American Airlines Competitive Intelligence Report

104
December 10, 2013 Authored by: Christopher Dale, Alex Edwards, Brandon Thomson Mercyhurst University Institute for Intelligence Studies

description

Competitive Intelligence Report, American Airlines, Fall 2013 - Worked with a team of three to research, analyze, and report a competitive profile, financial analysis, SWOT analysis, macro-environmental analysis, business model analysis, and other analyses.

Transcript of American Airlines Competitive Intelligence Report

Page 1: American Airlines Competitive Intelligence Report

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December 10, 2013 Authored by: Christopher Dale, Alex Edwards, Brandon Thomson

Mercyhurst University Institute for Intelligence Studies

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For Questions or Comments, Please Contact the Authors:

Christopher Dale Email: [email protected]

Alex Edwards Email: [email protected]

Brandon Thomson Email: [email protected]

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Porter’s 4 Corners .............................................................................................................��

History / Background.........................................................................................................��

Management Profiling .......................................................................................................�� �

Products / Services.............................................................................................................��

Marketing...........................................................................................................................��

Operations..........................................................................................................................��

Strategies............................................................................................................................��

Financials ..........................................................................................................................��

Corporation Current Events ..............................................................................................�� �

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STEEP Analysis .................................................................................................................���

9 Forces Model ..................................................................................................................��

Analysis of Competing Hypotheses.....................................................................................��

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Critical Success Factors ...................................................................................................�� �

SWOT Model.....................................................................................................................��

Strategic Mapping.............................................................................................................��

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Source: http://thepointsguy.com/wp-content/uploads/2013/06/aa-us-airways-merger-tails-021413.jpg

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Response Profile:

x� In a bad financial position, but looking to emerge from bankruptcy and dominate the market.

x� Introducing new airplanes that are technologically advanced and will help in reducing costs, most notably fuel.

x� Merger with U.S. Airways will increase an already expansive route system.

x� The AAdvantage program will grow with the pending merger and increase loyalty among business travelers.

Capabilities: Strengths

x� Part of the oneworld alliance.

x� Approximately 900 aircrafts that serve

3,400 flights daily.

x� Largest airline loyalty program.

Weaknesses

x� Negative net income.

x� Filed for chapter 11 reorganization.

x� Will be disorganized due to the

merger initially.

Current Strategy:

x� Restructuring of American

Airlines, “the new American.”

x� Implementation of cost cutting

programs including the

purchasing of new airplanes.

x� Rely on the AAdvantage Loyalty

Program to be the backbone of

our consumer base.

Future Goals:

x� Implement innovative ideas and wise investments to minimize our environmental footprint.

x� Become the largest airline in the world.

x� Increase international presence.

Assumptions:

x� Fuel costs will continue to rise.

x� The merger with U.S. Airways

will return American Airlines to

financial prosperity.

x� Passengers will seek more

technologically friendly airlines.

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$05�&RUSRUDWLRQ�&XUUHQW�(YHQWV��([HFXWLYH�6XPPDU\��$PHULFDQ�$LUOLQHV�LV�OLNHO\�WR�PHUJH�ZLWK�8�6��$LUZD\V�FUHDWLQJ�WKH�ODUJHVW�DLUOLQH�LQ�WKH�ZRUOG���7KH�FXUUHQW�DQWLWUXVW�ODZVXLW�DJDLQVW�$05�LV�ORVLQJ�VWDWH�RSSRVLWLRQ�DQG�IDYRULQJ�WKH�DLUOLQHV���,I�WKH�SODQQHG�PHUJHU�JRHV�WKURXJK�WKDQ�LW�LV�KLJKO\�OLNHO\�WKDW�$PHULFDQ�$LUOLQHV�ZLOO�HPHUJH�IURP�EDQNUXSWF\�DQG�EH�D�OHDGLQJ�FRPSHWLWRU�LQ�WKH�DLUOLQH�LQGXVWU\���'LVFXVVLRQ���(PHUJHQFH�IURP�%DQNUXSWF\�,Q�1RYHPEHU�������$PHULFDQ�$LUOLQHV�ILOHG�IRU�FKDSWHU����UHVWUXFWXULQJ�DQG�EDQNUXSWF\����2Q�-DQXDU\���������$PHULFDQ�DQQRXQFHG�WKHLU�SODQV�WR�HYROYH�LQWR�WKH�³1HZ�$PHULFDQ�´����3DUW�RI�WKLV�SODQ�LQFOXGHG�D�QHZ�ORJR��QHZ�DLUSODQHV��DQG�D�PHUJHU�ZLWK�8�6��$LUZD\V���$PHULFDQ�$LUOLQHV�ZDV�KRSLQJ�WKDW�D�UHYDPS�RI�WKHLU�LPDJH�DV�ZHOO�DV�PRUH�LQQRYDWHG�DLUOLQHV�ZRXOG�KHOS�WR�LQFUHDVH�FRQVXPHU�GHPDQG�IRU�WKHLU�DLUOLQHV���7KH�PHUJHU�ZRXOG�DOVR�SXW�$PHULFDQ�$LUOLQHV�LQ�D�PXFK�PRUH�FRPIRUWDEOH�ILQDQFLDO�SRVLWLRQ�E\�REWDLQLQJ�����RI�8�6��$LUZD\V�VWRFN���0HUJHU�:LWK�8�6��$LUZD\V�2Q�)HEUXDU\�����������$PHULFDQ�$LUOLQHV�DQG�8�6��$LUZD\V�RIILFLDOO\�UHOHDVHG�WKDW�WKH\�ZLOO�EH�PHUJLQJ�����7KH�����ELOOLRQ�GROODU�GHDO�ZDV�VDLG�WR�KHOS�EXR\�$PHULFDQ�$LUOLQHV�RXW�RI�EDQNUXSWF\�E\�NHHSLQJ�WKH�$PHULFDQ�QDPH�����7KH�FRPELQHG�DLUOLQH�ZRXOG�EHFRPH�WKH�ODUJHVW�DLUOLQH�LQ�WKH�ZRUOG���2Q�0DUFK����������EDQNUXSWF\�MXGJH�6HDQ�/DQH�DSSURYHG�WKH�PHUJHU�EHWZHHQ�$05�DQG�8�6��$LUZD\V��EXW�IDLOHG�WR�DSSURYH�RI�WKH�������PLOOLRQ�VHYHUDQFH�SDFNDJH�IRU�$05�&(2�7RP�+RUWRQ������'HSDUWPHQW�RI�-XVWLFH�$SSHDO�2Q�$XJXVW����������WKH�'HSDUWPHQW�RI�-XVWLFH�ILOHG�DQ�DQWLWUXVW�ODZVXLW�DJDLQVW�$05�VWDWLQJ�WKDW�WKHLU�SODQQHG�PHUJHU�ZLWK�8�6��$LUZD\V�ZRXOG�KXUW�FRQVXPHUV�DQG�OHDG�WR�LQFUHDVHG�IDUHV������2Q�6HSWHPEHU����������EDQNUXSWF\�MXGJH�6HDQ�/DQH�RQFH�DJDLQVW�DSSURYHG�WKH�$05�EDQNUXSWF\�SODQ�XQGHU�WKH�VWLSXODWLRQ�WKDW�WKH�PHUJHU�JRHV�WKURXJK������$QG�PRVW�UHFHQWO\��RQ�6HSWHPEHU����������ERWK�$05�DQG�8�6��$LUZD\V�DJUHHG�WR�H[WHQG�WKH�PHUJHU�GHDGOLQH�WR�-DQXDU\����������LQ�KRSHV�RI�ZLQQLQJ�WKH�ILJKW�DJDLQVW�WKH�8�6��DQWLWUXVW�ODZVXLW������������

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��([HFXWLYH�6XPPDU\��$05�&RUSRUDWLRQ�LV�FXUUHQWO\�VLWWLQJ�LQ�D�SRRU�ILQDQFLDOO\�VLWXDWLRQ�KDYLQJ�QHWWHG�QHJDWLYH�LQFRPH�VLQFH��������,Q�������$PHULFDQ�$LUOLQHV�ILOHG�IRU�EDQNUXSWF\�LQ�KRSHV�WR�UHVWUXFWXUH�WR�FUHDWH�SURILW�LQ�WKH�IXWXUH���7KH�SRRU�SRVLWLRQ�LV�KLJKOLJKWHG�E\�$05¶V�LQDELOLW\�WR�WXUQ�DVVHWV�LQWR�YDOXDEOH�FRPSHWLWLYH�UHVRXUFHV���$05�DOVR�SRVVHVVHV�D�QHJDWLYH�SURILW�PDUJLQ�UDWLR��DV�ZHOO�DV�D�QHJDWLYH�3�(�UDWLR��GXH�WR�WKH�IDFW�WKDW�WKH\�KDYHQ¶W�QHWWHG�D�SURILW���2QH�RI�WKH�PDLQ�UHDVRQV�LQ�ZKLFK�$05�&RUSRUDWLRQ�LVQ¶W�FUHDWLQJ�D�SURILW�LV�EHFDXVH�WKHLU�QHW�XQLW�UHYHQXH�LV���������,Q�������$05�&RUSRUDWLRQ�H[SHULHQFHG�D�QHW�ORVV�RI������ELOOLRQ��ZLWK������ELOOLRQ�GHVLJQDWHG�WR�UHRUJDQL]DWLRQ�FRVWV���,Q�WKH�IXWXUH��UHWXUQ�RQ�DVVHWV�DQG�SURILW�PDUJLQ�UDWLR�ZLOO�GHWHUPLQH�ZKHWKHU�RU�QRW�WKLV�UHRUJDQL]DWLRQ�VWUDWHJ\�ZLOO�EH�D�VXFFHVV�RU�QRW���$FWLYLW\�DQG�(IILFLHQF\��$VVHW�7XUQRYHU�5DWLR�±�This ratio shows how much money the business has tied up in assets for each dollar of sales revenue. A higher ratio is better, as it indicates that the business is effectively using its assets to generate sales.���$05�&RUSRUDWLRQ¶V�DVVHW�WXUQRYHU�UDWLR�KDV�LQFUHDVHG�VOLJKWO\�HDFK�\HDU�IURP������WR�������7KH�FRPSDQ\¶V�DVVHW�WXUQRYHU�UDWLR�ZDV������LQ�������ZKLFK�LPSURYHG�WR������LQ������DQG������LQ��������

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�$FFRXQWV�5HFHLYDEOH�7XUQRYHU�5DWLR�±�The accounts receivable turnover ratio is used to show how effective a company is at extending credit and collecting debt. A higher ratio is better because it indicates that the business is efficient at extending credit. ��$05¶V�DFFRXQWV�UHFHLYDEOH�WXUQRYHU�UDWLR�KDV�GHFUHDVHG�HYHU\�\HDU�VLQFH�������7KDW�\HDU�WKH�UDWLR�ZDV��������ZKLFK�GURSSHG�WR�������LQ������DQG�WR�������LQ���������:RUNLQJ�&DSLWDO�7XUQRYHU�5DWLR�±�This ratio shows the relationship between the money used to fund operations and the money generated from those operations. A higher ratio is better, as a higher ratio means that the business is generating a higher amount of sales from the money used to fund those sales.��7KH�FRPSDQ\¶V�ZRUNLQJ�FDSLWDO�WXUQRYHU�UDWLR�KDV�UHPDLQHG�QHJDWLYH�IRU�WKH�SDVW���\HDUV�EHFDXVH�WKH�FRPSDQ\�KDV�PRUH�FXUUHQW�OLDELOLWLHV�WKDQ�FXUUHQW�DVVHWV��,Q������WKH�UDWLR�ZDV���������,W�GURSSHG�IXUWKHU�WR��������LQ������DQG�URVH�VOLJKWO\�WR��������LQ��������$YHUDJH�,QYHQWRU\�,QYHVWPHQW�3HULRG�±�The average inventory investment period is the number of days that it takes to convert a dollar of cash used to purchase inventory into a dollar of sales. A smaller time period is better, as this means that the business has to invest less of their cash in inventory.���$05�&RUSRUDWLRQ¶V�LQYHQWRU\�OLNHO\�FRQVLVWV�PRVWO\�RI�IXHO��DORQJ�ZLWK�IRRG�DQG�RWKHU�DLUFUDIW�DPHQLWLHV��$05¶V�DYHUDJH�LQYHQWRU\�LQYHVWPHQW�SHULRG�UHPDLQHG�DW����LQ������DQG������DQG�GURSSHG�WR����LQ��������

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,PSOLFDWLRQV��$OWKRXJK�VRPH�RI�$05¶V�DFWLYLW\�DQG�HIILFLHQF\�UDWLRV�KDYH�LPSURYHG�LQ�WKH�SDVW���\HDUV��RYHUDOO�WKH\�LOOXVWUDWH�WKH�GLUH�ILQDQFLDO�VLWXDWLRQ�RI�WKH�FRPSDQ\��7KH�FRPSDQ\�KDV�KLJKHU�FXUUHQW�OLDELOLWLHV�WKDQ�FXUUHQW�DVVHWV��ZKLFK�OHG�WR�D�QHJDWLYH�ZRUNLQJ�FDSLWDO�WXUQRYHU�UDWLR�HYHU\�\HDU��$FFRXQWV�UHFHLYDEOH�WXUQRYHU�KDV�JRWWHQ�ZRUVH�HDFK�\HDU��D�FRPSDQ\�LQ�DV�PXFK�GHEW�DV�$PHULFDQ�VKRXOG�EH�IRFXVHG�RQ�FROOHFWLQJ�RQ�WKHLU�DFFRXQWV�UHFHLYDEOH�TXLFNO\��7KH�FRPSDQ\�KDV�LPSURYHG�ERWK�LWV�DVVHW�WXUQRYHU�UDWLR�DQG�DYHUDJH�LQYHQWRU\�LQYHVWPHQW�SHULRG��DOWKRXJK�WKH�DYHUDJH�LQYHQWRU\�LQYHVWPHQW�SHULRG�LV�D�SRRU�LQGLFDWRU�RI�KRZ�ZHOO�DQ�DLUOLQH�LV�GRLQJ�ILQDQFLDOO\��� �/HYHUDJH�DQG�6ROYHQF\��'HEW�WR�(TXLW\�±�The debt to equity ratio compares how many funds are provided by creditors and how many funds are provided by owners. A low debt to equity ratio is good, as a high ratio indicates increases in debt.��$05¶V�GHEW�WR�HTXLW\�UDWLR�KDV�UHPDLQHG�QHJDWLYH�EHFDXVH�WKH�FRPSDQ\�KDV�QHJDWLYH�VWRFNKROGHU¶V�HTXLW\��$OWKRXJK�WKH�UDWLR�LV�VXSSRVHG�WR�EH�ORZ��D�QHJDWLYH�UDWLR�LV�QRW�GHVLUDEOH��,Q�������LW�ZDV����������ZKLFK�GURSSHG�WR����������LQ�������7KH�GHEW�WR�HTXLW\�UDWLR�LQ������ZDV�����������'HEW�WR�$VVHWV�±�The debt to assets ratio shows how many assets are funded by creditors and how many are funded by owners. A low ratio is better, as this indicates that the company did not have to take on much debt to purchase their assets. �$05¶V�GHEW�WR�DVVHWV�UDWLR�KDV�LQFUHDVHG�VLQFH�������LQGLFDWLQJ�DQ�LQFUHDVH�LQ�WKH�FRPSDQ\¶V�GHEW��,W�ZDV�������LQ�������LQFUHDVHG�WR��������LQ�������DQG�LQFUHDVHG�IXUWKHU�WR��������LQ��������,PSOLFDWLRQV��%RWK�RI�WKH�OHYHUDJH�DQG�VROYHQF\�UDWLRV�LOOXVWUDWH�$05¶V�ILQDQFLDO�LVVXHV��7KH�GHEW�WR�HTXLW\�UDWLR�LV�QHJDWLYH�GXH�WR�QHJDWLYH�VWRFNKROGHU¶V�HTXLW\��ZKLFK�UHIOHFWV�YHU\�SRRUO\�RQ�WKH�FRPSDQ\��,Q�DGGLWLRQ��WKH�GHEW�WR�DVVHWV�UDWLR�KDV�LQFUHDVHG�VLQFH�WKH�FRPSDQ\�LV�WDNLQJ�RQ�PRUH�GHEW��SRVVLEO\�GXH�WR�EDQNUXSWF\�DQG�UHVWUXFWXULQJ���

