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Virgin Group - Lab Report Example

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Name Institution Course Date Instructor Company profile and entrepreneurial skills Virgin Group is the leading and largest airline in the world that encompasses a consolidation of 400 companies. Founded by Richard Branson in 1970, Virgin Group started as a record retailer before it expanded to records shops in London 2 years later…
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Virgin Group
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Download file to see previous pages This profile majors in different areas, most of which will help in understanding the factors behind Virgin’s success. Purposely, it will provide a detailed analysis of the marketing strategies adopted by the group. In this part, the paper will give an elaboration of the pricing policy and other strategies like employee training. Further, the paper will focus on organization culture prevailing. This will include the behavior and values the group considers worth. Lastly, this report will provide a detailed analysis of the motivation the company gives to the employee hence the evident success. As it will be evident in the report, employee motivation is a key factor in Virgin Group and a determinant in the overall job of every individual employee. Richard Branson’s Profile Born in 1950, biographers document Richard Branson as one of those entrepreneurs who have realized success at a young age. As a real risk taker, Branson incepted Virgin Group at the age of 20 years. However, unlike the expectations of many, he realized his goals. Worth noting, the success attribute to the group did not just happen majestically, but took the effort of the entrepreneur, through his learned skills. A common question is how this happen. Nevertheless, the platform and sequence of events and timing he had help us understand the source of success. As he initiated the group, Branson believe that in order to build one’s daily decisions and actions, it is important to belief (Branson, 2012). This is because every belief determines the action taken by an individual. On the same, it is through belief that individuals run away from actions whenever they realize an obstacle on their way. On the contrary, the entrepreneur believed that everything is achievable. From such an understanding, he used his excellent communication skill to reach out to people and sought ideas to develop his towards the goal he had. In summary, the major skills possessed by Branson that helped him meet his goals included being an optimistic thinker, which to scholars is more of an asset, a defined vision with the desire to take charge, and his drive and persistence despite challenges, which help to explain the self-motivation in him (Branson, 2012). Marketing strategies Marketing strategies contribute extensively to the results an organization realizes. As evaluation of every potential client within reach, Virgin Group has a good marketing strategy to remain competitive. It has pricing policies whereby every customer has available service in accordance to the need and affordability. It runs promotional activities and advertisements to create awareness of its available services thus increasing market share and customer base. Its distribution is widely spread all over the world by establishing outlets to reach its diverse and widely spread customers. This group has well trained employees and practices continuous training for its staff. Its services are of high quality, and they focus on each customer segment. The group is consistent in scanning the business environment. It identifies its strength and weaknesses in the business process. This helps it correct the weakness by finding out the most suitable solution. On analyzing any opportunity and/or threat within the external marketing environment, it strategizes on how to grab the present opportunity and respond to the threat (Ferrell and ...Download file to see next pagesRead More
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