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Submission date:04-2013
Date of defense: 05-2013
Chairman of the defense committee:
Paper Reviewer:
Degree-conferment authority and date:
Originality statement
I declare that the academic paper submitted is the achievements of the research carried out
by me under the guidance of the supervisor.To the best of my knowledge, except for the special
annotations and acknowledgements, the paper does not contain the research outcomes published
or written by other people have, nor materials already used to obtain academic degree or
certificate of Jinan University or other educational institutions. Any and all contributions to this
research made by my coworkers have been described and recognized herein.
Tel: +8618688408574
Mailing address:michael.guntur@ymail.com
Abstract
;
AirAsia
MYX5099
X
18 65
(Porter's)
English Abstract
Compare with the earlier ages, the airline industry has evolved much; the operations
become simpler and more efficient. Airline industry contributes to the economic growth of a
country. The International Air Transport Association surveyed that the growth rate of the airline
industry is about 6.6% every year and it has been grown more than 5% from the year 2000
2010.
The author chooses AirAsia as the study object for learning low-cost leadership that
developed by Michael E. Porter. The main idea of the paper is about the industry analysis
applied to generic strategies thus generate competitive advantages. AirAsia Berhad (MYX:
5099) is a Malaysian-based low-cost airline. AirAsia is Asia's largest low-fare, no-frills airline
and a pioneer of low-cost travel in Asia. AirAsia group operates scheduled domestic and
international flights to over 65 destinations spanning 18 countries. Together with the associate
companies; AirAsia X, Thai AirAsia, Indonesia AirAsia, Philippines' AirAsia Inc and AirAsia
Japan; AirAsia is ready to serve valuable and memorable flight with its believable, Now
Everyone Can Fly.
AirAsia applies low-cost leadership on its whole operations which characterized as; high
aircraft utilization, no frills (no free foods, no seat assigned, ticketless, no refundable ticket, no
loyalty program), modernize operations (simple process, single class seating, standardized
operations), basic amenities, point to point network, lean distribution system, positioning, and
low operating cost. This thesis explained in detail the AirAsia strategy and whole operations
that keep the cost low through the value chain analysis. In particular, the author applies Porters
generic strategy especially Low-Cost Leadership strategy to competitive strategy, to argue that
AirAsias success that strict with low-cost.
Author thinks that AirAsia is the best company to learn the low-cost leadership strategy.
The company strictly on low cost, breaks the travel norm, innovate the operation process, and
become a strong leader in Asia (supported by the performance data).
ii
Table of Contents
Abstract ... I
English Abstract .... II
Table of Contents ....... III
List of Figures and Tables ..... V
1 Introduction .... 1
1.1Background of the study ........ 1
1.2Problem statement ...... 2
1.3Purpose and significance of the study ....... 2
1.4Research strategy .... 3
1.4.1 Research methodology .. 3
1.4.2 Data gathering .... 3
1.4.3 Organization of the thesis .. 4
2 Theoretical Frameworks .5
2.1 Porters five forces model and industrys attractiveness .. 5
2.2 SWOT Analysis .. 7
2.3 Generic strategy and competitive advantage .. 8
2.3.1 Michael Porter generic strategies .... 8
2.3.2 Cost leadership (type 1 and type 2) .. 10
2.3.3 Differentiation strategy (type 3) ... 12
2.3.4 Focus strategy (type 4 and type 5) 13
2.3.5 Competitive advantage .. 14
2.4 Value chain analysis ... 16
3 AirAsia Case Study ..... 18
3.1 Description of the case company .. 18
3.1.1 Development of LCC in Asia .. 18
3.1.2 AirAsia profile .... 23
3.1.3 The development of AirAsia . 27
iii
iv
1 Introduction
1.1 Background of the Study
Nowadays, the airline industry has become simpler when compared to olden ages;
they want to improve themselves in the broad global market. Airline industry boosts all the
countries in growth of the economy, tourism, and international business investment. It has
made a lot of changes of people lifestyle to travel and the way of doing business by reducing
travel time consuming and allow people to visit different places or countries. The
International Air Transport Association surveyed that the growth rate of the airline industry
is about 6.6% every year and it has been grown more than 5% from the year 2000 2010.