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/LTXLGLW\��&XUUHQW�5DWLR�±�The current ratio compares a company’s current assets and their current liabilities. A higher ratio is better, as a company with more liabilities than assets is a higher financial risk. Ratios greater or equal to 2 indicate that a company is able to meet its short-term obligations.��$05¶V�FXUUHQW�UDWLR�GURSSHG�VOLJKWO\�IURP������WR�������EXW�KDV�UHPDLQHG�UHODWLYHO\�FRQVWDQW��DOEHLW�ORZ��7KH�UDWLR�ZDV������LQ�ERWK������DQG�������DQG�GHFUHDVHG�WR������LQ���������$FLG�WHVW�5DWLR�±�This ratio is similar to the current ratio, however, instead of using all current assets, it only uses cash, short-term investments, and current receivables, a company’s most liquid assets. A higher ratio is better and any ratio higher than 1 is considered good.��/LNH�LWV�FXUUHQW�UDWLR��$05¶V�DFLG�WHVW�UDWLR�RYHU�WKH�SDVW���\HDUV�KDV�EHHQ�ORZHU�WKDQ�LV�GHVLUDEOH�DQG�KDV�GURSSHG�VOLJKWO\��,W�ZDV������LQ������������LQ�������DQG��������,PSOLFDWLRQV��%RWK�RI�$05¶V�OLTXLGLW\�UDWLRV�DUH�ORZHU�WKDQ�WKH�LQGXVWU\�VWDQGDUG������IRU�FXUUHQW�UDWLR�DQG�����IRU�DFLG�WHVW�UDWLR����%RWK�DUH�OHVV�WKDQ�RQH�EHFDXVH�WKH�FRPSDQ\�KDV�JUHDWHU�OLDELOLWLHV�WKDQ�DVVHWV��LQGLFDWLQJ�WKDW�WKH\�DUH�XQDEOH�WR�VXFFHVVIXOO\�SD\�RII�WKHLU�GHEW��7KH�UDWLRV�KDYH�GURSSHG�RYHU�WKH�SDVW���\HDUV�EHFDXVH�RI�DQ�LQFUHDVH�LQ�GHEW����������

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3URILWDELOLW\��5HWXUQ�RQ�$VVHWV�±�This ratio indicates how well a business is using its assets to produce income. A higher ratio indicates that the company is using its assets well.��$05�KDV�KDG�D�QHJDWLYH�UHWXUQ�RQ�DVVHWV�UDWLR�IRU�WKH�SDVW���\HDUV�EHFDXVH�RI�WKHLU�QHJDWLYH�QHW�LQFRPH��,Q������WKH�FRPSDQ\¶V�UDWLR�ZDV���������ZKLFK�GURSSHG�WR��������LQ�������,Q�������WKH�UDWLR�LQFUHDVHG�VOLJKWO\�WR����������5HWXUQ�RQ�(TXLW\�±�The return on equity ratio compares a company’s net income to the company’s stockholder’s equity to determine what return that company is providing. A higher ratio is better, as it indicates that the company is producing more income with less stockholder’s equity.��$OWKRXJK�WKH�FRPSDQ\¶V�UHWXUQ�RQ�HTXLW\�UDWLR�DSSHDUV�SRVLWLYH��LW�LV�FDOFXODWHG�E\�GLYLGLQJ�QHJDWLYH�QHW�LQFRPH�E\�QHJDWLYH�VWRFNKROGHU¶V�HTXLW\��7KHUHIRUH�WKH�QXPEHUV�DUH�EDVLFDOO\�LUUHOHYDQW��DV�WKH\�DUH�DOO�EDG��,Q������WKH�UDWLR�ZDV���������LQ��������������DQG��������LQ��������3URILW�0DUJLQ�5DWLR�±�The profit margin ratio determines how much income a company makes for every dollar of sales. A higher ratio is better, as this means that a company is making more income off of its sales.��/LNH�WKH�UHWXUQ�RQ�DVVHWV�UDWLR��$05¶V�SURILW�PDUJLQ�UDWLR�ZDV�QHJDWLYH�GXH�WR�QHJDWLYH�QHW�LQFRPH��,Q�������WKH�FRPSDQ\¶V�UDWLR�ZDV���������,W�GURSSHG�IXUWKHU�WR��������LQ������DQG�LQFUHDVHG�VOLJKWO\�WR��������LQ��������

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,PSOLFDWLRQV��7KH�FRPSDQ\¶V�SURILWDELOLW\�UDWLRV�DUH�DOO�QHJDWLYH�EHFDXVH�RI�QHJDWLYH�QHW�LQFRPH�ZLWK�WKH�H[FHSWLRQ�RI�UHWXUQ�RQ�HTXLW\��ZKLFK�LV�RQO\�SRVLWLYH�EHFDXVH�HTXLW\�LV�DOVR�QHJDWLYH��7KH�QXPEHUV�DQG�WKH�FKDQJH�HDFK�\HDU�DUH�OHVV�LPSRUWDQW�WKDQ�WKH�IDFW�WKDW�WKH�QXPEHUV�DUH�QHJDWLYH��7KH�FRPSDQ\�KRSHV�WKDW�WKH�PHUJHU�ZLWK�86�$LUZD\V�ZLOO�DOORZ�WKHP�WR�PDNH�SRVLWLYH�QHW�LQFRPH�LQ�WKH�IXWXUH���9DOXDWLRQ��(DUQLQJV�SHU�6KDUH�±�Earnings per share is a measure of how much income a company makes for each share of stock it has issued. A high earnings per share ratio is better than a low one.��$05¶V�HDUQLQJV�SHU�VKDUH�UDWLR�ZDV�QHJDWLYH�RYHU�WKH�SDVW���\HDUV�EHFDXVH�RI�WKH�FRPSDQ\¶V�QHJDWLYH�QHW�LQFRPH��(36�LQ������ZDV��������ZKLFK�GURSSHG�WR�������LQ�������7KH�UDWLR�ZDV�������LQ��������3�(�5DWLR�±�The P/E ratio is a measure of the projected earnings of a company. It is calculated by dividing the current market value per share by the earnings per share. The ratio indicates the market price of $1 of earnings, with a high ratio indicating high projected earnings.��6LQFH�WKH�3�(�UDWLR�LV�EDVHG�RQ�HDUQLQJV�SHU�VKDUH��$05¶V�UDWLR�ZDV�QHJDWLYH�IRU�WKH�SDVW���\HDUV��,W�ZDV�������LQ�������������LQ�LQ�������DQG�������LQ��������,PSOLFDWLRQV��/LNH�WKH�SUHYLRXV�FDWHJRU\��ERWK�RI�WKHVH�UDWLRV�DUH�QHJDWLYH�EHFDXVH�RI�$05¶V�QHJDWLYH�QHW�LQFRPH���7KH�QHJDWLYH�3�(�UDWLR�IRU�$PHULFDQ�$LUOLQHV�UHIOHFWV�WKH�VWRFN�PDUNHW¶V�SRRU�YLHZ�RI�WKH�FRUSRUDWLRQ���,GHDOO\��WKH�PHUJHU�DQG�HPHUJHQFH�IURP�EDQNUXSWF\�ZLOO�UHVWRUH�WKH�FRPSDQ\�WR�SURILWDELOLW\�DQG�WKHLU�(36�DQG�3�(�UDWLR�ZLOO�EHFRPH�SRVLWLYH�����

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x� The adoption of cloud computing will allow businesses to cut costs as well as share information faster and more efficiently.

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x� Due to increased prices of inelastic goods, Americans are choosing to drive less and use alternative modes of transportation.

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x� Obamacare will cause companies to cut employees and is likely to increase the unemployment rate.

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x� Due to lack of increase in payroll, it is likely that unemployment rates will continue to increase.

