Economics Essay on the Boeing Company

Part 1: industry and company overview.

The company to be analysed is the Boeing company, which is one of the leading aerospace and airline plane manufacturers for commercial and military purposes. Boeing designs, manufactures and markets commercial jet aircraft along with additional jet support services, such as the 747, 767, 777 and 737 MAX models. (Reuters, 2019) Boeing also conducts research, development and production activities for military aircraft, for purposes such as fighter aircraft and surveillance. (Reuters, 2019). As an airlines and aerospace company with a global presence, Boeing is highly dependent on overall macroeconomic conditions such as unemployment rates, growth, fuel prices and interest rates.

In terms of its mission and values, Boeing’s mission is to connect, protect, explore and inspire the world through aerospace innovation, based on an enterprise strategy of unity, corporate strengths and fast growth based on productivity. (Boeing, 2019) Boeing’s company values include integrity, quality, safety, diversity, trust, respect, corporate citizenship and stakeholder success. (Boeing, 2019)

Boeing has recently run into issues with its 737 Max aircraft, which has been involved in two fatal airline crashes to date. (Lee, 2019) As a result, Boeing has faced regulatory pressures and penalties from several of its markets, in order to compel it to reform its manufacturing and safety compliance processes.

The U.S. aviation industry has remained a strong pillar of the U.S. economy since the post-war boom. However, the 2008 global financial crisis served as a major catalyst of reform for the inefficient industry, and the U.S. airline industry implemented significant restructuring to better meet capacity demands and compete globally. However, in recent times, the global airline industry has declined in profitability, with forecasts of lowest industry profits in five years amid rising fuel costs and the U.S.-China trade war. This was shown by the revision in the earnings forecast for the International Air Transport Association, which cut its earnings forecast from $35.5 blllion in 2019 to $28 billion in 2019. (IATA, 2019)

Part 2: Definitions of key economic indicators

This essay will first introduce three key economic indicators: real gross domestic product, the unemployment rate and the inflation rate.

Real gross domestic product (GDP) refers to the real value of all goods and services produced in an economy in a selected year. Real GDP is typically calculated using the nominal GDP, which takes the value of all goods and services at current prices, divided by a deflator that takes into account the impact of inflation.

The unemployment rate refers to the share of unemployed persons as a percentage of the total quantity of people in the labour force, which is the total number of people employed and unemployed who eligible for labour. (International Labor Organization, 2019) Unemployed persons are generally defined as individuals of working age who are not employed but are available to take up work and are actively seeking employment. (International Labor Organization, 2019)

The inflation rate, as measured by the Consumer Price Index (CPI), refers to the rate of change in prices in an economy. For example, an 8% inflation rate means that on average, prices in the economy have risen 8% from the previous year. The Consumer Price Index is a measure of the mean change in the prices faced by consumers for a fixed representative basket of goods and services over time. (Bureau of Labor Statistics, 2019) Measuring the inflation rate through the CPI allows the inflation rate to be focused on the goods and services which matter most to consumers, based on a sample of goods and services held representative in the CPI basket. The annual percentage change in a CPI can therefore be used to measure inflation.

Part 3: Trend Analysis of Key Economic Indicators from 2000 to 2017

The data for real gross domestic product, the unemployment rate and the inflation rate indicates the following trends.

Foremost, based on Figure 1, unemployment in the U.S. economy was relatively stable from 2000 to 2007, at 4 to 6 % (advanced industrial economies generally target an unemployment rate of 3 to 5%). However, unemployment rose rapidly from 2007 to 2009, likely in the wake of the global financial crisis. Unemployment then fell slowly from 2009 to 2017, and as of 2015 to 2017, has reached a pre-recession level.

Secondly, based on Figure 3, real GDP in billions has risen steadily at a constant rate, with the exception of the 2007 to 2009 period, where GDP growth slowed and then declined through the effects of a recessionary economy. Based on Figure 2, it can also be observed that there was a rapid acceleration and deceleration of growth from 2003 to 2005, based on real GDP as measured by quantity indexes.

Finally, based on figure 4, the consumer price index has risen at a steady rate from 2000 to 2017. This is also reflected in figure 5, where the inflation rate as measured by the consumer price index stayed constant between 1 to 1.5%.

Unemployment rate in the U.S. Economy, 2000 - 2017

Figure 1: Unemployment rate in the U.S. Economy, 2000 – 2017

Source: Bureau of Labor Statistics. (2019, January 18). Labor Force Statistics from the Current Population Survey. Retrieved from https://www.bls.gov/cps/cpsaat01.htm

Real GDP

Figure 2: Real GDP (Quantity Index, 2012 = 100)

Source: Bureau of Economic Analysis. (2019, May 30). National Income and Product Accounts Table 1.1.3. Real Gross Domestic Product, Quantity Indexes. Retrieved from https://apps.bea.gov/iTable/iTable.cfm?reqid=19&step=2#reqid=19&step=2&isuri=1&1921=survey

Real GDP in billions

Figure 3: Real GDP in billions (chained to 2012 dollars)

Source: Bureau of Economic Analysis. (2019, May 30). National Income and Product Accounts Table 1.1.2. Real Gross Domestic Product, Chained Dollars. Retrieved from https://apps.bea.gov/iTable/iTable.cfm?reqid=19&step=2#reqid=19&step=2&isuri=1&1921=survey

Historical CPI for all urban consumers

Figure 4: Historical CPI for all urban consumers

Source: Bureau of Labor Statistics. (2019, May 25). Historical Consumer Price Index for All Urban Consumers (CPI-U): U.S. city average, all items, by month. Retrieved from https://www.bls.gov/cpi/tables/supplemental-files/historical-cpi-u-201901.pdf

Inflation measured by Consumer Price Index

Source: OECD. (2019, January 30). Inflation (CPI) for the United States. Retrieved from https://data.oecd.org/price/inflation-cpi.htm

Part 4: Firm-specific economic indicator identification and trend analysis

In addition to the three nationwide macroeconomic indicators above, this essay will define, collect and summarize date for Boeing’s sales revenue, foreign exchange rate and manufacturing industry unemployment rate.

