Virgin Atlantic SWOT, PESTLE and BCG Analysis

Virgin Atlantic SWOT, PESTLE and BCG Analysis Jump to: BCG Matrix | PESTLE Analysis of Virgin Atlantic | Porters 5 Forces Analysis | Ansoff Matrix | SWOT Analysis of Virgin Atlantic The Virgin Atlantic Airways is a UK-based private international airline that started operation in 1984.   Flying up to 35 destinations in North America, Asia and Africa, it is 51% owned by Virgin Group and 49% owned by Singapore Airlines (Wikipedia). Its fleet size is 37 (31 in order)   It competes with other local and international airlines including British Airways, the biggest and leading in UK.   In the year to February 2009, Virgin Atlantic carried 5.77 million passengers and made an annual profit of  Ã‚ £68.4 million on turnover of  £2,580 million.[2]).   With this information, it suggests firms bright future and industry fair share of the market.   However, external and industry environment analysis is a continuous process (Hitt, Hoskisson Ireland 2003) that every now and then makes prediction and preparedness an integral part of strategic actions of firms to efficiently manage opportunities and threats outside its organization.ƚ   Today, the Virgin Atlantic is one of the worlds most recognized brands and being recognized and trusted through their winning awards for their products and innovative marketing ( 2008). Internal Environment Resource Audit/Value Chain Portfolio Analysis Core competencies bCG matrix Stakeholder Analysis Organisational Culture/Structure Financial Analysis Resource Audit/Value Chain(8500 staff worldwid) The resource audit identifies the resources available to a business. Some of these can be owned (e.g. plant and machinery, trademarks, retail outlets) whereas other resources can be obtained through partnerships, joint ventures or simply supplier arrangements with other businesses whille Value Chain Analysis describes the activities that take place in a business and relates them to an analysis of the competitive strength of the business. Influential work by Michael Porter suggested that the activities of a business could be grouped under two headings: (1) Primary Activities those that are directly concerned with creating and delivering a product (e.g. component assembly); and (2) Support Activities, which whilst they are not directly involved in production, may increase effectiveness or efficiency (e.g. human resource management). It is rare for a business to undertake all primary and support activities. Value Chain Analysis is one way of identifying which activities are best undertaken by a business and which are best provided by others (outsourced) Core Competence Analysis: Core competencies are those capabilities that are critical to a business achieving competitive advantage. The starting point for analysing core competencies is recognising that competition between businesses is as much a race for competence mastery as it is for market position and market power. Senior management cannot focus on all activities of a business and the competencies required to undertake them. So the goal is for management to focus attention on competencies that really affect competitive advantage Performance Analysis The resource audit, value chain analysis and core competence analysis help to define the strategic capabilities of a business. After completing such analysis, questions that can be asked that evaluate the overall performance of the business. These questions include: How have the resources deployed in the business changed over time; this is historical analysis How do the resources and capabilities of the business compare with others in the industry -industry norm analysis How do the resources and capabilities of the business compare with best-in-class wherever that is to be found-  benchmarking How has the financial performance of the business changed over time and how does it compare with key competitors and the industry as a whole? Ratio analysis. Portfolio Analysis Portfolio analysis is defined in the Marketing Management Text as the aid to  marketing managers to help develop effective marketing plans. Portfolio models are used  to classify Strategic Business Units (SBUs) to determine the future cash contributions  that can be expected for each SBU as well as the future resource requirement that each  will require. Portfolio models generally examine the competitive position of the SBU  and the chances for improving the SBUs contribution to profitability and cash flow. The model we will be using for Virgin is the Boston Consulting Group (BCG) model.   This model is based on the relationship between relative market share and growth of the  Market The BCG model classifies products under four areas. These are stars, cash cows,  question marks and dogs. Stars are SBUs with high share or high growth market   Virgin Atlantic is clearly the cash cow of the Virgin Empire but we have undertaken a Portfolio analysis from the viewpoint of Virgin Atlantic. With regards to Virgin Atlantic Airways we believe that there is no star. The cash cow is the Upper Class section. Cash cows have high share of a low growth market and generate higher cash revenues. This high end product targets wealthy customers and business passengers. This is the highest costing ticket available, usually around $9,000, and there are 50 seats available in this class. Therefore, upper class generates much higher