Whether its TV, planes, mobile phones, trains, bank and now even space travel, many people think of the Virgin Group.
Virgin is a leading branded venture capital organisation and is one of the world's most respected brands. Conceived in 1970 by sir Richard Branson, the Virgin Group has gone on to grow very successful businesses in sectors ranging from mobile telephony to transportation, travel, financial services, media, music and fitness. (www.virgin.com 18/01/2012)
As quoted from the Virgin website " We believe in making a difference. Virgin stands for value for money, quality, innovation, fun and a sense of competitive challenge. We deliver a quality service by empowering our employees and we facilitate and monitor customer feedback to continually improve the customer's experience through innovation."(www.virgin.com 18/01/2012)
When starting a new venture, Virgin base it on hard research and analysis. Typically, they review the industry and put themselves in the customers shoes to see what could make it better. They always ask fundamental questions, such as "what are the competitors doing? and Is this an opportunity for building the Virgin brand?" New ventures within the company are often steered by people seconded from other parts of Virgin, who bring with them the trademark management style, skills and experience. They frequently create partnerships with others to combine industry specific skills, knowledge and operational expertise.
With keeping the project steered by current employees of the company, Virgin are able to keep tacit knowledge in the company. This will in the long run, help the company as tacit knowledge is hard to replace so once a employee knows this data it is worth keeping them in the company.
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