Virgin Atlantic Airways - Essay Example

Virgin Atlantic Case Study Abstract Virgin Atlantic Airways has been on the cutting-edge of innovative implementations since its creation by entrepreneur Richard Branson in 1984. The airline company has been especially focused on guest satisfaction and has been able to therefore report high profit margins in the past year despite the airline industry’s overall lessened financial numbers as compared to years past. As various airline companies have seen their existences dwindle and/or completely decline, Virgin Atlantic has used forward thinking, steady leadership, brand evolution, and guest focused improvements to establish its place not only as a contender in the airline industry despite its relatively youthful status among past industry power-airlines, but as a front-runner in the friendly skies. Specifically, the increased research and utilization of renewable energy as a fuel source as a method of attaining progress will be detailed in this case study of Virgin Atlantic Airways. Learning Objectives 1. To understand the cyclical nature of finances that the airline industry has been subject to over the years and its current state through a review of various figures available. 2. To learn biographical information on one airline company in particular, Virgin Atlantic Airways, in the discussion of its creation, its creator Richard Branson, and the values that the brand strives to embody. 3. To learn of the innovative ideas, techniques, and implementations that Virgin Atlantic has brought to the airline industry in regards to all facets of the company’s operations, especially in the area of guest satisfaction, including an in-depth discussion of the features of the airline that cater to providing an optimal, luxe, pre, in, and post-flight environment. 4. To understand how Virgin Atlantic and its procedures and offerings have allowed it to remain a profitable venture alongside failing airline companies in times of financial downturns with a look at the financial numbers that the company has released to the public, especially in the past few years. 5. To gain a look at the varying perspectives of those who have utilized Virgin Atlantic’s services as to the strengths and weaknesses of the company through differing eyes, including reviews by customers, critics, and analysts, and those involved directly in its operations. 6. To learn of future innovative implementations that Virgin Atlantic hopes to bring to the table as an airline, and continue to establish its niche among profitable ventures in the industry by reviewing releases from the company as to its goals for the next year and beyond. 7. To analyze the various parts of Virgin Atlantic, including past, current, and future offerings and decide on how both successful and unsuccessful these parts have/are/or could be in regards to the reviews that are available on the airline, as well as the numbers that are available in regards to the company’s financial status. 8. With the new technological innovation of bio-fuels and their implementation into jet engines, Virgin Atlantic was among the first airlines to utilize the new breakthrough and set new boundaries and horizons for the industry. The Problem The airline industry, although cyclical throughout its years, has found itself lately in a financial crunch. This downturn in the economic stability of the industry has led to financial woes for both its purveyors and consumers, and only the strongest companies have been able to ride the tide of losses that have been accrued by issues such as the lingering effects of September 11, 2001’s hijackings, the ever climbing costs of fuel, and the lessened amount of traveling that is done by individuals today because of escalating ticket prices and the economic recessions that are occurring in countries such as the United States of America. A congressional study was made public in May of 2008 that stated that simply because of delayed aircrafts in 2007, both those providing flights and those traveling on them were subject to losses of over 40 million dollars (La Monica, 2008, para. 21). Despite this monetary predicament that all parties involved have found themselves having to confront, one airline, Virgin Atlantic Airways, reported profits of 88.32 million dollars in the 2007-2008 year, a 38% increase from the year previous (Virgin Atlantic posts, 2008). Virgin has ordered 15 Boeing 787 Dreamliners to be delivered by 2013 even though margins in the airline industry tend to be "tiny". The industry is cyclical with huge fixed costs and has never been profitable (Benady, 2008). However, despite the airline company’s innovative strategies and implementations for success, especially in the amenities provided to their guests, the airline industry specifically and the economy in general is constantly subject to changes, and profits one year do not always equate profits in future years. The Company Virgin Atlantic Airways was founded in 1984, with a promise to be a different kind of airline (Michaels, 2007), by world-renowned entrepreneur Richard Branson, who was already at the helm of the rock-and-roll scene with his company, the Virgin Group. It has grown into one of the world's most unusual carriers (Michaels, 2007). This venture redefined long-distance air travel from being a drudge to being a pleasure (Mitchell, 2006). The airline was created to fly from England to the United States, and on June 22nd of the aforementioned year it made its first trans-Atlantic flight from Heathrow in London, to Newark, New Jersey. In the