达美航空公司

FRANK T. ROTHAERMEL 弗兰克-T-罗莎尔梅尔
DAVID R. KING 戴维-R-金

Delta Air Lines, Inc.
达美航空公司

As if dealing with economic cycles, fuel price volatility, organized labor, changing customer demographics, and increased competition was not enough…
如果说应对经济周期、燃料价格波动、有组织的劳工、不断变化的客户人口结构和日益激烈的竞争还不够的话...

Delta CEO Ed Bastian assumed the role of Delta’s CEO in May

2016^{1}

at a time when the airline had successfully rebounded from the “great recession” of 2008-09 by investing in an oil refinery to insulate itself from higher fuel costs for operating older, less efficient aircraft.

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However, at his first anniversary, Delta was brought low twice by computer problems. In August 2016, a power outage in Atlanta disrupted Delta’s operation for more than three days leading to the cancellation of over 2,000 flights that lost the airline over

$ 100

million in revenue.

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Another computer glitch on January 29, 2017 led to canceling 170 flights.

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These and outages at other airlines reveal a largely overlooked vulnerability to airline operations-cyber security.

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Delta took the first steps to correcting that deficiency by creating a new Chief Information Security Officer and the hiring of former bank executive Deborah Wheeler.

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达美航空首席执行官埃德-巴斯蒂安（Ed Bastian）于

2016^{1}

5月就任达美航空首席执行官，当时达美航空通过投资炼油厂，成功地从2008-2009年的 "大衰退 "中反弹，从而避免了因运营老旧、效率较低的飞机而导致的燃料成本上升。

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然而，在他上任一周年之际，达美航空却因计算机问题两次陷入低谷。2016 年 8 月，亚特兰大停电，达美航空的运营中断了三天多，导致 2000 多个航班取消，航空公司损失了超过

$ 100

百万美元的收入。

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2017年1月29日的另一次计算机故障导致取消了170个航班。

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这些故障以及其他航空公司的故障暴露了航空公司运营中一个在很大程度上被忽视的漏洞--网络安全。

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达美航空通过设立新的首席信息安全官和聘用前银行高管黛博拉-惠勒（Deborah Wheeler），迈出了纠正这一缺陷的第一步。

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Historically, Delta had focused more on activities associated with aircraft operations and maintenance, and customer service. While attention was paid to procuring aircraft, spare parts, and fuel, and ensuring access to airport gates, less attention was paid to Delta’s technology infrastructure and human resource management. In the start of April 2017, Delta cancelled over three thousand flights over several days during spring break due to one day of thunderstorms at its Atlanta hub.

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In a digital age, an internal investigation revealed problems were compounded by overwhelmed telephone switches that kept aircrew from learning about new assignments.

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In addition to cancellations from computer glitches, the month after he became CEO, Ed Bastian had to deal with Delta pilots picketing the firm’s headquarters for increased pay.

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During the recession, pilots accepted 50 percent pay cuts and they wanted a 37 percent raise now that Delta had returned to profitability.

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After six months of mediation, Delta’s pilots agreed to a 30 percent raise implemented in stages through 2019.11 Wage pressure is also fueled by a looming pilot shortage as pilots are forced to retire at age

65^{12}

leading to a projected shortfall of over 100,000 pilots for North America in the next 20 years.

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一直以来，达美航空更注重与飞机运营和维护以及客户服务相关的活动。在关注飞机、备件和燃料采购以及确保机场登机口通行的同时，对达美航空的技术基础设施和人力资源管理关注较少。2017 年 4 月初，达美航空在春假期间因亚特兰大枢纽一天的雷暴天气取消了几天内的三千多个航班。

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在数字化时代，一项内部调查显示，由于电话交换机不堪重负，导致机组人员无法了解新的任务分配，从而使问题变得更加复杂。

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除了因电脑故障而取消航班外，埃德-巴斯蒂安（Ed Bastian）在就任首席执行官的第二个月，还不得不应对达美航空公司飞行员为增加薪酬而在公司总部举行的抗议活动。

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在经济衰退期间，飞行员们接受了 50% 的减薪，现在达美航空已经恢复盈利，他们希望加薪 37%。

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经过六个月的调解，达美航空公司的飞行员们同意在2019年之前分阶段加薪30%。

65^{12}

由于飞行员被迫在

65^{12}

年龄退休，飞行员短缺的问题迫在眉睫，预计在未来20年内，北美地区的飞行员缺口将超过10万人。

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Even if internal operations are executed well, Delta could still face problems. An improving worldwide economy led many airlines to invest in new aircraft that contributed to industry overcapacity. For example, Cathay Pacific reported its first annual loss since 2008 in 2017.

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There is also airline overcapacity in Europe

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and the U.S.

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New entrants offering long-haul budget airline service are further contributing to price pressure. For example, a new airline, Level, began service in Europe in 2016 and offers a

$ 149

one-way ticket between Europe and the U.S. West Coast, adding an international
即使内部运营良好，达美航空仍可能面临问题。全球经济改善导致许多航空公司投资新飞机，造成行业运力过剩。例如，国泰航空在2017年报告了自2008年以来的首次年度亏损。

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欧洲

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和美国也存在航空公司运力过剩的问题。

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提供长途廉价航空服务的新进入者进一步加剧了价格压力。例如，一家名为 Level 的新航空公司于 2016 年开始在欧洲提供服务，并提供欧洲与美国西海岸之间的

$ 149

单程机票，增加了国际航线。

dimension to budget carriers already operating within the U.S. and Europe.

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An affiliate of Singapore Airlines has also announced plans to offer budget flights between Asia and Athens.

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This is addition to Emirates Airline and Norwegian Air that already offer low-cost international airline service.

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In response, American Airlines created a new “basic economy” airfare.

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In considering everything going on internally at Delta and in its industry, CEO Bastian wondered-what other challenges have been overlooked? And how should he prioritize the challenges he faces, and how should he address each one of them?
与已经在美国和欧洲运营的廉价航空公司相比，雅典的航空公司规模更大。

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新加坡航空公司的一家附属公司也宣布了在亚洲和雅典之间提供廉价航班的计划。

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除此之外，阿联酋航空公司和挪威航空公司也已提供廉价国际航空服务。

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作为回应，美国航空公司推出了新的 "基本经济舱 "机票。

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考虑到达美航空内部和行业内发生的一切，首席执行官巴斯蒂安不禁要问：还有哪些挑战被忽视了？他应该如何确定所面临挑战的优先次序，以及如何逐一应对？

As he took a Diet Coke from his office fridge, he sat down at his desk, and started to boot-up his laptop…while looking out of his office window, he saw a brand-new Airbus A-380 operated by Korean Air, Delta’s partner in the SkyTeam alliance, take off from Atlanta’s Hartsfield-Jackson Airport…
他从办公室冰箱里拿出健怡可乐，坐在办公桌前，开始启动笔记本电脑......当他从办公室的窗户向外望去时，他看到达美航空的天合联盟合作伙伴大韩航空运营的一架崭新的空中客车A-380从亚特兰大哈兹菲尔德-杰克逊机场起飞

History of Delta Air Lines, Inc.
达美航空公司的历史

From Crop-dusting to Mail and Passenger Services. Before Delta Air Lines existed, HuffDaland Dusters was the world’s first commercial agricultural flying company. They sprayed pesticides to control the boll weevil population in cotton fields over Macon, Georgia. In 1925, Huff-Daland Dusters moved its operations to Monroe, Louisiana. By then, they had created the world’s largest privately owned fleet-18 aircraft-and provided aerial dusting service to Florida, Arkansas, California, and Mexico.
从农作物除尘到邮件和客运服务。在达美航空公司出现之前，HuffDaland Dusters 是世界上第一家商业农业飞行公司。他们在佐治亚州梅肯上空喷洒杀虫剂，控制棉铃象鼻虫的数量。1925 年，Huff-Daland Dusters 公司将业务迁至路易斯安那州的门罗。当时，他们已拥有世界上最大的私人机队--18 架飞机，为佛罗里达州、阿肯色州、加利福尼亚州和墨西哥提供空中除尘服务。

Mr. C.E. Woolman bought the Huff-Daland Dusters in 1928 and changed the name to Delta Air Service for the region it served, the Mississippi Delta.

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By the end of the 1920s, Delta had established passenger services to and from Jackson, Mississippi and Dallas, Texas. Flights were limited to one pilot and five passengers. Mr. Woolman insisted on strong customer service, a trait for which Delta is still recognized today. Delta started flying mail for the U.S. Postal Service in 1934, ferrying letters and packages from Fort Worth, Texas to Charleston, South Carolina for 24.8 cents per pound. It also resumed passenger service (which had been temporarily suspended in 1930), changing its name to Delta Air Lines.

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With the purchase of brand new Stinson Model A aircraft in 1935, Delta upgraded its flight capacity to carry seven passengers and two pilots. Delta acquired the new aircraft from American Airways (later American Airlines) for one-quarter of the price of a new plane-a tactic that continues to play out in Delta’s fleet strategy today. Delta’s history is summarized in Exhibit 1.
1928 年，C.E. Woolman 先生收购了 Huff-Daland Dusters 公司，并将公司更名为达美航空服务公司，以纪念其服务的地区--密西西比三角洲。

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到 20 世纪 20 年代末，达美航空开通了往返于密西西比州杰克逊市和德克萨斯州达拉斯市的客运服务。当时的航班仅限一名飞行员和五名乘客。伍尔曼先生坚持提供优质的客户服务，达美航空的这一特点至今仍为人们所称道。达美航空于 1934 年开始为美国邮政服务公司提供邮件运输服务，以每磅 24.8 美分的价格将信件和包裹从德克萨斯州沃斯堡运往南卡罗来纳州查尔斯顿。该公司还恢复了客运服务（1930 年暂时中止），并更名为达美航空公司。

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1935年，达美航空公司购买了全新的斯坦森A型飞机，将其飞行能力提升到可搭载7名乘客和2名飞行员。达美航空以一架新飞机四分之一的价格从美国航空公司（即后来的美国航空公司）购买了这架新飞机，这一策略在达美航空的机队战略中一直沿用至今。达美航空的发展历程见附表 1。

WWII. In the early 1940s, Delta relocated its headquarters to Atlanta and started utilizing even larger aircraft (Douglas DC-2 and DC-3). With the increase in airplane size, Delta added flight attendants to provide in-flight passenger services. From 1942 to 1944, Delta aided the war efforts by modifying over 1,000 aircraft for the military and training pilots and mechanics in the Army.

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Shortly after the war, Delta changed its official name to Delta Air Lines Inc. and named Mr. Woolman president and general manager.

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In 1945, the National Safety Council (NSC) recognized Delta for flying 300 million passenger miles over ten years of service without a single fatality. Soon thereafter, Delta started regular cargo service and also became the first airline to offer non-stop flights between Chicago and Miami. With a fleet capacity totaling 644 seats, Delta started its first coach service in

1949 .^{25}

二战。20 世纪 40 年代初，达美航空将总部迁至亚特兰大，并开始使用更大的飞机（道格拉斯 DC-2 和 DC-3）。随着飞机尺寸的增加，达美航空增加了空乘人员，为乘客提供机上服务。从 1942 年到 1944 年，达美航空公司为军队改装了 1000 多架飞机，并在军队中培训飞行员和机械师，为战争提供了帮助。

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战后不久，德尔塔航空公司正式更名为德尔塔航空公司，并任命伍尔曼先生为总裁兼总经理。

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1945年，美国国家安全委员会（NSC）表彰达美航空在10年的服务中飞行了3亿英里，没有发生一起死亡事故。此后不久，达美航空开始提供定期货运服务，并成为第一家在芝加哥和迈阿密之间提供直飞航班的航空公司。达美航空机队的总座位数为 644 个，并于

1949 .^{25}

年首次开通了长途客车服务。

Post-War Expansion. During the 1950s, Delta created the hub-and-spoke model in which passengers are routed through major hubs before connecting with flights to their final destinations. Delta’s modern hub-and-spoke model is visualized on the North American route map in Exhibit 2a. The company gained its first international flight with the acquisition of Chicago and Southern Air Lines
战后扩张。在 20 世纪 50 年代，达美航空创造了 "枢纽-辐条 "模式，即乘客通过主要枢纽转机前往最终目的地。达美航空的现代枢纽辐合模式在图示 2a 中的北美航线图中得到了直观体现。通过收购芝加哥和南方航空公司，达美航空开通了第一条国际航线。
in 1952. By the end of the decade, Delta became the first airline to utilize DC-8 jets in its fleet. The Delta widget-a red, white, and blue triangle mimicking the swept wing of a jet-also made its first appearance as part of Delta’s aircraft livery.
达美航空公司于 1952 年成立。到 1952 年末，达美航空成为第一家在其机队中使用 DC-8 喷气式飞机的航空公司。达美航空的小部件--模仿喷气式飞机后掠翼的红、白、蓝三色三角形--也首次成为达美航空飞机涂装的一部分。

Exhibit 2b shows Delta’s European route network; noteworthy is the fact that this follows a point-to-point rather than a hub-and-spoke model, mainly because of existing international regulations (socalled cabotage rules, i.e., foreign airlines are generally not allowed to fly domestically; for example, while Singapore Airlines is allowed to fly from Singapore to San Francisco; it is not allowed to fly from San Francisco to other destinations in the U.S.). Exhibit 2c shows Delta’s Asia Pacific route network. This network also operates mainly by a point-to-point model, but also uses several hubs such as Tokyo’s Haneda and Narita airports, allowing for a hub-and-spoke operation in collaboration with Delta’s alliance partners.
图 2b 显示了达美航空的欧洲航线网络；值得注意的是，该网络采用的是点对点模式，而不是枢纽辐射模式，这主要是由于现行的国际法规（所谓的 cabotage 规则，即外国航空公司一般不得在国内飞行；例如，新加坡航空公司可以从新加坡飞往旧金山，但不得从旧金山飞往美国的其他目的地）。图 2c 显示了达美航空的亚太地区航线网络。该网络也主要采用点对点模式运营，但也使用了几个枢纽，如东京羽田机场和成田机场，以便与达美航空的联盟伙伴合作开展枢纽辐射式运营。

Delta continued to expand its operations throughout the 1960 s with non-stop routes and new destinations. Continued high growth in passenger volume made the company’s manual reservation system increasingly difficult to handle. The advent of computing technology led to the development of the Semi-Automated Business Research Environment reservation system (SABRE), which Delta adopted in 1962, greatly decreasing the costs and increasing the efficiency of the reservation process. Symbolic of Delta’s changing focus, the company closed its crop-dusting operations in 1966, the same year that C.E. Woolman died and was succeeded by Charles Dolson as chief executive officer.

