"My fascination with life originates from placing myself huge, apparently unachievable troubles and trying to go up above them. "
This is where it all commenced, Richard Branson, best known for his Virgin Group is of over 400 companies. Given birth to in July 18, 1950; destined to become one of the best known British internet marketers. Beginning at the age of 16 with his first successful business enterprise; publishing 'College student' magazine, start his string of successes. Richard Branson is now the 212th richest person in the world.
Estimated a net worth of around 4 Billion a dollars; honoured for his amount of Doctor of Technology, knighted for his services to entrepreneurship, becoming on the greatest British citizen & most influential people on the globe by BBC and Time Journal. Being an adventurer Branson is, he never hesitates to take risks and experiment with new ventures, now one of the very most recognized brands on the planet.
The Company & Philosophy
"Try new things, branch out, and when you can't find success with one project, you simply move to the next"
Sir Richard Branson's idea above simply puts Virgin Group into prospective. The Virgin group was founded by Sir Richard Charles Nicholas Branson in 1970; began one of is own many entrepreneurial projects at age 16, when he started a magazine titled 'Scholar 'in 1968. Later in 1970, Richard launched a mail order record company called Virgin, that was also successful, and immediately after a chain of Virgin record stores implemented. In 1973, Branson entered in to the music tracking business and continued to sign designers like the Rolling Stones.
However, that didn't gratify Branson's entrepreneurial goal and he wanted opportunities to diversify his business. Hence, in 1984 he ventured in to the airline industry with Virgin Atlantic, which continued to become the second largest airline in Britain. The Virgin group then sustained to expand with the kick off of Virgin Publishing, Virgin Radio, Virgin Cola, Virgin Direct and Virgin Rail. Nevertheless, the Virgin Group was not always free from failures. One major setback for Virgin was the acquisition of Virgin Documents by EMI in 1992. The other street bumps for Virgin were duds like Virgin Cola, Virgin Vodka, Virgin Cinemas, Virgin Cars and Virgin Makeup products that were not very successful ventures sign of a true entrepreneur. But that will not mean that Virgin gives amount more main concern over quality. Every business enterprise is carefully calculated and analyzed keeping in mind the marketplace demand, customer needs and development of products and services.
Today, Virgin group is a leading branded venture capital organization and consists of more than 300 companies worldwide with products and services ranging from music, telecommunications, drinks, airlines, advertising and financing.
The development strategy of Virgin Group is dependant on the idea of licensing and franchising the Virgin brand and being involved in the establishment of the ventures from scratch somewhat than acquiring and purchasing out existing businesses. The Virgin Brand is ever widening and diversifying and Branson always motivates creativity and the extensive range of products and services offered under the Virgin brand name exemplifies that. In the future years the strategic plan of Virgin is to unveiling two more ventures: Virgin Fuel (Cheaper, better & eco-friendly energy), Virgin Galactic (Suborbital Space flights; which are placed to revolutionize the business world).
1970 With the success of Virgin Files, Virgin Group was founded, a catalyst for this creation.
1999 Virgin Atlantic originated, a British teach service.
2002 Virgin joined the cellular phone business, Virgin Mobile, starting similar mobile endeavors in Britain, Australia, Singapore, Hong Kong and South Korea.
2004 The unbiased charitable arm of the Virgin Group was set up as Virgin Unite.
2005 Virgin Comics launched.
2006 Virgin Holidays established with an extremely econ friendly view by using all its revenue in research and development of sustainable sources of energy.
2008 Virgin Radio rebranded.
2009 Virgin Group launches 'Digital Help Company' in New York and in the UK.
2010 Unveiling of Virgin Gaming, an online destination for
competitive gaming system gamers.
2011+ Virgin Gas & Virgin Galactic
Sectors that Virgin Group diversifies into:
The Virgin group has been diversifying for a long period now. The business is occupied in various types of industries and presently has around 240 or even more corporations. Richard Branson also ventured in to the wildest sectors-Virgin Space Port. The diagram below lists the many areas that the Virgin Group is diversified into: C:\Users\alwardi\Desktop\VMS. jpg
Why we select this specific business over others?
Virgin Megastores are known worldwide about its products and services. Each and every time you pass by the store you are curious much to know if they have any new products. At times you get shocked by seeing some films and music albums that are yet to be released in the us.
Virgin mega store is a location where you can go for everything that involves entertainment. It includes a sense of children in the store; that awakens the young sprit. For the staff are mostly children. Virgin gives them the chance and flexibility to cope between work and studies. Thus giving a good reflection about Virgin brand.
There products varies from educational to entertainment. It used to be only entertainment but after diversification; it provides all age range.
When you approach any Virgin employee and have them about any specific product they would be very self-confident and clarify everything. Furthermore; other information that concerns the past and current status of the products.