revenues compared to premium economy and economy. Dogs are SBUs that have low market share in low growth market. We see Virgin Atlantics economy class as a dog. Question marks are SBUs that have high potential but will require great resources to build market share. We believe that Premium Economy is a question mark as it has potential to be a cash generator. Premium economy targets cheaper flying business class passe ngers and high end couples. There are 38 seats in this class and tickets generally sell for around $3,000. Economy class focuses on families and groups flying together. Tickets for economy class are priced around $500 and there are 271 seats. BCG Matrix Virgin Culture Virgin Atlantic is a unique airline with great people and has a unique culture and it is not easy to sum up our culture in just a few words. Ours is a demanding and fast changing business and every one of our people has to have the intelligence to plan and deliver brilliant airline operations, to think on their feet and be accountable and respond to change and development. All the while, of course, we are all working hard to deliver our unique mix of product and service for which we are famous. All this creates a lively, collaborative environment where everyone knows whats expected of them and works together to achieve it. We pride ourselves on being as honest and unpretentious as we are inspired and professional everyone has a chance to voice their opinions and no ones too proud to ask questions. We embrace innovation wherever it comes from. If someone, an employee, customer or passenger has a brainwaveà ¢Ã¢â€š ¬Ã‚ ¦ well listen. If we like it well do it and this is another way in which our people are the driving force behind our success.Of course, it takes a certain sort of person to flourish in such a fast-paced, freethinking environment. Talented, self-motivated, enthusiastic, youll have to share in our passion for providing only the very best. Put people like this together, and you create a winning performance culture that thrives on inspirational leadership, positive attitudes, commercial flair and underpinned by solid accountability. Financial Analysis Virgin Atlantic has managed a pretax profit of 41.6 million pounds ($76.1 million) on record annual sales of 1.91 billion.The carrier shared that a rise in business class travel helped more than double its pretax, pre-exceptional performance, which stood at 20.1 million pounds for the year ago period. Sales were up 17 percent for its financial year, which ended on February 28 Carrying a record 4.9 million passengers, Virgin had a 2005-06 pre-tax, pre-exceptional items profit of  £41.6m more than double the figure for 2004-05.Virgins results announcement comes after reports that it was Virgin that blew the whistle on British Airways which is now being investigated by the UKs Office of Fair Trading (OFT) and the US Department of Justice over alleged cartel activity involving BA and other airlines. Virgin has said that it is helping the OFT and the justice department with their inquiries.Chief executive Steve Ridgway reportedly said the strong performance came on the back of a 10 per cent increase in the number of passengers using its Upper Class cabin and the grabbing of market share on the North Atlantic. According to media, Ridgway denied, however, that Virgin had used the fuel surcharge like BAs,  £70 on a round-trip ticket to bolster revenues. The fuel surcharge has not kept pace with the increased cost of fuel, he reportedly said. It has only enabled us to recover around half of our fuel costs. Whereas fuel used to be around 15-16 percent of our costs it is now nearer 30 percent.Ridgway declined to comment in detail on why Virgin had blown the whistle on alleged conversations between it and BA, which prompted an OFT probe into alleged fuel surcharge price-fixing. According to a report: BA and VA impose the same surcharge of pound stg. 35 ($87) per individual long-haul flight (pound stg. 70 for a return trip). While BA had often been among the leaders in raising the fuel surcharge, on some occasions Virgin Atlantic, its main long-haul competitor at Heathrow, had also taken the lead. On most occasions the other airlines quickly followed the lead of the first mover. Last Septembe r, VA raised the long-haul surcharge from pound stg. 24 to pound stg. 30. It was followed in the same week by BA with the same increase. Virgin lowered the surcharge again in November to pound stg. 25, but BA did not follow suit and in January Virgin returned to pound stg. 30. In March, VA raised the levy to pound stg. 35. BA followed to pound stg. 35 in April. The Office of Fair Trading said last week that the investigation was at a very early stage and that there should be no assumption that there had been any wrongdoing. The External Environment: PESTLE Analysis   PESTLE analysis if you are including legal and environmental. Airlines are a good one because so many different things affect them. Political Taxes that they get charged in different countries for landing, fuel taxation etc Economic e.g. How does interest rate movement affext their longterm debt? How as their economic performance compared to the market sector? P/E ratios etc. Oil prices increasing, is this affecting their profits from increased fuel costs? Social Safety measures they employ on board and on the ground. Polulations growth does an ageing poulation affect them i.e. baby boomers, lots of people in that lifestage have more disposable income to spend. Technological As things improve technology becomes cheaper. How does this affect them? Does this mean the entries to barrier are lower for competitors to join? Do easyjet have a big RD dept? Legal Different legalities of different countries some stricter than others   Environment carbon offsetting, what is their CSR policy?   