two-decades plus since Virgin Atlantic’s arrival onto the scene, the brand has seen its operations expand from simply flying from the United Kingdom to the United States, branching out into locations such as Japan, South Africa, China, India, Barbados, Australia, and St. Lucia, just to name a few of its 20-plus available destinations out of the two locations the company is based out of, Heathrow and Gatwick Airports in the U.K. This dedicated long-haul carrier flies big twin-aisle aircrafts and has 37 planes (Michaels, 2007). The company partnered with Singapore Airlines in 1999 when Branson sold a 49% share of Virgin Atlantic to the other airline, with the deal costing 600.25 million pounds (Superbrands case studies, 2005). Virgin Atlantic Airways is the second-largest airline in operation in the United Kingdom (Capital Capture, 2006). The Product Virgin Atlantic Airways, during a time when the majority of airliners valued simply the transportation of customers, centered its vision and foundation on the maximum amount of satisfaction that it could provide its travelers, regardless of the amount of money or particular section of its aircrafts that the guest was able to book. The company believed in being non-traditional in its offerings to guests, placing more value on fun and little luxuries, with the traveler getting the most stretch out of his/her buck than the airline itself getting the guest’s buck without merit, and the results have been phenomenal for the company. If the airline industry in general is similar to a room full of individuals in suits and ties, then Virgin Atlantic Airways is the laid-back, surfer dude. Sir Richard’s business model innovations give the impression of being single-mindedly focused on providing something better for customers in a way that most people would prefer (Mitchell, 2006). And as far as defining innovation is concerned, company founder Richard Branson stated in 1998, ‘An innovative business is one which lives and breathes “outside the box.” It is not just good ideas, it is a combination of good ideas, motivated staff and an instinctive understanding of what your customer wants’ (Tidd, Bessant, & Pavitt, 2005). One of their spokesmen has stated ‘Innovation is one of our brand values. We'll always go on investing in the product - that has defined our DNA. On many airlines there is all too often no decent film to watch, there is no fun on board. That is not how travel should be, people want to be entertained and get value for money” (Benady, 2008). Innovation and Product differentiation Virgin Atlantic stands for recognizable superiority in products and services and they expect the customer to try their latest innovations (Mitchell, 2006). Just a few of the innovations that Virgin Atlantic Airways has implemented to better serve and entertain its travelers include such amenities as televisions on every seat back even in its economy class, automatic defibrillators on each aircraft, and a frequent flyer program that goes by the name of ‘flyingclub,’ in which travelers are rewarded on a scale that is amongst, if not one of the highest, loyalty incentive programs available in the airline industry today. Small touches provide huge leverages in terms of customers’ perception of service. Virgin Atlantic demonstrates simplicity of excellent service when it serves ice cream half way through the film when flying Virgin Atlantic (Johnston, 2004). They transported the business-class passengers by limousine and pampered them like royalty in a special club at the airport and offered them superb service during the flight (Mitchell, 2006). They have a separate check-in area for premium-economy passengers, boards them along with business-class customers. They also have separate toilets reserved for premium-economy customers (McCartney, 2008). Virgin was the first to introduce the in-seat video screens and even today it is the first and only long-haul rival to a major European national carrier (Benady, 2008). Another innovation by Virgin Atlantic includes its premium “flat-bed” seats which convert into a bed at the touch of a button. It has been marketed as "one of the longest fully flat beds in business" and has been the key selling point of the airline. This had boosted its market share by up to 12 per cent on some routes (Murphy, 2009). The Virgin Atlantic customer experience is built around something called Red. This is an in-flight entertainment system where the passenger interacts with via a 9-inch seat-back LCD touch screen and a corded remote control/keyboard that nestles into the arm of the seat (Dumenco, 2008). They show on-demand movies and satellite TV apart from video games, a nicely curated collection of music videos and more than 3,000 MP3s. In addition, they have seat-to-seat text chat, and very soon they are expected to add satellite enabled internet access, including Wi-Fi to log on to computers. Red uses elegantly designed, Linux-based touch-screen interface as a virtual refrigerator that one can peer into anytime one gets thirsty or hungry. Any food consumables can be selected via Red's full-color photographic menu, credit card can be swiped there itself and minutes later the order is delivered. This allows the passengers to eat and drink when they want to and not when the cart rolls down. Food service is treated as a media function. They such innovations they have empowered the customer by tweaking interactive media interfaces to offer near-instant gratification. The customers are no longer at the mercy of the overworked staff that ends up disappointing