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1.
The Virgin Group is a highly diversified organization
2.
Founded by Richard Branson
3.
Leading entrepreneurial brands with over 200 companies.
4.
Operates globally across 34 countries with 50,000 employees.
5.
High emphasis on innovation.
6.
Strong & Distinctive Brand image.
Branson :
is known for his charismatic, risk taking, fun, and daring persona that enabled him to build a business empire projecting his own personal philosophy.
"Virgin is an adventurous company because I am an adventurer as well as an entrepreneur"
Lifestyle:
Branson was drawn to markets were he perceived undue conservatism, a lack of innovation and under-served customers in industries related to lifestyle including , health clubs (Virgin Active), drinks (Virgin Drinks),
and bridal inquiries (Virgin Bride).
Music :
In 1987 the group expanded their business by establishing Virgin Records America, seeking a new, larger market.
Money :
In 2007 Virgin acquisitioned Northern Rock, a medium-sized UK mortgage provider, to enter financial sector.
Environmental Issues:
Branson has become increasingly interested in environmental issues so, he lunching the Virgin Earth Challenge to remove larger amounts of carbon dioxide from the atmosphere.
Travel & Communication:
New Opportunities (Deregulation in the UK to these sectors): Led to the setting up of Virgin Mobile and Virgin Train
Deregulation in Australia and Nigeria allowed Virgin to set up other low-cost Airlines.
Existing Product
New Product
Market
Penetration
Product
Development
Existing Market
Diversification
Market
Development
New Market
Market penetration:
It implies increasing share of current market with the current product range
Market Development:
involves offering existing products to new markets
Product development:
it is were organization deliver modified or new products or services to existing market
conglomerate diversification:
involves diversifying in to product or serveries with no relationships to existing business
Rationale is defined as the reasoning behind s decision or something
the key rationale to weather Virgin backs a new venture is" does an opportunity exist for restructuring a market and creating competitive advantage?"the group puts it self in the customer chose to see what it could make better. it also considers whether there could be beneficial interaction with other Virgin Business
Virgin’s Adding Values
According to Branson
Virgin has a mix of privately owned and public listed companies as well as mix of start-up-small business and very large corporate ventures
Virgin adds value to its businesses by sharing resources and activities, envisioning by developing strategic mission and clear external image.
Virgin adds value in 3 main ways:
1. there is a public relations and marketing skills, Brnson adopts a hands of policy unless it comes to marketing and publicity, he take a more involved and highly active role
Second,
Is its experience with green field start ups and Virgin understanding of opportunities presented by institutionalization markets.
Those are the markets that are dominated by a few competitors who are not giving value to customers because they have become inefficient complacent or preoccupied with rivals
Virgin shakes up such markets by emphasizing innovation and fun and by offering more to customer for less cost and better quality
And finally, the group has an extensive network of contacts and partners Virgin excels in combining skills, knowledge, and expertise to build exciting and successful companies.
Future Corporate Strategy
the group should consider changing its policy to accommodate both independent and joint ventures to rely upon short term profit on few of its business.
1. Brand appeal and public image are directly linked to Branson himself
2.the lack of formal organizational structure
3. the groups financial situation
Succession planning is essential to ensure that the organization will have the ability to stand on its own once Branson departs
Organizational restructuring:
It’s important for the group survival to be restructured to a formal structure with centralized decision making body, such that any other top opinion former coming after him can easily fit in.
Virgin group should also have a corporate headquarters, where the group’s policy and financial decisions are centralized