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x� Companies are seeking alternative options in hopes of reducing their carbon footprint. o� &RPSDQLHV�DQG�JRYHUQPHQWV�DUH�VHHNLQJ�WR�VKULQN�WKHLU�FDUERQ�IRRWSULQWV��7KH\�DUH�

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x� Turning from sustainability as a cost and risk reduction measure to an opportunity likely

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Wall Street Journal (NEW YORK) – US Airways and American Airlines parent AMR Corporation are facing an antitrust lawsuit filed by the Justice Department over the two companies’ proposed merger. The Justice department claims that the merger, which would create the world’s longest airline, would stifle competition, while the companies argue that the combination would reduce costs and enable competition with Delta Air Lines and United Continental Holdings. Source: http://online.wsj.com/ article/SB10001424127887323846504579071163471712756.html �5HOLDELOLW\��+LJK��

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LA Times (LOS ANGELES) – The US Department of Transportation fined United Airlines $350,000 for delaying over 9,000 refund requests from passengers. The company was also cited for filing inaccurate data for lost and damaged luggage, overbooking airplanes, and failing to file reports on the losses or death of animals in a timely manner. Source: http://www.latimes.com/business/money/la-fi-mo-feds-fine-united-airlines-over-refund-delay-20130830,0,7648774.story �5HOLDELOLW\��+LJK���

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Reuters (NEW YORK) – A longer version of Boeing’s Dreamliner airplane made its first flight on September 17th. Once the airplane is on the market, it will likely increase profitability for both Boeing and its consumers, as Boeing can sell the plane for a higher price and airlines can sell more seats on them. Boeing is also planning to market an even longer Dreamliner, the 787-10. Source: http://www.reuters.com/ article/2013/09/17/us-boeing-dreamliner-takeoff-idUSBRE98G10320130917 �5HOLDELOLW\��+LJK�

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International Council on Clean Transportation (WASHINGTON, D.C.) – The International Council on Clean Transportation released a ranking of the 15 mainline airlines operating in the United States on their fuel efficiency during 2010. Alaska Airlines was rated the most fuel efficient. This is the first of this type of analysis using publically available data and adjusting for variations among airlines. Source: http://www.theicct.org/sites/default/files/U.S.%20Airlines%20Ranking%20Fact%20Sheet%20final.pdf �6RXUFH�5HOLDELOLW\��+LJK��

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ABC News (NEW YORK) – United Airlines recently announced that it will call back nearly 600 pilots who were on furlough since the Great Recession in 2008 and 2009. The recall is happening because of the increased demand for pilots at the airline. The returning pilots are the last of the pilots who were furloughed during the recession. Training for the pilots will begin in October and will be completed by 2014. Source: http://abcnews.go.com/Health/wireStory/united-recalls-600-pilots-furlough-20170845 �5HOLDELOLW\��+LJK���

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NBC News (NEW YORK) – Airline companies took in 27 billion dollars in revenue from fees in 2012, which is a 20 percent jump from 2011. Fees and other non-fare revenue are becoming an increasingly important part of airline companies’ business models, as some companies can generate more than 20 percent of their revenue from such fees. Source: http://www.nbcnews.com/travel/airlines-took-27-billion-fees-2012-8C11122571 �5HOLDELOLW\��+LJK����

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1 (29 June 2013). Airline Data - Largest Airlines 2002-2010. Retrieved from http://www.airlinefinancials.com/airline_data_comparisons.html 2 (9 December 9, 2013). Compare Airlines. Retrieved from http://airlines.findthebest.com/ 3 (2013). Skyteam. Retrieved from http://www.skyteam.com/ 4 (2013). About American Airlines: Profile and Fast Facts. Retrieved from https://www.aa.com/i18n/aboutUs/corporateResponsibility/company/profile-and-fast-facts.jsp (high) 5 (2013). Thomas W. Horton: Chairman, President & Chief Executive Officer, AMR Corporation and American Airlines. Retrieved from http://www.aa.com/i18n/amrcorp/corporateInformation/bios/horton.jsp (high) 6 De La Merced, M. (11 Nov 2011). American Airlines Parent Files for Bankruptcy. Retrieved from http://dealbook.nytimes.com/2011/11/29/american-airlines-parent-files-for-bankruptcy/?_r=0 (high) 7 (15 Apr 2013). Form 10-K/A: AMR Corp. Retrieved from http://www.sec.gov/Archives/edgar/data/6201/000119312513155496/d521153d10ka.htm (high) 8 Schlangenstein, M., & McLaughlin, D. (18 Sep 2013). AMR-US Airways Unions Meet U.S. Official on Merger Suit. Retrieved from http://www.bloomberg.com/news/2013-09-18/amr-us-airways-unions-meet-u-s-official-on-merger-suit.html (high) 9 Ahles, A. (10 Jun 2013). Management team named for merged American Airlines. Retrieved from http://www.star-telegram.com/2013/06/10/4925036/management-team-named-for-merged.html?rh=1 (medium) 10 ibid 11 Schlangenstein, M., & Catts, T. (15 Feb 2013). American Eagle’s Future Likely to Be Decided in 2013, CEO Says. Retrieved from http://www.bloomberg.com/news/2013-02-14/american-eagle-future-probably-will-be-decided-in-2013-ceo-says.html (high) 12(n.d.). AMR Corp.: Key Directors. Retrieved from http://www.mergentonline.com/companyexecutives.php?compnumber=288&pagetype=directors&execid=785523&execcik=0001175928&win=profile (high) 13 (2013). Thomas W. Horton: Chairman, President & Chief Executive Officer, AMR Corporation and American Airlines. Retrieved from http://www.aa.com/i18n/amrcorp/corporateInformation/bios/horton.jsp (high) 14 (2013). Executive Profile: Thomas W. Horton. Retrieved from http://investing.businessweek.com/research/stocks/people/person.asp?personId=168573&ticker=AAMRQ (high) 15 ibid 16(n.d.). AMR Corp.: Thomas W. Horton. Retrieved from http://www.mergentonline.com/companyexecutives.php?compnumber=288&pagetype=directors&execid=785523&execcik=0001175928&win=profile (high) 17 (2013). Thomas W. Horton: Chairman, President & Chief Executive Officer, AMR Corporation and American Airlines. Retrieved from http://www.aa.com/i18n/amrcorp/corporateInformation/bios/horton.jsp (high) 18 (15 Aug 2005). Thomas W. Horton Elected to ExpressJet Board. Retrieved from http://hotelexecutive.com/newswire/4654/thomas-w-horton-elected-to-expressjet-board (medium) 19 (2013). Thomas W. Horton: Chairman, President & Chief Executive Officer, AMR Corporation and American Airlines. Retrieved from http://www.aa.com/i18n/amrcorp/corporateInformation/bios/horton.jsp (high) 20 (n.d.). Qualcomm: Board of Directors. Retrieved from http://investor.qualcomm.com/directors.cfm (high) 21 (2013). Thomas W. Horton: Chairman, President & Chief Executive Officer, AMR Corporation and American Airlines. Retrieved from http://www.aa.com/i18n/amrcorp/corporateInformation/bios/horton.jsp (high) 22 ibid 23 (2013). Executive Profile: Thomas W. Horton. Retrieved from http://investing.businessweek.com/research/stocks/people/person.asp?personId=168573&ticker=AAMRQ (high) 24 (15 Apr 2013). Form 10-K/A: AMR Corp. Retrieved from http://www.sec.gov/Archives/edgar/data/6201/000119312513155496/d521153d10ka.htm (high) 25 (2013). Executive Profile: Thomas W. Horton. Retrieved from http://investing.businessweek.com/research/stocks/people/person.asp?personId=168573&ticker=AAMRQ (high)