The airline industry has evolved extremely since the last decades into a multifaceted
and fast growing industry drifted by the economic growth, travel and tourism divisions, in
accompany
with the
significance
increasing
passengers
from
numerous
places
(www.adg.stanford.edu, 2000). In the few decades ago, low cost carriers or no frills carriers
such as EasyJet and South Western Airlines have appeared with the great competitive
marketing strategy to battle with the existing giant market leader such as British Airways
and United Airlines (Buhalis, 2003). Seeing in the current business of the Malaysian
aviation industry, Malaysia Airlines (MA) flag or scheduled carrier, that was the first
established and monopolizing the air travel business in this region; is now opposition rising
challenges from no frills or low cost carrier AirAsia (AA), that has appeared as the
successful airline regionally (OConnell & Williams, 2005). The rapid change was because
of the lower fare, new routes and various locations with different time frequencies and the
online booking process that provided to the customers needs (OConnell & Williams,
2005). This was further confirmed by Driver (1999), that in the challenging situation of the
airline industry that was expanding very rapidly; 2 fare structures, provision of routes,
simplified ticketing system, improved pre- and post-flight aspects of travel, distribution
channels and promotional activities of an airline were among its thriving factor to success.
Michael Porter has explained about the three general types of strategies that are
mostly applied by the businesses to gain and retain competitive advantages. These three
generic strategies are defined in two dimensions; strategic scope and strategic strength.
Strategic scope is a demand-side and appeared at the size and composition of the market that
company aim to the target. Strategic strength is a supply-side dimension and refers to the
strength or core competency of the company. In particular Porter identified two
1
2 Theoretical Framework
2.1. Porters Five Forces Model and Industrys Attractiveness
An industry consists of a group of companies that offerings products or services,
which are similar and serve as competitors and substitutes for each other. Economist
analyzes competitive forces within an industry to identify opportunity and threats that firm
facing. A model of analyzing the external environment was developed by Michael. E.
Porter. This model called five forces model and it helps a company to recognize and analyze
the competitive forces in an industry environment. Porter describes the five forces as: threat
of new entrants, bargaining power of suppliers, bargaining power of buyers, threat of
substitutes, and rivalry among existing firms.
For a company to analyze the industry analysis, the Porters five forces is the first
step. Porter said, The collective strength of these forces determines the ultimate profit
potential in the industry, where profit potential is measured in terms of long term return on
invested capital.[1] The purpose of competitive strategy for every company is to know the
companys position in the industry and how the company can defend against the competitive
forces and has a power to influence them. By understanding the fundamental forces able to
determine the structure of an industry and understand the strengths and weaknesses of a
business, show where a great difference can happen by changing the strategies, and clarify
when the trend of the industry can be opportunities or threats.
Threat of
potential
entrants
Bargaining
power fo
supplier
Competitive
rivalry wihin
an industry
Bargaining
power of
customers
Threat of
substitutes
10
While applying the cost leadership strategy, a company has to be careful not to use
so aggressive price discount that their profits are really low or missing. Always consider
of cost-saving technological breakthroughs or any other related to value chain
development that able to corrode or eliminate the companys competitive advantages. The
Type 1 or Type 2 cost leadership strategy can be very effective bellow these conditions:
(1) When price war among competitors is especially dynamic.
(2) When the competitors products are fundamentally the same and supplies are available
from many of several suppliers or distributors.
(3) When there are only a few ways to attain product differentiation that valuable to
buyers.
(4) When most buyers use the product in the same ways.
(5) When buyers lay you open to lower costs in changing their buys from one seller to
another.
(6) When buyers are many and have a strong power to bargain discounted prices.
(7) When industry new entrants use starting low prices to attract buyers and build a
customer loyalty.
11
When
14
Resources and
Capabilities
Cost or
Differentiation
Advantage
Distinctive
Competencies
Value Creation
All of these primary activities are vital in gaining competitive advantage. On the
other hand there are some supportive activities that facilitate the primary activities.