The Industry Environment: Five Forces New entrants in the industry basically face two difficulties: barriers to entry and retaliation from present firms (2003)   In the aviation industry, particularly the service passenger-based ones like Virgin Atlantic Airways, in modern economies are privately-operated that calls for substantial financial requirements at the fore.   Since travel services are derived demand (), new entrants should be able to cut a share in the pie in the presently saturated market.   This endeavor could result to another substantial resource to be deployed.   However, with such new entrant engagement, it does not assure of intended results because competitors like Virgin already created strategic links to other country-routes including its alliance with Asian giant Singapore Airlines that makes it easy to create counter-strategy.Boeing, the largest manufacturer of jetliners and supplier of Virgins aircrafts, had recently signed long-term agreement with largest aerospace part s distributor Satair for an Integrated Materials Management ().   As a result, Boeing could reduce its inventory and minimize warehousing costs because spare parts will be provided only when needed.   A cost reduction strategy from a supplier can assure customers like Virgin of price management scheme, if not, its another supplier, Airbus (the once number one airline manufacturer) could be resorted.Competitors in the industry have the same capability in terms interactivity of their web pages like Virgin.   This is supported almost fifty percent prevalence of internet connection among UK market, not to mention other countries.   As a result, the power of buyers to gain access to prices and services of firms increase making them knowledgeable of distinction of one from the other.   Companies on their part are obliged to be more competitive especially in maintaining and updating their web sites.  The countrys sea transport industry had develope d super ferries while the 2003 recorded 17.4% increase of UK passengers who took cruise holidays that reached nearly one million in that year ().   This development would make sense to airline industry tourism and leisure market especially foreigners that like to see the national endowments.   With demand for airline transport rise at faster rate than supply for it, the airline industry is required to effectively allocate its resources in a manner that exploit this supply shortage. Other airline competitors in the likes of AMR Corp., British Airways and Lufthansa are operating in at least 150 destinations compared to Virgins 20 As a result, rivalry among these firms against Virgin is relatively insignificant although strategic actions of Virgin that directly and significantly threat their market could spark retaliation in the detriment of relatively small firm.   The firm should focus in its target market and avoid competing with these large firms. Ansoffs product / market matrix Introduction The Ansoff Growth matrix is a tool that helps businesses decide their product and market growth strategy. Ansoffs product/market growth matrix suggests that a business attempts to grow depend on whether it markets  new or existing  products in  new or existing markets. The output from the Ansoff product/market matrix is a series of suggested growth strategies that set the direction for the business strategy. What is a Critical Success Factor? Critical Success Factors  (CSFs) are the critical factors or activities required for ensuring the success your business. The term was initially used in the world of data analysis, and business analysis. (   attracting customers; managing its fleet; managing its people, and managing its finances) Most smaller and more pragmatic businesses can still use CSFs but we need to take a different, more pragmatic approach. Critical Success Factors  have been used significantly to present or identify a few key factors that organizations should focus on to be successful. As a definition, critical success factors refer to the limited number of areas in which satisfactory results will ensure successful competitive performance for the individual, department, or organization. The connection of the Virgin Airline is outrageous because of the media that serves as a huge market competency advantage. Their strategy is using the media such as television, radio, internet, and even newspaper gave the business an opportunity for promotion. KEY POINTS    Virgin Atlantic established the strategy in promotion. They need to communicate with their customers for their initiatives in offering special offers that effectively make an appeal to their customers The benefits are expected to gain the Airlines 3-month payback on their investment; can utilize the advantage of the company over the technology such as computers; lowering the costs of the promotional materials because of the interaction of the business in the different forms of media; prioritizing the communication to the customers; and having the complete control on the advertising campaigns   The Virgin Atlantic recently tested the innovation and can continuously apply this in all their system. This strategy deals with the climate change has a great impact in the internal operation of the business such as the investment in the additional technology, better flying planes, building and operating an efficient infrastructure, and positive economic arrangements.    