TABLE OF CONTENTS PAGE1. British Airways: Overview 42. Main stakeholders 43. Mission and objectives 54. Market structure 65. Managing various cultures 76. Economic changes, fiscal and monetary policy 87. Regulation 118. Conclusion and recommendations 129. References 14Executive summaryBritish Airways focused its mission and objectives aimed at satisfying its key stakeholders, including employees, customers, government and the British public. The company has successfully managed the cultural differences that arise between the UK and foreign countries, by adopting a geocentric approach to hiring workers. The airline has also created a flexible organization that responds quickly to the changing needs of its consumers. However, poor industrial relations and crisis management mean that there is a greater need to focus on building strong relationships with employees, enabling them to internalize the company's vision. Given the intense competition in the sector and continued changes in regulations from the EU and international regulators, British Airways must introduce cost-effective methods to comply with regulatory standards. The company must also avoid illegal practices that could harm its brand image.1. British Airways: OverviewBritish Airways began operations in 1935 as a small private airline, offering limited services within the United Kingdom. Due to its poor performance, the company was nationalized in 1939, with the state providing the investment and resources needed for growth (Brooks & Cullinane, 2007). The emergence of neoclassical economists arguing that government ownership was unproductive and inefficient paved the way for privatization...... middle of paper ...... at http://www.theguardian.com/business /2012 /apr/19/ba-fuel-surcharge-fine-oft#Murphy, E. King, E. (2014). Environmental noise pollution. California: Elsevier. Sitkin, A. Bowen, N. (2010). International Affairs 2nd edition. Oxford: Oxford University Press. Stabler, MJ Papatheodorou, A. Sinclair, MT (2010). The economics of tourism 2nd edition. New York: Routledge. The telegraph. (2010). The EU authorizes the transatlantic alliance of British Airways and the merger with Iberia. Telegraph. Retrieved May 15, 2014 from http://www.telegraph.co.uk/finance/newsbysector/transport/7889982/EU-clears-British-Airways-trans-Atlantic-alliance-merger-with-Iberia.html Winfield, P. .Bishop, R. Porter, P. (2013). Basic management for HR students and practitioners. Oxford: Elsevier. Yahoo Finance. (2014). British Airways. Retrieved May 14, 2014 from https://uk.finance.yahoo.com/q/ks?s=BA