Supportive activities sometime regarded as overhead; but many companies use them and
16
17
Name of LCC
Based
in
Operate
d since
Skymark
Airlines
Japan
1996,
flying
since
1998
Hokkaido
International
Airlines
(formerly Air
Do)
Japan
1996,
flying
since
1998
18
Cebu Pacific
The
Philippi
nes
1996
Name of
LCC
Based in
Lion Air
Indonesia
2000 early
2013
AirAsia
Malaysia
2001
Citilink
Garuda
Skynet
Asia
Airways
Indonesia
2001
Japan
2002
Air
Deccan
India
2003
Thai
AirAsia
Thailand
2003,
flying
since
2004
Indonesia Indonesia
AirAsia
(formerly
Awair)
2004
19
OneTwo-Go
Thailand
Thailand
Nok
Airlines
(formerly
Sky Asia)
2004
2004
Valuair
Singapore
2004
Tiger
Airways
Singapore
2004
Jetstar
Asia
Singapore
2004
Viva
Macau
Macau
SAR,
China
SpiceJet
India
2004,
flying
since
2006
2005
Hansung
Air
Korea
2005
Spring
Airlines
China
2005
20
IndiGo
India
2006
Jeju Air
Korea
2006
Oasis
HKSAR
China
2006
AirAsia X
Malaysia
2007
Pacific
Airlines
Vietnam
2007
Philippines Philippines
AirAsia
2010
AirAsia
Japan
Japan
2012
AirAsia
India
India
2013
There are some vital reasons accounting for the rapid development of LCCs in
Asia since the early 2000. First, the eruption of the financial crisis in Asia in 1997 enable a
high demand of low-cost air transportation for business travelers which financially
supported by cost-conscious finance departments of private companies (Condom 2005).
The dramatic decline in air transportation after the Asian Financial Crisis also made the
governments in some Asian countries under pressured, which were before unwilling to
grant the right or permission to operate on international routes to airline providers other
21
Table 3-3: Average annual passenger growth rate in South East Asia
Airlines
South East Asia
Malaysia
Thailand
Indonesia
2003-2008 Forecast
Domestic % International %
8.6
9.9
6.6
9.2
10.1
7.8
13.2
10.5
Compared with 4% average yearly growth rate of airline passenger for the
worldwide, the rate of 8.6% growth for domestic travel and 9.9% growth in international
travel in South East Asia is extraordinary (Airports Council International 2007). While
further growth of LCCs in the Asian region is unpredictable, rising jet fuel prices and
intense rivalry has placed pressure on existing participants in the industry and kept
potential entrants at bay. It is expected that LCCs in the region will keep on enjoying high
growth, although with some scale of consolidation in the sector, as is evident in the merger
of ValueAir with Jetstar Asia in July 2005.
On December 2004, AirAsia changed all existing old aircraft Boeing B737 with
Airbus A320, which has more capacity, more efficient fuel-consume and cost-efficient. As
a result, nowadays, the Group has the largest and newest A320 fleet in the region. From 90
aircrafts, 86 are Airbus A320 and 4 are Boeing 737 in AirAsia Indonesia and it is no more
used since 2012. The Group also has ordered more additional AirBus A320s. By utilizing
homogeneous aircrafts, the company able to save human resources cost and reduce spare
part stocks. These strategies have brought AirAsia as the lowest-cost airline in the world,
with a cost/ASK (available seat kilometer) of US3.67. This great achievement achieved
without compromising safety. AirAsia highest priority is safety; all the operations are
bellow supervision of all countries' regulators. To keep the aircraft in best condition
AirAsia partner with the best maintenance provider.
24
25
26
28
Maintenance
Fuel
Staff
Airport Costs
ATC costs
In-flight service
Capital and leasing
Marketing / Sales
Overheads
X
X
X
X
X
X
X
X
X
X
H.R.
Variable remunerations, low
hierarchies
Marketing
+ PR
No interlining, no flight
connections
Network
Young Fleet
Homogenous fleet
No Seat Reservation
In-flight Service
No free food and beverages,
lounges and FFPs
Fleet
Cost Category
X
X
X
X
X
X
X
X
X
X
X
X
X
X
X
X
X
29
Cost
Reduction
Traditional Carrier
Low Cost Carrier
Operating advantages
Higher seating density
Higher aircraft utilization
Lower flight and cabin crew costs
Use cheaper secondary airport
Outsourcing maintenance / single aircraft type
Product / Service Features
Minimal station costs and outsourced handling
No free in-flight meal, few passenger services
Differences in distribution
No travel agents or GDS commissions
Reduces sales/reservation costs
Other advantages
Smaller administration and fewer staffs
Low cost airlines compared to traditional airlines
-16
-2
-3
-4
-2
84
82
79
75
73
-7
-5
66
61
-6
-3
55
52
-3
49
49%
Source: Macrio, et al., 2007 Macrio, R., MacKenzie-Williams, P., Meersman, H., Monteiro, F., Reis, V.,
Schmidt, H., Van de Voorde, E., Vanelslander, T. 2007. The consequences of the growing European low-cost