Strategy: Is about to design a desired future and identifying ways to bring it about by stenier1979 .a strategy is the pattern or plan integrate an organisation s major goals polices and actions into a cohesive whole.   Strategic Planning Strategy is the  direction  and  scope  of an organisation over the  long-term:  which achieves advantage  for the organisation through its configuration of  resources  within a challenging environment, to meet the needs of  markets  and to fulfil  stakeholder  expectations. In other words, strategy is about: * Where is the business trying to get to in the long-term (direction) * Which markets should a business compete in and what kind of activities are involved in such markets? (markets;  scope) * How can the business perform better than the competition in those markets? (advantage)? * What resources (skills, assets, finance, relationships, technical competence, facilities) are required in order to be able to compete? (resources)? * What external, environmental factors affect the businesses ability to compete? (environment)? * What are the values and expectations of those who have power in and around the business? (stakeholders) Strategy at Different Levels of a Business (Safety,  security  and  consistent delivery  of the basics are the foundation of everything we do. The success of our three year strategy requires us to build on these foundations by focusing on the  business  and  leisure  markets and driving  efficiency  andeffectiveness.) Strategies exist at several levels in any organisation ranging from the overall business (or group of businesses) through to individuals working in it. Corporate Strategy   is concerned with the overall purpose and scope of the business to meet stakeholder expectations. This is a crucial level since it is heavily influenced by investors in the business and acts to guide strategic decision-making throughout the business. Corporate strategy is often stated explicitly in a mission statement. Business Unit Strategy   is concerned more with how a business competes successfully in a particular market. It concerns strategic decisions about choice of products, meeting needs of customers, gaining advantage over competitors, exploiting or creating new opportunities etc. Operational Strategy   is concerned with how each part of the business is organised to deliver the corporate and business-unit level strategic direction. Operational strategy therefore focuses on issues of resources, processes, people etc. How Strategy is Managed Strategic Management In its broadest sense, strategic management is about taking strategic decisions decisions that answer the questions above. In practice, a thorough strategic management process has three main components, shown in the figure below: Mission Statement To grow a profitable airline that people love to fly and where people love to Work. SWOT Analysis The next segment of reviewing a firms strategic plan is to perform a SWOT analysis. This entails identifying a firms internal strengths and weaknesses and their external opportunities and threats. After analyzing the external environment and internal resources, strategic decision makers have the information they need to formulate corporate, business, and financial strategies of the organization. A comparison of strengths, weaknesses, opportunities, and threats is normally referred to as a SWOT analysis. A SWOT analysis helps executives summarize the major facts and forecasts derived from the external and internal analysis. From this, executives can derive a series of statements that identify the primary and secondary strategic issues confronting the organization. Strategy formulation builds on SWOT analysis to utilize strengths of the organization in order to capitalize on opportunities, counteract threats, and alleviate internal weaknesses. In short, strategy formulation moves from simply analysis to devising a coherent course of action. The findings of a SWOT analysis are the basis for developing objectives and strategies that can be implemented in a companys strategic plan. Therefore, it is important for companies to continue to perform SWOT analyses, because external and internal factors affecting companies are constantly changing. New strategies need to be developed and old ones need to be revised in order to reflect the current internal and external conditions that affect a company Internal strengths and weaknesses are activities that a company performs particularly well or poorly. These internal activities stem from all departments and components of a business. After a company identifies its strengths and weaknesses, it should then develop strategies that capitalize on its strengths and minimize or improve its weaknesses External opportunities and threats are events that occur outside of the company and are events that the company has no control over. Co mpanies benefit from external opportunities and are harmed