• Join over 1.2 million students every month
  • Accelerate your learning by 29%
  • Unlimited access from just £6.99 per month

Business at work - Virgin

Extracts from this document...

Introduction

UNIT 1: BUSINESS AT WORK Danny Arnett: 12 NKB Mr Plumridge Contents Task 1: Introduction I have chosen to write about Virgin in my coursework The owner of Virgin is Richard Branson. Richard Branson was born in 1950 and at age 17, while at Stowe - the famous English public school - started a student advisory service. Three years later, he founded the Virgin mail order record company and shortly afterwards opened a shop on Oxford Street, London's main shopping thoroughfare. By the early 1980s, Virgin Records was one of the top six record companies in the world. Then, in 1984, Branson got a phone call out of the blue suggesting a jumbo jet passenger service between London and New York. Branson liked the idea, much to the horror of his fellow directors who thought him crazy. Undeterred, he announced to the world that Virgin Atlantic Airways would begin operating within three months! At which point a lot of other people agreed -- he was crazy! But, an aircraft was found, staff were hired, licences granted and, thanks in no small part to Branson's infectious enthusiasm, on June, 22 1984, an aircraft packed with friends, celebs and the media set off for Newark, New Jersey and a phenomenon was born! In 1992 Branson sold Virgin Music to Thorn EMI and ploughed the profits back into Virgin Atlantic, improving an already great service even further. ...read more.

Middle

Those who work there are in the frontline of the business, selling the products to new and existing customers. They deal with customers personally and therefore the performance of each individual reflects on the rest of the company. As a service sector business, the treatment of each customer is as important as the performance of the product being sold. Marketing Virgin Direct was set up with the aim of making personal finance as accessible as possible. As a result the marketing involved has to be very broad in focus. It needs to be in the Sunday tabloids, and on peak time television, but at the same time it must appeal to customers who are already interested in buying these products who read publications specialising in personal finance. Timing is also a difficult issue for the marketing team. A huge proportion of Virgin Direct's business is done in the last month of each tax year. Do they concentrate all their spending in the months leading up to then, as other company's do, or do they spread it across the year, hoping to raise awareness of their products for the crucial time period? Marketing also spend a lot of time conducting surveys of existing customers and finding out what their needs are. Existing customers are by far the most important group in terms of launching and selling new products and losing them can be very costly to the company indeed. ...read more.

Conclusion

in work levels as a result of your motivational philosophy Once you know what makes your employees tick you can formulate a management style which will assist to motivate your staff. For many employers or managers this task is simple, but for many it has been a sadly neglected skill SWOT Analysis SWOT stands for strengths, weaknesses, opportunities, and threats. Strengths and weaknesses are internal factors. A strength could be: * Airlines because more money is invested in that part of the company. * a new, innovative product or service (e.g. customised CD's, explained above) * location of the business * quality processes and procedures * any other aspect of your business that adds value to your product or service. A weakness could be: * lack of marketing expertise * undifferentiated products and service (i.e. in relation to your competitors) * poor quality goods or services (most goods and services are good) * damaged reputation Opportunities and threats are external factors. For example: An opportunity could be: * a developing market such as the Internet. * mergers, joint ventures or strategic alliances * moving into new market segments that offer improved profits * a new international market * a market vacated by an ineffective competitor A threat could be: * a new competitor in the market * price wars with competitors * a competitor has a new, innovative product or service * competitors have superior access to channels of distribution * taxation is introduced on your product or service ...read more.

The above preview is unformatted text

This student written piece of work is one of many that can be found in our GCSE People in Business section.

Found what you're looking for?

  • Start learning 29% faster today
  • 150,000+ documents available
  • Just £6.99 a month

Not the one? Search for your essay title...
  • Join over 1.2 million students every month
  • Accelerate your learning by 29%
  • Unlimited access from just £6.99 per month

See related essaysSee related essays

Related GCSE People in Business essays

  1. British Airways "Flying into a Storm"

    Actions implemented Audacious actions to assert BA as a leader Soon after he had been nominated chief executive, Bob Ayling started to implement a large panel of audacious actions to assert BA as a world leader company. First of all, he dared to cut the top executive team from

  2. The Boots organisation is a public limited company (PLC).

    The coach will continuously evaluate the performance of the trainee and always offer tips. Apprenticeships Apprenticeships are similar to coaching. An apprentice learns on the job from a more experienced person called either a master or master craftsman. Apprenticeships are not as common as they used to be.

  1. Business at Work - ASDA

    Higher prices than other supermarkets * Lack of payment choices Asda try to avoid dissatisfying customers by providing excellent sales and after sales service. However, if Asda was not so committed to customer service and did not consider the customer a priority, major problems would occur.

  2. Investigate about the important roles that management plays in achieving my chosen organisation aims ...

    Survival as a business: Planning and monitoring will help Tescos to achieve this objective by surviving as a business. Basically with planning, management can plan work according to the main objectives and overall targets of the business and prepare budgets for the different departments so that the money is spent according to each department's needs and overspending will be avoided.

  1. Managing Human Resources in Marks & Spencer.

    of the attributes and skills required to do the job in hand to the satisfactory standards. For example, in Marks and Spencer' mission to require a part-time sales assistant, the HRM would need to specify clearly in the person specification whether or not the employee had to have special ICT qualifications in order to work a till.

  2. As a short-term business Consultant, I have been hired by Alton Towers PLC to ...

    * Alton Towers can gain economy of scale due it being a very large business. This means that it can buy in bulk unlike private limited companies. * The shareholders of Alton Towers have limited liability. This means that the people who have invested shares will not loose any personal loss if the company gets into debt.

  1. A Report on How Richer Sounds Functions

    * There could be a misunderstanding of management style to Richer Sounds' new employees as a consultative style is similar to that of democratic and those employees may not notice until time has passed and will realise that not all ideas are taken into account.

  2. This report is to investigate Coca Cola Company. On this coursework I will look ...

    Direct investments to highest-potential areas across markets Coca Cola tailor their business approach to the individual marketplace based on its stage of development. In this way, we direct our investments in a way that makes the most business sense.

  • Over 160,000 pieces
    of student written work
  • Annotated by
    experienced teachers
  • Ideas and feedback to
    improve your own work