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CONTENTS
Executive Summary 2
Introduction 3
Corporate Strategy 3
Business Strategy 4
Internal Analysis 4
Valuable 4
Rare 5
Imperfectly Imitable 5
Non Substitutable 5
Advantage 6
External Analysis 6
Threat of New Entrants 6
Power of Buyers 7
Threat of Substitute Products 7
Power of Suppliers 7
Intensity of Rivalry 8
Complimentary Products (6th Force) 8
Corporate Social Responsibility (CSR) 8
Evaluation 9
Strengths 9
Weaknesses 9
Opportunities 10
Threats 10
Conclusion 10
Recommendations 10
References 12
Appendix 15
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EXECUTIVE SUMMARY
This report gives an analysis, evaluation and recommendations for the corporate
strategy of Virgin Group and the internal and external strategy of Virgin Atlantic. The
research found that the airline industry is incredibly difficult to operate profitably in,
due to powerful suppliers and intense rivalry between firms. It also found that the
Virgin brand is a powerful tool in creating a competitive advantage. The evaluation was
that Virgin Atlantic are competing well inside such a competitive industry but could do
more to maximise their opportunities. Recommendations were:
• To exploit the expanding airline market, especially in quickly growing
markets
• To focus on the future, in particular bio fuel production which, given the
rapidly expanding market, could soon become more valuable than current
fossil fuels
This report also has some limitations:
• The full range of factors influencing both external and internal analysis
are limited due to word count constraints
• The Virgin Group is an incredibly complex mix of investments and royalty
payments for the brand name so for the purposes of the Corporate Analysis this
has been simplified
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INTRODUCTION
Virgin Atlantic was founded in 1984 by Richard Branson with the aim of providing “a
high quality, value for money airline”. (Virgin.com, no date, a) Since then Virgin Atlantic
has expanded its fleet to 39 aircraft, transported 53million people around the globe and
currently employs around 9000 people worldwide (Virgin.com, no date, b). In 2000
49% of Virgin Atlantic was bought by Singapore Airlines for £600million (Neville, 2012)
then in 2014 Delta Airlines bought the 49% stake off Singapore Airlines for £224million
(Topham, 2013). However the 51% majority stake is still owned by Virgin group.
This report will analyse the corporate strategy of Virgin Group and the business
strategy of Virgin Atlantic. It will then summarise the information gathered from this
analysis and be combined to form an evaluation of both the corporate and business level
strategies. It will then conclude by deciding whether the strategy of Virgin Atlantic is
effective and provide recommendations.
CORPORATE STRATEGY
Corporate Strategy describes the medium to long term decisions made by an
organisation and ultimately ‘makes fundamental decisions about the future direction of
an organisation’ (Lynch & Smith, 2005).
FIGURE 1 - VIRGIN GROUP STRUCTURE (GORDON, 2014)
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Virgin Group is involved in around 400 operations (Wachman, 2012). The group has
been described as being ‘a structure of loosely linked, autonomous units run by self-
managed teams that use a common name.’ (Johnson et al, 2008) demonstrated by figure
1. As a result of this, the Virgin Group does not run all of the businesses within Virgin
Group on a day to day basis. Instead it decides which new businesses to invest in and
which should be terminated and where the overall strategy of the business is going. This
is done by a group of directors and partners which, until recently, also included Sir
Richard Branson. An example of managing these business units is when they sold Virgin
Records for £510 million in 1992 to finance the struggling Virgin Atlantic (Telegraph,
2014). Therefore the Virgin Group itself is where strategy is formed, between the
various directors and not just from Richard Branson (Gordon, 2014).
By allowing business units to be autonomous it enables them to be agile in their market
and unaffected by other areas of the organisation. An example of such is the recent
Virgin Galactic crash (BBC News, 2014) having no effect on Virgin Trains, Virgin Atlantic
or any other Virgin business (Johnson et al, 2008). This is important in an organisation
as large as Virgin Group because if Virgin Atlantic for example needed to change
something quickly but had to go back all the way to Sir Richard Branson the process
could take months instead of days.