by external threats. It is important for a company to recognize its external opportunities and threats so it can formulate strategies to take advantage of future opportunities and to avoid future threats. (S)trengths: Virgin Brand recognized by 98% of British Public. Clients expect good customer service in each separate class Business/Economy. Virgin Atlantic introduced innovative technology: including in flight music, ice  cream, games, and movies. New in flight innovation is offered to gold club holders or J-class with lounges  offering quality food and comfort. Quality trained employees recruited from other airlines. Virgin Atlantic is spawned from as a private company allowing for other Virgin  brands and more control. Richard Bransons innovative entrepreneurial management. Competitive pricing for business class offers more services. Partnership with Singapore airlines because they are the minority shareholder at  49%. The reason why this partnership is beneficial is because their routes are  non-overlapping and the partnership allows the transfer of core competencies. Load factor is better than competition; therefore, returns are higher and value is  greater. Positive publicity, in regards to winning every quality award known to man. (W)eaknesses Flight delays: need to improve flight efficiency. The travel routes are limited. Hot Air magazine separate from traditional airline advertising magazines including articles and marketing advertising. Cut routes to Chicago, Toronto, and Cape in relation to the September 11 tragedy. Late getting on the Internet Missed the Boat for web site, web page, and ecommerce. Richard Branson is a one man manager being the owner and director of multiple companies. Costs associated in the overhead of keeping two five star chefs, lounge, and limo service. Virgins reliance on Trans Atlantic traffic makes them more vulnerable to the drop in demand for travel to and from the U.S. (O)pportunities Strategic Marketing above the rest utilizing by being innovative, fun, maintaining  values, caring, and produce quality. Technology adds improvements (Galileo) an advanced inventory system. In flight Internet connection. Web site needs to be improved possible weakness for e-commerce and regular  web site navigation. Generate additional routes. Virgin Galactic, we are flying into outer space. Warehouse facility -Heathrow, London. Recession may be an unexpected opportunity for investment. On-line strategy in targeting branding and ongoing ad campaigns, through on-line  media planning and buying account. (T)hreats Recession, September 11th will and has affected the entire airline industry, order cancellations, risk aversion for flying customers Brand Dilution by a rapid expanding brand image may be too global and not  focused towards the important products. Competition for routes British and United. Fuel prices are fluctuating, which accounts for 15% of total airline expense. Objectives The results that an organization seeks over a multiyear period are its long-term  objectives. Such objectives typically involve some or all of the following areas: profitability, return on investment, competitive position, technological leadership,  productivity, employee relations, public responsibility, and employee development. Eric Starks, Virgin Atlantic Regional Director, stated the following objective: To  maintain a safe customer environment through the necessary security procedures. Also to  concentrate on core competencies by consolidating routes, directly related to downsizing  workforce, to remain profitable while targeting business class passengers. Strategies Strategies are statements of how objectives are to be achieved. These are usually long- term strategies and necessitate many different approaches, such as, product development, joint ventures and strategic alliances. Generic strategies such as low cost, differentiation, or focus strategies characterize the competitive orientation of the firm in the marketplace.In order to remain profitable Virgin Atlantic has focused on its core competencies. The company is currently focusing its strategies on sustaining great quality. service and maintaining relationships with their Upper Class customers. This has resulted in the closing of routes to Toronto, Chicago, and Cape Town. The company has also reduced the amount of flights a day and personnel by 20% per route across the North Atlantic. For example, the San Francisco routes were reduced from two flights to one flight per day. Competitive Strategy Analysis Segmentation Market segmentation is defined as the process of dividing a market into groups of  similar consumer and selecting the most appropriate group(s) for the firm to serve. This  concept is achieved through the following six steps Define firms current situation. Determine consumer wants and needs. Divide markets on relevant dimensions. Develop product positioning. Decide segmentations strategy. Design marketing mix strategy. Targeting Targeting is when a firm chooses one or more market segments as a specific target markets. Virgin Atlantic is a company that considers every customer to be important and thus offers individualized services to customers. These are nine basic criteria for targeting Who buys our product? Who does not buy our product? What need or function does our product serve? What problem does our product solve? What are customers