airline sector. European Parliament, Brussels
33
(2) Weaknesses
1. AirAsia does not have its personal maintenance, repair and overhaul (MRO) facility.
It perhaps a good strategy when they initially started with only Malaysia as the only
hub and few aircrafts to maintain. But now, with only some hubs (Malaysia, Thailand
and Indonesia) and over 100 aircrafts currently owned and about another 200 Airbus
A320 to be received in the next few years, AirAsia has to make sure proper and
permanent maintenance of the aircrafts which will also facilitate to keep the overall
costs low. It is a competitive disadvantage not to have its own MRO facility.
2. AirAsia receives lot complaints from customers on their service, because of limited
service offered and low price. For instance, complaints are about flight time delays,
being charged for a lot of additional services and not able to modify flight or get a
refund if customers unable to fly. Good customer service and management is critical
particularly when competition is getting forceful.
(3) Opportunities
1. The rising of oil price perhaps at the first glimpse is like a threat for AirAsia. But
being a low cost carrier market leader in Asia, it an upper hand because its cost will
be keeps the lowest among all the Asian airlines. Therefore, AirAsia has a great
opportunity to gain more customers of full service and other low cost airlines
customers. On the other hand, there will be some cost reduction in whole travel
especially by casual and price sensitive customers.
35
(4) Threats
1. Certain charge like airport departure costs, security charges and landing charges are
under the control of airline operators and these are a threat to all airlines particularly
low cost airlines which struggling to maintain their cost as low as possible. For
example, Changi Airport in Singapore charges SGD21 for every person who departs
from Singapore.
2. AirAsias profit margin is about 30% and this has attracted many newcomers or
competitors. Many of full service airlines have or planning to create a low cost
subsidiary to compete directly with AirAsia. For instance, Singapore Airlines
established a low cost carrier Tiger Airways, Garuda Indonesia establishes Citilink
low cost carrier.
3. Passengers perception that low cost airlines may compromise safety to keep costs
low.
36
(2) No Frills
The basic of LCC business is about how to fly people from A to B. The other
service or everything else is regarded as a luxury or frills, of which cost money. AirAsia
removes some frills such as:
1. No free food and beverage on-board. Passengers can buy food and beverage on-board
at affordable price from the flight attendant, or buy online on the ticket booking
process.
2. There is no assigned-seating, all seating are free. Except passenger willing to pay
more for seat selection. If no, passengers will receive the general boarding pass and
have to take any available seats.
3. Ticketless. Less complicated for the operational and customers. Passengers do not
need to worry about collecting ticket before the flight and it is cost-efficient for
AirAsia (printing, paper, distributing).
4. No refund. Airline cost much money when passengers no show for flight due to
refund and reschedule. Whether the aircraft full or empty, the passenger show or not,
the cost of the airline is the same. AirAsia does not give any compensation for no
show guest and do not refund for the missing flight passengers.
5. No loyalty program. AirAsia believes customers are loyal with the low fare, so it does
not apply frequent flier miles program.
38
39
Primary Activities:
(1) Inbound Logistics
1. Market assessment: AirAsia has a very good brand in Asia, through its promotion
programs, marketing campaigns, sponsoring many events, etc. Beside AirAsia have
many followers on Twitter and Facebook Fans. Google also granted AirAsia as the
most visited travel websites in Asia.
2. Yield management and pricing: AirAsia master the yield management; the company
understands well the market and ready to anticipating the changes of the external
environment. AirAsia able to influence customer behavior in order to maximize
profits through the affordable ticket price (which has the lowest cost so that can offer
lowest price) and add-on service (meal on-board, travel insurance, seat selection,
hotel and car booking, etc.
3. Routes Planning: AirAsia has the widest routes in ASEAN; which is 132 routes over
countries, and will keep growing together with the growth in the number of aircraft.