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By 1970, Delta’s fleet consisted entirely of passenger airplanes, including the new Boeing 747. However, Delta diversified its offerings again one year later by adding Delta Dash, a small package cargo service. In 1975, the company added a high priority cargo service called Delta Air Express.

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在整个 20 世纪 60 年代，达美航空不断扩大其业务范围，开通了直飞航线并增加了新的目的地。客运量的持续高增长使公司的人工预订系统越来越难以应付。随着计算机技术的发展，达美航空于 1962 年采用了半自动商业研究环境预订系统（SABRE），大大降低了成本，提高了预订流程的效率。1966 年，C.E. Woolman 去世，Charles Dolson 接任首席执行官。

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到 1970 年，达美航空的机队全部由客机组成，其中包括新型波音 747。但一年后，达美航空又增加了达美 Dash（一种小型包裹货运服务），使其服务再次多样化。1975 年，该公司又增加了一项名为达美航空快运（Delta Air Express）的高优先级货运服务。

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Industry Deregulation. President Jimmy Carter signed the Airline Deregulation Act in 1978, removing government control over commercial airlines’ fares and routes and permitting the entry of new airlines into the market. Up until this point, major airline carriers had been guaranteed to receive a 12 percent return on any flight filled at 55 percent capacity or higher. Access to routes was closely regulated and limited service, therefore airlines had few incentives to offer discounts. The Act was intended to increase competition and decrease ticket prices.

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行业放松管制。吉米-卡特总统于 1978 年签署了《放松航空管制法案》，取消了政府对商业航空公司票价和航线的控制，并允许新的航空公司进入市场。在此之前，主要航空公司保证在任何航班满载率达到或超过 55% 的情况下都能获得 12% 的回报。航线准入受到严格监管，服务有限，因此航空公司几乎没有提供折扣的动力。该法案旨在增加竞争，降低机票价格。

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Delta initiated its first frequent flyer program at the start of the 1980 s, made possible by its computer reservation system (CRS). Unfortunately, the U.S. economy tanked in 1982, hitting the major airlines hard just as they were starting to adapt to their new regulatory environment. As a result, Delta reported its first financial loss ever. During the lull, Delta employees banded together and accepted

$ 30

million in payroll deductions to purchase the first Boeing 767, named “The Spirit of Delta.” As financial conditions improved, Delta resumed its expansion efforts, creating the Delta Connection program for its regional partner airlines, strengthening the spokes of its hub-and-spoke model, and opening its first routes to Asia in 1988.

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20 世纪 80 年代初，达美航空借助其计算机预订系统（CRS）启动了首个飞行常客计划。不幸的是，1982 年美国经济衰退，各大航空公司刚刚开始适应新的监管环境，就受到了沉重打击。结果，达美航空出现了有史以来的首次财务亏损。在低迷时期，达美航空公司的员工团结起来，接受了

$ 30

百万美元的工资扣款，购买了第一架波音767飞机，命名为 "达美精神"。随着财务状况的改善，达美航空重新开始扩张，为其区域合作伙伴航空公司创建了 "达美连接"（Delta Connection）计划，加强了其 "枢纽-辐条 "模式，并于 1988 年开通了第一条飞往亚洲的航线。

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Earnings dropped again at the start of the 1990s, but this did not deter Delta from expanding even further. The airline purchased several new gates, aircraft, and routes in 1991. Among those added to Delta’s route portfolio were Canadian flights from Eastern Airlines, a New York-to-Boston flight run by Pan Am, and more European routes including a hub in Frankfurt, Germany. While the expansion made Delta a major international competitor, it was costly. Delta incurred such a severe loss that it had to prune multiple routes and 15,000 jobs between 1994 and 1997. Despite morale being at an alltime low, Delta had to continue its cost-saving measures. Delta Express, a low-cost alternative with no in-flight meals or entertainment, was launched in 1996 and administered separately from mainline operations.
20 世纪 90 年代初，达美航空公司的盈利再次下降，但这并没有阻止其进一步扩张。1991 年，达美航空公司购买了几个新的登机口、飞机和航线。在达美航空的航线组合中，有来自东方航空的加拿大航班、泛美航空的纽约至波士顿航班，以及更多的欧洲航线，包括德国法兰克福的枢纽。虽然扩张使达美航空成为主要的国际竞争对手，但代价也是高昂的。达美航空亏损严重，不得不在 1994 年至 1997 年间裁减多条航线和 15000 个工作岗位。尽管士气降到了历史最低点，达美航空仍不得不继续采取节约成本的措施。1996 年，达美航空推出了 "达美快线"（Delta Express），这是一种不提供机上餐饮和娱乐服务的低成本航空，与主线业务分开管理。

Partnerships proved to be a useful tool for competing in the post-deregulation era. Under a new CEO, Leo Mullin, Delta formed the first international cargo alliance with SwissCargo in 1997.30 After Continental Airlines broke off takeover talks with Delta to join with Northwest Airlines, Delta retaliated by creating a joint frequent flyer program with United Airlines. In 2000, Delta, Air France, Aeromexico, and Korean Air founded the SkyTeam alliance in order to combat the other emerging global code-sharing groups, Oneworld and Star Alliance. Exhibit 3 shows which carriers are in the three alliance networks.
在后管制时代，合作伙伴关系被证明是一种有效的竞争手段。在新任首席执行官利奥-穆林（Leo Mullin）的领导下，达美航空于 1997 年与瑞士货运公司（SwissCargo）结成了第一个国际货运联盟。30 在美国大陆航空（Continental Airlines）中断了与达美航空的收购谈判，转而与美国西北航空公司（Northwest Airlines）联合之后，达美航空采取了报复行动，与美国联合航空公司（United Airlines）共同创建了一个飞行常客计划。2000 年，达美航空、法国航空、墨西哥航空和大韩航空成立了天合联盟，以对抗其他新兴的全球代码共享集团--寰宇一家和星空联盟。附表 3 显示了加入这三个联盟网络的航空公司。

Post

9 / 11

. Terrorist attacks on September 11, 2001 led to the closing of U.S. airspace for two days and significantly affected air travel thereafter. Delta suffered its first financial loss since

1995^{13}

and was forced to rationalize flights and reduce its workforce by 15 percent. Low-cost carriers (LCCs), however, thrived in the aftermath of 9/11. Delta fought back against the low-cost threat from companies like Southwest and JetBlue by launching its own budget service, called Song, in 2003, only to merge it back into its mainline operations three years later. At the same time, Delta continued to innovate by offering a new passenger check-in model, redesigning its lobbies, and expanding the number of kiosks.

^{14}

The federal government approved the largest code-sharing agreement between domestic carriers (Delta, Continental Airlines and Northwest Airlines) in 2003.

^{15, 16}

发布

9 / 11

。2001 年 9 月 11 日的恐怖袭击导致美国领空关闭两天，此后航空旅行受到严重影响。达美航空公司遭受了自

1995^{13}

以来的首次财务损失，被迫合理调整航班，并裁员 15%。然而，低成本航空公司（LCC）却在 9/11 事件后蓬勃发展。面对西南航空和捷蓝航空等低成本航空公司的威胁，达美航空于 2003 年推出了自己的廉价航空服务 "Song"，但三年后又将其并入了主线业务。与此同时，达美航空不断创新，推出了新的乘客登机手续办理模式，重新设计了大厅，并增加了自助服务终端的数量。

^{14}

2003年，联邦政府批准了国内航空公司（达美航空、美国大陆航空和西北航空）之间最大的代码共享协议。

^{15, 16}

Before the 1978 Deregulation Act, airline bankruptcy was unheard of for interstate carriers because of the regulatory protection provided by the Civil Aeronautics Board (CAB). In fact, the CAB often joined failing carriers with survivors in an effort to maintain routes and assets. However, since deregulation, the air travel industry has been highly competitive with many new entrants and very low margins on fares, leading to almost 200 airline company Chapter 7 and 111 bankruptcy filings by 2013. Since then the airlines consolidated through horizontal merger activity. Exhibit 4 shows industry dynamics over time during periods of regulation, deregulation, and consolidation.
在 1978 年《放松管制法》颁布之前，由于民用航空委员会（CAB）提供的监管保护，州际航空公司破产的情况闻所未闻。事实上，民航局经常将倒闭的航空公司与幸存的航空公司联合起来，以努力维持航线和资产。然而，自放松管制以来，航空旅游业竞争激烈，新进入者众多，票价利润极低，导致到 2013 年有近 200 家航空公司申请破产保护，111 家申请破产。此后，航空公司通过横向兼并活动进行整合。图 4 显示了监管、放松监管和整合期间的行业动态。

Not even some of the largest carriers could weather the combined effects of worldwide economic recessions, rising fuel costs, and the

9 / 11

terrorist attacks.

^{31}

Delta filed for Chapter 11 bankruptcy in September 2005…

^{32}

As a drastic measure, Delta sold Atlantic Southeast Airlines, which it had purchased in March 1999.3 Ultimately, a

$ 2

billion financing deal from its creditors helped Delta to emerge from bankruptcy and continue operations. The road back to profitability was a long journey, but Delta’s pilots shortened the trip by agreeing to several changes in their benefits and compensation packages, saving the company

$ 280

million annually. Seeing Delta in a weakened state, US Airways made a bid to cover Delta’s debt (about

$ 8

billion in cash and stocks) and to acquire the company; the offer was rejected by the Delta Board of Directors. A few months later, US Airways increased its offer to

$ 10

billion but was still unsuccessful in swaying the board. In April 2007, Delta re-emerged from bankruptcy with Richard Anderson, former CEO of Northwest Airlines, as CEO. In April 2008, Delta initiated its largest, most profitable acquisition to date, purchasing Northwest Airlines. Delta had to negotiate with unionized pilots and persuade antitrust regulators in order to complete the acquisition. Consolidation and integration of the two companies continued through 2010. Delta paid

$ 2.8

billion to become the airline with the highest traffic in the world.

^{34}

Exhibit 5 shows the mergers and acquisitions since 2004 in both the domestic U.S. as well the global airline industry, highlighting the trend towards further consolidation.
即使是一些最大的航空公司也无法抵御全球经济衰退、燃料成本上升和

9 / 11

恐怖袭击的综合影响。

^{31}

2005 年 9 月，达美航空申请破产保护......

^{32}

作为一项极端措施，达美航空出售了 1999 年 3 月收购的大西洋东南航空公司。恢复盈利的道路是漫长的，但达美航空的飞行员们同意对他们的福利和补偿方案进行一些调整，从而缩短了路程，每年为公司节省了

$ 280

百万美元。看到达美航空的颓势，全美航空出价弥补达美航空的债务（约

$ 8

十亿现金和股票），并收购达美航空；但这一出价遭到了达美航空董事会的拒绝。几个月后，全美航空公司将报价提高到

$ 10

十亿美元，但仍未能动摇董事会。2007 年 4 月，达美航空重新摆脱破产，西北航空前首席执行官理查德-安德森（Richard Anderson）出任首席执行官。2008 年 4 月，达美航空启动了迄今为止规模最大、盈利能力最强的收购计划，收购了美国西北航空公司。达美航空必须与工会飞行员谈判，并说服反垄断监管机构，才能完成收购。两家公司的合并和整合一直持续到 2010 年。达美航空支付了

$ 2.8

十亿美元，成为世界上运输量最大的航空公司。

^{34}

图 5 显示了 2004 年以来美国国内以及全球航空业的并购情况，凸显了进一步整合的趋势。

Delta Air Lines Today
今日达美航空公司

CUSTOMER EXPERIENCE 客户体验

Since 2010, Delta has re-invested

$ 2

billion to upgrade its airport facilities and the aircraft within its mainline fleet. For example, by 2015, the Business Elite sections of all long-haul aircraft were equipped with lie-flat seating. In 2016, Delta was the first U.S. airline to purchase Bombardier’s new C series regional jet.

^{35}

Overall, Delta boasts more first-class seating, in-flight entertainment options, access to power sources, and inflight Wi-Fi access than any of its domestic competitors. Exhibit 6 shows Delta’s recent key financial data.
自 2010 年以来，达美航空已重新投资

$ 2

亿美元，用于升级机场设施及其干线机队的飞机。例如，到 2015 年，所有长途飞机的商务精英舱都配备了平躺式座椅。2016 年，达美航空成为美国首家购买庞巴迪新型 C 系列支线喷气机的航空公司。

^{35}

总体而言，达美航空拥有比其国内竞争对手更多的头等舱座位、机上娱乐选择、电源接入和机上 Wi-Fi 接入。附表 6 显示了达美航空近期的主要财务数据。

STRUCTURE 结构

Since its 2012 acquisition of the Trainer fuel refinery from ConocoPhillips for

$ 150

million, Delta has partitioned its operations into the airline and refinery businesses. The refinery unit is responsible for the supply of jet fuel and works with Delta’s fuel partners, Phillips 66, and BP. The airline unit includes air transportation of passenger and cargo items as well as all maintenance, repair, and overhaul (MRO) activity. There are multiple strategic business units (SBUs) within the airline segment, including airport customer service, private jets, cargo, global services, technical operations, flight operations, inflight services, among others. More information is available on these different SBUs in Exhibit 7.