This all indicates that Virgin’s businesses are run as portfolios. Portfolios are defined by
Hedley as developing different strategic objectives (Hedley, 1977) clearly allowing the
above to take place. This is opposed to a synergy strategy where all business units are
grouped around a common core competence (De Wit and Meyer, 2014), with each one
impacting the other.
BUSINESS STRATEGY
INTERNAL ANALYSIS
To analyse the internal business strategy of Virgin Atlantic Barney’s VRIN framework
(Barney, 1991) will be used. The reasoning behind using VRIN is because a non-
substitutable product is a large part of Virgin Atlantic’s competitive advantage,
therefore it cannot be ignored. Similarly, VRIN is well suited to a service product so is
more appropriate for Virgin Atlantic.
VALUABLE
Customer service has been a valuable resource for Virgin Atlantic since they were
founded (Virgin, 2015, c). Whether it be being the first to put personal television
screens in every seat or the first to offer a premium economy service, Virgin have
always been at the forefront. This, as Mintel research shows, is a top priority for long
haul customers meaning Virgin Atlantic create a competitive advantage for themselves
(Mintel, 2014). Furthermore, because they fly to a smaller number of destinations but
on high traffic routes (Virgin, no date, d), means they can offer a high quality experience
6. 5 | P a g e
at a lower price for consumers due to guaranteed flight capacity. Therefore, they have a
premium service at a competitive price.
RARE
Virgin Atlantic’s rarest resource is their cabin crew. The cabin crew is more rare than
valuable because the features such as comfy seats, premium economy and personal
television screens can be replicated by other firms. However, Virgin Atlantic’s cabin
crew is something that is core to their success over others. As Richard Branson himself
says ‘Most airlines now have similar seats, food, planes and entertainment – our
advantage is the people who are proud to work for us’ (Branson, 2014). This was a
strategy from the initial creation of Virgin Atlantic where they decided to employ 95%
of cabin crew staff with no experience of flying on other airlines in order to ensure a
fresh and different approach (Branson, 2014).
IMPERFECTLY IMITABLE
One major resource that belongs to Virgin Atlantic is the Virgin brand name itself. Given
its scale, history and unique leader, the Virgin brand image is virtually impossible to
copy. Proof of the Virgin brand reputation can be found in research showing the Virgin
brand is associated with words such as ‘fun’, ‘innovative’, ‘daring’ and ‘successful’
(Johnson et al., 2008). This enables Virgin Atlantic to utilise the emotions synonymous
with the Virgin brand to create a service unique only to them. Whilst this feature of
Virgin Atlantic was possibly more relevant in the early years of the airline, customers
are still influenced by it because of what Barney states are ‘unique historical conditions’
(Barney, 1991, 107). By this, Barney implies that because a business created a ‘unique
and valuable’ culture during the early stages of its creation it will have an ‘imperfectly
inimitable advantage’ over other firms (Barney, 1991, 108)
NON SUBSTITUTABLE
As previously mentioned, being non-substitutable itself is a vital resource for Virgin
Atlantic. The only other realistic way of reaching the majority of destinations is via
commercial cruise ship which takes a minimum of seven days to cross the Atlantic
Ocean (Cunard, 2015). Hence an airplane is the only practical option for those with any
reasonable time constraints.
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ADVANTAGE
Using this information and the table above it is apparent that Virgin Atlantic has a
sustainable competitive advantage. In particular, the Virgin brand name offers a
sustainable advantage as it completes all the VRIN qualities. It is also virtually
impossible for any other company to copy this exactly and as nobody has yet done so it
offers further support to the brands sustainable advantage. However, Teece (1997)
believes it is also important to observe external competitive circumstances to gain a full
understanding of a firm’s competitive advantage which will now be analysed.