Boeing’s sales revenue will be defined in this paper as Boeing Company’s revenue before interest, taxes, cost of goods sold, capital expenditure, and depreciation. The revenue provides a metric to assess the overall health of Boeing as a company, and is impacted by the overall health of the U.S. economy.

The foreign exchange rate refers to the rate at which one currency is exchanged for another. In the case of this paper, the US dollar to Euro exchange rate will be used, as Europe is one of the U.S.’s largest consumer markets, including that of the aerospace technology and aviation industry.

The unemployment rate of the manufacturing industry is the unemployment rate (defined above) for industries related to manufacturing, such as electronics manufacturing, chemicals, paper, and heavy machinery. This metric is more relevant to the aviation industry and to Boeing as it characterises the unemployment rate for the industry segment which Boeing is most closely associated with (manufacturing).

The above data indicates the following trends.

Foremost, Boeing’s sales revenue has been growing steadily from 2000 to 2017, despite recessionary pressures in 2008 to 2009. Boeing’s sales revenue did, however, record a drop from 2008 to 2009.

Secondly, the foreign exchange rate (USD to Euro) has increased to a peak in 2008/2009, and then decreased to its original 2004 levels as of 2017. This indicates that for the period of 2000 to 2017, the US dollar strengthened against the Euro for the first half, and weakened against the Euro for the second half. This meant that, in foreign exchange terms, US companies such as Boeing had to export more expensively and import more cheaply from Europe for the period 2000 to 2008, and then import more expensively and export more cheaply from Europe for the period 2008 to 2017, which would have affected processes such as Boeing’s procurement and sales.

Finally, the unemployment rate for manufacturing closely followed the overall unemployment rate for the U.S. economy, with a small rise and fall from 200 to 2006, and a sharp increase in the unemployment rate in 2008, followed by a prolonged recovery in the form of a gradual decrease in unemployment rate from 2008 to 2017.

Boeing Sales Revenue, 2000 to 2017

Figure 6: Boeing Sales Revenue, 2000 to 2017

Source: GuruFocus. (2019, June 1). Boeing Co. Retrieved from https://www.gurufocus.com/financials/BA

Foreign Exchange Rates USD to Euro

Figure 7: Foreign Exchange Rates USD to Euro

Source: Federal Reserve System. (2019, June 3). Foreign Exchange Rates USD to Euro. Retrieved from https://www.federalreserve.gov/releases/h10/Hist/dat00_eu.htm

Unemployment rate of manufacturing industry, USA

Figure 8: Unemployment rate of manufacturing industry, USA

Source: Source: FRED. (2019, Jun 7). Unemployment Rate: Manufacturing Industry, Private Wage and Salary Workers. Retrieved from https://fred.stlouisfed.org/series/LNU04032232#0

Part 5: Comparison of national and firm-specific indicators

Foremost, in comparing real GDP growth (as measured by CPI) and Boeing’s sales revenue growth, it can be seen that while Boeing is impacted by the overall US real GDP growth rate (with a decline in sales revenue from 2008 to 2009), on the whole, it may be concluded that Boeing is relatively resistant to changes in U.S. real GDP growth.

Secondly, in comparing the CPI-based inflation rate and the foreign exchange rate, it can be observed that both of these metrics are measures of the health of the U.S. economy, and also impact Boeing’s procurement and sales processes. For example, if the inflation rate were too high, the purchasing power of businesses such as airlines who purchase from Boeing would decline. Likewise, if the foreign exchange rate were too high (if the US dollar were too strong compared to the Euro), the purchasing power of businesses such as European airlines who purchase from Boeing would decline. The above data shows that inflation has stayed at a constant rate, which is good for Boeing (as it represents a stable business environment). Similar, for the foreign exchange rate, it is currently in Boeing’s favour as a weaker US dollar means cheaper exports, although that was not the case for the first half of the studied period, from 2000 to 2008.

Finally, in terms of unemployment rate, it can be observed that unemployment rates in the manufacturing sector closely follow unemployment rates at the national level, with both unemployment rates rising sharply in the 2008 recessionary period, followed by a prolonged recovery in the form of a slow decrease in unemployment rates over time from 2008 to 2017. However, it may also be observed that changes in unemployment rates for manufacturing are more pronounced than national unemployment rate changes, given that the peaks of manufacturing unemployment rates (6.5% in 2003, 12% in 2009) are higher than those of national unemployment rates.

Part 6: Analysis of current economic conditions

Current economic conditions are more consistent with classical economic theories. This is because Keynesian economic conditions involve proactive government spending when in recession to stimulate an economy by raising aggregate demand, while neoclassical economic conditions involve the enforcement of free markets and minimal government intervention in order to allow the economy to perform well. (Konings, 2018) Given the economic recovery under President Donald Trump, who has pushed an agenda of deregulation, minimal government intervention and free market conditions, current economic conditions are more consistent with classical economic theories. However, it may be argued that the present boom in the U.S. economy is also the result of a delayed effect of President Obama’s Keynesian policies, and that President Trump is also engaging in a limited degree of Keynesian policies through increased deficit-financed infrastructure and military spending.

Part 7: Impact of the macro-environment

The macro-environment, as measured by unemployment rate, real gross domestic product, and the inflation rate (CPI), impacts Boeing in the following ways. Foremost, the fall in real gross domestic product from 2008 to 2009 meant a drop in consumer goods such as tourism, and industrial activities such as shipping and international logistics. This likely contributed to a fall in Boeing’s revenue during the same period. Secondly, the unemployment rate, which was high from 2008 to 2014, likely meant cheaper labor for Boeing, but now that the unemployment rate has fallen, Boeing is likely hard pressed to find skilled workers affordably for its manufacturing operations. Finally, the inflation rate, which has remained relatively stable from 2000 to 2017, represents a stable price environment for Boeing and its customers.

