I need help creating a thesis and an outline on Exploring Innovation for Ryanair Airline. Prepare this assignment according to the guidelines found in the APA Style Guide. An abstract is required. By virtually every measure, Ryanair has managed to develop positive leadership innovation, process innovation and product/service innovation by creating new business models and business structures designed to bring long-term value to the business. This report identifies Ryanair’s strategies in innovation, an assessment of these innovations, and also a description of how the author of this report could contribute effectively to the long-term future of Ryanair.
Innovation is key to any successful enterprise. There are a wide variety of acceptable definitions of innovation, one of which is the successful creation and launch of a new product or service concept which provides a significant competitive advantage to today’s firms. Competitive advantage means utilising this new innovative idea or concept and applying it using a market-focused methodology which outperforms competing companies and gains market share in the process. This report highlights the activities of Ryanair, the low-frills, discount airline company, which provide innovation in the airline industry and a stronger business portfolio.
Ryanair was established in the 1990s as one of the first no-frills discount airline companies in Europe. The company, with this discount philosophy, has managed to increase its market share against major competitors such as Lufthansa and Air France-KLM (Done, 2009), which is not an easy task to accomplish considering how long these airline companies have been stapled airline carriers in Europe. When the company was first implemented, there did not seem to be heavy consumer demand for no-frills services, or perhaps the company simply lacked marketing focus, as the business was riddled with heavy losses and an inability to seize a higher volume of market share than that of its competition (Done). However, today, Ryanair has managed to redevelop its previous business model, making it more adaptive to consumer needs, which is bringing the business significant financial prosperity even in the face of rising fuel costs and other uncontrollable external business risks.