4. Fuel Management: AirAsia use Airbus A320 which has more fuel efficient than a
Boeing 737, and for the future AirAsia has ordered a new design of Airbus A320 Neo
that have 15% more fuel efficiency. AirAsias aircraft mostly fly on cruise phase
(pilot will decrease the engine's thrust to the optimal setting of fuel burn and thrust
produced in order to conserve fuel).
40
(2) Operations
1. Coordination of station and hubs: AirAsia has 14 hubs spread in 4 countries; it helps
AirAsia have good coordination and communication, also help AirAsia maintain low
cost.
2. Ticketing and Reservation: AirAsia is the first Airline with ticketless program in
Asia. The ticket sales mostly around 80% generated from AirAsia website sales; that
very low cost and less commission for travel agent.
3. Check-in and Gate Operation: AirAsia uses secondary airport and have many hubs; in
most airport AirAsia has self-check-in machine; the machines allow passengers to get
a boarding pass without going to the check-in counter. It saves cost on human
resources cost.
4. Cargo Management: AirAsia has cargo service in order to fill the emptiness aircraft's
belly and gain more profit.
5. Aircraft Operations: AirAsia aircraft consumes approximately 14 million liters of fuel
each year and flies an average of 2.8 million kilometers each year; that's an equal
distance to the moon and earth, four times over.
6. On-Board Service: AirAsia offers limited on-board service; for additional services are
charged at cost.
7. Baggage Handling and Ticket Office: Just same as other airlines.
41
(5) Services
1. Customer Relationship: Customer can contact AirAsia both online and come directly
to the representative office available. Phone-line also available for customer relation
service.
2. Complaint Follow-up: AirAsia offers very limited free services, for every passenger
are sent the AirAsias flight policies. All policies are written in detail for preventing
mistakes and complains.
3. Baggage Service Problem: Passengers that have a problem with their baggage (delay,
lost, damage) can come to the guest service officer before leave the airport. The
management will follow up with the baggage and keep the passenger informed.
4. Partnership: AirAsia partnership with Expedia and HPE-Clothing
5. Hotel Reservation: AirAsia offers travel deals including city tour, hotel and city
transportation. Hotel reservation also available through www.airasiago.com.
42
(4) Procurement
1. Procurement: AirAsia has E-Procurement Requisition (EPR) System. EPR is built on
the idea that procurement requisition can be more intuitive, efficient, and useful. This
system is related to ordering and receiving, delivery instruction, specification,
branding, etc.
2. Monitoring Suppliers: AirAsia ensures that suppliers consistently meet all their
quality, cost and delivery commitments.
3. Establishing Partnership: AirAsia has good partnerships related to the procurement.
For example, with the Airbus in aircraft procurement; with Airbus maintenance; with
food suppliers; with merchandising suppliers, etc.
47
48
49
50
52
54
55
Notes
[1] Porter, Michael E., Competitive Strategy: Techniques for Analyzing Industries and Competitors. New York: Free Press,
1980.
[2] Cook, Kenneth J. The AMA Complete Guide to Strategic Planning for Small Business. American Marketing Association,
1995.
[3] Cook, Kenneth J. The AMA Complete Guide to Strategic Planning for Small Business. American Marketing Association,
1995.
56
5 References
[1] AirAsia 2007 Annual Report (2008), http://www.airasia.com, viewed on 16th June, 2008.
[2] AirAsia Annual Report 2008. AirAsia. 3 (5/137). Retrieved 6 October 2009
[3] AirAsia 2011 Annual Report, http://http://www.airasia.com/iwov-resources/my/common/pdf/AirAsia/IR/annual-reportcorporate-2011.pdf.
[4] AirAsia India to take to the skies in Q4. MCIL Multimedia Sdn Bhd. Retrieved 21 February 2013.
[5] AirAsia Investor Presentation (2007), CLSA Investor Forum Hong Kong, http://www.airasia.com, viewed on 16th June,
2008.
[6] AIRASIA is named as the World's Best Low-Cost Airline at the 2012 World Airline Awards held at Farnborough Air Show.
The World Airline Awards. 2012. Retrieved 12 April 2013.
[7] Airlines must merge or go bust: Fernandes Jun 16, 08, http://www.malaysiakini.com/news/84534
[8] AirAsia Q1 2008 Financial Report (2008), http://www.airasia.com, viewed on 16th June, 2008.