Part 8: Analysis of the relationship between inflation, unemployment and the business cycle and its impact on Boeing

In general, when a business cycle is at a peak (and when the economy is doing well), unemployment will be lower and inflation will be higher. (Bade and Parkin, 2009) When a business cycle is in a trough, unemployment will be higher and inflation will be lower. For example, from 2008 to 2009, during the global financial crisis, it may be observed that inflation was low and unemployment was high. The impact of this relationship on Boeing is that the price of labor and other inputs will be lower during the trough of a business cycle (during the recessionary period), although demand for goods and services produced by Boeing during that time will be lower as well. Conversely, during a period of a business cycle peak, inflation and labor prices will be higher, which will represent more expensive factor costs for Boeing, although demand for Boeing’s goods and services will also be higher.

Part 9: Evaluation of fiscal and monetary policy impact on the economy and Boeing

Following a prolonged recovery period of near-zero interest rates from 2008 to 2016, the Fed has been gradually increasing its interest rates, although it held off on an interest rate rise for 2019. (BBC, 2019) Furthermore, under the Trump Administration, the U.S. has pursued a loose fiscal policy based on military and infrastructure spending. This is likely to have the following implications for Boeing. Foremost, higher interest rates will likely mean lower liquidity and lower growth, which is detrimental for Boeing. Conversely, a looser fiscal policy based on military spending will likely bode well for Boeing, as it would mean an increase in military contracts for Boeing’s military aircraft orders, as well as a stimulated economy with higher growth.

Part 10: Final section: forecast analysis of aviation industry with specific indicator, potential impact analysis and recommendations for strategic initiatives

This section will discuss a forecast analysis for the global aviation industry based on the 2018 Airbus Global Market Forecast. The 2018 Airbus Global Market Forecast from 2018 to 2037 has forecast that the commercial aviation industry has been sturdy in the face of macroeconomic shocks, with traffic and fleet size forecast to double over the next 15 years. (Airbus, 2018) As shown by Figure 1, the number of aircraft is forecast to grow from 21,450 in 2018 to 47,990 in 2037. This will large be fuelled by a growth in air traffic in emerging economies, buoyed by a rising middle class, as shown by how, in Figure 2, CAGR for emerging economy air traffic will go from 29% in 2018 to 40% in 2038. In Figure 3, we can also observe from IATA’s global aviation industry passenger forecast that global airline passenger demand is set to grow by almost 2 to 4 times its present level, although this depends on the regulatory environment and how protectionistic the global economy will become.

However, as earlier stated, global airline industry profits are in decline although the industry as a whole will remain profitable. Increasing costs will continue to reduce airline industry profitability, which will continue to put pressure on the Boeing company.

Hence, Boeing should pursue the following strategic initiatives. Foremost, Boeing should invest in strategic partnerships in new aerospace technologies such as fuel-efficient budget carriers, which will allow it to exploit the market opportunity offered by the growing middle class. Secondly, Boeing should pursue joint ventures in emerging markets to distribute its aircraft to regional carriers which serve the growing middle class.

Growth in number of aircraft from 2018 to 2037

Figure 1: Growth in number of aircraft from 2018 to 2037

Reference: Airbus. (2018, June 23). 2018 Airbus Global Market Forecast: Global Networks, Global Citizens 2018 – 2037. Retrieved from https://www.airbus.com/content/dam/corporate-topics/publications/media-day/GMF-2018-2037.pdf

Network and air traffic forecast by region

Figure 2: Network and air traffic forecast by region

Global aviation industry passenger forecast based on three scenarios

Figure 3: Global aviation industry passenger forecast based on three scenarios.

Reference: IATA. (2016, October 18). IATA Forecasts Passenger Demand to Double Over 20 Years. Retrieved from https://www.iata.org/pressroom/pr/Pages/2016-10-18-02.aspx

References (APA)

Airbus. (2018, June 23). 2018 Airbus Global Market Forecast: Global Networks, Global Citizens 2018 – 2037. Retrieved from https://www.airbus.com/content/dam/corporate-topics/publications/media-day/GMF-2018-2037.pdf

Bade, R., & Parkin, M. (2009).  Foundations of Macroeconomics . Pearson Addison Wesley.

BBC. (2019, March 20). Slower US growth means no rate rise for 2019, says Fed. Retrieved from https://www.bbc.com/news/business-47644267

Bloomberg. (2019, June 1). The Boeing Co. Retrieved from https://www.bloomberg.com/profile/company/BA:US

Boeing. (2019, February 10). Principles: Vision. Retrieved from https://www.boeing.com/principles/vision.page

Bureau of Economic Analysis. (2019, May 30). National Income and Product Accounts Table 1.1.3. Real Gross Domestic Product, Quantity Indexes. Retrieved from https://apps.bea.gov/iTable/iTable.cfm?reqid=19&step=2#reqid=19&step=2&isuri=1&1921=survey

Bureau of Economic Analysis. (2019, May 30). National Income and Product Accounts Table 1.1.2. Real Gross Domestic Product, Chained Dollars. Retrieved from https://apps.bea.gov/iTable/iTable.cfm?reqid=19&step=2#reqid=19&step=2&isuri=1&1921=survey

Bureau of Labor Statistics. (2019, March 23). Consumer Price Index. Retrieved from https://www.bls.gov/cpi/questions-and-answers.htm#Question_14

Bureau of Labor Statistics. (2019, May 25). Historical Consumer Price Index for All Urban Consumers (CPI-U): U.S. city average, all items, by month. Retrieved from https://www.bls.gov/cpi/tables/supplemental-files/historical-cpi-u-201901.pdf

Bureau of Labor Statistics. (2019, January 18). Labor Force Statistics from the Current Population Survey. Retrieved from https://www.bls.gov/cps/cpsaat01.htm

Federal Aviation Administration. (2018, June 3). FAA Aerospace Forecast: Fiscal Years 2018 – 2038. Retrieved from https://www.faa.gov/data_research/aviation/aerospace_forecasts/media/FY2018-38_FAA_Aerospace_Forecast.pdf

Federal Reserve Bank of St. Louis Economic Research. (2019, June 3). Effective Federal Funds Rate (FEDFUNDS). Retrieved from https://fred.stlouisfed.org/series/FEDFUNDS#0

