The Product: Virgin Atlantic Family Banquet Product

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The Product: Virgin Atlantic Family Banquet Product

Executive Summary

Enrolling a product in the market attracts subsequent challenges that seek to examine its validity. Therefore, it is inopportune that modern companies develop products that will seek to minimize issues related to incorporation. The impetus behind this approach is on the knowledge that a good product might fail on account of implementation because of the ever increasing incorporation problems. This becomes challenging if the product in question is affecting several markets subsequently. This report will present a product; Virgin Atlantic Family Banquet owned by Virgin group of companies. The report will specify on considerate techniques on how to enroll the product in the market. The report is segmented into three main sections; firstly, the generation of a new idea. Secondly, this report will second an argument of innovation through the democratizing process. Finally, the report will present brief changes that are instrumental in customizing the product on its way to its originality.

Generating new Idea:

After a careful assessment with team members, we decided that the Virgin Atlantic needed a Virgin family banquet. The banquet was instrumental in answering to the need of family members uniting in an unknown family destination fully sponsored by Virgin Atlantic. The team applied the SWOT analysis to determine the current level of the firm competitive against prevailing rivals. The SWOT tool establishes the virgin group current situation. The team investigated a plethora of factors that guaranteed that virgin group was in a better position to compete globally. The identified strengths were Universal Appeal in diverse regions, innovative features; for instance, Virgin family banquet. Seconding, the virgin group has a strong organization structure. Thirdly, virgin group had an efficient management team (Yadav, 6).

However, the team identified some possible weakness which constrains this product. Firstly, alliances were still in maturity stage; secondly, Virgin central market is in Europe yet Americans were proving to be a bigger and reliable market. Thirdly, some areas of operation were still in maturity stage. The team also identified other opportunities fostering the visionary objectives. Firstly, the airways operate in more than 300 airports. Secondly, with time, Virgin group has built strong alliances with mergers. Thirdly, Virgin is vehemently pursuing Asian, American, Middle East and Asian Markets. Lastly, the team also identified impeding threats namely; terrorism, competitors are constantly devising newer and innovative products and as well purchasing new aircrafts

Screening the idea

Virgin family banquet seems a resounding marketing plan to boost other products. Essentially, the product mortality curve is applicable since it aids the comparison of new product idea and the predecessor products. In the screening, the mortality curve represents the progressive rejection of ideas and the project through stages of a new product development process. In the aviation industry, there are specific considerations that should be examined before commencing on a given business idea. Also, it is positive to compare the prevailing market trends and whether the product is compatible to them. For instance, if the product is not suitable for a market as Syria because of the prevailing political conditions (Yadav, 9).

Testing the concept

Testing on the validity of the product is instrumental since issues related to product hiccups; pricing and deployment are examined at this point. It is necessary to conduct a qualitative market research which will illuminate to quantitative market research. The qualitative market research will be conducted on the Virgin Atlantic website video conferencing mechanism. The results from the video conferencing facility will be applied to illuminate on the quantitative analysis. Nelson (2013, p. 320) is in favor of organization interviews with customers through observation of customer environment. In this case, fundamental attention is directed towards whether there are decisive processes that reveal what the customers desired.

Business Analysis

Now based on the results the qualitative analysis, it is good to commence on a business analysis schedule. A business analytic will seek to integrate the visions of the firm to a general ideology of the business. Virgin business objective seeks to build a coherent work force one that exemplifies the spirit of naturalness in conveying, confidence and inspiring the views of the future. Grounded on this, it is clear that Virgin Atlantic is more concerned about the future. Part of the future is concerned in building a competitive framework one that seconds heavily the development of decisive products. The Virgin family Banquet is responsive to the nature of these needs. Therefore, it is instrumental if the organization realizes the importance of applying business metrics to access the feasibility test of the business.

Marketability Test

Product deployment remains the major handle. Prevailing question is whether the attracted costs of the product will balance with the revenue expected to be generated. A proper product marketability test is one that seeks to engage private tests groups into launching beta versions of the product. In each of Virgin market destinations; it will be vital that Research and Development department assess the validity of the product in respect to the nature of the market. As a result, it will be valid if the team develops specific items (cost and pricing) which will reevaluate during the overall process production evaluation tests.

Technicalities of product development

Since the product will be oriented globally but seeking to integrate the local perspective, it is integral if the product orientation process responded to the mainstream virgin Atlantic products. Technically, the product will be offered in classes based on the number of days that the family is willing for a holiday tour and not the main stream product orientation development. The RD department will be entitled in developing on a responsive action plan that will be applicable in the overall interpretation process (Yadav, 11).

Performing differently Product Innovation through the Democratizing process

The Virgin Atlantic family banquet product was deployed through a series of structural and organization demands. Therefore, it was imperative to develop a democratization process one that will seek to respond to direct demands of all stakeholders within the virgin group. Therefore, in light of Hippel, it is prudent to develop a user centered innovation. This approach was vital in responding to technical challenges of implementing the product. The product responded to direct demands of the customer in how they would prefer specific service orientation. As a result, the organization required the development of a coherent internal organization framework to illuminate on the nature of external relationship.

In relation to performing differently, the first process of innovation strategy sought to encourage the innovation to be an initiative to pursue policy goals that are best to the company and to the customer. In this regard, the value chain was developed to ensure th.............

Type: Essay || Words: 2330 Rating || Excellent

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