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Business at work - Virgin

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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.

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