currently buying to satisfy the need or solve the problem for which our product is targeting? What price are they paying for the product they are currently buying? When is our product purchased? Where is our product purchased? Why is our product purchased? Upon evaluation of these questions the company must then assess opportunity in target markets based on segment size and growth potential, competition, companys objectives and feasibility of success in this market. Virgin Atlantic has targeted upper class customers who are primarily business passengers traveling on transatlantic routes. Positioning Positioning refers to the act of locating a brand in customers minds over and against other products in terms of product attributes and benefits that the brand does or does not offer.38 There are many different general strategies for positioning products Attribute or benefit, quality and price, use or application, competition, high-tech and high-touch, can achieve desired positioning. Most significantly, Virgin Atlantic has positioned itself as direct competitor to British Airways on all routes. Firstly, Virgin Atlantic was extremely aggressive in obtaining slots at Heathrow International Airport. Secondly, Virgin Atlantic attacked the proposed British Airways and American Airlines partnership stating that it was unhealthy for competition. Finally, Virgin Atlantic has strived to compete with British Airways on all routes into and out of London. Virgin Atlantic attracts customers by being fun and innovative. On the aircraft passengers experience spacious setting arrangements, state of the art in-flight entertainment system, and most importantly a high level of customer service. In addition,Virgin Atlantic offers a distinctive upper class service at business class prices.Furthermore, Virgin Atlantic is installing Internet capabilities and is implementing Galileos Inside Availability (R), a high-tech inventory management system. Option one low price/low added value. likely to be segment specific. Option two low price. risk of price war and low margins/need to be a cost leader. Option three Hybrid. low cost base and reinvestment in low price and differentiation. Option four Differentiation. (a)without a price premium: perceived added value by user, yielding market share benefits. (b)with a price premium: perceived added value sufficient to to bear price premium. Option five focussed differentiation. perceived added value to a particular segment warranting a premium price. Option six increased price/standard. higher margins if competitors do not value follow/risk of losing market share. Option seven increased price/low values. only feasible in a monopoly situation. Option eight low value/standard price. loss of market share. Conclusion By studying this external and industry analysis on environmental facts, it could be said that Virgin Atlantic Airways is situated in standard cycle markets wherein its competitive advantage is moderately shielded from imitation.   In general, airline industry belongs to slow cycle markets, however, due to relatively smaller capital and operations of some firms like Virgin, compa

Individual Assignment Integrative

I order to capitalize on an opportunity the window of opportunity must be open, which refers to a period of time during which it is ealistically possible to enter a certain market. There are three approaches that can be used to identify opportunities: observing trends, solving a problem, finding gaps in the marketplace. When observing trends it is essential to be able to distinguish between trends and fads. A venture is particularly successful when it benefits from several trends converging. Such trends are economic forces, social forces, technological advances and political and regulatory changes.The second approach to identifying opportunities is to solve problems. Many people have experienced problems in their wn lives and turned the solution into a business opportunity. Finding gaps in the marketplace are the third source of business ideas. Often products are not available to consumers in a particular location or aren't available at all. Chapter 2 of the textbook â€Å"Entrepren eurship – successfully launching new ventures† also outlines the personal characteristics that tend to make some people more successful at recognizing opportunities. Prior experience in an industry helps entrepreneurs tremendously.By working in an industry an individual may spot a market niche that is underserved. Once an entrepreneur starts a firm, new venture opportunities become apparent. This is the so-called corridor principle, which states that once a venture is started new corridors that lead to new ideas become apparent. Additionally, most entrepreneurs possess cognitive factors also called entrepreneurial alertness, which is defined as the ability to notice things without engaging in deliberate search. Social networks also affect opportunity recognition. The extent and depth of an individual's social network is of high importance.Network entrepreneurs tend to be more successful than solo entrepreneurs. What is more, eak-tie relationships, characterized by infre quent interaction between casual acquaintances, are more likely to result to lead to new business ideas than strong-tie relationships. Furthermore creativity plays a role in generating a novel or useful idea In the interview with Mike Ramsay, the