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Virgin Galactic

Marketing1 presentation on Virgin Galactic
by

Murray Porteous

on 29 October 2012

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Transcript of Virgin Galactic

4 P's photo credit Nasa / Goddard Space Flight Center / Reto Stöckli "To become the world's first sub-orbital commercial air service provider, reaching an altitude of 62 miles above the earth for a modest 200 thousand dollars per ticket." Introduction Range of services Product
Price
Place
Promotion Marketing Environment They’ll be able to send someone to space for approximately 60% of the CO2 emissions per passenger of a return commercial London to New York flight. Market Research Process "This is a high-risk venture," says Virgin Galactic president and 20-year Virgin group public relations veteran Will Whitehorn Consumer Behavior A bit about Virgin...

Richard Branson
Virgin Mail Order (record sales) 1970
Now total of 50 000 employees
Total brand revenues £13bn Broadband
TV
Phone
Mobile
Trains
Airlines
V festival
Gym
Hot air balloons Marketing Dynamics
Process +3 P's Space travels, launching pod for
science missions and satellites (Virgin Galactic, 2012a) Professionals during training
Medical team
Pilots
(Virgin Galactic, 2012f) 3 days of training
3,5 hour flight
6 minutes of 0 gravity
(Virgin Galactic, 2012e) Airport built in New Mexico
Airport planned for Sweden
Aircraft, Virgin mothership Eve
Spacecraft, SpaceShipTwo
(Virgin Galactic, 2012g) $200,000 starting price, getting lower (Virgin Galactic, 2012b) Spaceport America & Spaceport Sweden (Virgin Galactic, 2012c) Video on website, national geographic and youtube
+ Promotional content on webside
(Virgin Galactic, 2012d) http://cleantechauthority.com/environmental-upside-space-travel/ The FAA will continue to regulate the launch and re-entry of commercially operated spacecraft, as it has since 1989. That authority extends to NASA missions launched by commercial operators http://www.space.com/16710-commercial-space-safety-faa.html Aabar Investments' buy-in gives British billionaire Sir Richard Branson's space tourism venture a big financial kickstart at a time when many funding sources have dried up because of the global recession. http://abcnews.go.com/Business/story?id=8191703&page=1#.UH3W-mnwI8x Macro-environment Micro-environment 60% less CO2 emissions per passenger than international airlines. The Federal Aviation Administration (FAA) will regulate all comercial space flights. Outside investment of $390 million helped the project move forward during the recession. Modern materials and technology give the space craft a high strength to weight ratio. Carbon fiber panels sandwiched around a honeycomb core will give SpaceShipTwo remarkable strength for its weight. Power is provided by a hybrid rocket. http://science.howstuffworks.com/spaceshiptwo3.htm Virgin Galactic - 60%
Outside investment - 40%
$1,031,500,000 total shares. 80,000 potential spaceflight customers registered and more that 530 customers paid the $200,000 including;
Alan Watts (managing director)
Angelina Jolie (actress) The Spaceship Company (TSC) is owned by Virgin, so all work is in-house. (How Stuff Works, 2012b) (j2p2, 2012) Decision-making process

1. Need recognition
2. Information search
3. Evaluation of alternatives http://www.logodesignlove.com/stretching-the-virgin-logo http://www.dcfcpug.org/2009/12/07/richard-bransons-virgin-galactic-unveils-spaceship-ii-today/ http://wiki.answers.com/Q/What_is_the_mission_statement_for_Virgin_Galactic (Flightglobal, 2009) (Virgin Galactic, 2012g) Conclusion Virgin Galactic was a high-risk concept. However, as they have no competitors at the current time, their service puts them alone in their marketing mix, with a lot of focus on experience through the process and environment for the customer and less on price and place. They are attuned to consumers' needs and wants, covering a wide range of choice criteria, from reliability to ethics. Maslow's Hierarchy of Needs Self-actualization the desire for self-fulfilment in achieving
what one is capable of for one's own sake “One possible motivation behind space tourism may be to find a spiritual dimension or self-actualization in the activity” Virgin.com Choice Criteria - Technical
Technical criteria are related to the performance of the product or service. "The WhiteKnightTwo mothership (Eve) flew 40 times ... The most recent solo flight was on October 5th and demonstrated that all the systems required for a free flight by the VSS Enterprise were functioning correctly without any safety issues." Referance List Virgin Galactic is...

