Virgin Galactic Essay Example | Topics and Well Written Essays - 1750 words

Virgin Galactic - Essay Example 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 â€Å"affordable exploration of space by human beings a real possibility†. Market Segmentation: 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 Occu pation: 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

Strategic management Case Study Example | Topics and Well Written Essays - 1500 words - 1

Strategic management - Case Study Example There are numerous positive aspects to this strategy nonetheless. To begin with, Paul Sr. contends that making his own grapes is the genesis to quality wine and also to business success. This is the core reason 70% of all grapes crushed at the winery is grown under the supervision of the company. Another belief held by Paul Sr. is that customers should always pay relative to the quality of wine they purchase. Hence, the company would never charge exponentially for wine that does not match the price. The Boscs also view wine making as a lifestyle, and hence strive to form close ties with clients. This approach to business is very influential when it comes to making the decision since it might be the same approach adopted if the chateau is built. In this regard, it is appropriate to assess whether CdC’s business strategy is applicable in such a setup. Having CdC’s business strategy applicable in a chateau mean that the construction of the new premises is supported by the business strategy in use. The external environment for CdC is very influential to the overall performance of the winery. The Liquor Control Board of Ontario (LCBO) is one of the political influences that impacts the operation of the company. The board is responsible for distributing most of the wine in the region and which all makers fall below. In many ways, the board is a controller of alcohol consumption in the region. Its lack of vulnerability from manipulation by wineries such as CdC means that the quest to upscale by the organisation is impeded. Although the revenues amassed in the wine business were surging, the amount of wine consumption was lessening over the last year. This is partly attributed to the economic recession that is being experienced in the region. This means that fewer people were taking wine and that the efforts by CdC to double