“ My involvement in life comes from puting myself immense, seemingly unattainable challenges and seeking to lift above them. ”
This is where it all began, Richard Branson, best known for his Virgin Group is of over 400 companies. Born in July 18, 1950 ; destined to go one of the best known British enterprisers. Get downing at the age of 16 with his first successful concern venture ; printing ‘Student ‘ magazine, get downing his twine of successes. Richard Branson is now the 212th richest individual in the universe.
Estimated a net worth of about 4 Billion a dollars ; honoured for his grade of Doctor of Technology, knighted for his services to entrepreneurship, going on the greatest British citizen and most influential people in the universe by BBC and Time Magazine. Bing an adventurer Branson is, he ne’er hesitates to take hazards and experiment with new ventures, now one of the most accepted trade names in the universe.
The Company & A ; Philosophy
“ Try new things, subdivision out, and when you ca n’t happen success with one venture, you merely travel on to the following ”
Sir Richard Branson ‘s doctrine above merely puts Virgin Group into prospective. The Virgin group was founded by Sir Richard Charles Nicholas Branson in 1970 ; started one of his many entrepreneurial ventures at the age of 16, when he started a magazine titled ‘Student ‘in 1968. Later in 1970, Richard launched a mail order record company called Virgin, which was besides a success, and shortly after a concatenation of Virgin record shops followed. In 1973, Branson entered into the music recording concern and went on to subscribe creative persons such as the Rolling Stones.
However, that did non fulfill Branson ‘s entrepreneurial pursuit and he was looking for chances to diversify his concern. Hence, in 1984 he ventured into the air hose industry with Virgin Atlantic, which went on to go the 2nd largest air hose in Britain. The Virgin group so continued to spread out with the launch of Virgin Publishing, Virgin Radio, Virgin Cola, Virgin Direct and Virgin Rail. Nevertheless, the Virgin Group was non ever free of failures. One major reverse for Virgin was the acquisition of Virgin Records by EMI in 1992. The other route bumps for Virgin were togss like Virgin Cola, Virgin Vodka, Virgin Cinemas, Virgin Cars and Virgin Cosmetics that were non really successful ventures mark of a true enterpriser. But that does non intend that Virgin gives measure more precedence over quality. Every concern venture is carefully calculated and analyzed maintaining in head the market demand, client demands and invention of merchandises and services.
Today, Virgin group is a taking branded venture capital organisation and consists of more than 300 companies worldwide with merchandises and services runing from music, telecommunications, drinks, air hoses, media and finance.
The growing scheme of Virgin Group is based on the construct of licensing and franchising the Virgin trade name name and being involved in the constitution of the ventures from abrasion instead than geting and purchasing out bing concerns. The Virgin Brand is of all time spread outing and diversifying and Branson ever encourages invention and the broad scope of merchandises and services offered under the Virgin trade name name exemplifies that. In the hereafter old ages the strategic program of Virgin is to establish two more ventures: Virgin Fuel ( Cheaper, more efficient & A ; eco-friendly fuel ) , Virgin Galactic ( Suborbital Space flights ; which are set to revolutionise the concern universe ) .
1970 With the success of Virgin Records, Virgin Group was founded, a accelerator for this creative activity.
1999 Virgin Atlantic was developed, a British train service.
2002 Virgin entered the nomadic phone concern, Virgin Mobile, opening similar nomadic ventures in Britain, Australia, Singapore, Hong Kong and South Korea.
2004 The independent charitable arm of the Virgin Group was established as Virgin Unite.
2005 Virgin Comics launched.
2006 Virgin Holidays established with a really econ friendly position by utilizing all its net incomes in research and development of sustainable beginnings of energy.
2008 Virgin Radio rebranded.
2009 Virgin Group launches ‘Digital Help Company ‘ in New York and in the UK.
2010 Unveiling of Virgin Gaming, an on-line finish for
competitory console gamers.
2011+ Virgin Fuel & A ; Virgin Galactic
Sectors that Virgin Group diversifies into:
The Virgin group has been diversifying for a long clip now. The company is occupied in different types of sectors and presently has around 240 or even more corporations. Richard Branson besides ventured into the wildest sectors-Virgin Space Port. The diagram below lists the assorted sectors that the Virgin Group is diversified into: Degree centigrade: UsersalwardiDesktopVMS.jpg
Why we chose this peculiar concern over others?