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26 Arpey, G. (29 Nov 2011). Gerard Arpey's Letter to AMR Employees: Arpey resigns as CEO of AMR Corp. after 8 years. Retrieved from http://www.nbcdfw.com/news/business/Gerard-Arpeys-Letter-to-AMR-Employees-134681458.html (high) 27 (2013). Thomas W. Horton: Chairman, President & Chief Executive Officer, AMR Corporation and American Airlines. Retrieved from http://www.aa.com/i18n/amrcorp/corporateInformation/bios/horton.jsp (high) 28 Burke, J. (14 Sep 2013). AMR Corporation (OTCMKTS:AAMRQ): Judge gives details on why CEO is denied severance payment. Retrieved from http://www.marketnewscall.com/amr-corporation-otcmktsaamrq-judge-gives-details-on-why-ceo-is-denied-severance-payment/123381/ (high) 29 (2013). Daniel P. Garton: Executive Vice President, AMR Corporation and President & Chief Executive Officer, American Eagle Airlines. Retrieved from http://www.aa.com/i18n/amrcorp/corporateInformation/bios/garton.jsp (high) 30 (2013). Daniel Garton: Profile. Retrieved from http://www.forbes.com/profile/daniel-garton/ (high) 31 ibid 32(n.d.). AMR Corp.: Daniel P. Garton. Retrieved from http://www.mergentonline.com/companyexecutives.php?compnumber=288&pagetype=officers&execid=585298&execcik=0001196911&win=profile (high) 33 (2013). Daniel P. Garton: Executive Vice President, AMR Corporation and President & Chief Executive Officer, American Eagle Airlines. Retrieved from http://www.aa.com/i18n/amrcorp/corporateInformation/bios/garton.jsp (high) 34(n.d.). AMR Corp.: Daniel P. Garton. Retrieved from http://www.mergentonline.com/companyexecutives.php?compnumber=288&pagetype=officers&execid=585298&execcik=0001196911&win=profile (high) 35 (2013). Executive Profile: Daniel P. Garton. Retrieved from http://investing.businessweek.com/research/stocks/people/person.asp?personId=168603&ticker=AAMRQ (high) 36 (2013). Daniel P. Garton: Executive Vice President, AMR Corporation and President & Chief Executive Officer, American Eagle Airlines. Retrieved from http://www.aa.com/i18n/amrcorp/corporateInformation/bios/garton.jsp (high) 37 (15 Apr 2013). Form 10-K/A: AMR Corp. Retrieved from http://www.sec.gov/Archives/edgar/data/6201/000119312513155496/d521153d10ka.htm (high) 38 (2013). Daniel P. Garton: Executive Vice President, AMR Corporation and President & Chief Executive Officer, American Eagle Airlines. Retrieved from http://www.aa.com/i18n/amrcorp/corporateInformation/bios/garton.jsp (high) 39 (2013). Isabella D. Goren: Senior Vice President and Chief Financial Officer, AMR Corp. and American Airlines. Retrieved from http://www.aa.com/i18n/amrcorp/corporateInformation/bios/goren.jsp (high) 40 ibid 41 (15 Apr 2013). Form 10-K/A: AMR Corp. Retrieved from http://www.sec.gov/Archives/edgar/data/6201/000119312513155496/d521153d10ka.htm (high) 42 (2012). Isabella Goren: Profile. Retrieved from http://www.forbes.com/profile/isabella-goren/ (high) 43 (2013). Isabella D. Goren: Senior Vice President and Chief Financial Officer, AMR Corp. and American Airlines. Retrieved from http://www.aa.com/i18n/amrcorp/corporateInformation/bios/goren.jsp (high) 44 ibid 45 (2013). Gary F. Kennedy: Senior Vice President, General Counsel & Chief Compliance Officer, AMR Corporation and American Airlines. Retrieved from http://www.aa.com/i18n/amrcorp/corporateInformation/bios/kennedy.jsp (high) 46 ibid 47 (15 Apr 2013). Form 10-K/A: AMR Corp. Retrieved from http://www.sec.gov/Archives/edgar/data/6201/000119312513155496/d521153d10ka.htm (high) 48 (2013). James B. Ream: Senior Vice President – Operations, American Airlines. Retrieved from http://www.aa.com/i18n/amrcorp/corporateInformation/bios/ream.jsp (high) 49 ibid

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50 (15 Apr 2013). Form 10-K/A: AMR Corp. Retrieved from http://www.sec.gov/Archives/edgar/data/6201/000119312513155496/d521153d10ka.htm (high) 51 (2012). Profile: AMR Corporation at a Glance. Retrieved from http://www.aa.com/i18n/aboutUs/corporateResponsibility/profile/amr-corporation-at-a-glance.jsp (high) 52 (2013). Investor Relations: About AMR. Retrieved from http://phx.corporate-ir.net/phoenix.zhtml?c=117098&p=irol-IRHome (high) 53 (2013). American Airlines News: Hubs. Retrieved from http://hub.aa.com/en/nr/media-kit/network/domestic-network (high) 54 ibid 55 (2013). oneworld. Retrieved from http://www.aa.com/i18n/AAdvantage/programInformation/oneworld/overview.jsp (high) 56 ibid 57 (2013). oneworld: Member Airlines. Retrieved from http://www.oneworld.com/member-airlines/overview;jsessionid=E83EC671DE1A60E53175B24C0A2AAB09 (high) 58 Rigby, R. (16 Apr 2013). Low-Cost vs. Legacy Airlines. Retrieved from http://www.ft.com/cms/s/0/ecfb233e-a1cb-11e2-8971-00144feabdc0.html (high) 59 (24 Apr 2012). International Travel to United States Increasing. Retrieved from http://iipdigital.usembassy.gov/st/english/article/2012/04/201204244504.html (high) 60 Hamm, C. M. (13 Jun 2012). Satisfaction with low-cost carriers outpaces legacy counterparts. Retrieved from http://articles.latimes.com/2012/jun/13/news/la-trb-airline-satisfication-survey-jdpower-20120612 (high) 61 (2013). Boeing 767. Retrieved from https://www.aa.com/i18n/aboutUs/ourPlanes/boeing767.jsp (high) 62 (2013). AAdvantage: Program Information. Retrieved from https://www.aa.com/i18n/AAdvantage/programInformation/main.jsp (high) 63 Thomaselli, R. (17 Jan 2013). American Airlines Revamp Hopes to Revive 'Wonder of Travel'. Retrieved from http://adage.com/article/news/american-airlines-revamp-hopes-revive-travel/239264/ (high) 64 ibid 65 ibid 66 Nigam, S. (09 May 2013). Influencer marketing comes of age in aviation – American Airlines Klout and Eindhoven Airport Facebook VIP in focus. Retrieved from http://simpliflying.com/2013/influencer-marketing-comes-of-age-in-aviation-american-airlines-klout-and-eindhoven-airport-facebook-vip-in-focus/ (high) 67 ibid 68 (2013). Robert J. Friedman: Vice President – Marketing, American Airlines. Retrieved from http://www.aa.com/i18n/amrcorp/corporateInformation/bios/friedman.jsp (high) 69 (2013). AAdvantage: Program Information. Retrieved from https://www.aa.com/i18n/AAdvantage/programInformation/main.jsp (high) 70 (2011). American Airlines: Frequently Asked Questions for Suppliers and Trading Partners. Retrieved from http://www.aa.com/edgedownloads/restructuring/SuppliersandVendors.pdf (high) 71 (2013) Investors. Retrieved from http://newamericanarriving.com/investors (high) 72 Sturtz, R., & Smith, G. (2010). Fuel Consortia: A 30-Year Success Story. Retrieved from http://www.burnsmcd.com/Aviation-Special-Report/Article/Fuel-Consortia-A-30-Year-Success-Story (high) 73 ibid 74 (n.d.). Aircraft Service International Group: Fuel Services. Retrieved from http://www.asig.com/services/fuel-services (high) 75 (May 2013). American Airlines: Fleet Statistics. Retrieved from https://www.aa.com/i18n/amrcorp/corporateInformation/facts/fleet.jsp (high) 76 (2013). American Airlines News: FuelSmart. Retrieved from http://hub.aa.com/en/nr/media-kit/operations/fuelsmart (high) 77 Krasny, J. (20 Sep 2012). Layoffs At American Airlines Could Make Things A Lot Worse For Passengers. Retrieved from http://www.businessinsider.com/layoffs-at-american-airlines-could-make-things-a-lot-worse-for-passengers-2012-9 (high)

