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Virgin Galactic - Essay Example
This report has been written to help Virgin Galactic define its target and to arrive at a suitable positioning. Based on various variables analyzed, the target has been defined as one living in urban, densely populated areas of the UK, a high net worth individuals with high incomes, belonging to SEC A+…
Ever since Neil Armstrong set foot on the moon, it has been every man’s wish to be able to do the same. Space is one of the most mystifying and romantic locations ever and knowing how hard it is to get there has only made it more sought after. But everyone cannot become astronauts. That is why Richard Branson, with his Virgin Group decided it was time common people get the opportunity to set foot into space. And with this noble thought in mind, the Virgin Group created Virgin Galactic – a company that is dedicated to taking ‘space tourists’ to their most sought after tourist spot – space. To do this, Virgin Galactic has modeled its very own spaceships after the history-making SpaceShipOne. Virgin Galactic’s spaceship is called SpaceShipTwo and its mission is to make “affordable exploration of space by human beings a real possibility”.
Market Segmentation is the bifurcation of a large group of people into smaller groups that have similar characteristics. The whole point of this exercise is so that an organization may be able to design a marketing mix to fulfill the demands and expectations of the participants in the various sub groups, in a precise manner. The market is usually divided based on geography, demography, consumer behavior and psychography.
Geographic Segmentation defines the exact geographic location of residence of the target. It is often divided based on region (continent, country, state, city, etc.), size of metropolitan area based on size of population, population density (urban, suburban, rural, etc.) and climate. ...