive tool for increasingly deregulated global airline industry.
Many different business models can be defined in the airline industry according to
each airline’s business design. Gillen and Gados (2008) classified airlines as full service
airlines operating within broad geographic area, low cost airlines providing short range
point to point services, and unscheduled airlines focused on medium range markets. The
industry has been witnessing the emergence of different airline business models
especially for the last decades. Particularly, low-cost airline or low-cost carrier (LCC)
business models became an important issue in the global airline industry. LCCs offer
low-fares based on low-costs through abandoning some services that traditional airlines
provide. They have some different products and operating features that are the means of
having low costs compared to traditional airlines such as the use of a single type of
airplane, point-to-point services, flying to secondary airports; high utilisation of aircraft;
short-haul routes; low-frills service, and direct sales of tickets. Southwest, Easyjet and
Ryanair are the examples of LCC model (Doganis, 2006; Alamdari and Fagan, 2005;
Mazumdar, 2008; Kuyucak and Sengur, 2011). There are also other business models such
as regional and charter airlines which are focused on a particular air service. Regional
airlines operate short scheduled airline service, often connecting smaller communities
with larger cities (Forbes and Lederman, 2007). These airlines are mostly controlled by
or working for network airlines. Code sharing arrangements, marketing alliances, joint
business strategies have resulted in integration of regionals with the large commercial
airlines (Truitt and Haynes, 1994; Graham, 1997). Charter airlines mostly carry leisure
passengers as part of all inclusive tour packages. The service they provide also includes
hotels and transfers. Most of charter carriers are vertically integrated with tour operators
(Williams, 2001; O’Connell and Bouquet, 2015). Charter airline business model is
mainly based on simple service design and low costs. They focus on highly daily usage of
aircraft with higher cabin configuration like low cost airlines. As a result of lower costs,
charter carriers were able to offer low prices. Because of seasonal fluctuations of
demand; they may lease out their aircraft when demand is low and hire seasonal
personnel at peak time. They have to rely on strategic success factors such as cost
efficiency, product development and marketing of a tour operator (Papatheodorou and
Lei, 2006; Bieger and Agosti, 2005).
Recent years has witnessed some changes in the low cost airline business model.
They have adapted some features of network business model and only a few of them now
strictly follow the original low cost business model. These airlines are called hybrid
airlines. These airlines add longer sectors and offering full service products including
loyalty programmes and premium cabins on mixed fleets (Douglas, 2010). They use yield
management system instead of simple fare structure. Some of them also focus on primary

airports and business passengers like network carriers. On the other hand, network
carriers are also adapting some features of low cost model like reducing frills and service
levels and charging for some services (Koch, 2010).
4 Research design and methodology
The purpose of this study is to see how airlines define their business models based on
business model components. One way to explore and differentiate between different
airline business models is based on observation and interpreting some statistical data
analysis about airlines. Another way could be a research on what airlines tell about
themselves. The research question is which business model components are mentioned by
airlines and which components are emphasised more. Therefore, strategic statements and
‘about us’ parts are examined through content analysis. Top 50 airlines in terms of
revenue passenger kilometres in the year 2014 according to ‘Airline Business’ magazine
are the sample of this study. The list of airlines is shown in Table 2. The data for the
study was obtained by visiting the websites of the airlines.
The statement of vision, purposes, and beliefs lays out in very simple terms the
company’s central purpose and core values. (Paine, 1994) A vision not only expresses a
desired future for a company but also it provides a roadmap for company strategy and
outlines the desired future at which the company hopes to arrive. (De Witt and Meyer,
1998; Melewar, 2003) According to Drucker (1973), “A business is not defined by its
name, statues, or articles of incorporation. It is defined by the business mission. Only a
clear definition of the mission and purpose of the organisation makes possible, clear, and
realistic business objectives”. By publishing the firm’s mission statement, it is believed
that everybody would know what their business is and would relate to its purpose. For a
clear direction of the organisation, an effective mission statement has to be concrete and
reflective of a choice (Khalifa, 2011). A comprehensive study analysing the content of
the airline’s mission statement has been done by Kemp and Dwyer (2003). In their study,
mission statements of 50 international airlines were analysed to identify whether they
conform to commonly accepted views of the ‘ideal’ mission statement. As a result,
self-concept, customers, and philosophy are the most prevalent components in mission
statements. On the other hand, technology, concern for employees, and concern for public
image were the least prevalent components (Kemp and Dwyer, 2003). David (2003),
suggest that an effective mission statement should include customers, products/services,
offerings and value provided to customers, geographic markets, technology, concern
for survival/growth/profits, philosophy, public image, employees, and distinctive
competence (David, 2003). Although business model had not been considered explicitly
as one of these nine components, business model elements and mission statements’
content are overlapped. Therefore, examining mission statements can give insights about
the communication of business model components by the company. Corporate values are
the beliefs and moral principles that lie behind the company’s culture and they play a
significant role in the formation of its corporate identity (Melewar, 2003). Therefore, to
reveal what kind of information related to business models is given by airlines, we chose
to look at airlines’ strategic statements such as vision, mission, and values.

