By Michelle Seiler-Tucker,Special for USDR
As of the present day and for the past few years, Malaysia Airlines has endured scrutiny for their business restructurings and losses. But now the airline is experiencing global condemnation of far worse proportions after one of its jets disappeared on March 8 with 239 passengers aboard.
Amongst the general Asian public, Malaysia Airlines has developed a reputation for high-standard service and safety procedures from the time it was founded in 1937, seizing a collection of awards for its overall outstanding customer service. However, the accolades in the past have not been sufficient enough to halt the pause of travelers of the airline in reaction to an incident of such proportion. Shares of Malaysia Airlines dropped as much as 20 percent on Monday March 10. The share price has been on a downward spiral for the past ten years. Before the travesty of the missing plane, Malaysia Airlines management tried four major restructurings in the past 12 years to no avail. The monetary afflictions are a mixture of mismanagement, government intrusion and a scarcity of professionals to run the airline proficiently.
The biggest question on the minds of the collective is centered around the whereabouts of the missing passengers of flight MH370. As a business owner, I am equally as interested in the way the airline will handle this eerie tragedy, turn around its’ current financial state, and woo customers back to the airline. My suggestion is to begin the redemption process by offering the public a palatable explanation that is both forthright and soothing (in terms of the airline negating fault in the incident). It has recently been reported that Malaysian officials have labeled the flight a hijacking situation. Not the appropriate approach, being that there’s no substantial evidence to support this claim and giving the general public’s cynical whispers growing more audible by the hour.
I would then present a national campaign that insures a level of safety and competence superior to all competitors. Reminding the nation of the company’s proven track record of ascendancy and accolades. The story of the “Missing Plane” won’t soon be forgotten, but advertised the strategically; this debacle can be spun as an unseen isolated event in the mind of the consumer.
Finally, after the company has rebounded considerably and shown steady financial growth, I’d sell the airline as quickly as possible. The biggest rule of thumb in business is to sell a company at the peak of its success to guarantee the largest profit achievable. With the financial history and current credibility issues of Malaysia Airlines, I’d advise the higher-ups to sell the company at the first sign of financial gain.