Advantages and Down sides of such a Business
Virgin Megastores Bahrain have a no competition with other brands. As it's the only 1 in the united states that provides everything that you want from a pencil to a laptop. There is certainly nothing like virgin in Bahrain; when you get into looking for something you can easily find it. When you compare the center East and United States of America there's a major difference. Over there are others and stores that offer the same type of business however the middle east Virgin Megastores is one of a kind; and the first.
However, the use of internet these days has increased significantly; and copying of the original music and videos too. As Virgin Megastores has an array of music CD's and movies; the sales are reduced credited to piracy; illegally downloading materials from the internet. So consumer view why must i buy something that I could get easily free. Thus, triggering a major reduction to Companies like virgin. To include on, Virgin Megastores are diversified into many departments example: music, films, books, etc. This causes some complications; that your concentrate isn't just on one thing but a number of things at the same time.
Leadership can be defined as the art work of influencing other folks to attain the company's goals and targets in ways to make it more constant and cohesive. (Hubpages, 2010)
Leading people in the correct path processes leadership to be able to accomplish a goal. Leadership ensures that the organization works successfully in achieving its desired goals. Good managers are seen as a their leadership skills and experience for desire to in getting high performed and well-organized company. They will be the backbone of the business to increase their productivity at the same time create harmony between employees which results to better end result and efficiency. Only market leaders be capable of encourage their workers to work proficiently toward achieving the company's best interest. (WIR, 2010)
Types of leadership
Transactional Leaders: this kind of leadership involves an activity of exchange between your head and the follower (subordinate). The first choice tends to obtain compliance on one hand by offering motivation on performance and on the other side, by offering dangers or abuse for bad performance and non-compliance.
Transformational market leaders: this type of command style is more visionary and inspirational in way. The leaders here tend to provoke intense sentiment and communicate an obvious and acceptable eye-sight and goals with which the subordinates can certainly identify.
Autocratic market leaders: here, the market leaders are the decision makers and also have total authority. This sort of leadership style is utilized for employees that require close supervision to execute certain jobs. (Lewin, Lippitt & White, 1939)
Democratic market leaders: this kind of leader always listens to his team's ideas and analysis them, but he/she will make the final decision. Here the team players contribute to the final decision making and for that reason, employee satisfaction increases. (Lewin, Lippitt & White, 1939)
Laissez-faire head: this kind of command provides no continuous supervision, as the employees are highly experienced, nor require much supervision.
Leadership at Virgin:-
The one who made Virgin Group a superb business empire by changing and diversifying the business from a newspaper to a range of companies at the present time is one of the world's most effective leader and risk taker Mr. Richard Branson. This effective innovator now possesses 360 companies worldwide, which operate, now in eight different areas, from music to transportation, marketing, travel, etc. (AUV, 2010).
There are extensive effective methods used by Mr. Richard Branson in conditions of leading his employees. Mr Richard Branson has all the features every good innovator as he adopts his own private style of management. He preserved a good relationship with the media, as he was known for his charisma. His control power determined his employees as he recognized them by financial incentives. Apart from the financial incentives directed at his employees, he has his own way of motivating his employees by writing with them reports of how he been successful in life and stocks his enthusiasm to help others by establishing various non-profit organizations to be able to support young entrepreneurs.
His benefits of new renewable technologies in the business was one of his major investments for the basic safety and health of the environment; made his leadership strategies not the same as others (VSD. 2010)
Richard Branson uses both democratic as well as the Laissez-faire authority style, as his employees are involved in decision making indicating the decentralization approach employed by him allowing his employees to participate in leadership. Applying his supportive authority style where he loom his employees to be friendly and caring. His employees are permitted to have an open up communication with the top-level management with no constraints. (Hill. McShane, 2008)
Richard Branson authority way has resulted to a substantial achievements for the virgin group. Branson have been demonstrated conceivably enhanced than any investor for the past thirty years worldwide. (Tote, 2010)
Strategies of the Virgin Group:
Since the term "NO" is one of Branson's favorite words, the company uses 'Risk Management' as their central strategy to record any idea. Risk management is the method used by the company to control and control hazards and dangers that involves their way. The beliefs used by the virgin group is by separating the risks into various segments so that if any damage occurs, the whole group won't go down simultaneously. At any crises point, this approach guarantees' the business that only a tiny proportion of the company is damaged.
The virgin group also applied the Unrelated Diversification strategy. As seen today, Mr. Branson has broadened his company, diversified it and also invested money in different industries yet, still uses the same brand name. He transferred from sectors like Virgin Airlines to Virgin travel and tourism, Virgin Advertising and Virgin Cola. You will discover about 200 companies having the Brand 'virgin'. (VGA, 2010)
Virgin stores are recognized for their lenient supervision towards their employees. Decentralization is one of the strategies' utilized by the company. Here the decision-making power is transferred to the subordinates. Virgin group is a semi formal organization and interact as a large happy family. Here, the staff are empowered with many rights and obligations and are considered the strength of the company. Stream of information is very versatile and smooth so as the management (Pravab, 2010)
Corporate interpersonal responsibility, a new strategy applied to the virgin group that emerges them to move towards social responsibility also to make investments money towards a safe and healthy environment for the costumers. The Virgin Green fund project was made and spent into various sectors such as tool efficiency and renewable energy. (VSD, 2010)
What is determination? Motivation is the mixture of causes that goes individuals to take certain actions and prevent others in pursuit of individual objectives. Motivation is the reason or known reasons for getting involved in certain behavior, especially human behaviour.
