Virgin Galactic Essay Example | Topics and Well Written Essays - 1750 words

vestal astronomic - see ExampleEver since Neil Armstrong set foot on the moon, it has been every mans wish to be able to do the same. Space is one of the most mystifying and romantic locations ever and knowing how grave it is to get there has only made it more sought after. But everyone cannot become astronauts. That is why Richard Branson, with his Virgin Group decided it was time common people get the opportunity to set foot into space. And with this stately thought in mind, the Virgin Group created Virgin Galactic a company that is dedicated to victorious space tourists to their most sought after tourist spot space. To do this, Virgin Galactic has modeled its very own spaceships after the history-making SpaceShipOne. Virgin Galactics spaceship is called SpaceShipTwo and its mission is to make affordable exploration of space by human beings a real possibility. mart SegmentationMarket Segmentation is the bifurcation of a large group of people into smaller groups that have similar characteristics. The whole berth of this exercise is so that an organization may be able to design a securities industrying pleat to fulfill the demands and expectations of the participants in the various sub groups, in a precise manner. The market is usually divide based on geography, demography, consumer behavior and psychography. Geographic Segmentation defines the exact geographic location of residence of the site. It is practically divided based on region (continent, country, state, city, etc.), surface of metropolitan area based on size of population, population density (urban, suburban, rural, etc.) and climate. Based on these variables, we can define the target audience for Virgin Galactic to be living in urban areas of UK that are densely populated.4 Demographic Segmentation looks at dividing the market based on demographic variables such as age, gender, family size, income, religion, education, social class, etc. Based on these variables, we could produce t hat the target for Virgin Galactic would be luxuriously net worth individuals with high incomes, belonging to minute A+.5 They would be educated and probably come from small families, that is, either bachelors or just married, with no kids. behavioural Segmentation divides the target based on consumer behavior towards the product or service. It is based on variables such as brand loyalty, user status (i.e. send-off time user, potential, regular, etc.), readiness to buy, occasions (holidays or other events).6 Based on these variables, the target for Virgin Galactic could be defined as first time users who are most ordain to spend money to go into space. They just want to go into space, and arent much worried about the money they are spending. Occasions play no role in this. Psychographic Segmentation divides people based on their lifestyles, interests, opinions, values, etc. Based on these variables, we could define the target for Virgin Galactic as people who lead a very frivol ous lifestyle, who are willing to spend good money on anything that will make them happy, in this case takes them to space. Their interests would include space, experiencing anything new, curiously before their peers. Consumer Profile Geographic Region England City Birmingham Density Urban Demographic Gender masculine Age 38 years Lifecycle Married, no children Occupation Businessman Education University graduate Income GPB 500000 per annum Nationality British bearingal User Status First time Readiness Very high Benefits Going into space, making a dream come true, doing something special before peers and competitors. Occasion None Psychographic Social class A+ - high income, high net worth individual Personality Fun, ambitious, impulsive, confident, athletic, enthusiastic to experience new things Lifestyle Tech-savvy, plays a lot of sport, fitness freak, socially active Hobbies Sport, follows tennis, golf and cricket Mobile Phone iPhone 5 (Contract) Consumer Behavior Factors Cons umer behavior refers to the method in which a consumer selects, purchases and consumes certain products