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Introduction to business:Case: Puffin Air

Since meeting in college and becoming best friends, Mary and Fatima knew they would one day start a business together. Despite the pandemic lockdown, they now see an opportunity in the travel industry.

They believe small specialty airlines will be more competitive than large established airlines under anticipated changes of air travel rules in the wake of COVID-19. So, they recently formed a partnership to create Puffin Air.

They have some funds of their own, but they need more financial support to get the business started. As they explore other sources of funds, they want to take steps to reduce the risk of personal financial ruin as much as possible.

Puffin Air has announced plans to fly daily from Montreal to Jamaica and other Caribbean Islands during winter months, and from Montreal to Iceland and Ireland in summer months.

Although the airline industry has had a turbulent history with the demise of airlines like JetsGo, other airlines like WestJet have been successful when launching with limited routes. Hence, Mary and Fatima are confident in the chances of success for Puffin Air.

  1. List and describe the four types of Market Structures.
  2. In which type would Puffin Air be competing and why? Provide support for your answer.

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