Federal Reserve System. (2019, June 3). Foreign Exchange Rates USD to Euro. Retrieved from https://www.federalreserve.gov/releases/h10/Hist/dat00_eu.htm

FRED. (2019, Jun 7). Unemployment Rate: Manufacturing Industry, Private Wage and Salary Workers. Retrieved from https://fred.stlouisfed.org/series/LNU04032232#0

GuruFocus. (2019, June 1). Boeing Co. Retrieved from https://www.gurufocus.com/financials/BA

IATA. (2016, October 18). IATA Forecasts Passenger Demand to Double Over 20 Years. Retrieved from https://www.iata.org/pressroom/pr/Pages/2016-10-18-02.aspx

IATA. (2019, June 2). Press Release 27: Press Release No.: 27 Date: 2 June 2019 Slowing Demand and Rising Costs Squeeze Airline Profits. Retrieved from https://www.iata.org/pressroom/pr/Pages/2019-06-02-01.aspx

International Labor Organization. (2019, January 6). Unemployment rate. Retrieved from https://www.ilo.org/ilostat-files/Documents/description_UR_EN.pdf

Jolly, Jasper. (2019, June 2). Global airline industry cuts profit forecast by more than a fifth. Retrieved from https://www.theguardian.com/business/2019/jun/02/airline-industry-cuts-profit-forecasts-fifth-us-china

Konings, M. (2018). From Hayek to Trump: The logic of neoliberal democracy.  Socialist register ,  54 (54).

Lee, Yen Nee. (2019, March 17). CNBC: US is scrutinizing the development of Boeing’s 737 Max aircraft: WSJ. Retrieved from https://www.cnbc.com/2019/03/18/us-is-scrutinizing-the-development-of-boeings-737-max-aircraft-wsj.html

Mataloni, Lisa and Jeannine Aversa. (2019, May 17). Gross Domestic Product. Retrieved from https://www.bea.gov/data/gdp/gross-domestic-product

OECD. (2018, February 1). Real GDP forecast. Retrieved from https://data.oecd.org/gdp/real-gdp-forecast.htm

OECD. (2019, January 30). Inflation (CPI) for the United States. Retrieved from https://data.oecd.org/price/inflation-cpi.htm

Reuters. (2019, June 3). Boeing Co (BA.N). Retrieved from https://www.reuters.com/finance/stocks/company-profile/BA.N

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The Boeing Company: The Learning Points

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Business Ethics and Corporate Social Responsibility

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Boeing Company, Case Study Example

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Strategic Analysis (Avc+Vrin)

Various elements play a role in a company’s success. VRIN, or valuable, rare, imperfectly imitated, and non-substitutable encompasses, is one of the crucial elements determining an achievement. (Boeing et al., 2021). Boeing Company has to have a good strategy formulated by an able and competent board of directors who decide on the things to be done in the company. Boeing Company’s goal is to make a profit and therefore has to come up with and devise ways to compete with the rest of the companies in the industry. The industry is full of many people dealing with similar and different products that the company could be dealing with. Therefore, the management has to devise ways to dominate the industry.

The factors are split between internal and external factors that influence business operations. The internal factors are the ones that relate to the things that are done in the company internally. Some of the internal factors affecting how the Boeing Company operates are the customers, management, suppliers, and other entities influencing the business’s internal operations (Finley, 2022). The Boeing Company has been influenced to success by various factors, some of them caused by the good decisions made by the management and the board of directors. The main leading factor to the success of the Boeing Company is the excellent management of the company. The management of the company is the one that decides on behalf of all the people doing all their operations and any other activities in the company. The table below shows that the firm’s ability to raise much capital gives much competitive advantage compared to other firms.

Boeing 186.9 120.8 126.7
Airbus 117 85.7 105
Lockheed Martin 112.4 99.3 99.3
General Electric 103.4 94.6 111.3

AVC (Adapted Value Chain) of the Boeing Company

Boeing has a better chance of establishing a competitive advantage over other firms because it has much access to such areas and the materials needed for its operation to kick off. The resources, professional workers, and the transport network are some of the things that the Boeing Company’s management is keen on. Boeing has better chances of discovering new markets to expand its businesses than its rivals, such as Toshiba. The discovery can only be enhanced by applying the value chain analysis, which has been used to plot the table below. The value chain model and Porter’s broad strategies are the two main factors that have laid a strong foundation for the competitive advantage of the Boeing Company.

Boeing Company’s management is the one that devises the strategies to carry out and the direction to take when all the other people are busy carrying out their activities in the business. The management is the one that decides on the routes the flights take and the charges that will apply, and the people take charge of all the activities in the company. The other factor is that the customers in the company are loyal and have gained confidence in the activities and services offered (Bechai, 2022). Some customers also influence beginners and other new people in the business to carry out their activities in the best way possible, which increases the profits of the business hence leading to the company’s success.

The other internal factor that leads to the company’s success is that the people who partner with the company present the company with good deals that make it, and the management reaps many profits from their activities (Salas, 2022). When the combination of the management, the customers, and the investors in the company is in line with the goals and the objectives of the company, the company can achieve its objectives within a specified period and hence achieve its success from inside the company.

VRIN analysis of Boeing and its relationship with AVC

The VRIN strategic tool enables the Boeing Company to exploit all the opportunities that might come the way of the company. It also enables the company to gain a competitive advantage over the other businesses as it can dominate the small and the large firms. The company has well-defined goals, so controlling the micro and macro environment becomes easy.