EXTERNAL ANALYSIS
In order to analyse the external envorinment of Virgin Atlantic, Porter’s updated Five
Forces Model (2008) will be used along with Brandenburger and Nalebuff’s (1997) sixth
force. The five forces model is being used because it enables us to gain a comprehensive
image of an industry, helping companies look past their competitors (Porter, 2008) and
help understand whether an industry is attractive to those companies involved.
THREAT OF NEW ENTRANTS
Porter (2008) states that threat of new entrants is high in the airline industry. However,
in practice it is not so simple. One reason is capital resources (Porter, 2008). To sustain
an airline into become a significant competitor requires vast amounts of capital,
demonstrated by Virgin Group having to sell Virgin Records to pour £510 million into
Virgin Atlantic (Telegraph, 2014). Closly linked to this is the significant disadvantage
new entrants have with access to distibution channels (Porter, 2008). Research by
Harteveldt (2012) has shown that the average consumer will visit 22 websites before
booking a flight. Given that companies pay to be on comparison sites
(moneysupermarket.com, 2009) or sell through travel agents (Porter, 2008) it is hard
for new companies to consistently establish themselves in the consumers conscience.
Therefore, in the long term it is highly unlikely a new airline will be able to challenge
Valuable
• Customer Service
• One of the world’s youngest fleet of
aircraft
• Cabin Crew
• Flying experience, high quality at
low cost
• Virgin Brand
Rare
• Heathrow slots
• Cabin Crew
• Virgin Brand
Imperfectly imitable
• Virgin Brand
• Unique historical conditions of
Virgin Atlantic vs British Airways
• Cabin Crew
Non Substitutable
• No other practical way of getting to
many of the destinations
• Virgin Brand
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incumbents in the industry. Hence, barriers to entry are high and consequently threat
of new entrants is low - medium.
POWER OF BUYERS
Buyers (customers) hold a vast amount of power within the airline industry due to the
price war they have created between airlines (Porter, 2008). Porter suggests that
buyers are fickle and have very little brand loyalty, almost always choosing an airline
exclusively on price. Harteveldt (2012) suggests the modern air traveller is ‘brand-
agnostic’ and ‘price-focused’, forcing airlines to lower their prices as much as physically
possible. Porter (2008) and Harteveldt (2012) also suggest that there is little brand
loyalty, meaning even an excellent service cannot guarantee repeat custom. Power of
buyers is therefore high.
THREAT OF SUBSTITUTE PRODUCTS
Substitute products are divided in the airline industry. Short-haul operators compete
with substitute methods of transport such as trains or cars (Trend, 2011). Long-haul
operators however are competiting against technology such as video conferencing and
conference calls because of the large distances involved (Porter, 2008). Denstadli
(2004) however, found that the substitution rate for video conferencing over air travel
was 2.5-3.5% so the effect is not considered a serious threat to airlines and will always
be supplementary to personal contact. These findings are also endorsed by Roy and
Filiatrault (1998) who estimated conference calls would only reach a substitution rate
of 3.6%-8.6%. The threat of substitute products is therefore high if the company is a
short haul opperator but low if the company flies long haul.
POWER OF SUPPLIERS
In the airline industry there are only two large suppliers of aircraft in Boeing and Airbus
(Economist, 2014) with both having different strategies and therefore types of plane.
The Airbus A380 aims to carry as many passengers as possible long distances where as
Boeing’s 787 aims to travel shorter distances quickly (Topham, 2013). Consequently,
airlines are technically limited to one choice of aircraft depending on their own strategy.
Porter (2008) also states that suppliers of aircraft engines and airport gates are all
incredibly powerful, taking a large percentage of the profits. Moreover, there are only a
few fuel suppliers to airlines (Ireland et al. 2008), again meaning airlines have little say
over the price of a vital resource to them, fuel costs account for 30% of airline expenses
(NPR, 2015). Given these circumstances supplier power is high in the airline industry.