Table 2 Top 50 airlines ranked by traffic (RPKs) by 2014
No. Airline No. Airline
1 Delta Airlines 26 JetBlue Airways
2 United Airlines 27 TAM Linhas Aereas
3 Emirates Airlines 28 Thai Airways International
4 American Airlines 29 Japan Airlines
5 Southwest Airlines 30 Saudia
6 Lufthansa 31 Air Berlin
7 British Airways 32 LAN Airlines
8 China Southern Airlines 33 Transaero Airlines
9 Air France 34 Malaysia Airlines
10 China Eastern Airlines 35 Hainan Airlines
11 Ryanair 36 Alaska Airlines
12 Air China 37 Iberia
13 Turkish Airlines 38 Shenzhen Airlines
14 US Airways 39 Gol Transportes Aereos
15 Cathay Pacific 40 Virgin Atlantic
16 Air Canada 41 Norwegian
17 Qatar Airways 42 China Airlines
18 Singapore Airlines 43 Swiss
19 KLM 44 Asiana Airlines
20 All Nippon Airways 45 Air India
21 EasyJet 46 SAS
22 Qantas 47 Alitalia
23 Etihad Airways 48 Jet Airways
24 Korean Air 49 WestJet
25 Aeroflot 50 Virgin Australia
Source: Airline Business, July–August 2015, Vol. 31, No. 6, pp.40–41
Today company websites play an important role in communicating and disseminating
information for organisations and they are an integral part of brand communications
(Schultz et al., 2001), both visually as well as in tone and content (Simmons, 2007). They
are used as an online channel to inform customers about services and products and also as
a platform to define corporate identity and brand image. In the websites, ‘about us’ parts
are considerable as they are drawing a picture in stakeholders’ minds about what
corporate look like. Therefore, we added ‘about us’ part which actually answers the
question of ‘who we are’ to our research. We believe that ‘about us’ parts of the websites
of airlines also contain valuable information in terms of revealing company info,
mentioning about their activities, and defining themselves in business model context.

Content analysis is a research method that is used to classify large amount of text data
in an efficient number of categories that represent similar meanings to describe and
quantify a phenomenon (Weber, 1990; Downe-Wamboldt, 1992). There are two common
approaches used for a content analysis; inductive method is used when there is limited
knowledge about the phenomenon and categories comes from the data (Kondracki et al.,
2002; Elo and Kyngas, 2007) and deductive method is used when a researcher aims to
retest the theoretical framework based on the previous knowledge and literature (Elo and
Kyngas, 2007). Hsieh and Shannon (2005) called these methods conventional and
directed content analysis.
In this study, inductive content analysis has been used as a research method because
business model components of airlines are obtained through the analysis of data.
Threefold inductive content analysis has been done to present the results listed in Table 3.
Firstly, strategic statements and about us parts are obtained from the websites of airlines.
Each airline’s web page was accessed and then strategic statements and ‘about us’ part
were found and collected. Secondly, expressions that are thought to address business
model components are chosen and grouped as belonging to particular themes that
describe aspects of a business model component. Choosing and grouping the expressions
was carried out by each author separately through interpretation. Then the tables prepared
by each author were compared and compromised. The expressions that are considered to
belong to more than one theme were sorted out. Thirdly, the themes that reflect the
business model components were classified as business model components. When
grouping the themes, authors came to a decision by using the former knowledge of
business model literature. Frequency table was prepared to present which business model
components airlines mostly mention in Table 3.
Table 3 Content analysis of airline business model components
Business model
components
Themes
Number of
expressions
Number of
airlines
1 Value
proposition
• Network coverage/structure 26 46
• Customer satisfaction 21
• Excellent service and comfortable travel
experience
16
• Low fares 7
2 Market
segmentation
• Geographic segmentation 34 40
• Customer segmentation 10
• Product segmentation 7
3 Value chain • Service/operational quality and commitment 32 38
• Safety 15
• Service innovation 3
4 Profit
structure
• Fares 8 19
• Low costs 8
• Profitable growth 7
• Cost control 4