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78 Bartz, D. (18 Sep 2013). UPDATE 2-American Airlines, US Airways unions rally for merger. Retrieved from http://www.reuters.com/article/2013/09/18/americanairlines-usairways-rally-idUSL2N0HE1X020130918 (high) 79 S., C. (26 Mar 2013). Legacy vs low-cost carriers: Spot the difference. Retrieved from http://www.economist.com/blogs/gulliver/2013/03/legacy-vs-low-cost-carriers (high) 80 (2012). Distinction between low cost and ‘legacy' airlines increasingly irrelevant. Retrieved from http://www.kpmg.com/uk/en/issuesandinsights/articlespublications/newsreleases/pages/low-cost-vs-legacy-airlines-distinction-between-the-two-increasingly-irrelevant-says-kpmg.aspx (high) 81 Teague, P. (16 Jan 2012). SRM pays off - just ask American Airlines. Retrieved from http://www.procurementleaders.com/blog/my-blog--paul-teague/srm-pays-off---just-ask-american-airlines (medium) 82 (2013). American Airlines News: Hubs. Retrieved from http://hub.aa.com/en/nr/media-kit/network/domestic-network (high) 83 ibid 84 (2013). Thomas W. Horton: Chairman, President & Chief Executive Officer, AMR Corporation and American Airlines. Retrieved from http://www.aa.com/i18n/amrcorp/corporateInformation/bios/horton.jsp (high) 85 (2013). News and Updates. Retrieved from http://newamericanarriving.com (high) 86 (2013). More Choices, Increased Service. Retrieved from http://newamericanarriving.com/customers (high) 87 Jacobs, K. (16 Aug 2013). Analysis: Merged American Airlines-US Airways would offer more, could charge more. Retrieved from http://www.reuters.com/article/2013/08/16/us-airlines-consumers-analysis-idUSBRE97F10020130816 (high) 88 ibid 89 Davies, A. (17 Jan 2013). Here's Why American Airlines Is Changing The Look Of Its Planes. Retrieved from http://www.businessinsider.com/why-american-airlines-changed-its-logo-2013-1 (high) 90 (2013). American Airlines. Retrieved from http://www.youtube.com/user/americanairlines (high) 91 (2011). Information About American's Chapter 11 Reorganization. Retrieved from http://www.aa.com/i18n/information/restructuring.jsp?anchorLocation=DirectURL&title=restructuring (high) 92 (2013). AMR Corp (AAMRQ.PK). Retrieved from http://www.reuters.com/finance/stocks/chart?symbol=AAMRQ.PK (high) 93 (2013). American Airlines Inc: Form 10-K. Retrieved from http://phx.corporate-ir.net/External.File?item=UGFyZW50SUQ9NDk2MDc4fENoaWxkSUQ9NTM0ODgyfFR5cGU9MQ==&t=1 (high) 94 ibid 95 Tran, H. (14 May 2013). The impact of the American Airlines – US Airways merger on American Airlines AAMRQ stock: a curious case of stock piggy-backing. Retrieved from http://hiepsfinance.com/2013/05/14/the-impact-of-the-american-airlines-us-airways-merger-on-american-airlines-stock-a-curious-case-of-stock-piggy-backing/ (medium) 96 ibid 97 Scott, D.M. (22 Jan 2013). American Airlines announces new branding to its best customers first. Retrieved from http://www.webinknow.com/2013/01/american-airlines-announces-new-branding-to-its-best-customers-first.html (high) 98 (14 Feb 2013). American Airlines, US Airways announce $11B merger. Retrieved from http://www.cbsnews.com/8301-500395_162-57569341/american-airlines-us-airways-announce-$11b-merger/ (high) 99 ibid 100 Brown, N. (27 Mar 2013). Court approves American Airlines-US Airways merger. Retrieved from http://www.nbcnews.com/business/court-approves-american-airlines-us-airways-merger-2B9117378 (high) 101 (13 Aug 2013). Justice Department sues to block AMR-US Airways merger; stocks fall. Retrieved from http://autotransportationnewseditor.blogspot.com/2013/08/justice-department-sues-to-block-amr-us.html (medium) 102 Brown, N. (12 Sep 2013). AMR bankruptcy plan wins court approval. Retrieved from http://www.reuters.com/article/2013/09/12/us-amr-bankruptcy-idUSBRE98B0S620130912 (high)

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103 Schlangenstein, M. (23 Sep 2013). AMR-US Airways Merger Deadline Extended as U.S. Suit Fought. Retrieved from http://www.bloomberg.com/news/2013-09-23/american-airlines-us-airways-extend-merger-deadline-to-jan-18.html (high) 104 (11 Oct 2013). Aa.com Site Info. Retrieved from http://www.alexa.com/siteinfo/aa.com (high) 105 (11 Oct 2013). American Airlines Facebook Page Statistics. Retrieved from http://www.socialbakers.com/facebook-pages/7003656077-american-airlines (high) 106 ibid 107 (11 Oct 2013). @AmericanAir (American Airlines) Twitter Statistics. Retrieved from http://www.socialbakers.com/twitter/AmericanAir (high) 108 (11 Oct 2013). American Airlines Channel Statistics. Retrieved from http://www.socialbakers.com/youtube-statistics/channel/americanairlines (high) 109 (11 Oct 2013). American Airlines Google+ Statistics. Retrieved from http://www.socialbakers.com/google-plus-statistics/american-airlines-116379561838758955580 (high) 110 (11 Oct 2013). Google Trends. Retrieved from http://www.google.com/trends/explore?q=american+airlines#q=american%20airlines&cmpt=q (high) 111 (11 Oct 2013). Tweet Sentiment Visualization. Retrieved from http://www.csc.ncsu.edu/faculty/healey/tweet_viz/tweet_app/ (medium) 112 (11 Oct 2013). American Airlines. Retrieved from https://www.facebook.com/AmericanAirlines (high) 113 (11 Oct 2013). American Airlines Sucks. Retrieved from https://www.facebook.com/pages/American-Airlines-Sucks/229321130433078 (high) 114 Mosby, K. (23 May 2013). Travelers Rate Best and Worst Airlines. Retrieved from http://blog.travelchannel.com/the-traveling-type/2013/05/23/travelers-rate-best-and-worst-airlines/ (high) 115 (12 October 2013). Compete.com Delta. Retrieved from https://siteanalytics.compete.com/delta.com/ (high) 116 (12 October 2013). Alexa.com. Delta. Retrieved from http://www.alexa.com/siteinfo/delta.com (high) 117 (12 October 2013). Alexa.com Delta. Retrieved from http://www.alexa.com/siteinfo/delta.com (high) 118 (12 October 2013). Compete.com Southwest. Retrieved from https://siteanalytics.compete.com/southwest.com/ (high) 119 (12 October 2013). Alexa.com Delta. Retrieved from http://www.alexa.com/siteinfo/delta.com (high) 120 (12 October 2013). Alexa.com. Delta. Retrieved from http://www.alexa.com/siteinfo/delta.com (high) 121 (12 October 2013). Alexa.com. Delta. Retrieved from http://www.alexa.com/siteinfo/delta.com (high) 122 (12 October 2013). Delta Facebook Page Statistics. Retrieved from http://www.socialbakers.com/facebook-pages/125472670805257-delta (high) 123 (12 October 2013). Delta Facebook Page Statistics. Retrieved from http://www.socialbakers.com/facebook-pages/125472670805257-delta (high) 124 (12 October 2013). Delta Twitter. Retrieved from https://twitter.com/Delta (high) 125 (12 October 2013). DeltaAssist Twitter. Retrieved from https://twitter.com/DeltaAssist (high) 126 (12 October 2013). Customer Service Delta. Retrieved from http://simplymeasured.com/blog/2012/12/18/4-ways-to-improve-customer-service-measurement-on-twitter/ (high) 127 (12 October 2013). Delta Air Lines Social Media Page. Retrieved from http://brands.ignitesocialmedia.com/delta-air-lines/ (high) 128 (12 October 2013). Delta Facebook. Retrieved from https://www.facebook.com/delta?filter=1 (high) 129 (12 October 2013). Delta Twitter. Retrieved from https://twitter.com/Delta (high) 130 (12 October 2013). DeltaAssist Twitter. Retrieved from https://twitter.com/DeltaAssist (high) 131 (12 October 2013). Delta Airlines PR Daily. Retrieved from http://www.prdaily.com/awards/specialedition/75.aspx (medium) 132 (12 October 2013). Delta YouTube. Retrieved from http://www.youtube.com/user/DeltaAirLines (high) 133 (12 October 2013) Alexa.com Southwest Retrieved from http://www.alexa.com/topsites/countries;5/US(high) 134(12 October 2013) Siteanalytics.com Southwest Retrieved from https://siteanalytics.compete.com/southwest.com/(medium) 135 (12 October 2013) Alexa.com Southwest Retrieved from http://www.alexa.com/siteinfo/southwest.com(high)

