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

Virgin Galactic - Essay ExampleEver since Neil Armstrong make foot on the moon, it has been incessantlyy mans wish to be able to do the same. Space is one of the about mystifying and romantic locations ever and knowing how hard it is to get there has only made it more sought by and by. But everyone cannot become astronauts. That is why Richard Branson, with his Virgin Group decided it was while common people get the opportunity to set foot into space. And with this noble thought in mind, the Virgin Group created Virgin Galactic a friendship that is dedicated to taking 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. grocery store SegmentationMarket Segmentation is the bifurcation of a large group of people into smalle r groups that have similar characteristics. The whole point of this exercise is so that an memorial tablet may be able to design a marketing mix to fulfill the demands and expectations of the participants in the various sub groups, in a precise manner. The market is usually divided based on geography, demography, consumer behavior and psychography. Geographic Segmentation defines the exact geographic location of residence of the heading. It is often divided based on region (continent, country, state, city, etc.), size 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 say that the target for Virgin Galactic would be racy net cost individuals with high incomes, belonging to SEC A+.5 They would be educated and probably come from small families, that is, either bachelors or just married, with no kids. Behavioral 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. first time user, potential, regular, etc.), zeal 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 willing 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 put-on 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 frivolous lifestyle, who are wi lling to spend good money on anything that will make them happy, in this study takes them to space. Their interests would include space, experiencing anything new, especially before their peers. Consumer Profile Geographic Region England City Birmingham Density Urban Demographic Gender Male Age 38 eld Lifecycle Married, no children Occupation Businessman Education University graduate Income GPB 500000 per annum Nationality British Behavioral User Status First time Readiness Very high Benefits passing game 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 strait iPhone 5 (Contract) Consumer Behavior Factors Consumer behavior refers to the method in which a consumer selects, purchases and consumes certain products