Cofounder of TiVo, he talks about how he came up with the idea of the digital video recorder. Many of the recommendations from our textbook can be directly related to the process Mike Ramsay went through before finding his final business model.First of all Ramsay possesses the previously mentioned characteristics that an ntrepreneur needs in order to be successful. He has prior experience in the industry, as he had been working for different technology companies before starting his own venture. Not only did he work for HP a very well established technology company, but also for a startup company called Convergent Technologies. During these years he developed a network of weak-tie relationships with talented qualified people in the technolog y industry. â€Å"We never worked very closely together, but we always kept in touch socially' (p. 93). Their type of relationship if further underlined y the statement: â€Å"It would be kind of fun to work together on some ideas, because we come at it from different angles. Maybe we'll come up with something. † (p. 193) According to research in this area it is more likely that an entrepreneur will get a new business idea from a weak-tie relationship. Furthermore, the founding of TiVo is great example for the corridor principle. The original idea on which the company was founded was not a DVR but a home server network that brought computing technology into home entertainment.However while looking into the technology a new opportunity came apparent. Look, you can't do everything, so let's design a simple server based on very low-cost technology. Let's decide on one app that we think is the killer app to run on it, and let's do that. If that's successful, then we'll branch ou t. Forget the network thing and forget the massive amounts of storage and high cost and hardware models and all that† (p. 194) Generally you could say that Mike Ramsay was able to analyze and understand technological advances better than most people, as he was part of an innovative community. We were definitely at the center of the universe, and that was fun. You felt like whatever you did, you had the best opportunity and you could go to the best places and work with the brightest people. They had energy and enthusiasm and they couldn't fail. There was nothing that was impossible† (p. 192) The microcomputer revolution was a trend of his time that created his opportunity. â€Å"It was very early on. There were no PCs. The microprocessor idea had Just gotten going, and they were 4-bit microprocessors†that was state of the art.Designs were all basically custom hardware designs, so it was very different. I was involved in chip design at that point. That felt like roc ket science. That was the leading edge, and therefore it was the most exciting thing to work on. † (p. 192) Stephen Kaufer, cofounder of TripAdvisor, explains in his interview how he came up with the idea of collecting information for travelers and how he developed his identifying a problem and by solving it, creating a business opportunity. â€Å"The idea came when my wife, Caroline, and I were trying to find a vacation for ourselves.We started with a travel agent, who recommended an island and some resort. This was '98 or '99, and I thought I'd use the Internet to find out more. I found a whole lot of websites that would help me book a reservation at this hotel, but nothing that would tell me whether the hotel was any good or not for what I was looking for. † (p. 361) Just like in the case of Mike Ramsays startup, Stephen Kaufer's initial business idea was different from what the company turned out to be in the end. â€Å"When we started TripAdvisor, the notion was T ripAdvisor. om was actually Just going to be our demo site, because we never planned to appeal directly to end users. We were going to be selling this rich database to travel portals, online travel sites. They would be querying ur database to find the best information and surfacing it to their users, and there would be a little ,Powered by TripAdvisor. ‘ † (p. 364) Again this can be related to the corridor principle as described in the text book. Stephen Kaufer had no experience in the traveling industry or creating a search engine. However he could contribute his knowledge about starting up a company. Because I had started a few companies before†¦ † (p. 362) Furthermore although he came up with the basic idea by himself he can be considered a network entrepreneur, as he assembled a team of founders to start his company. †¦ and started to assemble friends that I had worked with before who might be interested in starting an Internet company to build the be st travel search engine out there†¦ † (p. 362) What I found particularly interesting about these interviews is that in both cases the original business idea was very different from the business the startup ended up turning into.It is very surprising to me that they were able to get funding without a clear revenue stream and business model. Even though they had gotten funding for something else they changed their idea and business model to adjust to the newly ound insights. Both entrepreneurs, Mike Ramsay and Stephen Kaufers, showed great flexibility and the ability to evolve from the original idea to a functioning business model. Kaufer even points this out in his interview: mfou can't get too attached to your vision in a startup, because things may