the passengers. In addition to these customer-focused offerings, Virgin Atlantic also offers a lounge at its Heathrow location to cater to its first arrivals, in which a passenger is able to recharge after a lengthy stint on one of its aircrafts, even if the passenger was already fortunate enough to sit in the company’s Upper Class Suite, which feature reclining seats, flat, mattressed beds, a bar, in-flight masseuses, with various other beauty treatments available. Even if a traveler is not in the Upper Class area, amenities still abound on Virgin Atlantic, with offerings such as “K-id Packs” for young travelers, text messaging capabilities, computer games, and even the availability of eye gel in addition to a traditional airline’s pillow and blanket. To seal the loyalty of passengers, Virgin offers "limo to lounge in ten minutes" where passengers arriving by car at its Upper Class Wing at Heathrow Terminal 3 are given a speed check-in (Benady, 2008). This is seen as preferable to climbing endless escalators in BA's Terminal 5. Drive-thru check-ins are also available to Virgin Atlantic’s customers, as well as limousine pick-up (Superbrands case studies, 2005). Even though Virgin Atlantic also flies identical Boeing and Airbus aircraft as other carriers, it is their innovation that makes the experience different. It is the culmination of the way they approach the design and innovation. It is the chemistry of the people at Virgin, their commitment, youth and fervour that makes the difference (Michaels, 2007). The airlines were initially run technically by operational people but Virgin brought about a change in the attitude by putting the customer at the heart of the business. Virgin Atlantic has always positioned their product differently from competitors. They end up offering customers something they could never imagine they would ant till they see it. They do take suggestions from consumer groups but the final decision lies with them and they have found that their ideas almost always get them appreciation. Maintaining hard performance is harder than improving poor performance. Innovation was introduced even by the training department at Virgin Atlantic. The training department needed something special to capture the imagination of its crew and create a refresher program (Bainbridge, 2007). This was meant to remind the staff of the expected delivery at any point of time. The airline realizes that they need to balance their product with their investment in people which will then help them to deliver something different to the customer. They even hired employee engagement specialists to create a motivation program. Since this course was about behavioural change they outsourced the course. While the airline introduces innovative concepts, it also gives up what it finds does not help the product to differentiate. For instance, it has decided to do away with its in-flight beauty therapy (Donnelly, 2008). Virgin Atlantic has been relying on luxury services to make a profit from business customers. It was initiated as a strategy to lure the passengers away from other airlines. The service, available in its Upper Class cabins, has underpinned its strategy as it has not been able to use it to differentiate itself from rival carriers. The airline has been warned that if it withdraws such services, it could adversely impact the brand image of the company. There are speculations that it would dilute the customer experience and reduce the gap between it and its competitors in an already tough market. Corporate Branding Corporate brands serves as a powerful navigational tool that serves to help the stakeholders like the investors, employees and the customers take a decision (Balmer & Gray, 2003). Branding has also been associated with corporate image building. Corporate brands are seen as an assurance of quality and as an insurance against risk of poor performance or financial risk. The corporate brand of Virgin Atlantic originates from its parent brand ‘Virgin’ which has demonstrated its ability to extend its brand identity as ‘challenging and cheeky’ in different products and services. The owner had entered business with music records and since they were complete virgins to business, he named is as “Virgin” (Mitchell, 2006). Today they have Virgin Cola (drinks), Virgin Direct (insurance), Virgin Trains (Rail) and Virgin Atlantic (air transportation). The corporate brand is associated with the Virgin red and white colors and the Virgin graffiti-style typeface. Virgin has transferred this consistent identity with brand value across business fields and the have been able to blend their corporate and cultural values with their marketing practices (Hatch & Schultz, 2003). Virgin Atlantic has been able to transfer and utilize the brand image even in the non-marketing areas like recruitment and retention of valuable employees. The organization’s brand value serves as a template against which prospective employees can be evaluated. This is precisely what Virgin Atlantic does. They select their personnel not only according to the skill and experience but they also test the degree to which their beliefs and personality are in alignment with the values of Virgin’s corporate brand (Balmer & Gray, 2003). Commentary on Virgin Atlantic Airways A great deal of differing reviews of Virgin Atlantic Airways can be found in print and online from those who travel with the company to those individuals who work for it. However, a good indicator of just how customer-driven Virgin Atlantic really is can be found in a press release