^{36}

自 2012 年以

$ 150

百万美元从康菲石油公司收购 Trainer 燃料精炼厂以来，达美航空已将其业务划分为航空业务和精炼业务。炼油部门负责供应航空燃油，并与达美航空的燃油合作伙伴菲利普斯66和英国石油公司合作。航空部门包括客运和货运以及所有维护、修理和大修（MRO）活动。航空部门下设多个战略业务单元（SBU），包括机场客户服务、私人飞机、货运、全球服务、技术运营、飞行运营、机上服务等。有关这些不同 SBU 的更多信息，请参见附表 7。

^{36}

MARKETS 市场

Delta currently serves its passenger and cargo customers domestically and internationally through major hubs in Atlanta, Cincinnati, Detroit, Memphis, Minneapolis, New York, Salt Lake City, Amsterdam, Paris, and Tokyo. Delta’s Atlanta hub alone boarded 13 million passengers per month during calendar year 2013.

^{37}

Regional connecting flights radiate from these central locations, filling in the spokes of Delta’s hub-and-spoke network strategy. In a hub-and-spoke network, smaller aircraft fly shorter routes on the “spokes” to a central hub where passenger traffic is aggregated for connecting flights to create economies of scale.
达美航空目前通过亚特兰大、辛辛那提、底特律、孟菲斯、明尼阿波利斯、纽约、盐湖城、阿姆斯特丹、巴黎和东京等主要枢纽，为国内外客运和货运客户提供服务。在 2013 日历年度，仅达美航空亚特兰大枢纽每月就有 1300 万乘客登机。

^{37}

区域转机航班从这些中心地点辐射开来，填补了达美航空 "枢纽-辐条 "网络战略的辐条。在 "枢纽-辐条 "网络中，较小的飞机在 "辐条 "上飞行较短的航线，然后飞往中心枢纽，在中心枢纽汇集客流，进行转机，以创造规模经济效益。

LEADERSHIP 领导力

Ed Bastion, the current CEO of Delta Air Lines, replaced Richard Anderson who had over twentyfive years of experience in the aviation industry. Mr. Anderson led a recovery at Delta following the 2008 recession, and the results led to Delta placing at the top of Fortune’s Most Admired airlines list in 2011 and 2013 because of its rankings in people management, quality management, innovation, long-term investment, social responsibility, quality of products and services, and global competitiveness. In 2016, Delta climbed nine spots to 30 on Fortune’s most admired companies and only fell one spot in 2017.

^{38}

达美航空公司现任首席执行官埃德-巴斯蒂昂接替了在航空业拥有超过 25 年经验的理查德-安德森。2008年经济衰退后，安德森先生带领达美航空实现了复苏，其结果是，达美航空因其在人员管理、质量管理、创新、长期投资、社会责任、产品和服务质量以及全球竞争力等方面的排名，在2011年和2013年连续两年荣登《财富》"最受赞赏的航空公司 "榜首。2016年，达美航空在《财富》"最受赞赏的公司 "排名中攀升9位，升至30位，2017年仅下降一位。

^{38}

Still, Edward Bastian’s tenure as CEO has involved multiple challenges. However, his long preparation to be CEO included executive vice president, chief financial officer, chief restructuring officer during the Chapter 11 bankruptcy, and president

^{39}

Ed joined Delta’s Board of Directors in 2010, and he oversaw the growth of Delta Cargo, TechOps, Delta Private Jets, and DGS (Delta Global Services). He was also heavily involved in the acquisition of Northwest Airlines and the Trainer refinery. All of these initiatives are part of the company’s strategic focus on reducing debt and enhancing the Delta experience, as a means of decreasing Delta’s vulnerability to economic cycles.
尽管如此，Edward Bastian 在担任首席执行官期间仍面临着多重挑战。不过，他为担任首席执行官做了长期准备，包括执行副总裁、首席财务官、破产保护期间的首席重组官和总裁

^{39}

爱德华-巴斯蒂安于 2010 年加入达美航空董事会，他负责监督达美货运、TechOps、达美私人飞机和 DGS（达美全球服务）的发展。他还积极参与了西北航空公司和 Trainer 炼油厂的收购工作。所有这些举措都是公司战略重点的一部分，即减少债务和提升达美航空体验，以此降低达美航空在经济周期中的脆弱性。

Glen Hauenstein moved up from Executive Vice President to replace Ed Bastian as President, and he has been with Delta since 2005.

^{40}

In this role, he provides oversight of Delta’s marketing, sales, and customer engagement and loyalty. In his tenure, Glen has added 70 worldwide destinations to Delta’s network of flights and enhancing Delta’s Sky Clubs for frequent flyers. Gil West serves as Chief Operating Officer, and he directs 70,000 employees in providing safe and reliable operations of Delta’s flights across the globe.

^{41}

Glen Hauenstein 从执行副总裁升任接替 Ed Bastian 担任总裁，他自 2005 年以来一直在达美航空工作。

^{40}

在这个职位上，他负责监督达美航空的市场营销、销售以及客户参与和忠诚度。在任职期间，Glen 为达美航空的航班网络增加了 70 个全球目的地，并加强了达美航空为飞行常客提供的天空俱乐部服务。吉尔-韦斯特（Gil West）担任首席运营官，他领导 7 万名员工为达美航空全球航班提供安全可靠的运营服务。

^{41}

PERFORMANCE 性能

Delta has operated in the black with net income exceeding

$ 4.37

billion in 2016, though revenue fell to

$ 39.6

billion in 2016 from

$ 40.7

billion in

2015^{42}

达美航空在 2016 年的净收入超过了

$ 4.37

亿美元，尽管收入从

2015^{42}

年的

$ 40.7

亿美元下降到了 2016 年的

$ 39.6

亿美元。

The Air Travel Industry
航空旅游业

SHAREHOLDER VALUE DESTRUCTION
股东价值破坏

Historically, airlines have teetered between periods of profitability and bankruptcy-with the outcome highly dependent on the health of the economy. Major problems include the fierce, price-dominated rivalry among competitors, price sensitivity of customers with a diminishing need to travel, and clout of suppliers. The primary economics (perishable commodity product, volatile demand, and the slow nature of capacity changes) put pressure on prices such that airlines tend to match price with marginal cost and ramp up capacity to meet prospective demand.

^{43}

It is only in recent years that airlines have begun to demonstrate consistent profitability.
从历史上看，航空公司一直在盈利期和破产期之间徘徊，其结果在很大程度上取决于经济的健康状况。主要问题包括竞争者之间以价格为主导的激烈竞争、顾客对价格的敏感性（旅行需求不断减少）以及供应商的影响力。主要的经济因素（易腐商品、不稳定的需求和运力变化的缓慢性）对价格造成压力，因此航空公司倾向于将价格与边际成本相匹配，并提高运力以满足预期需求。

^{43}

直到最近几年，航空公司才开始显示出稳定的盈利能力。

BUSINESS MODELS: HUB-AND-SPOKE VS. POINT-TO-POINT
业务模式：中心辐射型与点对点型点对点

LCCs (Southwest, JetBlue, Virgin Atlantic, and Alaska Airlines) compete with traditional or “legacy” carriers (Delta, United, and American Airlines) for passengers and profits. The legacy carriers, which offer many more routes than LCCs, utilize a hub-and-spoke business model allowing them to efficiently service a vast selection of routes and destinations. Passengers are routed through major hubs before connecting with flights to their final destinations. For example, anyone flying from Seattle, Washington to Miami, Florida would be routed through Delta’s main hub in Atlanta, Georgia. In contrast, LCCs use a point-to-point network of heavily trafficked city-pairs that minimizes cost while sacrificing the variety of destinations served. Baggage transfers and coordination with other airlines is unnecessary with the point-to-point system, which helps keep costs down.
低成本航空公司（西南航空、捷蓝航空、维珍航空和阿拉斯加航空）与传统或 "传统 "航空公司（达美航空、美联航和美国航空）争夺乘客和利润。传统航空公司提供的航线比 LCC 多得多，它们采用枢纽辐射式商业模式，能够高效地为众多航线和目的地提供服务。乘客先通过主要枢纽转机，然后再转乘航班前往最终目的地。例如，任何从华盛顿州西雅图飞往佛罗里达州迈阿密的航班都会经过达美航空位于佐治亚州亚特兰大的主要枢纽。相比之下，低成本航空公司使用的是由交通繁忙的城市对组成的点对点网络，在牺牲目的地多样性的同时将成本降至最低。点对点系统不需要行李转运和与其他航空公司的协调，这有助于降低成本。

LCCs also save money by using a limited number of jetliner models. For instance, Southwest and JetBlue exclusively use 737s and A320s, respectively. As a result, they have lower expenses than legacy carriers for maintenance and training. JetBlue further reduces costs by carrying more passengers per flight over longer distances. Exhibit 8 shows detailed revenue, cost, and profit data for U.S. domestic airlines over time.
低成本航空公司还通过使用数量有限的喷气客机型号来节省成本。例如，西南航空和捷蓝航空分别只使用 737 和 A320。因此，它们在维护和培训方面的支出低于传统航空公司。捷蓝航空通过每次长距离飞行运送更多乘客来进一步降低成本。图表 8 显示了美国国内航空公司长期以来的详细收入、成本和利润数据。

Traditional carriers have higher cost structures which leave them especially vulnerable during periods of recession and high fuel prices. Their main advantage lies in the international market where there are a limited number of competitors and profits are protected by governmental restrictions. For example, so-called cabotage rules prohibit foreign airlines from one country traveling into another country and picking up passengers and providing transportation between points within that foreign country.

^{44}

传统承运商的成本结构较高，在经济衰退和燃料价格高涨时期尤其脆弱。它们的主要优势在于国际市场，那里的竞争者数量有限，利润受到政府限制的保护。例如，所谓的 "cabotage "规则禁止一个国家的外国航空公司进入另一个国家，并在该国境内的各点之间接送乘客和提供运输服务。

^{44}

In addition, higher barriers to entry in the hub-and-spoke system reduce some of the competition for traditional carriers while LCCs face a higher threat of new entry from start-ups. Also, hub-andspoke airlines face diminished buyer power by airline customers in the global market because of their protection from foreign competition. Point-to-point networks face a far greater threat of substitutes because of their regional nature and the availability of alternate modes of travel (car, train, or bus). Power exerted by suppliers on LCCs tends to be higher because of their small size and a resulting lack of bargaining power. Rivalry within the point-to-point strategic group is likely more intense than in the hub-and-spoke group.
此外，枢纽-辐射式系统的进入壁垒较高，减少了传统航空公司的部分竞争，而低成本航空公司则面临新成立公司进入市场的更大威胁。此外，由于免受外国竞争的影响，枢纽-辐射式航空公司在全球市场上面临着航空公司客户购买力减弱的问题。点对点网络由于其区域性和替代旅行方式（汽车、火车或公共汽车）的存在，面临的替代品威胁要大得多。由于规模较小，缺乏讨价还价的能力，因此供应商对本地货运公司施加的压力往往较大。点对点战略集团内部的竞争可能比枢纽辐射集团更为激烈。

RE-CONSOLIDATION 重新整合

The U.S. commercial airline industry started out under strict government regulation. During this era, airline profits were protected by legislation that controlled airfares and routes. The federal government also directed airlines that performed poorly to merge with airlines that did well. Governmentled consolidation of the airlines focused control over the airways in the hands of a few major carriers.
美国商业航空业是在严格的政府监管下起步的。在这一时期，航空公司的利润受到控制机票价格和航线的立法保护。联邦政府还指示表现不佳的航空公司与表现良好的航空公司合并。政府主导的航空公司合并将航空控制权集中在几家主要航空公司手中。

Once Congress passed the Airlines Deregulation Act of 1978, new airlines rapidly entered the market. Competition increased sharply as a result of deregulation, causing a dramatic decrease in pricing power accompanied by a rapid rise in the number of airline bankruptcies. As time progressed, airlines started to re-consolidate in an effort to create larger networks and regain pricing power. In the last decade, North American carriers have seen a number of significant mergers including Delta and Northwest (2010), Southwest and AirTran (2011), United and Continental (2012), American Airlines and US Airways (2013), and Alaska Airlines and Virgin America, as shown in Exhibit 5.
美国国会通过《1978 年放松航空管制法》后，新的航空公司迅速进入市场。由于放松管制，竞争急剧加剧，导致定价能力急剧下降，同时航空公司破产数量迅速上升。随着时间的推移，航空公司开始重新整合，以建立更大的网络并重新获得定价权。如图 5 所示，在过去十年中，北美航空公司进行了一系列重大合并，包括达美航空和西北航空（2010 年）、西南航空和 AirTran 航空（2011 年）、美联航和大陆航空（2012 年）、美国航空和全美航空（2013 年）以及阿拉斯加航空和维珍美国航空。

The wave of consolidation in the airline industry has enabled traditional carriers to manage their capacity and streamline their operations, resulting in a more cost-efficient structure. Other peripheral effects were significant improvements in arrival and departures delays ( 17 percent and 8 percent decrease, respectively), flight cancellations ( 26 percent decrease), and baggage mishandling ( 31 percent decrease).

^{45}

The number of mergers and acquisitions and bankruptcies during periods of regulation, deregulation, and consolidation, respectively, are shown in Exhibit 4.
航空业的整合浪潮使传统航空公司能够管理其运力并精简其运营，从而形成更具成本效益的结构。其他外围影响还包括到达和起飞延误（分别减少 17% 和 8%）、航班取消（减少 26%）和行李处理不当（减少 31%）方面的显著改善。

^{45}

监管、放松监管和整合期间的并购和破产数量分别见附表 4。

The 2015 merger between American Airlines and US Airways was contested by the Department of Justice because of worries over anti-competition. American Airlines and US Airways were required to sell thirty-four slots at LaGuardia Airport and eighty-six at Reagan National for

$ 381

million.

^{46}

By
2015 年，美国航空公司和全美航空公司的合并因反竞争担忧而受到司法部的质疑。美国航空公司和全美航空公司被要求以

$ 381

百万美元的价格出售拉瓜迪亚机场的34个机位和里根国家机场的86个机位。

^{46}

作者
order of the Department of Justice, these slots could only be offered to Low Cost Carriers (LCCs) in order to keep the oligopoly of traditional carriers in check. LCC growth has outpaced that of traditional network carriers and now accounts for 30 percent of domestic traffic. Counting domestic and international passenger traffic, Delta is the third largest U.S. airline behind American Airlines and Southwest.