9. 8 | P a g e
INTENSITY OF RIVALRY
In the airline industry rivalry is almost exclusively based on price which can be
especially destructive to profitability (Porter, 2008). It is destructive because it
encourages customers to ignore additional product features and focus on price (Porter,
2008), potentially rendering any attempt at gaining a competitve advantage useless.
Price is so important that since the 1980’s price has decreasced by 2.5% on average per
annum (Papatheodorou, 2006) The reason rivalry is based on price is because firms are
almost identical and market growth is slow (Porter, 2008), 6% per year in the airline
industry (Papatheodorou, 2006). However, whilst intense rivalry has limited
profitability in the airline industry, it can also be beneficial to performance (McManners,
2014). For example it can drive innovation, such as firms purchasing the new Boeing
787 which uses 20%-30% less fuel than similar sized planes (Boeing, 2015). This could
prove crucial when customers are choosing between rivals on cost. Therefore rivalry
inside the airline industry is incredibly intense.
COMPLIMENTARY PRODUCTS (6TH FORCE)
Complentary products, whislt not part of Porter’s five forces, are an important part of
the airline industry. A complentary product is one which means customers value your
product when it is coupled with the one in question (Brandenburger and Nalebuff,
1997). The main complementary product in question is the air traffic control service. It
is not a supplier, as Porter believes it should be, because in theory an airline could quite
easily operate a flight to and from a destination without the aid of air traffic control
were there no other planes in the sky. However due to regulations they must use air
traffic control because without it they wouldn’t be allowed to fly and customers would
refuse to fly without it. Air traffic control is so important to mention because of the
effect it can have on airlines when it is not active (Philipson & Haenan, 2014).
CORPORATE SOCIAL RESPONSIBILITY (CSR)
As an industry, aviation is under a lot of pressure surrounding CSR, especially in the
form of fuel emissions. According to ATAG (2015) the aviation industry makes up
around 2% of all human induced carbon dioxide. However Clark (2010) argues that in
developed countries it could be more like 13%-15% due to the economic balance of
airline customers. Furthermore, Borken-Kleefeld et al. (2010) states that in the short
term airlines have the biggest effect on the environment over any other transport and
given the expected rise in airline traffic over the next few years this is likely to be
magnified. Another issue for airlines is the amount of fuel remaining. A study by Nygren
et. al, (2009) concluded that despite the vast increase in airplane fuel efficiency in
recent years, 70% more so than the 1960’s, the expected 5% per annum increase of air
traffic is not realistic given the amount of fuel remaining and already being outputted by
refineries. Therefore, airlines must invest in biofuels to simply exist in the future, never
mind be competitive.
To try and combat these issues Virgin Atlantic have taken several steps to safeguard
themselves. Firstly, as shown on page 8, they have invested in a new fleet of aircraft
10. 9 | P a g e
designed to be 20%-30% more fuel efficient than their current ones. Virgin is also at the
forefront of the industry in trying to find a viable solution to fossil fuels. In 2008 they
flew from Heathrow to Amsterdam with one engine running on biofuels, the first
commercial plane ever to do so (Marsh, 2008). They are also investing in and working
heavily with LanzaTech to develop low CO2 and CO2 free fuels (Virgin.com, 2013, e).
Their commitment to this issue has been externally recognised with the Sustainable
Biofuels Awards and The Observer Ethical Awards in 2013. Therefore, Virgin Atlantic
can be considered an environmentally conscious company however until they run
aircraft on bio fuels the effectiveness of their schemes are limited.
EVALUATION
STRENGTHS
Virgin Atlantic’s biggest strength is its cabin crew. As shown on page 5 this is what
separates Virgin Atlantic from its competitors in the modern era and has been a core
part of their thinking since the business’s conception. This strategy optimises their
strengths because as shown on page 4 the business also has excellent customer service
and one of the world’s youngest fleets of aircraft, focusing their strategy on a premium
service at a competitive price.