Virgin Megastores are known world-wide about its merchandises and services. Every clip you pass by the shop you are funny much to cognize if they have any new merchandises. At times you get surprised by seeing some films and music albums that are yet to be released in America.
Virgin mega shop is a topographic point where you can travel for everything that involves amusement. It has a sense of young person in the shop ; that awakens the immature sprit. As for the staff are largely childs. Virgin gives them the chance and flexibleness to get by between work and surveies. This gives a good contemplation about Virgin trade name.
There merchandises varies from educational to amusement. It used to be lone amusement but after variegation ; it serves all ages.
When you approach any Virgin employee and inquire them about any specific merchandise they would be really confident and explicate everything. In add-on ; other information that concerns the past and current position of the merchandises.
Advantages and Disadvantages of such a Business
Each and every concern has its ain advantages and disadvantages. Each and every section has its ain ways. Therefore, every section differs. In general these are the advantages and disadvantages:
Virgin Megastores Bahrain have a no competition with other trade names. As it ‘s the lone 1 in the state that sells everything that you require from a pencil to a laptop. There is nil like virgin in Bahrain ; when you enter seeking for something you can easy happen it. When you compare the Middle East and United States of America there is a major difference. Over there are other companies and shops that offer the same type of concern but the in-between east Virgin Megastores is one of a sort ; and the first.
However, the usage of cyberspace these yearss has increased significantly ; and copying of the original music and films excessively. As Virgin Megastores has a broad scope of music Cadmium ‘s and films ; the gross revenues are reduced due to buccaneering ; illicitly downloading stuffs from the cyberspace. So consumer position why should I purchase something that I can acquire easy free. Therefore, doing a major loss to Companies like virgin. To add on, Virgin Megastores are diversified into many sections illustration: music, films, books, etc. This causes some complications ; that your focal point is non merely on one thing but several things at the same clip.
Leadership can be defined as the art of act uponing other people to accomplish the company ‘s ends and aims in a manner to do it more consistent and cohesive. ( Hubpages, 2010 )
Leading people in the right way processes leading in order to carry through a common end. Leadership ensures that the organisation works successfully in carry throughing its coveted ends. Good directors are characterized by their leading accomplishments and experience for the purpose in acquiring high performed and good organized company. They are the anchor of the company to maximise their productiveness at the same clip create harmoniousness between employees which consequences to better result and efficiency. Merely leaders have the ability to promote their employees to work expeditiously toward accomplishing the company ‘s best involvement. ( WIR,2010 )
Types of leading
Leadership manner is the method and attack used by leaders to accomplish aims, supply way and motivates people when working with others. It is the mode in which leaders interact with their subsidiaries. Given below are the different ways leading manners have been defined:
Transactional Leaderships: this type of leading involves a procedure of exchange between the leader and the follower ( subsidiary ) . The leader tends to obtain conformity on one manus by offering inducement on public presentation and on the other manus, by offering menaces or penalty for bad public presentation and non-compliance.
Transformational leaders: this type of leading manner is more airy and inspirational in attack. The leaders here have a inclination to arouse intense emotion and pass on a clear and acceptable vision and ends with which the subsidiaries can easy place.
Autocratic leaders: here, the leaders are the determination shapers and have entire authorization. This type of leading manner is used for employees that require close supervising to execute certain undertakings. ( Lewin, Lippitt & A ; White, 1939 )
Democratic leaders: this type of leader ever listens to his squad ‘s thoughts and analysis them, but he/she will do the concluding determination. Here the squad participants contribute to the concluding determination devising and hence, employee satisfaction additions. ( Lewin, Lippitt & A ; White, 1939 )
Individualistic leader: this type of leading provides no uninterrupted supervising, as the employees are extremely experient and do non necessitate much supervising.
Leadership at Virgin: –
The individual who made Virgin Group an outstanding concern imperium by altering and diversifying the concern from a magazine to a scope of companies at the present clip is one of the universe ‘s most effectual leader and hazard taker Mr. Richard Branson. This effectual leader now owns 360 companies worldwide, which operate, now in eight different sectors, from music to transit, media, travel, etc. ( AUV, 2010 ) .
