COMPETITIVE STRATEGIES2In the case study, it has been found that the Virgin Galactic group has come up with acompletely new and innovative approach where the group will start offering spaceflights tothe customers. The company wants to design a robust spaceship called Virgin Galactic thatwould offer customers to travel to space and have an orbital journey and then come back tothe only habitable planet. Richard’s Branson vision is to introduce space tourism to theconsumers. The idea is to make opportunities for people to become astronauts and visit spacein lieu of a huge amount of money. For the same purpose, it has been found that the VirginGalactic had also taken $25, 000 deposits from people who want to ensure their flight to bebooked in advanced, while the actual price of the ticket has been kept as high as $200, 000.The confidence that the Virgin group showed towards their venture showed that the dreamcan be easily turned into reality. Among the keenly interested passengers, Stephen Hawking,Katy Perry, Brad Pitt and Angelina Jolie are few names worthy to be mentioned. Thecompany has already come up with the physics and chemistry behind the launch of thisvehicle that would take people far away from the earth. All it requires is now theaccomplishment of the plan to see the reality that has always been a dream for people. Keeping this particular case study and the business venture into consideration, it canbe said that the Virgin group is definitely undertaking the approach of product differentiationstrategy as part of the business strategy. The three generic strategies can be explained here:1.Cost Leadership: The idea of the cost leadership strategy is to offer the particularproduct or service in the lowest possible price to the consumers in the market. Ascommented by Lechner and Gudmundsson, (2014), cost of products is definitely avital factor when it comes to consumer decision making. Therefore, considering theprice or rate of the product is important and in fact a lower priced product has thechances of higher selling in the market. In order to offer the product at a lower rate,the organisation needs to manage the cost required for the manufacturing of the

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