Virgin Galactic Report

Virgin Galactic Report

“Space is not only important for the future of transportation, it’s important for the future of imagination”

By: Mikhail Tyurin, Mikail Gasanov, Thuy Tran,
Mohamad Slim, Elie Abou Haydar, Gennady Semminvadov

Product Information

Virgin Galactic is a spaceflight company owned by Virgin group, currently owned by Richard Branson, working along CEO George Whitesides and President Steve Isakowitz. The company is currently developing the world’s first commercial suborbital space flights for tourists, and is hoping to work along scientists in developing space missions, satellites launching and full orbital flights in the near future. The original cost will be around 250,000$ for tourists, to be lowered in the future for a broader market, and an easier access to a bigger array of people.

To tell a little bit more about our product/service we would be providing, I will go further to discuss it. Our product is the flight to space. It would be provided to the enthusiastic, wealthy and adventurous individuals, as well as research groups. Any individual fit enough and in possession of relevant amount of money for our service, can take the trip. As well as that, we could arrange a so called space mission for some groups of researchers and research companies willing to take it, however the price would be significantly higher. Our product/service is obviously in the niche market. Our price would be 250,000 dollars per person, per trip at the begging, with a goal of lowering it down to 200,000 dollars in the near future.

Our sale strategy would be based on offering a very unique and exclusive experience to very special people. Once a person takes our trip, he will understand that things like borders between countries do not matter and start to appreciate the earth as a whole and value all of its resources and nature.

The main concern we had is that, last year we had an accident with one of our 'planes', therefore, people might start to question the security issue. However we are well prepared to assure the security of the flight, by providing clear statistics which show that it is very safe and showing to our clients that we have all the high-end technology to assure their safe flight. Another thing worth mentioning is that we have decided on changing our sponsor: ''Grey Goose'' vodka, to a luxury watch brand: ''Patek Phillipe'', as it would give our service and company more credibility, as well as fix the issue of coming into Islamic country with alcohol brand, which in our opinion is not very appropriate and ethical.

Target Market/Expansion

The target market will mostly consist of billionaires and millionaires. The first focal point will be the Arab countries, more specifically Saudi Arabia. It has been chosen mainly because of its high rate of billionaires, high interest in developing an economy partially independent of their oil domination, a scheme known to be used by their neighbors Dubai. Saudi Arabia’s wealth rates are amongst the highest in the world, and the Arab community, especially the rich segment, is generally fond of risk taking, extreme sports, and adrenaline rushes. Their presence in motor shows around the world has not gone unnoticed, and the sales of the fastest, and most expensive cars in the world have attracted the Arab billionaire segment increasingly lately. The company will be hoping to follow the Waterfall scheme in marketing, starting with Saudi Arabia, and dropping to lesser-involved countries, primarily Dubai as a second step.