Type Valuable? Rare? Inimitable? Non-substitutable? SCA Conclusion AVC Location
  Capability? Y N

 

Y N N Y
Competence?
Resource?
  Capability? N Y Y Y N Y
Competence?
Resource?
  Capability? N N Y N N Y
Competence?
Resource?
  Capability? Y N N Y N Y
Competence?
Resource?
  Capability? Y Y N Y N N
Competence?
Resource?
  Capability? Y N N Y Y N
Competence?
Resource?
  Capability? N N Y Y N Y
Competence?
Resource?
  Capability? Y Y N N N N
Competence?
Resource?
  Capability? N Y N Y Y Y
Competence?
Resource?
  Capability? N Y Y Y N Y

Some Candidate factors in the Boeing Company

  • Knowledge and experience
  • Thinking about availability
  • Recommendations and references
  • Considering the growth potential
  • Salary requirements

Leadership Contribution

Boeing’s Company leadership has been top-notch, starting from the innovator of the aircraft industry who made sure that all the operations of the company went in line with the best strategies that ought to have been done by the firm. The firm’s prior administration established the standard for the incoming leaders, which has always made it simple for them to manage their operations. Several things are incorporated in the leadership styles, and the top management in the company applies the formula of leading that.

Among the factors taken into account by the board of directors of the Boeing Company when choosing their employees and business partners is one of the variables that determine whether the company will succeed or fail (Kaplan & Norton, 2005). Therefore, the leadership style and the decision-making process of the board in the company determine a lot of the company’s success. It should be noted that the initial leaders of the company who have been there in the past have been making the best decisions ever regarding the running and operation of the company, and that is why the company has been in existence for all those years.

The company’s organizational culture also dictates that there should be self-driven among the people employed in the organization. It states that the leaders and all the other people in the organization should follow a set of rules drafted by the company’s management for the efficient flow of activities. The management that proceeded with the current one is the one that came up with the rules and guidelines of what is supposed to be done, bearing in mind that so many people operate and invest their money in the company (Statist, 2022). There is a relationship between all the people who are the company’s stakeholders. Therefore, they handle all their issues in unison which contributes to the excellent leadership of the company and a smooth transition to the management that will lead the company in the future.

Strategy Focus

The main strategic factor that needs scrutiny in the company is sustainability issues and how the company can build a good relationship with the larger society. However, there are so many things that a company and its management do to enhance the company’s success in addition to the everyday tasks that the workers carry out on regular days. One thing the management of the company should focus their energy on is the sustainability issues of the company (Boeing, 2022). There is a way for the business to quickly attract customers who support the firm’s sustainability initiatives rather than simply because they enjoy the quality of the goods sold to them.

The board of directors is supposed to delegate several activities that align with acting for the less fortunate in society, enabling the company to gain more people who support them in various parts of the world. When the people who see the kinds of things the company does in contemporary society can pot all the issues, they can distinguish between the types of companies where they can invest their funds or even get products from.

Strategic Recommendation

The company can do several things to compete favorably with other companies. A company’s management can enhance good customer relations by planning activities such as shows to sensitize their customers. Such things are rare and can attract many people simultaneously. In such places, the customers of the company’s products will get a chance to get a one-on-one interview with the sellers of the products, which will increase their knowledge of the products offered.

When the customers are informed about the things they can do with the products offered by the company, they can get additional information that they could not have obtained were it not for the road shows (Johnston, 2022). Other things can be done so the company can influence more people to purchase their products which the competitors need to do. Such things include being involved in charity work which will enable the company to get a good name and improve its image among the people purchasing its products.

The people who get assistance from the company can tell others who might not know the products’ existence how best they can get services from the company offering humanitarian assistance (Y chart, 2022). There are other instances when there are nominations of companies that assist the less fortunate in society. This enables them to have a good name when they are nominated as the best-performing company in terms of assistance to the larger society. Such things increase the number of customers of the company, which in turn increases the business’s profits.

Air Transport (2022). Boeing forecasts demand for 41,000 new aircraft by 2041 – Times Aerospace. Available at: https://www.timesaerospace.aero/news/air-transport/boeing-forecasts-demand-for-41000-new-aircraft-by-2041#:~:text=In%20addition%2C%20Boeing%20Global%20Services,to%20enable%20the%20supply%20of

Bechai, D. (2022). Boeing & Airbus In Russia: An Airplane Market Analysis (NYSE: BA) – SeekingAlpha. Available at: https://seekingalpha.com/article/4495421-boeing-and-airbus-in-russia-a-data-driven-analysis-of-the-airplane-market

Boeing (2022), Boeing Reports Third-Quarter Results – Q3 2022 Performance Review. Available at: https://s2.q4cdn.com/661678649/files/doc_financials/2022/q3/3Q22_Presentation.pdf

Boeing (n.d.). Committed to the community – Community Engagement. Available at: https://www.boeing.com/principles/community-engagement.page#:~:text=%2413Minvested%20in%20organizations,through%20Boeing%20investments%20in%202021.

Finlay, M. (2022). How has aviation safety improved over the years? – Simple Flying. Available at: https://simpleflying.com/how-has-aviation-safety-improved-over-the-years/#:~:text=Despite%20the%20two%20fatal%20accidents,and%20safety%20at%20all%20levels.

Johnston, M. (2022). How Boeing Makes Money – Investopedia. Available at: https://www.investopedia.com/articles/markets/032715/how-boeing-makes-its-money.asp#:~:text=The%20Defense%2C%20Space%20and%20Security,one%20of%20Boeing’s%20largest%20customers.

Kaplan, R. S., & Norton, D. P. (2005). The balanced scorecard: measures that drive performance. Harvard business review, 83(7), 172.

Open Access Government (2022). What Boeing’s new research center means for sustainable aviation. Available at: https://www.openaccessgovernment.org/what-boeings-new-research-center-means-for-sustainable-aviation/143237/#:~:text=To%20aid%20in%20this%20quest,for%20and%20future%2Dproof%20operations.