^{47}

根据司法部的命令，这些时段只能提供给低成本航空公司（LCC），以遏制传统航空公司的寡头垄断。低成本航空公司的增长速度超过了传统网络航空公司，目前已占国内运输量的 30%。算上国内和国际客运量，达美航空是仅次于美国航空和西南航空的美国第三大航空公司。

^{47}

COST CONTROL 成本控制

Meanwhile, a series of exogenous shocks including terrorist hijackings (9/11), increasing fuel prices, and a deep global recession have further challenged the air travel industry in recent years. Because of the resulting volatility in demand, airlines have focused on controlling their costs through various means such as changing their fleet make-up to include more fuel-efficient aircraft, rationalizing their network of routes, and decreasing overall operating expenses.
与此同时，近年来，包括恐怖劫机（911）、燃油价格上涨和全球经济深度衰退在内的一系列外来冲击进一步对航空旅游业提出了挑战。由于需求的不稳定性，航空公司集中精力通过各种手段控制成本，如改变机队构成，增加燃油效率更高的飞机，合理安排航线网络，降低整体运营成本。

Fuels costs account for 30-40 percent of an airline’s operating expenses. Because air carriers’ profits are highly sensitive to the fluctuating prices of jet fuel, they invest in fuel hedging strategies. One approach utilizes financial instruments, such as call and put options, to mitigate the risk of fuel price volatility. For instance, if an airline buys a call option on fuel while the price of fuel increases, the airline offsets the market price of fuel with the return on the call. However, if a company buys a fuel swap and the price declines, it ends up paying greater than the market price. Air carriers collectively lost millions of dollars in fuel hedging due to the rapid drop in jet fuel prices associated with the global recession in 2008 and 2009.
燃料成本占航空公司运营费用的 30%-40%。由于航空公司的利润对航空燃油价格的波动高度敏感，因此他们投资于燃油对冲策略。其中一种方法是利用看涨和看跌期权等金融工具来降低燃油价格波动的风险。例如，如果航空公司在燃油价格上涨时买入燃油看涨期权，航空公司就可以用看涨期权的收益来抵消燃油的市场价格。但是，如果一家公司购买了燃料掉期，而价格下跌，则最终支付的价格会高于市场价格。由于 2008 年和 2009 年全球经济衰退，喷气机燃油价格迅速下跌，航空公司在燃油套期保值方面集体损失了数百万美元。

Taking a different approach, Delta backward integrated into fuel production and supply by purchasing the Trainer refinery in Pennsylvania from ConocoPhillips for

$ 150

million in 2012. The facility is expected to provide significant fuel hedging capabilities for Delta’s operations. "According to Richard Anderson, Delta’s CEO, "Acquiring the Trainer refinery is an innovative approach to managing our largest expense…This modest investment, the equivalent of the list price of a new widebody aircraft, will allow Delta to reduce its fuel expense by

$ 300

million annually and ensure jet fuel availability in the Northeast.

^{48}

台达另辟蹊径，于 2012 年以

$ 150

百万美元的价格从康菲石油公司手中收购了宾夕法尼亚州的 Trainer 炼油厂，从而向后融入了燃料生产和供应领域。预计该设施将为 Delta 的运营提供重要的燃料对冲能力。"达美航空首席执行官理查德-安德森（Richard Anderson）表示："收购 Trainer 炼油厂是管理我们最大支出的创新方法......这项投资不大，相当于一架新宽体飞机的挂牌价，将使达美航空每年减少

$ 300

百万美元的燃油支出，并确保东北部地区的喷气机燃油供应。

^{48}

REVENUE MANAGEMENT 收入管理

Airlines have developed sophisticated quantitative pricing analytics and revenue management tools to increase revenues amid harsh industry conditions. One approach is to draw upon vast customer information databases to derive dynamic price structures based on how early a purchase is made before the travel date and the type of seat being purchased. Another successful pricing strategy is the unbundling of services previously included as part of the ticket price. Customers must now pay extra to have access to such amenities as checked baggage, in-flight meals, preferred seating, priority boarding, special facilities in airports, and automatic upgrades. Delta realized a 40 percent growth in revenue (

$ 635

million) in 2013, in large part due to the income generated from ancillary fees.

^{49}

However, this has proven difficult to maintain with 2016 recording both a decline in passengers, revenue, and net income.

^{50}

Meanwhile, the real, inflation-adjusted ticket prices for air travel, shown in Exhibit 9 , has actually decreased from approximately

$ 450

$ 250

since 1978 . The nominal (or sticker) price has increased from approximately

$ 200

$ 350

over the same period. Exhibit 10 shows the current cost breakdown of the average U.S. domestic flight.
航空公司开发了先进的定量定价分析和收益管理工具，以在严峻的行业形势下增加收入。其中一种方法是利用庞大的客户信息数据库，根据旅行日期前的提前购买时间和购买座位的类型推导出动态价格结构。另一种成功的定价策略是对以前作为票价一部分的服务进行分拆。现在，乘客必须支付额外费用，才能享受托运行李、机上餐饮、优先座位、优先登机、机场特殊设施和自动升舱等便利服务。达美航空在 2013 年实现了 40% 的收入增长（

$ 635

百万美元），这在很大程度上归功于辅助费用带来的收入。

^{49}

然而，事实证明这种增长难以维持，2016 年的乘客人数、收入和净利润均出现下降。

^{50}

与此同时，自 1978 年以来，经通货膨胀调整后的航空旅行实际票价（见图 9）实际上已从约

$ 450

降至

$ 250

。同期的名义（或贴纸）价格则从大约

$ 200

上升到

$ 350

。图 10 显示了当前美国国内航班的平均成本明细。

Revenue management techniques rely partially on overbooking as a means to maximize revenue by carefully balancing the expected cost of no-shows and flying empty seats with the expected cost of compensating overbooked passengers who are denied boarding. The more information that is available to these systems, the more robust are the resulting pricing segmentation and revenue maximization algorithms. For this reason, the collection of consumer information and prediction of behavior has become highly valuable to airlines.
收益管理技术部分依赖于超额订票，通过仔细平衡不登机和空座位的预期成本与补偿被拒绝登机的超额订票乘客的预期成本来实现收益最大化。这些系统获得的信息越多，由此产生的定价细分和收益最大化算法就越强大。因此，收集消费者信息并对其行为进行预测对航空公司来说非常重要。

PROJECTED GROWTH 预计增长

The Federal Aviation Administration (FAA) forecasts that total passengers using air travel will grow at an average of 2.9 percent over the next 20 years.

^{51}

The FAA identifies three major trends influencing domestic airlines: 1) consolidation, 2) capacity discipline, and 3) proliferation of ancillary revenues.

^{52}

While airlines were slow to add capacity following the “great recession” and this helped profitability, there are now concerns of potential overcapacity.

^{53}

据美国联邦航空管理局（FAA）预测，未来 20 年内，航空旅行的总乘客量将以平均 2.9% 的速度增长。

^{51}

美国联邦航空局确定了影响国内航空公司的三大趋势：1) 合并；2) 运力约束；3) 辅助收入激增。

^{52}

虽然航空公司在 "大衰退 "后增加运力的速度较慢，这有助于盈利，但现在人们担心可能会出现运力过剩。

^{53}

Products and Services 产品与服务

According to Delta’s Investor Day presentation in 2013, “The customer experience has a different value for each customer and by tailoring our approach for different customers, we can improve overall satisfaction and increase our revenues.” 36 This comment alludes to the unbundling of services in order to offer a cheaper base fare to compete with LCCs, while generating additional profit from fees for ancillary services. Delta’s reports over

$ 5

billion in ancillary revenue obtained from baggage fees and service charges, SkyMiles

^{®}

, cargo, and other products and services.

^{54}

根据达美航空在 2013 年投资者日的介绍，"客户体验对每位客户都有不同的价值，通过为不同客户量身定制服务，我们可以提高整体满意度并增加收入"。36 这一评论暗指对服务进行分拆，以提供更便宜的基本票价与低成本航空公司竞争，同时从辅助服务费中获取额外利润。达美航空报告称，从行李费和服务费、"天空万里通"

^{®}

、货运以及其他产品和服务中获得的辅助收入超过

$ 5

十亿美元。

^{54}

BOOKING 预订

Booking is the first opportunity airlines have to interact with their customers, whether it is through an online or traditional travel agency, mobile application, the airline’s webpage, or at a kiosk in the airport. Differentiation in booking amongst the major carriers has been stunted because of online travel agencies (OTAs) and booking sites that eliminate information asymmetry. Since the advent of the Internet, travelers have many tools and a great deal of power to search for low-cost tickets. This trend also drives the unbundling of services because it has become critical to show an airline’s base airfare at the top of the list when customers use price comparison search engines such as Expedia, Kayak, or Priceline.
无论是通过在线或传统旅行社、移动应用程序、航空公司网页，还是在机场的自助服务机上，订票都是航空公司与客户互动的第一个机会。由于在线旅行社（OTA）和订票网站消除了信息不对称，各大航空公司之间的订票差异化受到阻碍。自互联网出现以来，旅客有了许多工具和很大的权力来搜索低价机票。这一趋势也推动了服务的分拆，因为当客户使用 Expedia、Kayak 或 Priceline 等比价搜索引擎时，将航空公司的基本机票价格显示在列表的顶部已变得至关重要。

CHECK-IN 报到

Passenger check-in is the airline’s next point of contact with travelers. Self check-in kiosks, mobile check-in, and self-drop baggage machines are all recent innovations used to differentiate a traveler’s experience through additional convenience. Online check-in was first introduced by Alaska Airlines but was quickly adopted by other carriers; it also paved the way for mobile check-in as mobile smartphones became ubiquitous. Self-check-in kiosks and self-drop baggage terminals are now standard
旅客值机是航空公司与旅客的下一个接触点。自助值机亭、移动值机和行李自取机都是最近的创新，通过提供更多便利来区别旅客的体验。在线值机首先由阿拉斯加航空公司推出，但很快被其他航空公司采用；随着移动智能手机的普及，在线值机也为移动值机铺平了道路。自助值机亭和行李自提终端现在已成为标准配置。
at nearly all U.S. airports, eliminating the need to wait in line to talk with an airline representative. These services appeal to the frequent business traveler, who maintains a strict travel schedule and relies on a mobile device for productivity.
在几乎所有的美国机场都可以使用，无需排队等候与航空公司代表交谈。这些服务对经常出差的商务旅客很有吸引力，因为他们有严格的出差计划，并依赖移动设备提高工作效率。

BAGGAGE FEES 行李费

Baggage fees were initially instituted by airlines as a means to manage mishandled baggage rates and the costs associated with recovery. Now charged by nearly all airlines, baggage fees challenge customers’ frivolous use of free checked bags by causing more price-conscious consumers to bring a carry-on only. Waiving of baggage fees has become a loyalty tool for airlines; for example, Delta offers additional free bags through their American Express credit card loyalty program. On the one hand, baggage fees tend to reduce total airplane loading weight, which enhances fuel efficiency. On the other hand, passengers now bring oversized carry-on bags on board to avoid fees, causing delays when all the overhead bin space is taken up and carry-on bags have to be gate checked.
航空公司最初收取行李费是为了管理行李处理不当率和相关回收成本。现在，几乎所有航空公司都收取行李费，使更多注重价格的消费者只携带随身行李，从而挑战了顾客对免费托运行李的轻率使用。免除行李费已成为航空公司的一种忠诚度工具；例如，达美航空通过其美国运通信用卡忠诚度计划提供额外的免费行李。一方面，行李费往往会减少飞机的总装载重量，从而提高燃油效率。另一方面，现在的乘客会携带过大的随身行李登机以逃避费用，导致头顶行李舱空间被占用，随身行李不得不在登机口托运，从而造成航班延误。

MOBILE BAGGAGE TRACKING 移动行李追踪

With the proliferation of mobile devices, airlines have started to offer mobile baggage tracking as an additional service. Passengers of most airlines can now track the progress of their checked baggage from origination, to the aircraft, and across connections until it reaches the baggage carousel. For years, air travel passengers feared parting with their luggage because of the high mishandled baggage rate across the industry. With the mobile bag tracking applications, consumers can now monitor their luggage from the point of departure to their ultimate destination.
随着移动设备的普及，航空公司已开始提供移动行李追踪这一附加服务。现在，大多数航空公司的乘客都可以追踪托运行李从出发地到飞机，再到转机直至到达行李转盘的整个过程。多年来，由于整个行业的行李处理不当率较高，航空旅行的乘客都害怕与自己的行李分离。有了移动行李跟踪应用程序，消费者现在可以从出发地到最终目的地全程监控自己的行李。

AIRPORT FACILITIES 机场设施

Delta and its major competitors have invested in special club lounges at many airports around the world. These restricted-access facilities are designed to give travelers a respite during layovers, and to provide a range of amenities including refreshments, full bars, entertainment, workstations, showers, and concierge-type services. Middle Eastern carriers have developed even more lavish services than their North American counterparts. For example, Emirates provides first- and business-class passengers access to cigar bars, a separate duty-free store, and direct boarding from the lounge to the upper deck business- and first-class cabins.

^{55}

达美航空及其主要竞争对手在全球许多机场投资建设了特别俱乐部休息室。这些限制进入的设施旨在让旅客在中途停留时得到喘息的机会，并提供一系列便利设施，包括茶点、酒吧、娱乐、工作站、淋浴和礼宾式服务。与北美同行相比，中东航空公司提供的服务更加豪华。例如，阿联酋航空为头等舱和商务舱乘客提供雪茄吧、单独的免税店以及从休息室直达上层商务舱和头等舱的登机服务。

^{55}

In addition, many carriers are working with TSA and airports to create an expedited security process for frequent fliers. The TSA Precheck process is one example of the effort to make travel more convenient. TSA Precheck allows passengers who voluntarily undergo a more thorough background check (at their own expense) to walk through an expedited security line. While the airlines are not directly involved in the Precheck process, they realize the benefits to their business and support the efforts of the TSA accordingly. Additionally, Delta in 2016 invested

$ 4

million to provide additional staff and other improvements at 32 airports to speed passenger screening.

