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Airline IndustryOne of the most revolutionary inventions in the field of transportation was the passenger plane This invention made it possible for people to travel across the seas without using a boat Today the plane is still one of the fastest and most efficient ways to travel The airline industry became big business because people are always traveling this created a huge market The major aspects of how the airline industry works is who has the most market power between the buyers and sellers Things like asymmetrical knowledge and power are two huge factors when seeing who has the market power The market power affects everything to do with that industry such as pricing maintenance and if the government should step in or not The market power has been in the hands of the airlines for years but now with the internet being available to most people flying the playing field has been leveledMarket power in the airline industry is held more in the hands of the airlines than in the hands of the consumers The market power of the airlines has become very powerful One reason is that flying has become such an everyday occurrence that it is hard to imagine life without itFlying has changed the way that we live and the way that we conduct business by shortening travel time and being able to fly virtually anywhere all over the world in a certain amount of time This factor makes flying an irreplaceable way of traveling which only increases their market power In the US all major airlines are privately owned the government only regulates some safety features like where they can and cant fly The manufacturing of airplanes is a business that is mainly dominated by Boeing and Airbus this makes it almost impossible for an outsider to try and enter into the marketthere isnt a lot of major competition among suppliersThe Industry HandbookAirlines have power over the public because of
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