Salas, E (2022). Boeing’s worldwide revenue from FY 2007 to FY 2021 – Statista. Available at: https://www.statista.com/statistics/264374/boeings-worldwide-revenue/

Statista (2022). Boeing – number of employees 2002-2021 – Statista. Available at: https://www.statista.com/statistics/268992/change-in-employment-figures-from-boeing/

YCharts (2022). Boeing Gross Profit Margin (Quarterly) – Boeing Co (BA). Available at: https://ycharts.com/companies/BA/gross_profit_margin#:~:text=Boeing%20Gross%20Profit%20Margin%20(Quarterly)%3A%20%2D5.15%25%20for%20Sept,30%2C%202022

YCharts (2022). Boeing Profit Margin (Quarterly) – Boeing Co (BA). Available at: https://ycharts.com/companies/BA/profit_margin#:~:text=Boeing%20Profit%20Margin%20(Quarterly)%3A,30%2C%202022

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  • Copy URL https://www.pbs.org/newshour/politics/watch-live-boeings-ceo-testifies-on-safety-problems-in-senate-hearing

WATCH: Boeing’s CEO grilled over safety problems in Senate hearing

U.S. lawmakers grilled Boeing’s chief executive Tuesday about the company’s plans to fix its manufacturing problems and its willingness to heed whistleblowers’ warnings, while relatives of people who died in two crashes of the aircraft maker’s 737 Max jetliners were in the room to remind him of what was at stake.

Watch in our player above.

CEO David Calhoun appeared before the Senate investigations subcommittee, which is chaired by Sen. Richard Blumenthal, D-Conn., a Boeing critic. Blumenthal opened the hearing by recognizing the relatives of the crash victims and the family of a Boeing whistleblower who died earlier this year.

“This hearing is a moment of reckoning,” the senator said. “It’s about a company, a once iconic company, that somehow lost its way.”

Calhoun’s appearance was the first before Congress by a high-ranking Boeing official since a panel blew out of a 737 Max during an Alaska Airlines flight in January. No one was seriously injured in the incident, but it raised fresh concerns about the company’s best-selling commercial aircraft.

READ MORE: Boeing faces FAA deadline for plan to address aircraft safety and quality problems

Calhoun sat at the witness table and fidgeted with his eyeglasses as Blumenthal spoke. Sen. Ron Johnson, R-Wisc., thanked the CEO for coming to face “tough questions.” Before giving his prepared opening statement, Calhoun stood and faced the people in the audience holding poster-sized photos of some of the 346 people who died in the 2018 and 2019 crashes.

“I apologize for the grief that we have caused,” he said.

Senators asked Calhoun if Boeing retaliated against employees who reported concerns and if he had ever spoken directly with any whistleblowers. He replied that he hadn’t but said he would.

The toughest line of inquiry came from Sen. Josh Hawley, R-Mo., who repeatedly asked Calhoun about what he did to deserve the size of his salary. Calhoun, who has said he plans to retire at the end of the year, earned $32.8 million in compensation last year.

READ MORE: Why Boeing may not face charges even though the U.S. says it violated a 2021 settlement

“You’re focused on exactly what you were hired to do, which is that you’re cutting corners. You are eliminating safety procedures. You are sticking it to your employees. You are cutting back jobs because you’re trying to squeeze every piece of profit you can out of this company,” Hawley said, his voice rising. “You’re strip-mining it. You’re strip-mining Boeing.”

Asked by Hawley why he had not resigned, Calhoun answered: “Senator I’m sticking this through. I’m proud of having taken the job. I’m proud of our safety record. And I am very proud of our Boeing people.”

Hawley interrupted. “You’re proud of the safety record?” he asked with incredulity.

Calhoun responded, “I am proud of every action we’ve taken.”

Hawley shot back, “Frankly sir, I think it’s a travesty that you’re still in your job.”

Hours before Calhoun arrived on Capitol Hill, the Senate panel released a 204-page report with new allegations from a whistleblower who said he worries that “nonconforming” parts — ones that could be defective or aren’t properly documented — are going into 737 Max jets.

Sam Mohawk, a quality assurance investigator at the 737 assembly plant near Seattle, claims Boeing hid evidence of the situation after the Federal Aviation Administration informed the company a year ago that it would inspect the plant.

“Once Boeing received such a notice, it ordered the majority of the (nonconfirming) parts that were being stored outside to be moved to another location,” Mohawk said, according to the report. “Approximately 80% of the parts were moved to avoid the watchful eyes of the FAA inspectors.”

The parts were later moved back or lost, Mohawk said. They included rudders, wing flaps and tail fins — all crucial in controlling a plane.

The FAA said it would “thoroughly investigate” claims raised in the Senate report. A Boeing spokesperson said the company got the subcommittee report late Monday night and was reviewing the claims.

The 737 Max has a troubled history. After the Max jets crashed in 2018 in Indonesia and 2019 in Ethiopia, the FAA subsequently grounded the aircraft for more than a year and a half. The Justice Department currently is considering whether to prosecute Boeing for violating terms of a settlement it reached with the company over allegations it misled regulators who approved the plane.

Mohawk told the Senate subcommittee that the number of unacceptable parts has exploded since production of the Max resumed following the crashes. He said the increase led supervisors to tell him and other workers to “cancel” records that indicated the parts were not suitable to be installed on planes.

The FAA briefly grounded some Max planes again after January’s mid-air blowout of a plug covering an emergency exit on the Alaska Airlines plane. The agency and the National Transportation Safety Board opened separate investigations of Boeing that are continuing.

The company says it has gotten the message. Boeing says it has slowed production, encouraged employees to report safety concerns, stopped assembly lines for a day to let workers talk about safety, and appointed a retired Navy admiral to lead a quality review. Late last month, it delivered an improvement plan ordered by the FAA.

During his Senate appearance, Calhoun defended the company’s safety culture.

“Our culture is far from perfect, but we are taking action and making progress,” Calhoun said in his prepared remarks Tuesday. “We are taking comprehensive action today to strengthen safety and quality.”

The drumbeat of bad news for Boeing goes on, however.

In the past week, the FAA said it was investigating how falsely documented titanium parts got into Boeing’s supply chain, and federal officials examined “substantial” damage to a Southwest Airlines 737 Max after an unusual mid-flight control issue.

Boeing disclosed that it hasn’t received a single order for a new Max — previously its best-selling plane — in two months.

Blumenthal first asked Calhoun to appear before the Senate subcommittee after a whistleblower, a Boeing quality engineer, claimed that manufacturing mistakes were raising safety risks on two of the biggest Boeing planes, the 787 Dreamliner and the 777. He said the company needed to explain why the public should be confident about Boeing’s work.