WEAKNESSES
A concern and weakness for Virgin Atlantic is their current range of destinations. As
mentioned on page 5 they only fly to a small number of destinations so their target
customer is naturally limited. However the firm plays down this weakness well by flying
high traffic routes meaning the planes are usually full.
Strengths
• Virgin brand
• New airplanes
• Cabin Crew
• Heathrow slots
Opportunities
• Expanding market
• No substitutes for long haul travel
• Bio fuel knowledge
• Low threat of new entrants
Weaknesses
• Only fly to a small number of
destinations
• Reliant on ‘unique historical
conditions’
• Too dependent on Virgin Brand
Threats
• Rising fuel costs
• Fuel running out
• Fierce competition
• Alliances of other airlines
• Air Traffic Control
• Power of suppliers
11. 10 | P a g e
OPPORTUNITIES
Virgin Atlantic’s biggest opportunities are its domination of the market through a lack of
substitutes, the expanding airline market and the low threat of new entrants as
mentioned on pages 6 and 7 in the five forces analysis. However it would appear that
Virgin Atlantic does not exploit their opportunities particularly well. For example,
whilst they have bought many new aircraft they are simply to replace the older ones
rather than exploiting the expanding market. A potential opportunity is working
towards creating biofuels; however as they are working in tandem with other
companies it is unlikely Virgin Atlantic will have exclusive use of them. Therefore Virgin
Atlantic could capitalise on their opportunities better.
THREATS
Virgin Atlantic face many threats as a business however it reduces these threats well. As
noted on page 8 rising fuel costs and diminishing fuel supplies are dealt with by
working to create bio fuels. Whilst fierce competition can’t be reduced, Virgin Atlantic
have limited the effects of it by creating a strategy which keeps prices low and also
offers the desired extra service on long haul flights. Therefore Virgin Atlantic’s strategy
works well to reduce external threats.
It is also important to note here that the business strategy matches the corporate
strategy as Virgin Atlantic have been able to adjust quickly to competitors, in particular
their prices because they are autonomous in their leadership.
CONCLUSION
As mentioned in the introduction it must now be decided whether Virgin Atlantic’s
strategy is effective. Virgin Atlantic is excellent at managing their internal strategies,
turning weaknesses into strengths and using their strengths to change the industry
around them with regards to customer service. However the airline industry is one of
the least profitable in the world, in the most part due to external factors. With the
exception of the threat of new entrants, all aspects of the Porters five forces are
unfavourable in the airline industry making it incredibly hard for a business to be
profitable. It must be said that Virgin Atlantic do not maximise their opportunities very
well but the threats almost make this impossible. Extremely powerful suppliers of fuel,
planes and airport gates mean it is almost impossible to generate an advantage over
other competitors in this way. Therefore the effectiveness of Virgin Atlantic’s strategy is
complex. It is effective in making the business as strong as possible internally however
the success of this strategy is greatly constrained by external factors in the industry,
many of which are out of Virgin Atlantic’s control.
RECOMMENDATIONS
Given that Virgin Atlantic has created a good internal strategy recommendations must
focus around opportunities. One potential opportunity is to utilise the consistently
expanding airline market and open new flights to the most rapidly expanding markets.
12. 11 | P a g e
It is evident however with the failure of Little Red that Virgin Atlantic should focus on
long haul flights. Another recommendation is to expand into bio fuel research
independently. Since they already have some grounding in the area it would be possible
for them to create their own fuel and become a supplier to airlines in the future,
generating themselves the power suppliers currently possess.
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16. 15 | P a g e
APPENDIX
Gordon, S. (2014) ‘Brand it like Branson.’ Financial Times. [Online] 5th November.
[Accessed on 21st January 2015]
Figure 1 - Virgin Group Structure (Gordon, 2014)