[9] AirAsia
to
offer
wider
range
of
products
online,
http://www.tmsamericas.info/cms/content.jsp?id=com.tms.cms.article.Article_e09fb0ac-caba7cb6-11e6a370-c4747769
[10] AirAsia unleashes its X-factor. The Star (Kuala Lumpur). 27 September 2008. Archived from the original on 29 June 2011.
Retrieved 27 June 2011.
[11] Anker, David. Developing Business Strategies. Chicago: Wiley, 1998.
[12] Asias Low-cost Carriers Set to Boom, (2004), Interavia, 675, 2326.
[13] Asia
Times
Online,
Jul
6,
2007,
Prying
open
ASEAN's
skies,
Asian
airlines,
http://www.atimes.com/atimes/Southeast_Asia/IG06Ae01.html
[14] Asiamoney,
COVER
STORY:
Turbulence
sure
to
test
ambitions
of
http://www.asiamoney.com/default.asp?page=7&ISS=24757&SID=706404
[15] Baker, C., Field, D., and Ionides, N. (2005), Global Reach, Airline Business, May 21, 5, 6065.BBC News (2007), Longhaul
Budget
Airline
Unveiled,
January
5,
retrieved
on
February
13,
2007
from:
http://news.bbc.co.uk/2/hi/business/6233295.stm.
[16] Bernama (13 July 2012). "AirAsia named Skytrax's World Best Low Cost Airline". New Straits Times. Retrieved 11 April
2013.
[17] Carr, Lawrence P, 1999: Value cahin Analysis and management for competitive advantage.
[18] Centreline (2004), Q&A on Low Cost Airline Developments in North Asia, Centre for Asia Pacific Aviation, March 18.
[19] Chan Tien Hin (1 December 2008). "AirAsia Has Record Drop on Loss, Analyst Downgrade". Bloomberg (New York).
Retrieved 27 September 2009.
[20] Condom, P. (2005), Low-profit Carriers, Interavia Business & Technology, 676.
[21] Cook, Kenneth J. The AMA Complete Guide to Strategic Planning for Small Business. Chicago: American Marketing
Association, 1995.
[22] David, F 2007, Strategic Management: Cases and Concepts, Pearson Education, New Jersey
[23] Discount airlines in Asia, http://wikitravel.org/en/Discount_airlines_in_Asia
[24] Driver, J. C. (1999). Developments in airline marketing practice. Journal of Marketing Practice, 5(5), 134 150. Retrieved
November 17th, 2010, from http://www.emeraldinsight.com/journals.htm?articleid=857947&show=html
[25] Forbes.com,
September
17,
2007,
Phuket
Crash
Raises
Fears
About
Budget
Flights,
http://www.forbes.com/markets/2007/09/17/phuket-air-crash-markets-equity-cx_vk_0917markets05.html
[26] Goodstein, Leonard. Applied Strategic Planning: How to Develop a Plan That Really Works. New York: McGraw-Hill,
1992.
57
58
Acknowledgement
The success of this study required the help of various individuals. Without them, the
author might not meet their objectives in doing this study. The author wants to give gratitude to
the following people for their invaluable help and support:
To Jesus Christ, our Lord and Savior, for giving the wisdom, strength, support and
knowledge in exploring things; for the guidance is helping surpass all the trials that the author
encountered and for giving determination to pursue their studies and to make this study possible;
To Prof. Huang Wei Li, for the time and effort; leading the author and give valuable
guidance; kind, responsible and understanding adviser, who was always available during the
process of this thesis giving some advice and ideas to accomplish this thesis.
To my parent, for giving support and encouragement to pursue my study also giving
support and encouragement and guidance to pursue their study; for giving trust, love, and
patience.
To Christy Lizar, for giving me support and careness for evertyhing that I do. Pray and
love are highly appreciated regarding achieving great success.
To all MBA teachers, for teaching me many valuable skills and knowledge; guiding me
to finish the MBA learning process.
And lastly, to the people who helped and contribute great ideas and advices, especially
classmates and close friends; Hansdrata Hindryanto, Shan Wiyono, Rifan Hia, Sonny Thjaiyahdi,
Jassisca Klory, Jansen Setiawan, Momen Ghola, Judy, Carol, Jervis, Rosu, Celina, Paul, Ivan,
Emilly, Anna, Bern, Laurent, and others that cannot be mentioned one by one; for without them,
this study would not be possible.
The Author
Michael
59