Boeing pushed back against the whistleblower’s claims, saying that extensive testing and inspections showed none of the problems that the engineer had predicted.

The Justice Department determined last month that Boeing violated a 2021 settlement that shielded the company from prosecution for fraud for allegedly misleading regulators who approved the 737 Max. A top department official said Boeing failed to make changes to detect and prevent future violations of anti-fraud laws.

Prosecutors have until July 7 to decide what to do next. Blumenthal said at the start of Tuesday’s hearing that he thinks the Justice Department should prosecute the company.

Families of people who died in the Boeing Max crash in Ethiopia have pushed the Justice Department repeatedly to prosecute Boeing.

“We will not rest until we see justice.,” said Zipporah Kuria, whose father died in the crash. She said the U.S. government should “hold Boeing and its corporate executives criminally responsible for the deaths of 346 people.”

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Boeing May Evade Criminal Charges for Violating Settlement

The Justice Department could require the aircraft maker to install an independent federal monitor to oversee safety and quality issues. Prosecutors have not made a final call on bringing charges.

essay on boeing company

By Mark Walker and Glenn Thrush

Reporting from Washington

The Justice Department is considering allowing Boeing to avoid criminal prosecution for violating the terms of a 2021 settlement related to problems with the company’s 737 Max 8 model that led to two deadly plane crashes in 2018 and 2019, according to people familiar with the discussions.

The department is expected to make a decision on the case by the end of the month. Prosecutors have not made a final call, nor have they ruled out bringing charges against Boeing or negotiating a possible plea deal in which the company admits some culpability, the people said.

It is possible that any negotiated resolution — either in the form of an agreement to defer prosecution or a plea deal in which the company would admit wrongdoing — would include the appointment of an independent monitor to oversee the company’s safety protocols.

Offering Boeing what is known as a deferred prosecution agreement, which is often used to impose monitoring and compliance obligations on businesses accused of financial crimes or corruption, as opposed to trying to convict the company, would avoid the uncertainties of a criminal trial.

But it would anger families of passengers killed in recent crashes who want to see the company pay for its safety lapses. And while prosecutors are considering a new agreement, they recently told the families that they had not ruled out bringing charges, according to a person briefed on the exchange.

Federal prosecutors said in May that Boeing had violated a previous deferred prosecution agreement by failing to set up and maintain a program to detect and prevent violations of U.S. anti-fraud laws. The settlement was reached in 2021, after Boeing admitted in court that two of its employees had misled federal air safety regulators about a part that was at fault in the two crashes.

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Exclusive: Boeing nearing deal with supplier Spirit Aero after months of talks

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  • Spirit Aero, Airbus make progress on asset carve-out to unblock deal for Boeing, sources say
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The facade of the original Toronto Stock Exchange building is seen in Toronto

TSX futures inch up on firm crude prices

Futures linked to Canadian stocks edged higher on Wednesday, supported by higher crude prices, and were set to regain previous session's lost ground after an unexpected rise in domestic inflation diminished hopes of a July rate cut by the Bank of Canada (BoC).

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In the understatement of 2024 so far, Boeing’s CEO says his company has been ‘far from perfect’ after a litany of safety snafus

essay on boeing company

Boeing’s year started with a disaster and continued to get more turbulent. Since a door plug on a 737 Max 9 ripped off the plane midflight in early January , forcing an emergency landing, the company has been publicly shredded by regulators, Congress, and airline passengers seeking answers. 

That outrage has only mounted as whistleblower claims have emerged alleging a culture of mismanagement that discourages employees from raising safety concerns. This follows Boeing’s previous pledges to redouble its focus on safety and aircraft quality after two fatal crashes in 2018 and 2019 killed 346 passengers. 

But a statement Boeing CEO Dave Calhoun—who took over after the crashes in 2020—plans to give in front of the U.S. Senate today doesn’t quite capture the magnitude of the calamity.  

“Much has been said about Boeing’s culture. We’ve heard those concerns loud and clear. Our culture is far from perfect, but we are taking action and making progress,” Calhoun will tell the Senate Permanent Subcommittee on Investigations, according to his statement obtained by Reuters . “I know full well that this is an industry where we simply must get it right, every time.”

The Senate subcommittee hearing entitled “Boeing’s broken safety culture” is the first time Calhoun will testify publicly on the litany of safety and culture issues at the company, and it may be the only time he does so. The CEO announced in March that he would step down by the end of the year .

For months, scrutiny of the aircraft manufacturer has been fueled by a string of whistleblowers who have outlined the company’s failure to address safety issues. At a previous Senate hearing in April , quality engineer Sam Salehpour told lawmakers that over the course of three years he repeatedly tried to raise safety concerns at Boeing but was told by higher-ups not to create delays, and “frankly, to shut up.”

Just this morning, the subcommittee released new information from a Boeing quality inspector who alleged that the planemaker mishandled and lost track of hundreds of faulty parts which may have ended up on 737 Max planes.

Calhoun’s prepared remarks ahead of today’s hearing deny that Boeing has discouraged safety feedback from employees. 

“We are committed to making sure every employee feels empowered to speak up if there is a problem,” his remarks state. “We also have strict policies in place to prohibit retaliation against employees who come forward. It is our job to listen, regardless of how we obtain feedback, and handle it with the seriousness it deserves.”

The investigation by Congress may not be the company’s biggest problem with the federal government. In May, the Department of Justice told a federal judge that Boeing had violated a 2021 settlement by failing to make promised changes to prevent violations of federal anti-fraud provisions and is now facing criminal charges. 

The settlement was related to the two plane crashes involving 737 Max planes—one in Indonesia in 2018, and another in Ethiopia in 2019—that resulted in the deaths of hundreds of people. 

Calhoun’s planned remarks for today’s hearing begin with an apology to the family members of the victims, which occurred during the previous CEO’s tenure.

​​“We are deeply sorry for your losses,” he’ll say in his opening comments. “Nothing is more important than the safety of the people who step on board our airplanes. Every day we seek to honor the memory of those lost.”

