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VIRGIN GALACTIC

Marketing Plan and Strategy
by

on 17 February 2014

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Transcript of VIRGIN GALACTIC

VIRGIN GALACTIC

VIRGIN GALACTIC MARKETING PLAN
BY:
AMRUTA DNYANSAGAR
DIXIT NAGPAL
PRIYANK DHAWAN
SUMANTH JAIN MUTHA
INTRODUCTION
Virgin Galactic is a Space Tourism company
Founded in1999 by Sir Richard Branson
Pioneers in building space tourism industry
Plans to launch its operations in the near future using its own launch vehicles and space ship
MISSION STATEMENT
To make space travel possible using advanced, superior and environmentally friendly technology
To maintain the highest standards for safety throughout the journey
To become a leader in Space Tourism Industry
To continually explore new avenues and technologies in space travel

Core Competency
Superior technology which is environment friendly
Strategic tie-up with Scaled Composites for space craft material
Brand image of virgin group and financial support
Synergies with existing firms with in the group firms like Virgin Airlines and its entertainment divisions
Safety assured by better design and technology employed
Environment Analysis
Policies, legislative backing and business friendly nature of government is necessary to foster new business initiatives
At macro level the industry needs to have more people with large disposable income to spend on space tourism
Social changes have made people more open to risk taking and they want to challenge themselves by pushing the boundaries
Long term impact on environment is a big factor
"Twenty years from now you will be more disappointed by the things that you didn't do than by the ones you did do.

So throw off the bowlines. Sail away from the safe harbor. Catch the trade winds in your sails.

Explore.

Dream.

Discover."

-Mark Twain
SWOT ANALYSIS
STRENGTHS
Brand Awareness
Strong Financial Support
Safety assurance by deploying superior technology
Strategic alliances with supplier of composite materials
Affordability
Rich client base

WEAKNESS
Initial delay in starting service
Lost first movers advantage
Testing and assembly done at different places causing further delays
Complexity and Cost escalation








SWOT ANALYSIS
OPPORTUNITIES
Can collaborate with other players like Amazon
Form multiple research teams to work simultaneously
Legislative backing by the government creates favourable conditions for the industry
Investors perceiving the sector favourably leading to further investments
THREATS
Competitors may gain advantage if further delay in operations
A single mishap in space can completely change the perception about space tourism
Safety hazards
Changes in regulations permitting commercial space travel
CRITICAL ISSUES
Safety concern of the consumer
High cost of fuel and spaceship
Short product life cycle
Move up the value chain and include more services
MAJOR COMPETITORS
Space Adventures
RocketShip Tours
Blue Origin Project
TARGET MARKET
DEMOGRAPHIC
30-60 Years
Annual income greater than USD1m
Physically and mentally fit



PSYCHOGRAPHIC
Space enthusiasts
Adventure seeking and explorative
Desirous of being part of exclusive club
Risk takers
Willing to spend on luxury and high end experiences
Recognize brand image of Virgin group
TARGET MARKET
GEOGRAPHIC

Developed nations
Other high income clients across the globe
Countries with well established space programs


BEHAVIOURAL
People who are into adventure and extreme sports
Extravagant spenders
Risk takers
Virgin brand loyalists
MARKETING STRATEGY
Product differentiation

Extend the service offerings to stand out
Explore new options for space travel
Host events for the exclusive club of future astronauts
MARKETING GOALS
Increase awareness by aggressive ad campaign on global scale
Communicate safety
To get 1000 registrations by 2014
Establish Brand name in space tourism
Increase reach among youngsters
Establish emotional connect
Marketing Mix
Product
First to launch commercial spaceflights
The passengers will experience 5 minutes of zero gravity
Must attend training program and medical checkups

Price
Starting from USD250,000
PLACE
ASA (Accredited Space Agents) )
Travel Agents
Online Booking
PROMOTION
Released footage of test flights
Invite celebrities
Lady GaGa performance in space
Documentary on Nat Geo
Campaigning at exclusive events such as Golf, Polo, Horse Racing
High end magazines in buisness class flights and 7 start hotel suites
People
Sir Richard Branson is the biggest strength and asset
Competent and experienced core team

Process
Booking
Training
Medical Checkups
Take off

Physical Evidence
Two Spaceports
( NewMexico and Sweden)
SpaceshipTwo
White Knight

Sky is not the limit.
Marketing Mix
THANK YOU
Full transcript