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136(12 October 2013) Socialbakers.com Southwest Retrieved from http://www.socialbakers.com/all-social-media-stats/facebook/tag/airlines/(high) 137 (12 October 2013) Socialbakers.com Southwest Retrieved from http://www.socialbakers.com/facebook-pages/6806028948-southwest-airlines(high) 138 (12 October 2013) Facebook.com Southwest Retrieved from https://www.facebook.com/Southwest(high) 139 (12 October 2013) Facebook.com Southwest Retrieved from https://www.facebook.com/Southwest(high) 140 (12 October 2013) Twitter.com Southwest Retrieved from https://twitter.com/SouthwestAir/with_replies(high) 141 Kuefler, J. (1 Jun 2012). Media fragmentation: 10 things you can do right now. Retrieved from http://www.callahancreek.com/media-fragmentation-ten-things-you-can-do-right-now-1 (high) 142 (25 Jul 2013) Marketing in the Age of Media Fragmentation. Retrieved from http://www.quinterdesign.com/?p=473 (medium) 143 Kim, J. (15 Aug 2013). “Which ad experience do you prefer?”: Content’s fight against media fragmentation. Retrieved from http://www.ironpaper.com/webintel/articles/which-ad-experience-do-you-prefer-contents-fight-against-media-fragmentation/ (high) 144 (22 Jul 2013). Marriage Rate Declines To Historic Low, Study Finds. Retrieved from http://www.huffingtonpost.com/2013/07/22/marriage-rate_n_3625222.html (high) 145 Butterworth, T. (25 Jun 2013). What's Behind The US Decline In Marriage? Pragmatism. Retrieved from http://www.forbes.com/sites/trevorbutterworth/2013/06/25/whats-behind-the-us-decline-in-marriage-pragmatism/ (high) 146 Greenstone, M. and Looney, A. (3 Feb 2012). The Marriage Gap: The Impact of Economic and Technological Change on Marriage Rates. Retrieved from http://www.brookings.edu/blogs/jobs/posts/2012/02/03-jobs-greenstone-looney (high) 147 (27 Sep 2013). New UNWTO Report Highlights Impact of Demographic Change on Tourism. Retrieved from http://aboutourism.wordpress.com/2010/09/27/new-unwto-report-highlights-impact-of-demographic-change-on-tourism/ (medium) 148 (n.d.). Six global trends shaping the business world: Demographic shifts transform the global workforce. Retrieved from http://www.ey.com/GL/en/Issues/Business-environment/Six-global-trends-shaping-the-business-world---Demographic-shifts-transform-the-global-workforce (medium) 149 Page, D. (n.d.). Managerial Implications of Changing Workforce Demographics. Retrieved from http://smallbusiness.chron.com/managerial-implications-changing-workforce-demographics-36924.html (high) 150 (2006). Closing the Generational Divide: Shifting Workforce Demographics and the Learning Function. Retrieved from http://www-935.ibm.com/services/us/gbs/bus/pdf/g510-6323-00_generational_divide.pdf (high) 151 (22 October 2013). Gartner Says Smart Machines Will Have Widespread and Deep Business Impact Through 2020. Retrieved from: http://www.gartner.com/newsroom/id/2605015. (High) 152 (22 October 2013). The Smart Machine – A Win Win Proposition. Retrieved from: http://www.supplychainbrain.com/content/industry-verticals/food-beverage/single-article-page/article/the-smart-machine-a-win-win-proposition/. (High) 153 (22 October 2013). The Age of Smart Machines. Retrieved from: http://www.economist.com/news/business/21578360-brain-work-may-be-going-way-manual-work-age-smart-machines. (High) 154 (22 October 2013). Apple’s Secret Retail Weapon Is Already In Your Pocket. Retreived from: http://www.businessweek.com/articles/2013-10-16/apples-secret-retail-weapon-is-already-in-your-pocket (High) 155 (22 October 2013). With iBeacon, Apple is Going to Dump on NFC and Embrace the Internet of Things. Retrieved from: http://gigaom.com/2013/09/10/with-ibeacon-apple-is-going-to-dump-on-nfc-and-embrace-the-internet-of-things/. (Medium) 156 (22 October 2013). Apple iBeacon. Retrieved from: http://www.wpp.com/wpp/marketing/digital/apple-ibeacon/~/media/reading-room/digital/mindshare_apple_ibeacon.pdf (High) 157 (22 October 2013). What is Cloud Computing? Retrieved from: http://www.salesforce.com/cloudcomputing/ (High) 158 (22 October 2013). How Cloud Computing Helps Cut Costs, Boost Profits. Retrieved from: http://www.cio.com/article/730036/How_Cloud_Computing_Helps_Cut_Costs_Boost_Profits. (High)

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159 (22 October 2013). 5 Benefits of Cloud Computing You Aren’t Likely to See in a Brochure. Retrieved from: http://www.forbes.com/sites/joemckendrick/2013/07/21/5-benefits-of-cloud-computing-you-arent-likely-to-see-in-a-sales-brochure/ (High) 160(22 October 2013) Americans drive less even as economy rebounds. Retrieved from http://www.nbcnews.com/business/americans-drive-less-even-economy-rebounds-8C11037698 161 (22 October 2013) Americans drive less even as economy rebounds. Retrieved from http://www.nbcnews.com/business/americans-drive-less-even-economy-rebounds-8C11037698 162 (22 October 2013) new study finds technology enabling americans to drive less. Retrieved from http://www.uspirg.org/news/usp/new-study-finds-technology-enabling-americans-drive-less 163(22 October 2013) Why Americans are driving less and what does smartphones have to do with it. Retrieved from http://app1.kuhf.org/articles/1380732751-Why-Americans-Are-Driving-Less-And-What-Smartphones-Have-To-Do-With-It.html 164 (22 October 2013) Obamacare is causing reduced hours for workers. Retrieved from http://www.businessinsider.com/obamacare-is-causing-reduced-hours-for-workers-2013-9 165(22 October 2013) Obamacare is causing reduced hours for workers. Retrieved from http://www.businessinsider.com/obamacare-is-causing-reduced-hours-for-workers-2013-9 166 (22 October 2013) Obamacare top 10 reasons its wrong for america. Retrieved from http://www.heritage.org/research/factsheets/obamacare-top-10-reasons-its-wrong-for-america 167 (22 October 2013) Obamacare will change how you work and retire. Retrieved from http://www.businessinsider.com/obamacare-will-change-how-you-work-and-retire-2013-9 168(22 October 2013)Poverty rates remain high as income stagnant. Retrieved from http://www.epi.org/publication/poverty-rates-remain-high-incomes-stagnant/ 169 (22 October 2013) Payrolls in the US rise less than forecast. Retrieved from http://www.bloomberg.com/news/2013-10-22/payrolls-in-u-s-rise-less-than-forecast-jobless-rate-falls.html 170(22 October 2013) US jobless rates fall for most demographic groups. Retrieved from http://news.yahoo.com/us-jobless-rates-fall-most-160005975.html;_ylt=A2KJ3CXhDmdSciYAYMmTmYlQ;_ylu=X3oDMTBmMHFub2M1BHNlYwNzYwRjb2xvA2FjNA-- 171(22 October 2013)Clean-Tech becomes a competitive advantage. Retrieved from http://www.ey.com/GL/en/Issues/Business-environment/Six-global-trends-shaping-the-business-world---Cleantech-becomes-a-competitive-advantage 172 (22 October 2013) Americans drive less even as economy rebounds. Retrieved from http://www.nationaljournal.com/energy/u-s-carbon-dioxide-emissions-fell-11-percent-since-2007-20131011 173(22 October 2013) Americans drive less even as economy rebounds. Retrieved from http://www.sustainablebusiness.com/index.cfm/go/news.display/id/25289 174 (22 October 2013) 2012 Retail Sustainability Report. Retrieved from http://www.rila.org/sustainability/sustreport/sustainability-report-landing-page/Documents/RetailSustainabilityReport.pdf. 175 (22 October 2013) Retail Industry Analysis 2012-Cost & Trends Retrieved from http://www.franchisehelp.com/industry-reports/retail-industry-report. 176 (22 October 2013) Replacement Furls Are a Reality. Retrieved fromhttp://www.fuelfreedom.org/the-real-foreign-oil-problem/replacement-fuels/ (medium) 177 (22 October 2013) Alternative Fuels for Road Vehicles. Retrieved from. http://www.osti.gov/scitech/biblio/418713(Medium) 178 (22 October 2013) Top 8 Alternative Fuels. Retrieved from.http://environment.about.com/od/fossilfuels/tp/top_alt_fuels.htm (medium) 179 (n.d.). Affordable Care Act. Retrieved from http://www.hhs.gov/opa/affordable-care-act/ (high) 180 Lorenzen, R. (22 Apr 2013). Is The Affordable Care Act Really Bad For Business? Retrieved from http://www.forbes.com/sites/theyec/2013/04/22/is-the-affordable-care-act-really-bad-for-business/ (high) 181 Reindl, J. (19 Oct 2013). Businesses brace for Obamacare. Retrieved from http://www.lansingstatejournal.com/article/20131020/NEWS01/310200082/Businesses-brace-Obamacare (medium)