^{56}

此外，许多航空公司正在与运输安全管理局和机场合作，为经常乘坐飞机的旅客提供快速安检程序。TSA Precheck 程序就是努力使旅行更加方便的一个例子。TSA Precheck 允许自愿接受更彻底的背景检查（费用自理）的乘客快速通过安检线。虽然航空公司并不直接参与预检流程，但他们意识到了预检对其业务的益处，并相应地支持 TSA 的努力。此外，达美航空在 2016 年投资

$ 4

百万美元，在 32 个机场增加工作人员并进行其他改进，以加快旅客安检速度。

^{56}

BOARDING/DEPLANING 登机/下机

The mobile smartphone has created opportunities for differentiation in the boarding process. The emergence of electronic boarding passes, remote seat selection, mobile upgrade purchase options, and
移动智能手机为登机流程的差异化创造了机会。电子登机牌、远程座位选择、移动升级购买选项以及
many other innovations have created a new level of convenience for passengers as well as additional avenues for incremental revenue. Many air carriers offer priority boarding as a perk to their frequent flyer programs and even allow customers to purchase priority upgrades on a per trip basis.
许多其他创新为乘客带来了新的便利，也为增加收入开辟了新途径。许多航空公司将优先登机作为其飞行常客计划的一项福利，甚至允许乘客按旅程购买优先升级服务。

AIRCRAFT CABIN 机舱

Airlines and aircraft manufacturers have worked together over the years to design optimal cabin layouts to balance passenger comfort, airline marketing, and cost efficiency. One result of this process has been the extra legroom marketing by major carriers, such as Delta’s Economy Comfort offering. Airbus, seeing a new opportunity with the pressure on airline profits and passenger willingness-topay, is trying to sell a new design to airlines. By shrinking the widths of its A320s window and middle seats by two inches, they can create wider ( 20 inch) aisle seats. Airbus claims that everyone wins; not only does the passenger in the wider seat experience greater comfort, but the middle-seat passenger is happier with the increased shoulder room, and the window-seat passenger doesn’t mind because he or she ends up slumping against the wall. Airbus further pleads its case with Center for Disease Control statistics, which show that a third of Americans are obese and could benefit from an aircraft in which 33 percent of seats are wider.

^{57}

多年来，航空公司和飞机制造商一直在合作设计最佳客舱布局，以平衡乘客舒适度、航空公司营销和成本效益。这一过程的成果之一就是主要航空公司对额外腿部空间的营销，如达美航空的经济舒适型产品。空中客车公司看到了航空公司利润和乘客支付意愿面临压力的新机遇，正试图向航空公司推销一种新的设计。通过将 A320 机型靠窗和中间座位的宽度缩小两英寸，他们可以创造出更宽的（20 英寸）过道座位。空中客车公司声称，这样做对大家都有好处；不仅宽大座位上的乘客会感到更加舒适，中间座位的乘客也会因为肩部空间的增加而更加开心，而靠窗座位的乘客也不会因为最后只能斜靠在墙上而介意。美国疾病控制中心的统计数据显示，三分之一的美国人患有肥胖症，而飞机上 33% 的座椅加宽将使他们受益。

^{57}

Some airlines (Singapore Airlines’ budget carrier Scoot, AirAsia X, and Malaysia Air System) have considered “child-free” zones as a point of differentiation. Frequent travelers know the unpleasantness of traveling trapped in a cabin with a fussy infant-or worse, with several fussy infants who cry in chorus. Etihad Airways, a Middle Eastern carrier, actually hires “flying nannies” to handle children during a flight. A British financial services comparison website survey found that its respondents would be willing to pay

$ 78

for a child-free experience.

^{58}

一些航空公司（新加坡航空的廉价航空公司 Scoot、亚航 X 和马来西亚航空系统）已考虑将 "无儿童 "区作为差异化的一个点。经常旅行的人都知道，与一个挑剔的婴儿--或者更糟糕的是，与几个挑剔的婴儿一起哭闹--被困在机舱里是一件很不愉快的事。中东航空公司阿提哈德航空（Etihad Airways）实际上雇佣了 "飞行保姆 "来照顾飞行中的儿童。英国一家金融服务比较网站的调查发现，受访者愿意为无儿童体验支付

$ 78

费用。

^{58}

INFLIGHT SER VICES 机上服务

Typical in-flight services include meals, beverages, and entertainment. However, other carriers have sought more innovative ways to differentiate themselves. For example, Emirates offers an open bar and lounge atmosphere for their first-class passengers who like to mingle. Virgin Atlantic has employed comedians to entertain guests during a flight. In addition, many carriers are remodeling their fleet to offer wireless Internet connectivity in the cabin, particularly for business travelers who wish to continue working during a flight.
典型的机上服务包括餐饮和娱乐。不过，其他航空公司也在寻求更创新的方式来实现差异化。例如，阿联酋航空为喜欢交际的头等舱乘客提供开放式酒吧和休息室。维珍航空则聘请喜剧演员在飞行期间为乘客提供娱乐。此外，许多航空公司正在改造机队，在机舱内提供无线网络连接，特别是为希望在飞行期间继续工作的商务旅客提供无线网络连接。

FREQUENT FLYER REWARDS 飞行常客奖励

The goal of frequent flyer programs is to retain and increase traveler loyalty through various incentives. For example, SkyMiles are awarded for travel using Delta or any other participating airline. These miles may be redeemed for free travel, upgrades, access to Sky Club lounges and other perks. Miles may also be accrued by using the Delta American Express card at participating companies in everyday shopping. Before changing from miles flown to dollars spent, the SkyMiles program saw over 271 billion miles accrued in 2013, with 11 million awards redeemed.

^{59}

The change in reward system brought Delta more in line with Southwest and JetBlue as well as with hotels and credit cards, which have rewarded based on expenditures for years.

^{60}

In 2016, Delta became the first major airline to allow its frequent fliers to earn miles for bookings made on AirBnB.

^{61}

飞行常客计划的目标是通过各种激励措施留住并提高旅客的忠诚度。例如，乘坐达美航空或任何其他参与计划的航空公司的航班均可获得 "飞行里数"。这些里程可用于兑换免费旅行、升舱、使用天空俱乐部贵宾室和其他优惠。在参与活动的公司使用达美航空美国运通卡进行日常购物也可累积里数。在将飞行里程转换为消费金额之前，"飞行里程 "计划在 2013 年累积了超过 2 710 亿英里，兑换了 1 100 万份奖励。

^{59}

奖励制度的改变使达美航空与西南航空、捷蓝航空以及酒店和信用卡的奖励制度更加一致，后者多年来一直根据消费额进行奖励。

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2016年，达美航空成为第一家允许其常旅客通过预订AirBnB获得里程的大型航空公司。

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DESTINATIONS 目的地

Many airlines have teamed up to form alliances (shown in Exhibit 3) and other cooperative agreements in order to offer travelers more seamless global travel. The financial obligations between partnering airlines increase with the level of coordination they share. Interlining, the voluntary agreement between individual companies to handle passengers traveling on itineraries that require two or more airlines, represents the minimal level of cooperation. Airlines may also offer joint frequent flyer rewards or share lounge access and various other benefits. Codesharing is the practice of sharing route listings and marketing them to passengers under one’s own airline designator and flight number. Even though airlines do not cooperate on the prices for these routes, there is downward pricing pressure because of the increased passenger volume flying codeshare routes.
许多航空公司已联手组成联盟（如图 3 所示）和其他合作协议，以便为旅客提供更无缝的全球旅行。合作航空公司之间的财务义务随着协调程度的提高而增加。联程航班（Interlining）是各家公司之间的自愿协议，目的是处理需要两家或两家以上航空公司联程的旅客，这是最低程度的合作。航空公司还可联合提供飞行常客奖励，或共享休息室和其他各种优惠。代码共享是指共享航线列表，并以自己的航空公司代号和航班号向乘客推销。尽管航空公司在这些航线的价格上并不合作，但由于代码共享航线的乘客量增加，因此存在价格下降的压力。

Competition 竞赛

The airline industry is characterized by a high degree of competition among the major carriers over the routes, fares, schedules, facilities, products, customer services, and frequent flyer programs. Ongoing investments in the customer experience are leading to increasing dimensions of differentiation and even fiercer levels of competition. Beyond product offerings, airlines went through an era of international and domestic consolidation. Stronger financial resources, larger global networks, and new cost structures have resulted in new business models. Moreover, extensive investment in the customer experience means new dimensions of differentiation and fiercer levels of competition.

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Newfound confidence in airline performance in light of these trends is reflected in the stock prices of traditional carriers as shown in Exhibit 11.
航空业的特点是，主要航空公司在航线、票价、时刻表、设施、产品、客户服务和常旅客计划等方面竞争激烈。对客户体验的持续投资导致差异化程度不断提高，竞争更加激烈。除了提供产品，航空公司还经历了一个国际和国内整合的时代。更雄厚的资金、更大的全球网络和新的成本结构催生了新的商业模式。此外，对客户体验的广泛投资意味着新的差异化和更激烈的竞争。

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如图 11 所示，传统航空公司的股票价格反映了在这些趋势下人们对航空公司业绩的新信心。

AMERICAN AIRLINES (AMR CORPORATION)
美国航空公司（AMR 公司）

American Airlines’

$ 11

billion merger with US Airways-announced in February 2013-was finalized on December 9, 2013, creating the largest airline in the world. Doug Parker, CEO of US Airways, assumed control of the new company. The combined airline has primary hubs in Charlotte, Chicago, Dallas/Fort Worth, Los Angeles, Miami, New York City, Philadelphia, Phoenix, and Washington, D.C., and it operates in 54 countries while servicing 339 destinations using 965 mainline jets.

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美国航空公司（American Airlines）与全美航空公司（US Airways）的

$ 11

十亿美元合并案于 2013 年 2 月宣布，并于 2013 年 12 月 9 日最终完成，从而创建了全球最大的航空公司。全美航空公司首席执行官道格-帕克（Doug Parker）接管了新公司。合并后的航空公司在夏洛特、芝加哥、达拉斯/沃斯堡、洛杉矶、迈阿密、纽约、费城、凤凰城和华盛顿特区设有主要枢纽，在 54 个国家运营，使用 965 架干线喷气机为 339 个目的地提供服务。

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Prior to this deal, American Airlines had been restructuring under Chapter 11 rules since declaring bankruptcy in November 2011. American Airlines’ costs for labor, fuel, fleet, and facilities were much greater than the rest of the industry and had driven the company into financial duress. A year before the merger, American Airlines eliminated the pilot union’s contract and brokered concession from other unions, and it charged

$ 2.2

billion to the reorganization process. The intent of combining US Airways and American Airlines was to create considerable cost savings from restructuring. An obstacle for integration of the airlines involved consolidating the different unionized employees.
在此次交易之前，美国航空公司自 2011 年 11 月宣布破产以来，一直按照破产保护规则进行重组。美国航空在劳动力、燃料、机队和设施方面的成本远高于同行业其他公司，导致公司陷入财务困境。在合并前一年，美国航空公司取消了飞行员工会的合同，并促成其他工会做出让步，在重组过程中收取了

$ 2.2

亿美元的费用。全美航空公司和美国航空公司合并的目的是通过重组节省大量成本。整合航空公司的一个障碍是合并不同的工会雇员。

Going forward, American Airlines plans to grow its market share by 20 percent at major hubs in Chicago, Dallas/Fort Worth, Los Angeles, Miami, and New York. Operational improvements have come partially through a large fleet upgrade.

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In 2016, American Airlines increased revenues, but experienced lower profits as it worked to finish integrating US Airways.

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展望未来，美国航空公司计划将其在芝加哥、达拉斯/沃斯堡、洛杉矶、迈阿密和纽约等主要枢纽的市场份额提高 20%。运营方面的改进部分来自于大规模的机队升级。

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2016年，美国航空公司的收入有所增加，但由于努力完成对全美航空公司的整合，利润有所下降。

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UNITED AIRLINES 美国联合航空公司

With hubs in Chicago, Houston, Los Angeles, New York, San Francisco, and Washington D.C., United Airlines has a fleet of over 600 aircraft that deliver mainline passengers ( 69 percent of sales), regional passengers (18 percent), cargo ( 3 percent), and other items (10 percent). In 2016, United experienced higher revenues but lower net income.

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After apologizing for terrible service in 2015,

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CEO Munoz said: “In 2016, we put into action our plan to become the best airline in the world, and last year’s results demonstrate we are on our way to achieving that ambition. We will continue delivering on this commitment by investing in our employees, elevating our customer experience and driving strong and consistent returns for our shareholders.”

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However, United Airlines made headlines in April 2017 when a passenger was forcibly removed from his seat to make it available for a United Air Lines aircrew member. During subsequent Congressional testimony, United’s CEO Munoz called the passenger’s removal a “mistake of epic proportions.”

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美联航在芝加哥、休斯顿、洛杉矶、纽约、旧金山和华盛顿特区设有枢纽，机队拥有 600 多架飞机，提供干线客运（占销售额的 69%）、支线客运（18%）、货运（3%）和其他项目（10%）。2016 年，美联航收入增加，但净收入减少。

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在为2015年糟糕的服务道歉后，

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首席执行官穆诺兹说："2016年，我们将成为世界上最好的航空公司的计划付诸行动，去年的业绩表明，我们正在实现这一雄心壮志。我们将继续履行这一承诺，投资于我们的员工，提升我们的客户体验，并为我们的股东带来强劲而持续的回报。"

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然而，美国联合航空公司在2017年4月成为头条新闻，当时一名乘客被强行从座位上拉下来，让给美联航的一名机组人员。在随后的国会证词中，美联航首席执行官穆诺兹称将乘客赶下座位是 "史诗级的错误"。

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Much like American Airlines, United is upgrading the fuel efficiency of its fleet with the purchase of new aircraft from Airbus and Boeing. In fact, United was the first to incorporate the Boeing 787 Dreamliner in its fleet as a replacement for older, widebody aircraft.

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The Dreamliner was initially plagued by electrical and other problems, leading to a number of emergency landings and ongoing investigations by the FAA and National Transportation Safety Board (NTSB).