from a company spokesman following a complaint that company head Richard Branson received from a traveler on the airline’s December 7, 2008 flight between Mumbai and London. In the letter that was addressed to Branson, the traveler sent five photos of questionable food items he felt he had been subjected to on the flight, and complained of the entire meal in general. In response to this letter, Branson called the traveler personally and invited him to the catering center of Virgin Atlantic to aid the company in selecting future food and beverage items. The spokesperson stated, “While we investigated his complaint seriously, and following Richard Branson’s phone call we’ve invited him to our catering house to select the next range of meals and wines we serve onboard,” (Complaining flier offered, 2009). Additionally, amongst numerous other awards that the airline has accumulated, Branson was awarded the Travel Industry Association (TIA)’s first-ever Fossett Award at the 2008 Travelcom Show, in which TIA’s President, Roger Dow stated, “Building Virgin Atlantic Airways from scratch in 1984, Richard has never stopped in his relentless combination of combining the best in product and service, establishing a model that the industry couldn’t help but try to follow” (Sir Richard Branson to accept, 2008). Analysis The airline industry, along with all the other transportation industries, is experiencing serious economic problems. The rising fuel prices have contributed to a vast amount of changes in the industry. The airlines not only have had to adopt new procedures of operations, but they also had to invent some in order to stay in business. Many airlines today are focused on staying profitable, yet very few are concerned with growth and expansion of their company. The Official Airline Guide (OAF) analyzed the airline schedule of flight operations. As a specific example, as of September 8, 2008, there was a dramatic increase in the amounts of flights that were being cut. Most of these reductions were done because of the high fuel prices and the slow economy. The airlines are reducing flying capacity by either cutting the number of daily flights to a certain destination or by replacing the larger airplanes with smaller ones. Regardless of which strategy is chosen, the numbers of flying seats are reduced (Couch, Hansen & Carey, 2008). At the same time, airlines including Virgin Atlantic have announced significant reductions in fuel surcharges imposed on passenger fares in economy and premium-economy class but not on long-haul business class. This has come months after a steep fall in crude oil prices (Done, 2008). It decided to slash first-class fares by as much as 40.0% to destinations like New York, Dubai, Tokyo and Washington D.C. (Laurent, 2009). Earlier they would reduce the first class fares targeting the holiday makers but now even the business travelers have to be kept in mind. There have been rapid changes in the airline sector and according to the analysts Virgin Atlantic could plunge into trouble although the airline is confident of thriving as a niche upmarket player even when the industry is undergoing consolidation (Benady, 2008). Virgin is strongly opposing the tie up of British Airways with American Airways as being “unholy and “anti-competitive” (Espinoza, 2008) which could lead to increased prices (Benady, 2008). The four carriers that are trying to merge - British Airways to merge with Australia's Qantas Airways, Spain's Iberia and American Airlines – are all financially sound (Espinoza, 2008). They should not be given the grant to collude in the interest of the consumer, according to the Virgin Chairman. Virgin itself wants to buy the British carrier BMI so that it gets landing slots at Heathrow. Slots at Heathrow are considered of high value by the market (Espinoza, 2008). Virgin is also trying to strike a partnership deal with Lufthansa, which owns a 31% stake in BMI. It has long been nurturing ambitions of linking its long-haul business at Heathrow with the short and medium-haul network of BMI. Lufthansa may directly challenge BA by building its own long-haul networks or it may do so through Virgin Atlantic (Done, 2008a). If BA/AA tie up takes place, and if Virgin is unable to strike the BMI deal, then Virgin would be in trouble. Virgin operates as a standalone airline and hence it is unable to reap the benefits of alliances accruing to rivals (Benady, 2008). Airlines that have alliances are able to offer their passengers increased frequent flyer miles through onward travel. This puts pressure on Virgin to expand its agreement with Continental, Jet and Singapore Airlines. Singapore Airlines would like Virgin to work more closely with it rather than doing something of its own. However, Virgin is still considered as a premium niche operator and despite small margins it is long-established and has a powerful brand. To mark its 25th anniversary in June 2009, Virgin expects to unveil a major advertising campaign reminding their customers of the unique position the brand occupies in the airline sector. The airline market is rapidly shifting an what can keep Virgin Atlantic strong is the powerful franchise that the airline holds with its loyal customers through innovation, through the right marketing strategies and the entertainment values that it has borrows from its music business. In 2008, the projection of money spent on fuel for airline industries in the United States indicates an additional twenty billion dollars spent on top of the sixty billion from the previous year. Due to the