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Transcript of Virgin Industries
by Leo & Roman
History of the Virgin Group
Virgin has a rich and varied history which takes in airlines, records, bridalwear, holidays, vodka, cars, bank accounts, mobile phones, cosmetics, condoms, gyms... the list goes on. And there's more to come - Virgin is stronger than ever.
The company wants to become the best in delivering brand values, which are:
Value for currency
Dazzling customer service
Competitively testing and fun.;
To provide a quality service by motivating employees and to assist and examine consumer feedback for nonstop enhancement of the customer's experience through improvement; to create products and services that make the customer’s life more enjoyable.
Planning a global presence in travel, mobile communications, entertainment retailing and music.
2. History of the Virgin Group
5. Virgin's culture
6. Organizational structure
7. Business strategy
Virgin Group Ltd. is a leading international investment group founded by business tycoon Richard Branson. Its core business areas are travel, entertainment and lifestyle and it consists of more than 400 companies worldwide.
The brand name "Virgin" arose when Branson and a partner were starting their first business, a record shop. They considered themselves virgins in business
Virgin Group uses the following types of strategies:
Unrelated Diversification Strategy
Risk mitigation strategy
1968-Student, a youth-culture magazine created by a certain sixteen-year-old Richard Branson, is published. The first issue is handed out on January 26.
1971-The first Virgin Record Shop opens at 24 Oxford Street, London. Behind the till, Richard Branson sells the first record – a Tangerine Dream album.
1973-The Virgin Records label and Virgin Music Publishing launches in the UK with the release of Mike Oldfield’s Tubular Bells - one of the biggest selling albums of the decade
1979-The first Virgin Megastore opens at 14-16 Oxford Street in London.
1981-Virgin Games is launched
1984-Virgin Atlantic Airways and Virgin Cargo are born.
1987-The Virgin Airship and Balloon Company (later to become Virgin Balloon Flights) takes off.
1990-Virgin Megastores arrives in Japan.
1991-Virgin Publishing (later to become a new incarnation of Virgin Books) is formed.
Richard Branson signs Janet Jackson to Virgin Records for $25 million for just one album (‘Janet’ - her fifth). This makes her the world's highest paid recording artist.
1994-Virgin Retail becomes the UK’s largest music retailer with the acquisition of the Our Price chain.
Virgin Cola, Virgin Vodka (they go quite well together apparently) and a range of soft drinks are launched under the Virgin Drinks banner.
Virgin Radio FM launches in London.
Virgin Vacations is established in the US to provide Virgin Atlantic customers with inclusive vacation packages to London and beyond.
1996-V2 Music is created, comprising the UK label, V2 Records and V2 Music Publishing.
Virgin Trains is launched as the Virgin Rail Group is awarded the CrossCountry rail franchise
1999-Virgin Mobile launches Virgin’s first consumer telecommunications venture.
Digital station Radio Free Virgin begins broadcasting over the Internet.
2000-Virginmoney.com, a financial services supermarket, is launched
Virgin Travelstore, an impartial travel agency, opens.
Virgin Student, a student community website and marketing agency, is launched.
Virgin Cars begins retailing online.
2002-Virgin Money introduces the Virgin Credit Card in the UK.
Virgin Mobile arrives in the USA.
Virgin Megastores launches in Australia.
2005-Virgin Mobile launches in Canada
Virgin Atlantic opens its new Clubhouse at Heathrow. Amongst the many unique features of the flagship lounge are a cocktail bar, a hair salon, a Cowshed spa, a brasserie and a games room.
Virgin Media becomes the UK’s first ‘quadplay’ company - offering TV, broadband, phone and mobile services.
Virgin Galactic unveils White Knight Two - VMS Eve - a carrier aircraft used to launch the spacecraft.
Virgin America becomes the first airline to offer Wi-Fi access on every flight.
Virgin Atlantic celebrates its 25th anniversary with “Still Red Hot”, an international TV ad campaign that includes the 80s musical classic “Relax” by Frankie Goes to Hollywood.
Virgin Money sponsors the Virgin London Marathon and launches Virgin Money Giving. Richard Branson runs the marathon in 5 hours – wearing a pair of butterfly wings
Virgin launches Virgin Oceanic, a deep sea exploration submarine.
Virgin is able to diversify and enter new markets by establishing good partnerships. When the company’s experience or recourses are not enough to enter a market or create a competitive advantage it establishes joint ventures or outsources the services in order to fill the experience gap. This approach allows Virgin to expand, both in product range and in geography. Although businesses within the group are independent all of them inherit Virgin brand name, Virgin culture and management style, benefit from access to the Group’s resources.
Unrelated Diversification Strategy
Virgin started entering new business sectors outside its core activities area, retail and travel services. Presently, Virgin Group is presented in a huge amount of independent enterprises within completely different business segments, such as beverages, travel, cosmetics, telecommunications, etc.
Risk mitigation strategy
Branson’s divided the group into small legally independent businesses. The group’s management employs risk mitigation strategy and helps to avoid many difficulties of legal and financial nature faced by other groups of traditional corporate structure
Virgin Galactic takes its first test flight.
The Virgin Group
Virgin Hotels MKtg
Virgin Mobile Telecoms
EMI Virgin music
2004-Virgin Galactic LLC was founded
Branson believes that employees are the foundation of the business and attending to their needs and encouraging them to take ownership of the difficulties they encounter to help lead to the company’s success. Virgin’s compassion for employees include: a spotless, vigorous and secure work environment, understandable and reasonable terms of service, and equivalent opportunities for all current and prospective employees, and motivating employees to widen skills and evolve in their professional positions.
At the same time Virgin encourages employees to share the company’s responsibility towards society.
Virgin value its stakeholders as an essential part of Virgin production and brand and claims them to replicate the same values as the company does. In 2006 the Group defined a Code of Conduct, covering human rights, environmental concern and business ethics issues.
“A business has to be involving, it has to be fun, and it has to exercise your creative instincts.”
Thank You! =D