Virgin Group Marketing Strategy

Added on - Dec 2020

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VIRGIN GROUP- MARKETINGSTRATEGY
Table of Contents1. INTRODUCTION.......................................................................................................................12. MAIN BODY...............................................................................................................................11. Explaining marketing concepts and terminology applicable to The Virgin group.................12. Identifying marketing strategies and programs helped firm in accomplishing objectives......43. Marketing concept and principles..........................................................................................64. Relationship of marketing function to other functional areas................................................93. CONCLUSION AND RECOMMENDATIONS......................................................................10NOTES:..........................................................................................................................................12REFERENCES..............................................................................................................................14APPENDIX (ANNOTATIONS)...................................................................................................16
1. INTRODUCTIONThe marketing strategies are crucial to be formed for increasing brand awareness amongpeople. The rationale behind presenting report is to provide importance of marketing strategies inbusiness to increase customer's base and more quantum of profits. Present report deals withVirgin Group which is multinational conglomerate will be taken for analysing market strategy.Marketing concepts along with marketing strategies will be discussed with reference tocompany. Moreover, relationships of the marketing functions to various functional areas cross-functional relationship of departments of Virgin Group will be analysed. Lastly conclusion willbe drawn from the report and recommendations would be provided so that business may be ableto enhance its marketing strategy and overall performance.2. MAIN BODY1. Explaining marketing concepts and terminology applicable to The Virgin groupThe marketing concept is one of the important element as it helps firm in knowing needsand requirements of customer and promoting brand image of company in an effective way. Byassessing needs, company should make decisions for satisfying customers in a better manner.This will be beneficial for firm for accomplishing competitive advantage in market where itoperates. Virgin Group is a British multinational conglomerate organisation having its varioussubsidiaries under one brand name. It was founded by Sir Richard Branson and Nik Powell andfirm has become a pioneer in the UK. The marketing concepts are of utmost crucial for businessand is enumerated below-BrandingBrand Identity-The brand identity is the identity which Virgin Group presents to the public in effectivemanner for recognising among public. Virgin Group has more than 100 of subsidiaries whichoperates under various industries and as a result, brand identity of business is recognised topeople (The importance of brand and how to build one | Virgin.2018).Brand image-It is an impression drawn in customer's mind which is developed over time mainlythrough regular advertising campaigns that are being initiated by company. Great brands have1
different approaches making them distinct from others. Virgin Group has a challenging brandimage for providing something better and different all times, this leads to enhancement ofmarketing objectives.Brand Strategy-The brand strategy is effectively connected to the customer's needs, emotions andcompetitive environments which makes business of Virgin group successful.Sub brands, Brand extension and stretches-The brand stretching or extension is type of marketing strategy in which organisationmarketing a product with reference to well-developed image using the same brand name indifferent product category (Macarthy, 2018).Product Strategy of Virgin Group-Level of ProductsThere are three level of products which are as follows-Core Product-It is an intangible product which cannot be touched as it creates value for the customers.This is because benefit is provided by Virgin Group which creates value for its consumers.Actual Product-It is tangible in nature as it is real product having physical characteristics and can betouched by people which is provided by Virgin Group.Augmented Product-The augmented product is non-physical part of product which means that it has addedvalues which may or may not be availed by paying premium. It includes Virgin Start-up loansadding value to entrepreneurs for starting business operations. (Angell and Kraemer, 2017).Product and Service Classifications-The classifications of product and service of Virgin Group are as follows-Convenience goods-2
The convenience goods are of daily use and not much thought is provided to it andcustomers buys the same. Virgin Money is a perfect example providing convenience services.Shopping goods-It is affected by buying decisions of people influenced by price, quality and value ofproduct and successful marketing places goods in a better way attaining competitive advantage.It includes non-daily goods.Speciality goods-These type of goods are highly-centric and promotes strong brand identities resulting inloyal customers and they want quality products even at high price. It includes luxurious goods.Unsought goods-The unsought goods are those in which customers don't compel to buy and they usuallybuy when the needs arise (Dye. 2018).Individual Product and Service Decisions-It has five stages which are listed below-Product Attributes-The attributes of product start with basic benefits that product will offer to customers.Virgin Group has subsidiaries such as Virgin Care, Virgin Hotels, Virgin Megastores and othersubsidiaries having attributed to particular needs of customers.Branding-It provides significant identity such as name, sign, symbol, design and relatedcombinations which attracts people not by the product only but brand itself. Virgin Group havedifferent brand identities which are under same brand names.Packaging-The packaging involves lucrative designing and producing wrapper for product. It attractspeople to buy if packaging looks attractive. Virgin Megastores is one which has lucrativepackaging of products (Nagle and Müller, 2017).Labelling-3
These are mostly products in which labelling is required so that people may be able toanalyse useful information like contents, how to use etc.Product Support services-This include some form of customer service and it contributes to augmented product asvalue added services are provided (Wensley, 2016).Product development and innovation, NPD-The NPD (New Product Development) takes into consideration preferences of customersfor benefits over specifications and features by conducting research in effective manner. VirginGroup takes into account distinct needs of people and prepare products accordingly.Promotional Strategy-The promotional strategy is used for attracting customers in a better manner throughapplying better strategies (Key and Czaplewski, 2017). Virgin Group provides effectivediscounts on various products on advanced booking on Virgin Atlantic, Virgin Hotels andfavourable deals are provided to people in effective manner which leads to incentive tocustomers. Website of firm exposes products and services to people leading to have betterpromotional strategy. Along with it, social media marketing is also being used for attainingattention of consumers on worldwide basis.2. Identifying marketing strategies and programs helped firm in accomplishing objectivesMission-The power of purpose in business is mission statement of Virgin Group. Humans areevolving, firm needs to have purpose and want to make lives of people different.Vision-Firm aim to deliver long-term capital appreciation through investment in various sectors.Focusing on Travel & Leisure, Telecoms & Media, Music & Entertainment, Financial Servicesand Health & Wellness.Objectives-To initiate healthy core sectors by attainment of growth4
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