The hearing is scheduled to begin at 2 p.m. Eastern time.

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Boeing’s Wisk Aero buys Verocel to boost software safety for its self-flying eVTOL

4 yellow wisk evtol in a hangar overlooking hills

Wisk Aero , a subsidiary of Boeing, has acquired Verocel, a software verification and validation company that’s been serving the aerospace industry for 25 years. 

Wisk has an autonomous-first approach to electric vertical takeoff and landing (eVTOL) aircraft. The company’s Generation 6 aircraft , slated to begin airborne tests this year, is designed to be supervised by humans, but not physically flown by them. 

That means, perhaps more than other companies building eVTOL vehicles, Wisk needs to ensure its software is up to snuff. 

“We have a tremendous amount of high-integrity software all over the airplane and on the ground that needs to be verified,” Brian Yutko, CEO of Wisk Aero, told TechCrunch. It’s important to ensure high-integrity software runs as it’s supposed to, because any failure can cause serious damage, with possible life-threatening consequences. “It needs to be validated, and it’s just a big scope of work. So the Verocel team is going to contribute expertise to make sure that all of the software that we’re building for the airplane meets the standards that we expect them to meet.”

Wisk will absorb the Verocel team, numbering about 60 people, who bring deep expertise in DO-178C, a standard that provides guidelines for developing safety-critical software for airborne systems. 

DO-178C certification is one element of the Federal Aviation Administration’s type certification process, which certifies that an aircraft has met all design and safety standards. Wisk said Verocel’s expertise can not only help the company certify its Gen 6 aircraft, it will also help with future software development at Boeing. 

To make the certification process easier, Verocel offers a toolset called VeroTrace that helps track and manage the life cycle of software development and verification efforts all the way through to regulatory approval. 

Neither Wisk nor Verocel shared the financial terms of the deal.

The deal is reminiscent of competitor Joby Aviation’s 2022 acquisition of Avionyx , an aerospace software engineering firm. In both their acquisitions, Wisk and Joby valued becoming more vertically integrated while also bringing on the necessary expertise to test and validate their software to accelerate the path toward federal certification. 

Verifying and validating all of Wisk’s software is one piece of building and operating an autonomous airplane safety, Yutko said, noting that Wisk aims to commercialize its self-flying eVTOLs by 2030. 

The company is already working to set up the infrastructure to operate air taxis. In February, Wisk partnered with Sugar Land , a city close to Houston, to identify and assess a location at the city’s regional airport for the development of vertiport infrastructure for future air taxi operations. Earlier this month, Wisk established a memorandum of understanding with Houston airports to consider locations for vertiport infrastructure that could help serve the greater Houston area.

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The Analysis of Boeing Airplane Company

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Introduction

Diversification of economies.

Through cost leadership, Boeing will seek to become the low-cost producer in the commercial airplane market. To achieve this, the company can venture into upcoming production procedures and technologies that will enable it to produce its airplanes at a lower cost than its competitors (Suprihono et al., 2021). Additionally, Boeing will work to reduce its overhead costs and selling, general, and administrative expenses by automating production, reducing waste, and negotiating better deals with suppliers. In terms of differentiation, Boeing will differentiate its airplanes from its competitors by offering superior performance, fuel efficiency, and cabin comfort. Additionally, Boeing can offer its customers a unique suite of services, including maintenance, training, and support (Suprihono et al., 2021). This will increase customer preference and loyalty to Boeing Company, increasing its sales and maintaining current buyers.

Improving competitive advantage through focus requires the Boeing Airplane Company to select a specific market or customer segment and attend to them exclusively. Boeing will focus on serving the needs of airlines that operate in high-traffic, long-haul markets. IT can also design planes targeting leisure travelers around the globe, making them as unique and cost-effective as possible. By focusing on a specific market, the company can better tailor its products and services to meet the needs of that market (Suprihono et al., 2021). Thus, Boeing will be able to serve its customer’s needs better and compete more effectively against its competitors.

Mergers and acquisitions are activities that change the ownership of either operating units or the entire business from one company to another. For instance, Boeing can unite with other airline production companies around the globe, where they will produce, market, and sell all their products as Boeing. This can help to diversify economies of scale by providing new opportunities for businesses to expand their operations and enter new markets. Additionally, mergers and acquisitions can help to create new jobs and spur economic growth. By acquiring other companies, Boeing can spread its fixed costs over a more significant number of units, leading to lower unit costs and increased profitability (Suprihono et al., 2021). Moreover, mergers and acquisitions can help Boeing access new technologies, products, and markets. Thus, Boeing will be better positioned to compete even globally with other Airplane production companies and stand a chance to be on the top.

One advantage a company’s diversification may gain from mergers and acquisitions is providing access to new customer segments and markets it could not reach before. For instance, in 1997, Boeing merged with McDonnell Douglas and could serve all previously owned market shares (Suprihono et al., 2021). Boeing was able to advance to one of the world’s greatest airplane producers due to the advantages posed by this merger.

Another positive result is cost savings by eliminating effort duplication and enjoying the advantages of economies of scale. For instance, two combined organizations can unite their various departments into one, making it easier and cheaper to manage. For example, if Boeing decides to merge with Bombardier Company, they could have one marketing department the two departments. This can also be done with other functions within the company, such as accounting and human resources. Moreover, the two firms can share resources and make what the other company lacks easier to access (Suprihono et al., 2021). For instance, if one company has a marketing team and the other company has a sales team, the two groups can share resources and information to avoid efforts duplication.

Suprihono, S., Prasetya, A., & Abdillah, Y. (2021). Improving firm performance through competitive advantage, differentiation strategy and cost leadership: A literature review. International Journal of Artificial Intelligence Research , 6 (1). Web.

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IvyPanda. (2023, October 12). The Analysis of Boeing Airplane Company. https://ivypanda.com/essays/the-analysis-of-boeing-airplane-company/

"The Analysis of Boeing Airplane Company." IvyPanda , 12 Oct. 2023, ivypanda.com/essays/the-analysis-of-boeing-airplane-company/.

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Bibliography

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