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182 Weisman, J. and Parker, A. (16 Oct 2013). Republicans Back Down, Ending Crisis Over Shutdown and Debt Limit. Retrieved from http://www.nytimes.com/2013/10/17/us/congress-budget-debate.html?_r=0 (high) 183 Kaplan, R. (20 Oct 2013). McConnell: "There will not be another government shutdown". Retrieved from http://www.cbsnews.com/8301-3460_162-57608344/mcconnell-there-will-not-be-another-government-shutdown/ (high) 184 (20 Oct 2013). Government shutdown 2013: What's next? Retrieved from http://www.wjla.com/articles/2013/10/government-shutdown-2013-what-s-next--95663.html (high) 185 (n.d.). Trust in Government. Retrieved from http://www.gallup.com/poll/5392/trust-government.aspx (high) 186 (18 Oct 2013). Trust in Government Nears Record Low, But Most Federal Agencies Are Viewed Favorably. Retrieved from http://www.people-press.org/2013/10/18/trust-in-government-nears-record-low-but-most-federal-agencies-are-viewed-favorably/ (high) 187 (15 Oct 2013). Record Anti-Incumbent Sentiment Ahead of 2014 Elections. Retrieved from http://www.people-press.org/2013/10/15/record-anti-incumbent-sentiment-ahead-of-2014-elections/ (high) 188 http://www.nearfieldcommunication.org/about-nfc.html 189 http://www.telecomlead.com/smart-phone/nfc-device-shipments-to-grow-118-to-320-million-units-in-2013/ 190 http://www.telecomlead.com/smart-phone/nfc-device-shipments-to-grow-118-to-320-million-units-in-2013/ 191 http://www.edn.com/design/communications-networking/4402986/Near-field-communications-to-go-far-in-2013 192 http://www.edn.com/design/communications-networking/4402986/Near-field-communications-to-go-far-in-2013 193 http://www.pcauthority.com.au/Feature/331737,five-ways-to-use-nfc-on-your-smartphone.aspx 194 http://www.pcauthority.com.au/Feature/331737,five-ways-to-use-nfc-on-your-smartphone.aspx 195 http://www.cio.com/article/713618/NFC_Not_Just_for_Mobile_Payments_Six_Future_Uses?page=4&taxonomyId=3045 196 http://www.cio.com/article/713618/NFC_Not_Just_for_Mobile_Payments_Six_Future_Uses?page=4&taxonomyId=3045 197 http://www.cio.com/article/713618/NFC_Not_Just_for_Mobile_Payments_Six_Future_Uses?page=4&taxonomyId=3045 198 http://www.nfcworld.com/2012/02/09/313088/four-in-five-major-airlines-plan-to-use-nfc-by-2014/ 199 http://www.sita.aero/content/near-field-communications-demo 200 http://www.sita.aero/content/airlines-and-airports-step-a-little-closer-near-field-communications 201 (8 November 2013). AMR Corporation. Retrieved from: http://www.google.com/finance?q=OTCMKTS%3AAAMRQ&fstype=ii&ei=O2BzUpDBLsy80QHQBA (high) 202 (8 November 2013). FuelSmart. Retrieved from: http://hub.aa.com/en/nr/media-kit/operations/fuelsmart (high) 203 (8 November 2013). Aa.com Site Info. Retrieved from http://www.alexa.com/siteinfo/aa.com (high) 204 (8 November 2013). Total Passengers on U.S Airlines and Foreign Airlines. Retrieved from: http://www.rita.dot.gov/bts/press_releases/bts016_13 (high) 205 Mackenzie, Jeanne. (8 November 2013). Social Media is Changing (For The Better) Airline Customer Service. Retrieved from: https://www.cbtravel.com/blog/?p=10037 (medium) 206 (13 Jun 2013). International Travelers to the United States Post Record Numbers in Visits and Spending. Retrieved from http://www.commerce.gov/blog/2013/06/13/international-travelers-united-states-post-record-numbers-visits-and-spending (high) 207 LeBeau, P. (29 Oct 2013). How airlines are nickel and diming their way to record revenue. Retrieved from http://www.nbcnews.com/travel/how-airlines-are-nickel-diming-their-way-record-revenue-8C11488196 (high) 208 (n.d.). Purchase An Admirals Club(R) One-Day Pass. Retrieved from https://www.aa.com/admiralsclub/odp/startPurchase.do?v_locale=en_US&v_mobileUAFlag=AA (high)

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209 Grossman, D. (6 Feb 2006). Why business travelers will always pay more to fly. Retrieved from http://usatoday30.usatoday.com/travel/columnist/grossman/2006-02-06-grossman_x.htm (high) 210(18 Novemeber 2013) The World’s top Airlines. Retrieved from http://www.worldairlineawards.com/awards_2013/Airline2013_top100.htm (high) 211 (18 Novemeber 2013) Foreign State-Owned Airlines’ $162 Billion in Aircraft Orders Threaten U.S. Airline Industry and its Workers. Retrieved from http://www.businesswire.com/news/home/20131117005060/en/Foreign-State-Owned-Airlines%E2%80%99-162-Billion-Aircraft-Orders (high) 212 (18 Novemeber 2013) American, US Airways to drop airport slots for merger. Retrieved from http://news.yahoo.com/us-clears-american-us-airways-merger-conditions-165453812.html (high) 213 Davies, Alex. (November 12, 2013). American Airlines, US Airways Strike a Deal to Merge Into the World’s Biggest Airline. Retrieved from: http://finance.yahoo.com/news/report-american-airlines-us-airways-162924491.html (high) 214 (November 15, 2013). New American Airlines to trade under symbol “AAL” on Nasdaq. Retrieved from: http://www.reuters.com/article/2013/11/15/americanair-symbol-idUSL2N0J00Q420131115 (high) 215 Ewalt, David M. (April 8, 2013). America’s Best Airlines. Retrieved from: http://www.forbes.com/sites/davidewalt/2013/04/08/americas-best-airlines/ (medium) 216 Jean, Sheryl. (November 12, 2013). What Do American Airlines and U.S. Airways’ Unions Say About DOJ Settlement. Retrieved from: http://aviationblog.dallasnews.com/2013/11/what-do-american-airlines-and-us-airways-unions-say-about-the-doj-settlement.html/ (high) 217 Finger, Richard. (April 29, 2013). Why American Airlines Employees Loathe Management. Retrieved from: http://www.forbes.com/sites/richardfinger/2013/04/29/why-american-airlines-employees-loathe-management/ (high) 218 (November 18, 2013). World’s Best Airlines. Retrieved from: http://www.travelandleisure.com/articles/worlds-best-airlines/8 (medium)