There are many effectual methods used by Mr. Richard Branson in conditions of taking his employees. Mr Richard Branson has all the characteristics every good leader as he adopts his ain personal manner of direction. He maintained a really good relationship with the media, as he was known for his personal appeal. His leading power motivated his employees as he supported them by fiscal inducements. Apart from the fiscal inducements given to his employees, he has his ain manner of actuating his employees by sharing with them narratives of how he succeeded in life and portions his enthusiasm to assist others by set uping assorted non-profit organisations in order to back up immature enterprisers.
His debut of new green engineerings in the concern was one of his major investings towards the safety and wellness of the environment ; made his leading schemes different from others ( VSD.2010 )
Richard Branson follows both the democratic every bit good as the Individualistic leading manner, as his employees are involved in determination devising bespeaking the decentalisation technique used by him leting his employees to take part in leading. Using his supportive leading manner where he loom his employees to go friendly and caring. His employees are allowed to hold an unfastened communicating with the top-level direction without any limitations. ( Hill. McShane, 2008 )
Richard Branson leading attack has resulted to a important accomplishment for the virgin group. Branson had been demonstrated conceivably enhanced than any other investor for the past 30 old ages worldwide. ( BAG, 2010 )
Schemes of the Virgin Group:
Virgin group played a really of import function in Mr. Richard Branson ‘s life ; it non merely transformed the company, but besides transformed himself as known now to be a individual who is willing to take hazard at any clip and a dare adult male. Harmonizing to him, no was ne’er the right reply now was it a solution. With the aid of the schemes he had adopted, every chance, which came strike harding on his door, was accepted. Not all of the schemes used by Mr Branson to diversify the company were successful ; the schemes had their pros and cons. below are few schemes that are applied in virgin group in general regardless to the assorted sectors they are diversified into:
Since the word “ NO ” is one of Branson ‘s favourite words, the company uses ‘Risk Management ‘ as their nucleus scheme to capture any thought. Risk direction is the method used by the company to pull off and command hazards and menaces that comes to their manner. The doctrine used by the virgin group is by dividing the hazards into assorted sections so that if any loss occurs, the whole group will non travel down at one time. At any crises point, this attack guarantees ‘ the company that merely a bantam proportion of the company is affected.
The virgin group besides applied the Unrelated Diversification scheme. As seen today, Mr. Branson has expanded his company, diversified it and besides invested money in different sectors yet, still uses the same trade name name. He moved from sectors like Virgin Airlines to Virgin travel and touristry, Virgin Media and Virgin Cola. There are about 200 companies transporting the Brand name ‘virgin ‘ . ( VGA, 2010 )
Virgin shops are known for their indulgent disposal towards their employees. Decentralization is one of the schemes ‘ used by the company. Here the decision-making authorization is transferred to the subsidiaries. Virgin group is a semi formal organisation and work together as a large happy household. Here, the staff are empowered with many rights and duties and are considered the strength of the company. Flow of information is really flexible and smooth so as the direction ( Pravab, 2010 )
Corporate societal duty, a new scheme applied to the virgin group that emerges them to travel towards societal duty and to put money towards a safe and healthy environment for the costumiers. The Virgin Green fund undertaking was created and invested into assorted sectors such as resource efficiency and renewable energy. ( VSD, 2010 )
What is motive? Motivation is the combination of forces that moves persons to take certain actions and avoid others in chase of single aims. Motivation is the ground or grounds for acquiring involved in certain behavior, particularly human behavior.
There are many theories of motive but to concentrate more on Virgin Megastores ; they follow McGregor ‘s Assumptions which are divided into two groups Theory X and Theory Y. The two groups are wholly different from each other. As for Virgin Megastores they go with Theory Y which is a truly positive manner to interact with employees. A short definition of Theory Y is that ; Managerial premise that employees enjoy meaningful work, are of course committed to certain ends, are capable of creativeness, and seek out duty under the right conditions. The premises behind theory Y stress growing and autonomy. Theory Y oriented directors seek to actuate employees through intrinsic wagess. As for Theory X ; managerial premise that employees are irresponsible, are ambitionless, and dislike work and that troughs must utilize force, control, or menaces to actuate them. The premises behind Theory X emphasize authorization.