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In 2017, United is retiring its fleet of venerable 747 aircraft and shifting to Boeing 787 and Airbus A350 aircraft that are more efficient.

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与美国航空公司一样，美联航也在通过购买空中客车和波音公司的新飞机提升其机队的燃油效率。事实上，美联航是第一家将波音 787 Dreamliner 纳入其机队，以替代老式宽体飞机的航空公司。

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Dreamliner 最初受到电气和其他问题的困扰，导致多次紧急迫降，联邦航空局和美国国家运输安全委员会（NTSB）也正在对其进行调查。

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2017 年，美联航将退役其古老的 747 飞机机队，转而使用效率更高的波音 787 和空客 A350 飞机。

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SOUTHWEST AIRLINES 西南航空

Southwest operates routes to ninety-six destinations in forty-one U.S. states, Puerto Rico, Mexico, Jamaica, The Bahamas, Aruba, and the Dominican Republic. The acquisition of AirTran in 2011 for

$ 3.2

billion was a key component of its growth strategy. As AirTran is merged with its core operations, Southwest will add new aircraft and facilities to its business. Additionally, Southwest was able to purchase access to twelve new gate slots at LaGuardia as a result of the merger between American Airlines and US Airways and the resulting anti-competition agreement with the U.S. Department of Justice.
西南航空的航线覆盖美国 41 个州、波多黎各、墨西哥、牙买加、巴哈马、阿鲁巴和多米尼加共和国的 96 个目的地。2011 年以

$ 3.2

亿美元收购 AirTran 是其增长战略的关键组成部分。随着 AirTran 与其核心业务的合并，西南航空将为其业务增加新的飞机和设施。此外，由于美国航空公司和全美航空公司的合并以及由此与美国司法部达成的反竞争协议，西南航空得以购买拉瓜迪亚机场的 12 个新登机口机位。

Contributing to Southwest’s success as an LCC are the short distances traveled, fast airplane turnaround times, the limited variety of aircraft (Boeing 737s) operated, and utilization of smaller airports to avoid congestion and high gate fees. Even as Southwest modernizes its fleet for enhanced fuel efficiency, it is sticking with only Boeing 737s, particularly the 737-800 and newer 737 Max models.
西南航空作为一家本地乘客运输公司（LCC）取得成功的原因包括：飞行距离短、飞机周转时间快、运营的飞机（波音 737）种类有限，以及利用较小的机场来避免拥堵和高昂的登机口费用。即使西南航空对机队进行现代化改造以提高燃油效率，它也只坚持使用波音 737 型飞机，特别是 737-800 型和较新的 737 Max 型飞机。

In 2016, Southwest reported record profits of

$ 2.24

billion and its stock price jumped 9 percent.

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Southwest has resisted the industry-wide practice of baggage fees, although they have instituted fixed service fees for bringing a small pet or putting an unaccompanied minor onto a flight. More recently, Southwest encountered some pressures to adjust some of its business model as the LCC is adding more international destinations.

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In 2017, Southwest will also retire its Boeing 737-300 aircraft and replace them with more fuel-efficient Boeing 737 Max aircraft.

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Southwest also experienced computer problems in 2016, and its computer systems were inoperable over four days in July.

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2016 年，西南航空的利润达到创纪录的

$ 2.24

亿美元，股价跃升 9%。

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西南航空一直抵制整个行业收取行李费的做法，尽管他们对携带小型宠物或将无人陪伴的未成年人送上航班收取固定的服务费。最近，西南航空遇到了一些压力，需要调整其部分业务模式，因为这家 LCC 正在增加更多的国际目的地。

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2017年，西南航空还将退役波音737-300飞机，代之以燃油效率更高的波音737 Max飞机。

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2016年，西南航空的计算机也出现了问题，其计算机系统在7月份有四天无法运行。

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THE BIG THREE PERSIAN GULF CARRIERS: EMIRATES, ETIHAD AIR WAYS, AND QATAR AIR WAYS
波斯湾三大航空公司：阿联酋航空公司、埃提哈德航空公司和卡塔尔航空公司

Besides traditional competitors domestically and globally, however, Delta also faces the threat of aggressive new entrants from the big three Persian Gulf airlines: Emirates, Etihad Airways, and Qatar Airways.

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Emirates started in 1985, and it has experienced 25 years of profitability. Oatar Airways and Etihad Airways entered the market in 1997 and 2003, respectively. The three big Gulf airlines are owned by well-endowed governments in Qatar and the United Arab Emirates (U.A.E.).
然而，除了国内和全球的传统竞争对手外，达美航空还面临着波斯湾三大航空公司咄咄逼人的新进入者的威胁：阿联酋航空、阿提哈德航空和卡塔尔航空。

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阿联酋航空成立于 1985 年，已经实现了 25 年的盈利。Oatar Airways 和 Etihad Airways 分别于 1997 年和 2003 年进入市场。这三大海湾航空公司由卡塔尔和阿拉伯联合酋长国（阿联酋）财力雄厚的政府拥有。

The Persian Gulf carriers are geographically located such that 60 percent of the world population lives within six hours of their main hubs, which makes the operation of a global network all the more cost efficient. This strategic location has helped to make Dubai-Emirates’ and Etihad Airways’ main hub-the premier transit hub connecting the U.S. and Asia, replacing more traditional European hubs such Amsterdam or Frankfurt, and Asian hubs such as Singapore. Indeed, Dubai has the most international traffic of any airport, ahead of London’s Heathrow airport. Moreover, Dubai and Doha (Oatar’s hub) are hypermodern airports that are reminiscent of luxury hotels with a swimming pool above the concourse for laps during layovers, plush lounges, high-speed Wi-Fi, and many other amenities.
波斯湾航空公司所处的地理位置使全球 60% 的人口居住在距离其主要枢纽不超过 6 小时车程的地方，这使得全球网络的运营更具成本效益。这一战略位置使迪拜--阿联酋航空公司和阿提哈德航空公司的主要枢纽--成为连接美国和亚洲的首要中转枢纽，取代了阿姆斯特丹或法兰克福等传统欧洲枢纽和新加坡等亚洲枢纽。事实上，迪拜是所有机场中国际运输量最大的，超过了伦敦希思罗机场。此外，迪拜和多哈（Oatar 的枢纽）都是超现代化的机场，让人联想到豪华酒店，大厅上方有供旅客在中途停留时游泳的游泳池、豪华休息室、高速 Wi-Fi 和许多其他设施。

With their brand-new fleet of long-range and fuel-efficient Boeing and Airbus aircraft, Gulf airlines are able offer nonstop flights to more than 80 percent of the world’s population.

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Each of the three companies has over 200 Boeing and Airbus aircraft on order for its fleet. Emirates, Etihad Airways, and Oatar Airways combined have locked up the future supply of long-range, wide-body aircraft, while Delta’s and other U.S. carriers’ fleets are aging. The Gulf carriers even received a financing deal from the U.S. Government for the purchase of Boeing aircraft as a means to stimulate the U.S. economy and to provide developmental aid. Delta, as well as other U.S. carriers, did not receive this special treatment. In the same timeframe as the Middle Eastern carrier purchased more than 600 new aircraft combined, Delta has ordered merely 40 new aircraft.
海湾航空公司拥有全新的远程和节油型波音和空中客车飞机机队，能够为全球 80% 以上的人口提供直飞航班。

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这三家公司的机队都订购了 200 多架波音和空中客车飞机。阿联酋航空、阿提哈德航空和奥塔尔航空加在一起，已经锁定了未来远程宽体飞机的供应，而达美航空和其他美国航空公司的机队正在老化。海湾地区的航空公司甚至获得了美国政府购买波音飞机的融资交易，作为刺激美国经济和提供发展援助的一种手段。达美航空以及其他美国航企却没有享受到这一特殊待遇。在中东航空公司总共购买了 600 多架新飞机的同一时期，达美航空公司仅订购了 40 架新飞机。

The three big Persian Gulf carriers have been quite successful and are expanding rapidly. In the last year alone, the three Gulf carriers, Emirates, Etihad Airways, and Qatar Airways have grown their flights to the U.S. by almost 50 percent, and are now serving 11 U.S. cities, including Chicago, Houston, Dallas, Los Angeles, Miami, New York, Philadelphia, San Francisco, and Washington DC.

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波斯湾三大航空公司取得了相当大的成功，并且正在迅速扩张。仅在去年，三家海湾航空公司--阿联酋航空、阿提哈德航空和卡塔尔航空--飞往美国的航班就增加了近 50%，目前已为芝加哥、休斯顿、达拉斯、洛杉矶、迈阿密、纽约、费城、旧金山和华盛顿特区等 11 座美国城市提供服务。

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To break into the profit sanctuary of U.S. carriers on international routes, the Gulf airlines combine higher quality, offered at lower cost. The Gulf airlines offer amenities such as higher quality food in a more sophisticated presentation, hot towels in economy, an open bar in business class, and showers in first class. Their ratio of flight attendants to passengers is also great, and they offer flying nannies to keep kids occupied, happy, and most important, not crying. For an economy seat, ticket prices are often several hundred dollars below those of U.S. competitors.

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为了在国际航线上打入美国航空公司的利润圣地，海湾航空公司以较低的成本提供较高质量的服务。海湾地区的航空公司提供各种便利设施，如更优质的食品、更精致的摆设、经济舱的热毛巾、商务舱的开放式酒吧和头等舱的淋浴。空乘人员与乘客的比例也很高，他们还提供飞行保姆，让孩子们玩得开心，最重要的是不哭闹。经济舱的票价通常比美国竞争对手低几百美元。

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The Gulf carriers’ advantage is compounded by the growth of business in Asian and Middle Eastern markets, and by the increasing demand for international travel. These airlines are also owned by governments; as such they receive government funds with additional tax advantages and other subsidies. Other benefits include low cost labor markets, the absence of night-flying rules, lower airport fees than international competitors, and lower prices for fuel. Operating a purely global point-to-point network, the Middle Eastern carriers decrease their costs by flying more fuel-efficient widebody aircraft on long routes without the overhead of maintaining connecting routes within countries. The Persian Gulf airlines are also lauded for a superior customer experience.

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亚洲和中东市场业务的增长，以及国际旅行需求的增加，使海湾地区航空公司的优势更加明显。这些航空公司也由政府拥有，因此它们可以获得政府资金、额外的税收优惠和其他补贴。其他优势还包括劳动力市场成本低、没有夜间飞行规定、机场费用低于国际竞争对手以及燃油价格较低。中东航空公司运营纯粹的全球点对点网络，通过在长途航线上飞行燃油效率更高的宽体飞机来降低成本，而无需维持国家内部的连接航线。波斯湾航空公司还因其卓越的客户体验而备受赞誉。

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There are some complaints by U.S. carriers that the Persian Gulf Airlines receive unfair subsidies (which the Gulf states see as strategic investments creating future industries away from oil and gas). The U.S. airlines, however, have also enjoyed longtime regulated markets, use of bankruptcy filings, and so forth. The Gulf carriers can discount to further increase market share. As a consequence, competition will further increase, especially on international routes, and consumers will benefit with lower ticket prices and improved service. However, uncertainty over U.S. immigration policy in 2017 led Emirates Airline to cut US-bound flights by 20 percent.

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一些美国航空公司抱怨说，波斯湾航空公司获得了不公平的补贴（海湾国家认为这是战略性投资，可以创造未来产业，而不是石油和天然气）。然而，美国的航空公司也长期受到市场监管，利用破产申请等手段。海湾地区的航空公司可以通过打折来进一步扩大市场份额。因此，竞争将进一步加剧，尤其是在国际航线上，消费者将因票价降低和服务改善而受益。然而，2017 年美国移民政策的不确定性导致阿联酋航空公司将飞往美国的航班削减了 20%。

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ULTRA-LOW COST NEWCOMERS ON INTERNATIONAL ROUTES
国际航线上的超低价新贵

Since 2017, several newcomers such as Norwegian Air Shuttle and or Iceland’s WOW are offering rock-bottom prices for transatlantic flights.

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Using lesser known airports, for example, Norwegian is using the New York Stewart International Airport, the Green Airport in Providence, Rhode Island, and the Bradley International airport near Hartford, Connecticut to offer ultra-low fares (ranging from $65$300) to connect the U.S. East Coast to Europe, by flying into Edinburgh, Scotland. From there, travelers can use other European discount airlines such as Ryan Air to connect to a host of destinations within Europe. The Icelandic WOW discount carrier is offering ultra-low fares from a number of European cities such as its home base in Reykjavik, but also Frankfurt, Germany, and London, England, to eight U.S. cities: Baltimore, Boston, Chicago, Los Angeles, Miami, New York, Pittsburgh, and San Francisco.
自2017年以来，挪威航空班机公司（Norwegian Air Shuttle）和冰岛的WOW公司（WOW）等几家新加入的公司正在为跨大西洋航班提供最低价格。

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例如，挪威航空利用纽约斯图尔特国际机场、罗德岛普罗维登斯格林机场和康涅狄格州哈特福德附近的布拉德利国际机场等知名度较低的机场，提供从美国东海岸飞往欧洲的超低票价（65美元至300美元不等），飞往苏格兰爱丁堡。从那里，旅客可以乘坐瑞安航空（Ryan Air）等其他欧洲折扣航空公司的航班，转机前往欧洲境内的许多目的地。冰岛 WOW 折扣航空公司提供从雷克雅未克、德国法兰克福和英国伦敦等多个欧洲城市飞往美国八个城市的超低票价：巴尔的摩、波士顿、芝加哥、洛杉矶、迈阿密、纽约、匹兹堡和旧金山。

COMPETITIVE RATINGS 竞争评级

Annually, the Wall Street Journal summarizes information on U.S. airlines across seven criteria (ontime arrivals, cancelled flights, extreme delays, 2-hour tarmac delays, mishandled baggage, involuntary bumping, and customer complaints) to create an overall rank.

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While Delta performs better than the other major carriers (United and American Airlines), the smaller competitors (Alaska Airlines and Southwest) have consistently better performance with Alaska Airlines having the best performance for the fourth straight year in

2016 .^{85}

The gap in performance can be large, as American Airlines had two times the number of mishandled bags and three times more cancelled flights than Delta who ranked second overall while American ranked last at ninth.