5 Results and discussion
The results of content analysis show that airlines are mentioning their business models in
four dimensions. These results best suit the business model framework that Gassmann
et al. (2013) proposed. These components are also supported by business model
definitions in the literature and given answers to questions that are addressed to
determine business model components (Sinfield et al., 2012; Giesen et al., 2010;
Gassmann et al., 2013).
Expressions about other business model components listed in Table 1 were also found
during content analysis such as management scope, business and growth factors,
competitive strategy, and position in the value network. However, authors realised that
these expressions also fall into four dimensions above. For instance, themes related to
competitiveness of an airline such as offering high service standards, being customer
oriented, and being a global carrier also falls into value proposition component. Themes
about position in the value network such as having wide network coverage also falls into
value proposition component and having unique network and serving to a particular area
fall into market segmentation component. Another theme having key partnership within
industry value chain is not mentioned by any airlines in the research data.
The business model components were described in literature by different authors
examined from slightly different perspectives. However, whatever name is given to these
components, the components and constituting elements are compatible in essence
although there is no exact opinion about them. They all reflect some dimensions of what
constitute a business model. It is natural that each airline has a unique business model.
The differences can arise from any business model component. Our study shows that
there seem to be four components that airlines mention in their strategic statements and in
‘about us’ parts of their websites. These components are:
1 Value proposition: This component describes what value a company offers to its
customers (Johnson et al., 2008; Chesbrough and Rosenbloom, 2002; Hedman and
Kalling, 2003; Demil and Lecocq, 2010; Osterwalder et al., 2005; Sinfield et al,
2012; Giesen et al., 2010; Gassmann et al., 2013). For airlines, it represents network
coverage/structure, providing customer satisfaction, giving excellent service and
comfortable travel experience, and offering low fares. While some airlines
highlighted having global network and wide network coverage, a few airlines
emphasised their point to point network structure as a value proposition.
2 Market segmentation: This component describes to whom a company delivers the
value offered. In other words, it defines the target customer. (Chesbrough and
Rosenbloom, 2002; Hedman and Kalling, 2003; Osterwalder et al., 2005; Sinfield
et al., 2012; Gassmann et al., 2013). Airlines have three kind of market
segmentation. These are geographic market segmentation such as international and
domestic, customer segmentation such as business and leisure, and product
segmentation such as passenger and cargo.
3 Value chain: Value chain activities of a firm define how a company creates and
delivers the value to targeted customers (Giesen et al., 2010; Gassmann et al., 2013).
It describes the processes, the resources, and the internal capabilities of a company
(Johnson et al., 2008; Demil and Lecocq, 2010). It also represents what role a
company plays in providing the offering (Sinfield et al., 2012). Service/operational

quality and commitment and safety are the most emphasised themes of value chain
activities for airlines. A few of them mentioned service innovation.
4 Profit structure: Profit formula represents revenue and cost structure. This points out
several questions such as how revenue is generated; how will a company earn profit;
and how a company makes money that captures the value offered (Chesbrough and
Rosenbloom, 2002; Sinfield et al., 2012; Gassmann et al., 2013). For airlines, fares,
having low-costs, cost control, and profitable growth point out the profit structure.
Last column of Table 3 represents the number of airlines that mention any dimension of
each business model component. Since there are more than one expressions and themes
for several airlines, the total number of expressions is not equal to the number of airlines
that mention a component. Among business model components, value proposition is the
most mentioned component by airlines. Also the themes related to value proposition
component are the most highlighted expressions by the airlines. Market segmentation and
value chain components are also mentioned by many airlines. In contrast, revenue and
profit structure is the least mentioned component. Instead of revealing their profit
formula, airlines tend to focus on other business components such as value proposition,
market segmentation, and their value chain activities.
6 Conclusions
Our study looked at airline business model components by analysing the content of
airlines’ strategic statements shared through their websites. As one of the main
communication tools with the stakeholders; examining websites and strategic statements
gave insights about the communication of business model components by the airline
companies. We have identified four components of airline business models: value
proposition, market segmentation, value chain, and profit structure. Value proposition
was the most emphasised business model component in terms of number of expressions
and number of airlines. While it was followed by market segmentation and value chain; it
was found that airlines did not mention their profit structure in their strategic statements
and ‘about us’ parts. The results showed that airlines tend to share more information
related to their value offerings in their strategic statements. It can also be said that airlines
mostly define their business models through sharing information about four business
model components.
Limitation of this study comes from selected sample data. Fifty biggest airlines do not
represent various business models. These are mostly European flag carriers, major
American carriers, big players from Asia-Pacific region, Gulf carriers and a few LCCs.
The other limitation is the data obtained from the websites of airlines. While websites
contain valuable information about companies, they may not share all details of their
businesses and activities.
Besides the limitations, this study is important in various perspectives. Firstly, it is
one of the pioneer studies examining airline business models in terms of airline business
model components. Secondly, airline industry is one of the best implementation areas for
business models. Therefore, this study may contribute to the development of business
model theory. Thirdly, it describes how airlines mention their business models and
finally, which components are emphasised more. Therefore, it is expected to give insights
to further studies both in airline business model and strategic management literature.

The results are thought to be useful for both industry practitioners for strategy
development and academics for future research. The business model components can be
beneficial especially for new entrants and other airlines that seek to strengthen their
competitive positions. For future research, sample data could be extended including
various airlines representing different airline business models to compare their business
model components. Airline business model components can also be used to see whether
these components help to make a distinction among airline business models.
Acknowledgements
We would like to thank the chief editor and the four anonymous referees who reviewed
our paper. Their comments and suggestions have greatly improved the final version of
our paper.
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