The grounds that proofs that Virgin Megastores follow Theory Y ; is that when you enter the shop you can see one of the staff members heading towards you and inquiring you if you need any aid. Mangers at Virgin actuate them psychologically ; by different agencies. They give them the freedom to dress up in their ain manner as if they were traveling to a promenade with friends and non in formal suites. In add-on, all of virgin Megastores employees are in their 20 ‘s and are youth. The troughs have asked them to be themselves when coming to virgin full of young person sprit that catches client attending. Competitions between employees are besides done so that they love their work more and have more personal accomplishments.
If any complications happen they highlight the errors personally to the employee and demo them the right manner on t overcome these jobs.
What type of Company is Virgin Mega Store?
It is a Private limited concern.
What is the difference between a limited and limitless concern?
A limited company can be defined as a concern that has been registered in such a mode to guarantee its proprietors to hold limited liability. The proprietors would lose the value of their investing if company declares bankruptcy ( farlex fiscal lexicon, 2010 )
hypertext transfer protocol: //financial-dictionary.thefreedictionary.com/Limited+Company
An limitless company is company ; were the liabilities of the stockholders are non limited. The proprietors have unlimited duties to run into any inadequacy in the assets of the company in the event of any bankruptcy. ( Wikipedia, 2011 )
hypertext transfer protocol: //en.wikipedia.org/wiki/Unlimited_company
A public company is a company that had issued securities all through an offering and which is traded in an unfastened market. ( webfinance, 2010 )
hypertext transfer protocol: //www.investorwords.com/3932/public_company.html
Private limited company is a company whose portions can non be traded in the stock market. It can merely go through to another individual with the stockholder ‘s understanding. ( Longman Dictionary of Contemporary English )
A selling scheme can be defined in fiscal footings as the procedure of leting an organisation to concentrate its limited resources on the major chances to increase gross revenues and attain sustainable development and competitory advantage. The chief construct of marketing scheme is consumer satisfaction. It serves as the foundation of the selling program. ( Wikipedia, 2001-2006 ) .
It is most effectual when it becomes an built-in portion of the corporate scheme ; as it clearly defines how the organisation will successfully prosecute costumiers, chances and rivals in the selling field. The cardinal constituent of the selling scheme is to maintain a line with the company ‘s overarching mission statements.
Marketing schemes in virgin group:
After a research done on Virgin group, Bahrain ; the gross revenues director of virgin megastore, Mr. Kevin Koswette stated that virgin group as known now has diversified into assorted sectors and have around 240 companies ‘ . It is really hard for the company to pay attending to its selling schemes, as each sector is different from the other. The companies pay the virgin group to market their merchandises ; for illustration: Yamaha musical instruments are sold in virgin megastores every bit good as Arsenal athleticss nine points. The selling scheme of each product/service differs from the other as they are from assorted sectors that the company is diversifies into. For illustration: selling scheme for Virgin music can non be applied to the selling scheme of virgin air hoses.
We have noticed that Virgin group involves its employees into their determination devising which leads to decentalisation of authorization in the organisation ; in our sentiment, high decentalisation may besides take to loss of authorization in the company and may besides ensue to confidential escape.
The lenience in the work force allows employees to dress up informally as they have the freedom to manner their hair unsuitably that may act upon childs ‘ who consider them as function theoretical accounts. Besides it may non be acceptable socially in the community.
We besides noticed in our research about the company, that Mr. Richard Branson- the leader behind this company is a adult male with great personal appeal and loves the media exposure. In our sentiment, the media exposure can do negative impacts like dirts and false information about his personal life every bit good as the company.
The flexibleness in the work force, friendly relationship and kindness of the leader- Mr Branson with his employees may ensue to dishonesty in the work force ; and employees ‘ might take advantage of this lenience in footings of accomplishing their aim.
Findingss of the undertaking
To acquire information about all the required inside informations we had an interview with Mr. Kevin Koswatte, who is the Manager at Virgin Megastores Bahrain. Here are the inquiries:
In your sentiment ; what are the advantages and disadvantages of this type of concern?
What type of leading manner do you follow?
What are the techniques used to actuate your staff?
Is it limited or limitless? Private or Public?
Can you explicate to us the selling schemes followed by the company? Is it effectual or non?