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. 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. Based on these variables, we could say that the target for Virgin Galactic would be high net worth individuals with high incomes, belonging to SEC A+.5 They would be educated and probably come from small families, that is, either bachelors or just married, with no kids. Behavioral Segmentation divides the target based on consumer behavior towards the product or service. It is based on variables such as brand loyalty, user status (i.e. first time user, potential, regular, etc.), readiness to buy, occasions (holidays or other events).6 Based on these variables, the target for Virgin Galactic could be defined as first time users who are most willing to spend money to go into space. They just want to go into space, and aren’t much worried about the money they are spending. Occasions play no role in this. Psychographic Segmentation divides people based on their lifestyles, interests, opinions, values, etc. Based on these variables, we could define the target for Virgin Galactic as people who lead a very frivolous lifestyle, who are willing to spend good money on anything that will make them happy, in this case takes them to space. Their interests would include space, experiencing anything new, especially before their peers. Consumer Profile: Geographic: Region: England City: Birmingham Density: Urban Demographic: Gender: Male Age: 38 years Lifecycle: Married, no children Occupation: Businessman Education: University graduate Income: GPB 500000 per annum Nationality: British Behavioral: User Status: First time Readiness: Very high Benefits: Going into space, making a dream come true, doing something special before peers and competitors. Occasion: None Psychographic: Social class: A+ - high income, high net worth individual Personality: Fun, ambitious, impulsive, confident, athletic, enthusiastic to experience new things Lifestyle: Tech-savvy, plays a lot of sport, fitness freak, socially active Hobbies: Sport, follows tennis, golf and cricket Mobile Phone: iPhone 5 (Contract) Consumer Behavior Factors Consumer behavior refers to the method in which a consumer selects, purchases and consumes certain products ...
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In 2011, Virgin Group earned revenues of over 21 billion USD, earned through positive brand reputation domestically and internationally and by maintaining relevant product offerings that are significant for key target markets identified through demographic and psychographic segmentation strategies.
The airlines has been very successful, carrying over 5.3 million passengers in 2010; this figure made Virgin Atlantic the eighth largest airlines in the United Kingdom. Today Sir Richard Branson remains the company’s president, with Stephen Murphy the chairman, Steve Ridgway the CEO, Julie Southern the CCO, and Steve Griffiths the COO.
Upset by his performance rate, he started engaging in business venture through publication of a magazine, the student, in school at the age of sixteen. He managed to sell volumes of magazines enabling him to raise enough money to start a mail-order company (Branson, 2009).
Leadership Author Instructor Date Who is a leader? A leader is defined as an individual who influences others to accomplish set goals and objectives as well as directs an organization in a manner that makes it more coherent and cohesive. Leaders usually exercise leadership by applying their leadership skills and knowledge through process leadership.
His contributions to physics have been widely recognized and he is considered as one of the luminaries of contemporary physics and science in general. Hawking is a widely read author whose publications include The Large Scale Structure of Space-Time (1973), Superspace and Supergravity (1981), The Very Early Universe (1983), and the best-seller A Brief History of Time: From the Big Bang to Black Holes (1988).
The industrialisation was fuelled by new inventions such as the steam engine invented by Thomas Savery an army engineer in 1698. This herald a new age of inventions and the craftsmen all but disappear. Inventors became famous by patenting their discoveries and living of the royalties they received.
This move is technologically driven and complemented by immense creativity and innovation. This is a business line that is yet to be operationalized, let alone exploited. This heightens the company’s stake relative to business and industry strength and attractiveness
They use the income from the license fee to provide services including 10 national TV channels plus regional programming, 10 national radio stations, 40 local radio stations and an extensive website (Cameron, 2008).
Thus, the work highlights approaches to ecotourism and provides understandings of space tourism.
Currently, government and private firms promote innovative approaches to attract more tourists. The various forms of ecotourism
From the content of the article, it follows that the common trend of media coverage of the topic is referencing to the history of the sphere with the aim to convince the audience in the future successes / failures.
The article published on the 1st of
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