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Delta performed best with the fewest cancelled flights and fewest passengers that were involuntarily bumped.

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Bumped passengers result from passengers being denied boarding because an airline oversold the number of seats on an aircraft.
华尔街日报》每年都会汇总美国航空公司在七项标准（准点到达、取消航班、极度延误、停机坪延误 2 小时、行李处理不当、非自愿颠簸和客户投诉）方面的信息，从而得出综合排名。

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虽然达美航空的表现优于其他大型航空公司（美联航和美国航空），但小型竞争对手（阿拉斯加航空和西南航空）的表现却一直较好，其中阿拉斯加航空连续第四年在

2016 .^{85}

排名中名列前茅。

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达美航空的表现最好，取消的航班最少，非自愿颠簸的乘客最少。

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由于航空公司超卖了飞机上的座位数，导致乘客被拒绝登机。
J.D. Power & Associates also monitors airlines for quality performance annually on additional criteria that provides more specific feedback to airlines. While there is room for additional improvement, airline satisfaction climbed to a 10 -year high in

2016 .^{88}

In a shift from prior years, airline customers appear more tolerant of fees with satisfaction with airline costs and fees improving 12 points from 2015.

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This suggests airline efforts to reduce costs have not harmed customer relationships. Other notable changes relate to higher satisfaction from business than leisure travelers for the first time, and increased posting of traveler experiences on social media with Millennials commenting more than other generational groups.

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Similar to the Wall Street Journal rankings, Alaska Airlines was rated highest with Delta ranked second and improved across all seven criteria.

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Exhibits 12a and 12b show a summary of major airline rankings on numerous performance criteria.
J.D. Power & Associates每年还根据其他标准对航空公司的质量表现进行监测，为航空公司提供更具体的反馈。

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这表明航空公司降低成本的努力并未损害客户关系。其他值得注意的变化涉及商务旅客的满意度首次高于休闲旅客，以及在社交媒体上发布的旅客体验增加，其中千禧一代的评论多于其他世代群体。

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与《华尔街日报》的排名类似，阿拉斯加航空公司的评分最高，达美航空公司排名第二，在所有七项标准方面都有所提高。

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附图 12a 和 12b 显示了主要航空公司在众多绩效标准方面的排名汇总。

Demographic Changes 人口变化

The U.S. Census Bureau projections show that the U.S. population will be considerably older and more racially and ethnically diverse by 2060. The changing demographics of the U.S. population have implications for airlines and the travel industry as a whole, as demographics shape how consumers respond to marketing practices, loyalty programs, distribution channels, and amenities. The BCG has divided airline travelers into five distinct segments: Sky-Warrior, Self-Employed Pathfinder, Average Joe/Jane Businessperson, Rising Global Go-Getter, and Cost-Cautious Planner (see Exhibit 13).
美国人口普查局的预测显示，到 2060 年，美国人口的年龄将大幅增长，种族和民族更加多样化。美国人口结构的变化对航空公司和整个旅游业都有影响，因为人口结构决定了消费者对营销方式、忠诚度计划、分销渠道和便利设施的反应。BCG 将航空旅客分为五个不同的细分市场：天空勇士、自雇探路者、普通商务人士、崛起中的全球旅行者和精打细算的计划者（见图表13）。

With respect to gender, businesswomen make up 42 percent of travelers but comprise only 33 percent of airline spending. On average, they spend 11 percent less on their tickets. Businesswomen make business trips an average of 4.3 times per year, but travel internationally less frequently compared to men.
在性别方面，商务女性占旅行者的 42%，但只占航空消费的 33%。她们在机票上的花费平均减少 11%。商务女性平均每年出差 4.3 次，但与男性相比，她们出国旅行的频率较低。

GENERATIONAL (AGE) DEMOGRAPHICS
世代（年龄）人口统计

Exhibit 14 breaks consumers into four age-related demographics: Baby Boomers, Generation X, Millennials, and iGeneration (iGen). Millennials are expected to be the dominant traveling generation in the next five to ten years, with Baby Boomers’ total spending on air travel declining. In about ten years, the air travel spending of iGen is expected to rise rapidly.

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图表 14 将消费者分为四个年龄段：婴儿潮一代、X 代、千禧一代和 iGen（iGen）。预计在未来五到十年内，千禧一代将成为旅行的主力军，而婴儿潮一代在航空旅行上的总支出将有所下降。大约十年后，iGen 的航空旅行支出预计将迅速增加。

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Baby Boomers. The Baby Boomer generation, born post-WWII between the years 1946 and1964, has been the largest segment of Americans for the past decade. Eleven percent of this generation plans to delay retirement because of setbacks from the 2008 economic recession. Because of their maturity, Baby Boomers comprise a large portion of senior managers and executives and interact with the younger generations from a position of professional authority. As of 2013, there were 80 million Boomers ( 44 percent of the U.S. population) who accounted for 70 percent of disposable income in the U.S. Over a third had a child younger than 18 years old in their house. Eighty-two percent of this generation uses the Internet regularly to instant message, download media, conduct banking transactions, and play online games. They make up one-third of TV viewers, online users, and social media users.
婴儿潮一代婴儿潮一代是二战后 1946 年至 1964 年出生的一代人，在过去十年中一直是美国人数最多的群体。由于 2008 年经济衰退带来的挫折，这一代人中有 11% 计划延迟退休。由于他们的成熟，"婴儿潮 "一代占了高级经理和行政人员的很大一部分，并以专业权威的身份与年轻一代互动。截至 2013 年，美国有 8000 万婴儿潮一代（占美国总人口的 44%），他们的可支配收入占美国总收入的 70%。这一代人中有 82% 的人经常使用互联网发送即时消息、下载媒体、进行银行交易和玩网络游戏。他们占电视观众、网络用户和社交媒体用户的三分之一。

Generation X. Gen Xers were born between 1965 and 1979 and have the most education of all the current generations. Roughly 50 percent of them have at least a two-year college degree while a tenth hold graduate degrees. A majority of Gen-X households have two working spouses. Work for this generation is secondary to personal life, leading to a willingness to give up salary for more personal freedom. This group reached its peak spending power during the Great Recession and has been burdened thereafter with flipped mortgages, student loans, and raising children. Generation X is not fashion forward, brand loyal, or technophilic, though it is the first generation to accept both traditional and digital media. Generation X is much smaller in number than either the Baby Boomers or the Millennials.

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X 代：X 代人出生于 1965 年至 1979 年之间，是目前所有世代中受教育程度最高的一代。他们中约有 50% 的人至少拥有两年制大学学位，十分之一的人拥有研究生学位。大多数 X 代家庭都有两个工作配偶。对这一代人来说，工作是次要的，个人生活才是最重要的，因此他们愿意放弃工资来换取更多的个人自由。这个群体的消费能力在经济大衰退期间达到顶峰，此后一直背负着翻转抵押贷款、学生贷款和抚养子女的负担。虽然 X 代是第一代同时接受传统媒体和数字媒体的人，但他们并不追求时尚，不忠于品牌，也不热衷于技术。X 代在人数上远远少于婴儿潮一代或千禧一代。

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Millennials. The Millennial generation was born between 1980 and 2000 and tends to have a broader world interest than Gen Xers. This may be partially due to the diversity of this group; Millennials comprise two times the number of Asian Americans and 60 percent more Hispanic Americans. This generation also has almost 50 percent more women in the workforce than prior cohorts. Millennials have not yet become the focal demographic for the travel industry, but as they enter their peak earning in the next five to ten years, they will become a lucrative market segment. One reason is that Millennials are more likely to focus on convenience and splurge on amenities.

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千禧一代千禧一代出生于 1980 年至 2000 年之间，与 X 世代相比，他们往往对世界有着更广泛的兴趣。这可能部分归因于这个群体的多样性；千禧一代的亚裔美国人是前一代的两倍，西班牙裔美国人比前一代多 60%。这一代的女性劳动力也比上一代多出近 50%。千禧一代尚未成为旅游业的焦点人群，但随着他们在未来五到十年进入收入高峰期，他们将成为一个利润丰厚的细分市场。其中一个原因是，千禧一代更注重便利性，更喜欢在设施上挥金如土。

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Currently, Millennials are traveling during the developmental stage of their career; thus, their travels tend to be to conferences, workshops, and recruiting events. This generation also has a strong tendency to use OTAs, especially through mobile devices. Despite traveling less frequently, Millennials have a much higher willingness to spend money on ancillary benefits such as extra legroom, in-flight entertainment, refundable tickets, and bonus frequent flier miles. They also tend to book closer to the departure date and make changes to their flights more frequently than non-Millennials. The Millennial business traveler is expected to account for more than 50 percent of total travel revenue by 2020 .
目前，"千禧一代 "正处于职业生涯的发展阶段，因此他们的旅行往往是为了参加会议、研讨会和招聘活动。这一代人也非常倾向于使用 OTA，尤其是通过移动设备。尽管千禧一代的旅行频率较低，但他们更愿意花钱购买额外的腿部空间、机上娱乐、可退票和常旅客里程奖励等附属福利。与非千禧一代相比，他们也更倾向于在离出发日期更近的时候预订机票，并更频繁地更改航班。预计到 2020 年，千禧一代商务旅客将占旅行总收入的 50%以上。

Millennial leisure travelers tend not to fly alone. They bring their families, and many times their friends, or they travel as organized groups on vacation trips. Millennial women take more trips than male Millennials, accounting for 35 percent of travelers and 35 percent of travel spending. Millennial men, meanwhile, take more solitary leisure trips. Deal-seeking has become a game for members of this generation. Seventy-five percent of them have travel apps on their phones, compared to 47 percent for other generations. Also, nearly a quarter of Millennial travelers would pay more to fly on a “childfree” plane, whereas only 18 percent of their Gen-X counterparts would pay for “child-free” upgrades.
千禧一代的休闲旅行者往往不会独自乘坐飞机。他们会带上家人，很多时候也会带上朋友，或者组团去度假旅行。千禧一代女性的旅行次数比千禧一代男性多，占旅行者的 35%，占旅行支出的 35%。而千禧一代的男性则更多地参加单独的休闲旅行。寻求优惠已成为这一代人的游戏。他们中有 75% 的人在手机上安装了旅游应用程序，而其他世代的这一比例仅为 47%。此外，近四分之一的千禧一代旅行者会为乘坐 "无儿童 "飞机支付更多费用，而只有 18% 的 X 世代旅行者会为 "无儿童 "升级支付费用。
iGeneration. The iGeneration is the youngest and possibly the most heterogeneous generation in the U.S. There is still much to observe about this group as it matures into an economy-driving demographic. They have been named the iGeneration for their thirst for mobile technology… The iGeneration has grown up with the Internet and ubiquitous connectivity.

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i 世代。iGeneration 是美国最年轻的一代，也可能是最多元化的一代。随着这个群体逐渐成熟，成为推动经济发展的人口，我们仍有许多事情需要观察。他们之所以被称为 iGeneration，是因为他们对移动技术的渴求......iGeneration 伴随着互联网和无处不在的连接而成长。

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FOREIGN-BORN AMERICAN DEMOGRAPHIC TRENDS
在外国出生的美国人口趋势

U.S. Census information shows a diminishing white majority population which is being supplanted by growing Hispanic, Asian, and African American populations. The non-Hispanic white population is expected to peak in 2024 at nearly 21 million before decreasing in subsequent years, whereas other racial and ethnic groups are not expected to decline. By 2043, there will be no single majority racial group in the U.S. By 2060, the U.S. population is expected to be 8.2 percent Asian, 15 percent African American, 31 percent Hispanic, and 43 percent white, with a total population count surpassing 420 million. Also, the Census Bureau projects the working population to grow by 42 million by

2060 .^{96}

美国人口普查信息显示，白人占多数的人口正在减少，而西班牙裔、亚裔和非裔美国人的人口正在增长。非西班牙裔白人人口预计将在 2024 年达到峰值，接近 2100 万，随后几年将有所减少，而其他种族和族裔群体预计不会减少。到 2043 年，美国将不存在单一的多数种族群体。到 2060 年，美国人口中亚裔占 8.2%，非裔占 15%，西班牙裔占 31%，白人占 43%，总人口将超过 4.2 亿。此外，人口普查局预计，到

2060 .^{96}

年，工作人口将增加4200万。

The growing Latin American population in the U.S. consists largely of immigrants from Mexico. Collectively, El Salvador, the Dominican Republic, Guatemala, Jamaica, Colombia, and Haiti are the next most significant source of foreign-born Latinos. Each of these populations has a significant presence in major southern cities such as Los Angeles, Miami, Houston, and Dallas, as well as in the major international hubs such as Chicago, New York City, and Washington, D.C. Delta’s total market share of flights from the U.S. to Latin America is only 14 percent, compared to 33 percent and 19 percent for American Airlines and United, respectively.
美国不断增长的拉美人口主要由来自墨西哥的移民组成。萨尔瓦多、多米尼加共和国、危地马拉、牙买加、哥伦比亚和海地是外国出生的拉美人的第二大来源国。这些人口在洛杉矶、迈阿密、休斯顿和达拉斯等南部主要城市，以及芝加哥、纽约和华盛顿等主要国际枢纽都有大量存在。达美航空从美国飞往拉丁美洲的航班总市场份额仅为 14%，而美国航空和美联航分别为 33% 和 19%。

Asians are the next most significant source of growth when it comes to foreign-born individuals, as Asians tend to settle in Los Angeles, New York, San Francisco Bay Area, Seattle, Chicago, Atlanta, Boston, and Washington, D.C. They hail from places such as China, the Philippines, India, Vietnam, Korea, Taiwan, Japan, Hong Kong, and Thailand, with no one country significantly more represented than the others. One-third of the world’s air traffic involves Asian countries and it is growing.

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In response, Delta is largely relying on partnerships with China Eastern Airlines and Jet Airways of India.

