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Virgin Galactic Introduction: 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…
Virgin Galactic’s spaceship is called SpaceShipTwo and its mission is to make “affordable exploration of space by human beings a real possibility”.2 Market Segmentation: Market Segmentation is the bifurcation of a large group of people into smaller groups that have similar characteristics.3 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. Based on these variables, we can define the target audience for Virgin Galactic to be living in urban areas of UK that are densely populated.4 Demographic Segmentation looks at dividing the market based on demographic variables such as age, gender, family size, income, religion, education, social class, etc. ...
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