"Richard Branson's most ambitious business venture yet." (Daily Mail, 2011) Marketing Research is: "the systematic design, collection, analysis and reporting of data relevant to a specific marketing situation facing an organisation." (Armstrong, Harker, Kotler, Brennan, 2009, p.117) WHY NEW MEXICO? http://www.biography.com/people/richard-branson-9224520 (Ziff Davis Enterprise, 2010) (Borden,1964) (Booms and Bitner, 1981) (Jobber, 2007, p.127) (Jobber,2007, p.135) (Singh, 2004, p.17) http://www.letsstartthinking.org/quickreference/maslow-need-hierarchy.asp -Social
Social criteria concern the impact that the purchase makes on the person's perceived relationship with other people, and the influence of social norms on the person Space tourism could become a new fashion "80% of Japanese people under 60 years of age would like to go to space"

"USA and Canada ... 61% of the population was interested in space tourism" (Singh, 2004, p.20) - Personal
Personal criteria concern how the product or service relates to the individual psycologically (Jobber, 2007, p.127) (Jobber, 2004, p.127) Ethics Risk reduction Emotions "The brand name "Virgin" uses a mono brand strategy to cover a wide range of industries. [...] by leveraging on the Virgin brand, it has established distinction and prominence in the minds of the consumers" (the University of Northampton, 2006, p.24) "Virgin is more inclined towards fun as Richard Branson quotes "I don't think of work as work and play as play. It's all living" (Branson, 2010)" (the University of Northampton, 2006, p.27) "the development of the space environment—for industry, commerce and tourism—is a natural extension of our current business and domestic agenda. Unfortunately, this brings with it the ability to pollute, degrade and even destroy aspects of the space environment. ” (Williamson, 2003, p.1) http://nuinlink.napier.ac.uk/V/Y1S8JEEBT87G1PBQQ622CADYS4YDBCFF8M4LANLJE3IGQ8UQ1L-04661?func=quick-3&short-format=002&set_number=005261&set_entry=000002&format=999 THEORY VIRGIN GALACTIC Market Research People Physical Evidence 1. No way of getting to space commercially.
Branson watches the moon landings and his passion for space. An 'on-going campaign' for New Mexico's 'company presence.
Survey - each participant intends to bring along an average of 5 guests - shared experience and more publicity. (Space, 2012b) 2. Research goals, plan how they are going to attract people and find out what are people willing to do and pay to fly to space.
"Virgin Galactic has been making it possible for aspiring astronauts to pay a deposit to reserve a place on SpaceShipTwo since 2005" and have settled on $200,000 a ticket. 3. How they will gather their information.
How they plan to build / test/market. 4. Determine exactly what information they are trying to obtain. 5. Handing out surveys and collecting data from any different companies that were interested or that would be involved. 6. Understanding the information that you've gathered and making sure its a good idea. 7.Start building the spaceship.
Analyse responses. Exploratory Information http://www.web-books.com/eLibrary/NC/B0/B64/065MB64.html (Virgin Galactic, 2012b) (Virgin Galactic, 2012h) SpaceshipOne - 1 pilot
SpaceshipTwo - 2 pilots and 6 passengers (http://www.virgingalactic.com/overview/spaceships/) (The Spaceship Company, 2012) In- house building - The Spaceship Company. In October 2011, Virgin Galactic announced that they are working with NASA for research and experimental flights (with a contract worth up to $4.5 million) (Space, 2011) Virgin Galactic was registered in March 1999. (Virgin Galactic, 2012b)  Virgin Galactic now have over 530 aspired astronauts who have booked a flight into space. (Virgin Galactic.com, 2012b)  (Cleantechauthority, 2011) (Space, 2012a) (Abc news, 2012) (How Stuff Works, 2012a) (Wikipedia, 2012) (http://www.youtube.com/watch?v=HzooGMklbKQ)
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