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亚洲人是外国出生人口的第二大增长来源，因为亚洲人倾向于定居在洛杉矶、纽约、旧金山湾区、西雅图、芝加哥、亚特兰大、波士顿和华盛顿特区，他们来自中国、菲律宾、印度、越南、韩国、台湾、日本、香港和泰国等地，没有一个国家的人口比例明显高于其他国家。全球三分之一的航空交通涉及亚洲国家，而且这一数字还在不断增长。

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对此，达美航空主要依靠与中国东方航空公司和印度捷特航空公司的合作。

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URBANIZATION 城市化

Within the U.S., a reverse migration from the rural and suburban areas to the cities has begun. Census Bureau data indicate that several major metropolitan statistical areas are growing rapidly. The highest growth was in Austin, Texas, growing at a rate of 12 percent between 2010 and 2013.

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Other major metropolitan areas growing over four percent in the same timeframe include: Charlotte, Denver, Washington D.C., Seattle, Fort Worth, San Antonio, San Jose, Nashville, Dallas, Phoenix, Boston, Columbus, and San Francisco.

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在美国国内，从农村和郊区向城市的逆向迁移已经开始。人口普查局的数据显示，几个主要的大都市统计区正在迅速增长。增长最快的是得克萨斯州的奥斯汀，在2010年至2013年间增长了12%。

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同一时期增长超过 4% 的其他主要都市区包括夏洛特、丹佛、华盛顿特区、西雅图、沃斯堡、圣安东尼奥、圣何塞、纳什维尔、达拉斯、凤凰城、波士顿、哥伦布和旧金山。

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Decision Time 决策时间

Delta CEO Bastian wondered how he should respond to increased global competition, including the threat posed by rapidly expanding Persian Gulf carriers and the European ultra-low cost competitors, all of which are making inroads into Delta’s profit sanctuary on international routes. Meanwhile, the domestic U.S. airline industry is getting more consolidated, and thus making the few remaining competitors more potent. In addition, the U.S. also has its share of ultra-low cost competitors such as Spirit Airlines and Allegiant Air. Will they be expanding and making inroads to Delta’s routes? At the same time, customer service has become much more important given the recent high-profile incidents. Customers and regulators are becoming increasing vocal in demanding better customer service.
达美航空首席执行官巴斯蒂安想知道，他应该如何应对日益激烈的全球竞争，包括迅速扩张的波斯湾航空公司和欧洲超低成本竞争者带来的威胁，这些公司都在国际航线上向达美航空的利润圣地发起冲击。与此同时，美国国内航空业的整合程度越来越高，从而使仅存的几家竞争对手变得更加强大。此外，美国还出现了一些超低成本的竞争对手，如 Spirit Airlines 和 Allegiant Air。它们是否会扩张并进军达美航空的航线？与此同时，由于最近发生了一些备受瞩目的事件，客户服务变得更加重要。客户和监管机构越来越强烈地要求提供更好的客户服务。

He could also see changing demographic trends would drive changes, and Delta’s strategy needed to adapt to meet the needs of new consumer groups. Importantly, looming demographic shifts represented an opportunity to offer new products and services.
他还看到，不断变化的人口趋势将推动变革，达美航空的战略需要进行调整，以满足新消费群体的需求。重要的是，迫在眉睫的人口结构变化是提供新产品和服务的契机。

Sipping his Diet Coke, and looking at the A-380 flight by Korean Air taking off, Ed Bastian wondered, what does Delta need to address all these threats, and what would Delta need to do to create a competitive advantage? He needed to outline proposals to present to the next Board of Directors meeting concerning new products and services Delta should offer. How could Delta be better positioned to meet emerging challenges and opportunities, both domestically and globally? Ed Bastian started to type on his laptop…
埃德-巴斯蒂安一边喝着健怡可乐，一边看着大韩航空的 A-380 航班起飞，他在想，达美航空需要怎样才能应对所有这些威胁，达美航空需要怎样才能创造竞争优势？他需要就达美航空应该提供的新产品和新服务向下一次董事会会议提出建议。达美航空如何才能更好地应对国内和全球新出现的挑战和机遇？埃德-巴斯蒂安开始在笔记本电脑上打字......
EXHIBIT 1 Delta Air Lines Timeline of Major Events
附录 1 达美航空公司大事年表

Source: Authors’ depiction of publicly available information.
资料来源作者对公开信息的描述。

EXHIBIT 2a Delta Air Lines Route Network, North American
附录 2a 达美航空公司北美航线网络

Source: Delta Air Lines Downloadable Route Maps. http://bit.ly/1gIKUbe
来源：达美航空公司http://bit.ly/1gIKUbe

EXHIBIT 2b Delta Air Lines Route Network, Europe
附图 2b 达美航空公司欧洲航线网络

Source: Delta Air Lines Downloadable Route Maps. http://bit.ly/1gIKUbe
来源：达美航空公司http://bit.ly/1gIKUbe

EXHIBIT 2c Delta Air Lines Route Network, Asia Pacific
附录 2c 达美航空公司亚太地区航线网络

Source: Delta Air Lines Downloadable Route Maps. http://bit.ly/1gIKUbe
来源：达美航空公司http://bit.ly/1gIKUbe

EXHIBIT 3 Alliance Partnerships and Alliance Members
附录 3 联盟合作伙伴和联盟成员

Star Alliance 星空联盟

SkyTeam 天合联盟

Oneworld 寰宇一家

Year Founded 成立年份

1997

2000

1999

Passengers/yr 乘客/年

649 million 6.49 亿

665.4 million 6.654 亿美元

557.4 million 5.574 亿美元

Countries 国家

194

177

161

Destinations 目的地

1,329

1,062

1,016

Fleet Size 船队规模

4,570

3,054

3,560

Revenue 收入

$160.9 billion 1 609 亿美元

$170.82 billion 1 708.2 亿美元

$130.9 billion 1,309 亿美元

Market Share 市场份额

29.30%

20.40%

17.80%

亚德里亚航空公司爱琴航空公司加拿大航空公司中国国际航空公司印度航空公司新西兰航空公司全日空航空公司韩亚航空公司奥地利航空公司阿维安卡航空公司布鲁塞尔航空公司科帕航空公司克罗地亚航空公司

Adria Airways

Aegean Airlines

Air Canada

Air China

Air India

Air New Zealand

All Nippon Airways

Asiana Airlines

Austrian Airlines

Avianca

Brussels Airlines

Copa Airlines

Croatia Airlines

俄罗斯国际航空公司阿根廷航空公司墨西哥航空公司欧洲航空公司法国航空公司意大利航空公司中国国际航空公司中国东方航空公司中国南方航空公司捷克航空公司达美航空公司印度尼西亚加鲁达航空公司肯尼亚航空公司

Aeroflot

Aerolíneas Argentinas

Aeroméxico

Air Europa

Air France

Alitalia

China Airlines

China Eastern

China Southern

Czech Airlines

Delta Air Lines

Garuda Indonesia

Kenya Airways

柏林航空美国航空英国航空国泰航空芬兰航空伊比利亚航空日本航空拉丁美洲航空马来西亚航空澳洲航空卡塔尔航空约旦皇家航空 S7 航空公司

Air Berlin

American Airlines

British Airways

Cathay Pacific

Finnair

Iberia Airlines

Japan Airlines

LATAM

Malaysia Airlines

Qantas

Qatar Airways

Royal Jordanian

S7 Airlines

Current Participants 目前的参与者

埃及航空公司埃塞俄比亚航空公司长荣航空公司波兰航空公司汉莎航空公司北欧航空公司深圳航空公司新加坡航空公司南非航空公司瑞士国际航空公司 TAP 葡萄牙航空公司泰国国际航空公司土耳其航空公司美国联合航空公司

EgyptAir

Ethiopian Airlines

EVA Air

LOT Polish Airlines

Lufthansa

Scandinavian Airlines

Shenzhen Airlines

Singapore Airlines

South African Airways

Swiss International Air Lines

TAP Portugal

Thai Airways Int'|

Turkish Airlines

United Airlines

荷航大韩航空中东航空沙特航空 TAROM 越南航空厦门航空

KLM

Korean Air

Middle East Airlines

Saudia

TAROM

Vietnam Airlines

Xiamen Airlines

斯里兰卡航空公司墨西哥航空公司

SriLankan Airlines

Mexicana

Source: staralliance.com, skyteam.com, oneworld.com, sites of individual airlines, and annual report of individual airlines (various years).
资料来源：staralliance.com、skyteam.com、oneworld.com、各航空公司网站以及各航空公司年度报告（不同年份）。

EXHIBIT 4 Airline Industry Dynamics over Time, 1930-2017
附录 4 1930-2017 年航空业的长期发展动态

Source: Depiction of data from Airlines for America, http://airlines.org/
资料来源资料来源：美国航空公司提供的数据，http://airlines.org/。

EXHIBIT 5 Mergers and acquisitions in the U.S. airline (top) and global airline industry (bottom)
图 5 美国航空业（上图）和全球航空业（下图）的并购情况

Year 年份	Airline A 航空公司 A	Airline B 航空公司 B	Forming 成型
2010	Delta 三角洲	Northwest 西北地区	Delta 三角洲
2011	Southwest 西南地区	AirTran	Southwest 西南地区
2012	United 联合	Continental 大陆	United 联合
2013	American 美国	US Airways 美国航空公司	American 美国
2016	Alaska Airlines 阿拉斯加航空公司	Virgin America 维珍美国	Alaska Airlines 阿拉斯加航空公司

Year 年份	Airline A 航空公司 A	Airline B 航空公司 B	Forming 成型
2004	Air France 法国航空公司	KLM	Air France - KLM 法国航空公司 - 荷航
2005	Lufthansa 德国汉莎航空公司	Swiss Air 瑞士航空	Lufthansa 德国汉莎航空公司
2009	Lufthansa 德国汉莎航空公司	Austrian Air 奥地利航空公司	Lufthansa 德国汉莎航空公司
2011	British Airways 英国航空公司	Iberia 伊比利亚	Int. Airline Group Int.国际航空集团
2012	Delta acquires 49% stake in Virgin Atlantic 达美航空公司收购维珍航空 49% 的股份
2014	Etihad acquires 49% stake in Alitalia 阿提哈德收购意大利航空公司 49% 的股份

Source: Tabulation of publicly available information
资料来源公开信息列表

EXHIBIT 6 Delta Air Lines’ Financial Data (in $ millions, except EPS data)
附录 6 达美航空公司财务数据（单位：百万美元，每股盈利数据除外）

Fiscal Year 财政年度	2012	2013	2014	2015	2016
Cash and short-term investments 现金和短期投资	3,749	3,925	3,305	3,437	3,249
Receivables (total) 应收账款（合计）	1,693	1,609	3,222	2,139	2,102
Inventories (total) 库存（总计）	1,023	1,063	852	697	891
Property, plant, and equipment 不动产、厂房和设备	20,713	21,854	21,929	23,039	24,375
Depreciation and amortization 折旧和摊销	6,656	7,792	9,340	10,871	12,456
Assets (total) 资产（总计）	44,550	52,252	54,121	53,134	51,261
Accounts payable (trade) 应付账款（贸易）	2,293	2,300	2,622	2,743

Delta Air Lines, Inc.达美航空公司

History of Delta Air Lines, Inc.达美航空公司的历史

Delta Air Lines Today今日达美航空公司

CUSTOMER EXPERIENCE 客户体验

STRUCTURE 结构

MARKETS 市场

LEADERSHIP 领导力

PERFORMANCE 性能

The Air Travel Industry航空旅游业

SHAREHOLDER VALUE DESTRUCTION股东价值破坏

BUSINESS MODELS: HUB-AND-SPOKE VS. POINT-TO-POINT业务模式：中心辐射型与点对点型点对点

RE-CONSOLIDATION 重新整合

COST CONTROL 成本控制

REVENUE MANAGEMENT 收入管理

PROJECTED GROWTH 预计增长

Products and Services 产品与服务

BOOKING 预订

CHECK-IN 报到

BAGGAGE FEES 行李费

MOBILE BAGGAGE TRACKING 移动行李追踪

AIRPORT FACILITIES 机场设施

BOARDING/DEPLANING 登机/下机

AIRCRAFT CABIN 机舱

INFLIGHT SER VICES 机上服务

FREQUENT FLYER REWARDS 飞行常客奖励

DESTINATIONS 目的地

Competition 竞赛

AMERICAN AIRLINES (AMR CORPORATION)美国航空公司（AMR 公司）

UNITED AIRLINES 美国联合航空公司

SOUTHWEST AIRLINES 西南航空

THE BIG THREE PERSIAN GULF CARRIERS: EMIRATES, ETIHAD AIR WAYS, AND QATAR AIR WAYS波斯湾三大航空公司：阿联酋航空公司、埃提哈德航空公司和卡塔尔航空公司

ULTRA-LOW COST NEWCOMERS ON INTERNATIONAL ROUTES国际航线上的超低价新贵

COMPETITIVE RATINGS 竞争评级

Demographic Changes 人口变化

GENERATIONAL (AGE) DEMOGRAPHICS世代（年龄）人口统计

FOREIGN-BORN AMERICAN DEMOGRAPHIC TRENDS在外国出生的美国人口趋势

URBANIZATION 城市化

Decision Time 决策时间

Delta Air Lines, Inc.
达美航空公司

History of Delta Air Lines, Inc.
达美航空公司的历史

Delta Air Lines Today
今日达美航空公司

The Air Travel Industry
航空旅游业

SHAREHOLDER VALUE DESTRUCTION
股东价值破坏

BUSINESS MODELS: HUB-AND-SPOKE VS. POINT-TO-POINT
业务模式：中心辐射型与点对点型点对点

AMERICAN AIRLINES (AMR CORPORATION)
美国航空公司（AMR 公司）

THE BIG THREE PERSIAN GULF CARRIERS: EMIRATES, ETIHAD AIR WAYS, AND QATAR AIR WAYS
波斯湾三大航空公司：阿联酋航空公司、埃提哈德航空公司和卡塔尔航空公司

ULTRA-LOW COST NEWCOMERS ON INTERNATIONAL ROUTES
国际航线上的超低价新贵

GENERATIONAL (AGE) DEMOGRAPHICS
世代（年龄）人口统计

FOREIGN-BORN AMERICAN DEMOGRAPHIC TRENDS
在外国出生的美国人口趋势