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The Virgin Group
Transcript of The Virgin Group
Virgin is a privately traded company that has a stake in over 400 companies worldwide and is valued at $7.1 billion.
Some of Virgin's companies are public, such as Virgin Media. Current Performance History of Virgin Group Vision & Mission Board of Directors The Man External Environment External Environment Industry Internal Environment Strength Internal Summary Strategic Alternatives Implementation Steps to a new Virgin 1968 - Branson prints first issue of Student.
1973 - Branson forms record label Virgin Records.
1984 - Virgin launched Virgin Atlantic Airways and began launching flights across the Atlantic.
1990's - Virgin Publishing, Virgin Cola, and Virgin Money and later, Virgin Mobile. Vision - "To make a credible contribution towards sustainable lifestyles whilst meeting or exceeding the expectations of our staff, customers and other stakeholders."
Mission - “Create businesses that span many sectors and touch all aspects of our customer’s lifestyles” No encompassing board of directors for the entire company.
Instead, they have a board for each subsidiary of the Virgin brand. Richard Branson and David Baxby are the Co-CEO's of the Virgin Group.
Homogenous, but in a good way. Richard Branson, 62, formed Virgin as a 19 year old. Famous for his quote "Screw it, let's do it!" when approaching new business ventures.
Set many world records and is personal friends with Nelson Mandela, Barack Obama, and the Queen. Owns his own island in the Caribbean for $200,000 General Opportunity
Technological - no R&D means no huge investments to see profit.
Economic - small downturns in the economy cut into cost leadership model and decimate profits. Opportunity
Substitute Products - Virgin is the substitute product, undercutting rivals and offering superior value.
Buyer's Power - Virgin constantly fighting to offer the most value. They have no niche market to rely on. Weakness HRM is key. People love working for Virgin. Exciting, entrepreneurial culture lead by inspired people. No R&D means that Virgin must rely on products and services already on the market and offer them at cheaper prices. Core Competencies Virgin's core competencies include:
Internal business development
Culture Key Industries Airline: America, Australia, Atlantic
Media: Mobile, Music, Gaming
Lifestyle: Active, Music, Festivals. Differentiation Downsizing Selling off small companies
in order to prioritize on key
industries will focus effort
and reduce brand name damage. A differentiation strategy
will encourage R&D and
allow Virgin to produce high
quality products and charge
higher prices. 1. Training -Virgin business school that prepares managers for dynamic and diverse business and replicates Branson's successes mental models.
2. External Scanning - Develop a structured scanning model to give accurate data on competitors and interpreting societal trends.
3. Increased R&D - Set aside 10% of revenues to invest in new products. Questions? Questions?