decrease in seats, an increase in ticket prices will be applied to all destinations. In less stable and slowing economies, this will only make travel even more difficult for the average middle class customer; some even say flying will become a luxury. On top of the ticket prices, airlines are forced to impose additional fees as fuel charges or add an additional baggage fee. The increase of oil prices and drop in the economy are creating a push for alternatives such as bio-fuel. Bio-fuels are not new entities in our civilization; they have been utilized by humans for heating and the preparation of food for millennia. Bio-fuels, obtained from agricultural sources, serve as excellent transportation fuels. Bio-fuels are fuels derived from biological materials and can be in a solid, liquid, or gaseous state. The most widely used feed stocks for bio-fuel production are corn and wheat. Examples of widely used liquid forms for bio-fuels today are ethanol and biodiesel, and the major gaseous bio-fuel currently used is hydrogen. By using bio-fuels, energy security can be optimized even in countries with weak economies. A shift in fuel production from the Middle East to Africa and Latin America will bring a global fuel supply and a source of energy for transportation. In the airline industry, the idea of using bio-fuels is relatively new but there is increasing progress in research based on the utilization of bio-fuels. The airline industry in the United States is responsible for 12% of the green house gas emissions produced by the U.S. transportation sector (Raine, 2008). The Federal Aviation Administration predicts an increase of 60% in green house emissions by 2025 due to the airline industry in the United States. In the next fifty years, an ozone increase of 15% is predicted due to aircrafts’ carbon dioxide emissions. Environmentally, bio-fuels are less polluting and have fewer emissions of carbon dioxide and other greenhouse gases. Sustainable transportation will emerge since bio-fuels are produced from a renewable energy source. Additional benefits from the bio-fuel acceptance will be embracement of rural economic development along with protection of the ecosystem and soils. Currently, bio-fuel production costs are relatively higher than petroleum production. The establishment of massive oil production facilities compared to the fairly newer production facilities with smaller demand is one reason why bio-fuels are a little more expensive to produce. The high labor costs in well developed countries also increases the final cost of bio-fuel. The largest consumer of bio-fuel is Brazil, followed by the United States, Canada and European Union countries. Cost of ethanol production in Brazil is less expensive due to the cheap labor and its mass production for the large market in Brazil. With increasingly advanced technology, the price of production will decrease in International Energy Agency countries as they produce bio-fuels with very low net green house gas emissions. High and unstable oil prices, as well as escalating pollution, were the main drivers in motivating Richard Branson to adapt to using bio-fuel for Virgin Atlantic airlines. The first historic flight using 20% bio-fuel and 80% conventional jet fuel was flown on February 24, 2008 from London’s Heathrow Airport to Amsterdam with a Boeing 747-400. This program of using bio-fuels is a joint-venture with Boeing and General Electric (GE) Aviation to help Virgin Atlantic airlines to make significant leaps and set a benchmark for aviation standards in environmental progress and alternate energy use. The GE Aviation CF 6 engines used in the flight did not need any modifications to burn the bio-fuel. Virgin Atlantic has continued opportunities to utilize mixed fuels and make tremendous improvements in alternate energy. “Sir Richard Branson’s commitment to invest all of his future proceeds from Virgin Atlantic and other Virgin transportation companies into renewable energy initiatives and other projects to trace emissions related to global warming is groundbreaking (Virgin Atlantic). Together with Virgin Atlantic’s bio-fuel demo and push for more efficient aircrafts this is the sort of initiative the airline industry needs at a time when emissions from this sector are growing at nearly 4% a year,” states Steve Howard, CEO of The Climate Group (Virgin Atlantic). Virgin Atlantic is not the only airline that chooses the environmental approach of marketing and conducting business. South-African Airlines have taken the same approach and also are using bio-fuels for powering their aircrafts. New Zealand Airlines have also carried out major investments together with Rolls-Royce to initiate testing of bio-fuels in their fleets. These investments show that U.S. carriers see the advantage of environmentally friendly bio-fuels and are taking steps forward to change the regulations from Federal Aviation Administration concerning the certification of jet engines. In order to start using alternative fuel in the United States, the Federal Aviation Administration has to certify all aircraft engines and approve the particular type of fuel used for each aircraft engine. According to the Air-Transportation Association, no other types of fuel can currently be used in the U.S. besides conventional fuel (Raine, 2008). Continental Airlines is testing various types of bio-fuels that are different from those utilized by Virgin Atlantic and New Zealand Airways; in fact the bio-fuel they are investing in is derived from algae. 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