Some good points, some not so good
I'm no fan of BA management but they've been fighting the LCA's ever since the days of Laker - they know the enemy and have constantly monitored what they need to do to stay afloat/ahead
IB on the other hand thought things would just jog along nicely for ever - they continued to order a load of different types of aircraft, their crews 9as pointed out) got more and more senior
By the time they woke up the LCA's had them by the throat and the cash flow was no longer there to modernise