There a wide range of theories of inspiration but to focus more on Virgin Megastores; they follow McGregor's Assumptions that are divided into two organizations Theory X and Theory Y. The two groups are completely different from one another. As for Virgin Megastores each goes with Theory Y which really is a really positive way to connect to employees. A short definition of Theory Y is that; Managerial assumption that employees enjoy meaningful work, are effortlessly committed to certain goals, are capable of creativity, and look for responsibility under the right conditions. The assumptions behind theory Y point out expansion and self-direction. Theory Y oriented managers seek to encourage employees through intrinsic rewards. As for Theory X; managerial assumption that employees are irresponsible, are unambitious, and dislike work and that mangers must use power, control, or threats to stimulate them. The assumptions behind Theory X emphasize specialist.
The facts that proofs that Virgin Megastores follow Theory Y; is that whenever you enter the store you can view one of the workers heading in your direction and requesting if you want any assistance. Mangers at Virgin stimulate them psychologically; by different means. They give them the freedom to dress up in their own way as though they were going to a shopping center with friends rather than in formal suites. Furthermore, all of virgin Megastores employees are in their 20's and are young ones. The mangers have asked these to be themselves when approaching to virgin packed with youngsters sprit that catches customer attention. Competitions between employees are also done so that they love their work more and also have more personal accomplishments.
If any complications happen they highlight the flaws in person to the staff and show them the way in which on t overcome these problems.
What type of Company is Virgin Mega Store?
It is a Private limited business.
What is the difference between a restricted and infinite business?
A limited company can be defined as a business that is registered in that manner to ensure its owners to have limited responsibility. The owners would lose the worthiness of their investment if company declares personal bankruptcy (farlex financial dictionary, 2010)
http://financial-dictionary. thefreedictionary. com/Limited+Company
An endless company is company; were the liabilities of the shareholders are not limited. The owners have infinite commitments to meet any insufficiency in the resources of the company in the event of any personal bankruptcy. (Wikipedia, 2011)
http://en. wikipedia. org/wiki/Unlimited_company
A open public company is a company that got issued securities all through an offering and which is bought and sold in an available market. (webfinance, 2010)
http://www. investorwords. com/3932/public_company. html
Private limited company is a company whose shares cannot be traded in the currency markets. It can only pass to some other person with the shareholder's agreement. (Longman Dictionary of Modern day English)
A marketing strategy can be identified in financial conditions as the process of allowing a business to focus its limited resources on the major opportunities to increase sales and attain ecological development and competitive benefits. The main notion of marketing strategy is consumer satisfaction. It acts as the building blocks of the marketing plan. (Wikipedia, 2001-2006).
It is most reliable when it becomes a fundamental element of the organization strategy; as it clearly defines how the organization will successfully engage costumers, prospects and competition in the marketing field. The main element element of the marketing strategy is to keep a collection with the company's overarching mission statements.
After a study done on Virgin group, Bahrain; the sales administrator of virgin megastore, Mr. Kevin Koswette mentioned that virgin group as known now has varied into various sectors and have around 240 companies'. It is very difficult for the company to focus on its marketing strategies, as each sector is different from the other. The firms pay the virgin group to advertise their products; for example: Yamaha musical equipment can be purchased in virgin megastores as well as Arsenal athletics club items. The online marketing strategy of each product/service varies from the other as they are from various areas that the company is diversifies into. For instance: online marketing strategy for Virgin music can't be put on the marketing strategy of virgin airlines.
We have pointed out that Virgin group requires its employees to their decision making which brings about decentralization of power in the organization; in our point of view, high decentralization may also lead to loss of authority in the business and could also result to private leakage.
The leniency in the labor force allows employees to dress up informally as they have the freedom to create their wild hair inappropriately that could influence young people' who consider them as role models. Also it may well not be acceptable socially locally.
We also seen in our research about the business, that Mr. Richard Branson- the first choice behind this company is a guy with great charisma and enjoys the media vulnerability. In our opinion, the media exposure can cause negative influences like scandals and wrong information about his personal life as well as the business.
The flexibility in the labor force, friendly marriage and kindness of the head- Mr Branson along with his employees may lead to dishonesty in the workforce; and employees' usually takes advantage of this leniency in terms of attaining their purpose.
Findings of the project
In your opinion; what are advantages and disadvantages of this type of business?
What type of leadership style do you follow?
What are the techniques used to inspire your personnel?
Is it limited or endless? Private or Open public?
Can you describe to us the marketing strategies accompanied by the company? Could it be effective or not?
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