Zooker,
Yes, I have a 2:1 in Management Bullshxt.
I think most of your points were answered by PQC and others, but to clarify mine, in Plain English:
Dinosaurs: this is not my phrase, I was pointing out how 'legacy' carriers have been daubed with this name by critics, with some justification. I think legacies are important and it's good to see them growing at MAN.
A 'sustainable marketing strategy' just means that MAN looks for airline business which is prepared to pay a rate which will produce an operating profit for the airport. This in turn ensures funds to improve airport facilities. MAN doesn't do heavy discounting of rates to attract business. As illustrated with Ryanair two years ago, MAN is wary of going after traffic growth by discounting, because in the longer term the revenues generated do not allow for reinvestment. We've seen what happens at several smaller regional airports when investment is needed - there is no choice but to put up rates, usually in the form of a development tax or supplement. Then you end up in court, or the traffic moves away. In a word- unsustainable.
Economic reality? Some examples. Airport infrastructure is VERY expensive to provide. In the pre-LCC era, smaller regional airports had plenty of spare capacity and so when LCCs came along they could offer it at knock-down rates. When the airports need to replace and update facilities there's not enough money coming in from the fees they've agreed. MAN doesn't do this, as explained above. By the way, MAN is entirely owned by local councils (and people like me who pay council tax to Manchester City Council). The public-sector owners have made much more of a financial success of their airport than some private sector operators. Has Peel made a profit? MAN's economic reality also applies to things like runways. Runway 2 is not open when it isn't needed, it was an investment for the long term growth of the airport. MAN has 3000m runways because today's aircraft in a northern European climate don't need the 4000m runways which the Germans keep building. Additional cost of the extra 1000m of runway, anything from £20M to £100M depending on the geography.
Not accepting mass diversions in snowy conditions is another economic reality, and the sign of a mature airport management. Look after your principal customers first and foremost. Don't disrupt the operation for the sake of a few extra quid. Help out in an emergency or distress, of course.
World class ATC. NATS are generally regarded as one of the top players. And by 2013 there'll be a brand new control tower to replace the ageing one. That's not cheap.
Diverse portfolio - I mean that MAN attracts and keeps a wide spread of business - legacies, charter, LCCs, freight. No other airport in the UK has such a wide range of business, with no dominant customer. This makes MAN less vulnerable to individual airline failures or changes in market trends.
Hope that explains.