change.It's not a sign of failure to change your vision† (p. 372) Creating a new venture team poses a challenge to every startup. The entrepreneurs who launch and start the venture have an important role to play in shapi ng the firm's business concept. The way a new venture is build sends an important message to nvestors. Some founders like the feeling of control and are reluctant to involve themselves with partners or hire manager who are more experienced than they are. (Rich vs King) New ventures have a high propensity to fail, which is partly due to the liability of new roles.The size of the founding team and the quality of the founders are the two most important issues in this matter. Teams have an advantage over sole entrepreneurs and bring more talent, resources, ideas and professional contacts to a new venture. However work habits, tolerances for risk, levels of passion for the usiness, ideas on how the business should be run can greatly differ among partners. Ideally the founding team is heterogeneous rather than homogeneous, meaning that their area of expertise and their abilities are diverse rather than similar or overlapping.Different points of view about technology, hiring decisions, com petitive tactics and other important activities generates debate and constructive conflict, reducing the likelihood of making a decision without airing alternative points of view. Founding teams larger than 4 people is typically too large and therefore ausing communication problems. Three common pitfalls include team members not getting along, a lack of hierarchy or the same area of expertise of the founders.Three important qualities founders should have are prior entrepreneurial experience, relevant industry experience and a network. It is essential that every team member makes a valuable contribution to the team. Kaufer and Ramsay both talk about their founding team and the hiring process they went trough with their startup. Kaufer, as an engineer, recognized that he needed a cofounder with a business background. l was introduced by a friend to another cofounder, Langley Steinert, on the business, marketing, business development, financing side of things.So the two of us kind of t ook up the project as, (†¦ ) Langley had the business development experience and connections to sell and market it. Because I had started a few companies before, I knew it was important to have the right combination of skills and interests amongst the founders. We assembled four initial founders of the company and got our first round of funding in February of 2000. † (p. 362) He also tates that this aspect is important from an investor's perspective: â€Å"We never would have succeeded without Langley on the team.

Fahrenheit 451 By Ray Bradbury Essay - 1547 Words

There was a time when books meant everything. It was the key to gaining ultimate knowledge, but as we approach 2017, the web has become the most powerful source, almost eliminating books altogether. In the 1953 book, Fahrenheit 451, Ray Bradbury’s gives a twist to the future and a look at a world if books were the enemy. This story takes place in the twenty-fourth century, and we get introduced to a man named Guy Montag. A fireman, but not the one that would save fires, instead, he burns books that were outlawed, as well as people’s homes that had the books in it. Montag would go through numerous tragedies before he realizes there’s more to life than what they were taught. The core of the book is censorship, and some feel it’s a prophecy of the future. The question is, how close is our world and the world of Fahrenheit 451? There were many traits of their world that’s very much like ours. Bradbury’s world lacks empathy. Mildred, Montag love ly wife, is a great example. The only things that matter to her was television and her drug addiction. these An enormous trait that some people have now. The government of Fahrenheit 451 wanted to get rid of books that they felt were considered obscene or a threat to security, such as the bible. In our world, we do see more books and articles being challenge more, and including religious material. Some People believe this is a conspiracy to create brainless people for other agendas. Bradbury’s world and our world have many similarities,Show MoreRelatedFahrenheit 451 by Ray Bradbury719 Words   |  3 PagesThe flash point of paper, or the temperature at which paper will burst in flames, is 451 degrees Fahrenheit. In Fahrenheit 451, written by Ray Bradbury, the main character, Guy Montag, is a â€Å"fireman† in a futuristic society where he and his coworkers start fires, rather than put them out. Books are banned and burned, along with the owner of the book’s ho use and sometimes even the owner of the book, upon discovery. Technology has taken over in a sense that social interaction between the average personRead MoreFahrenheit 451 By Ray Bradbury1952 Words   |  8 Pagesis clearly displayed in the plight of Ray Bradbury’s novel about a dystopian American society, Fahrenheit 451, which contains many ideas and bits of content that some people believed should be censored. In fact, one of the reasons that this novel was censored for displaying the dangers of censorship, which is both extremely ironic, and telling as to where this society is going. Thanks to several distributors and oversensitive parents and teachers, Fahrenheit 451 has been banned in many schools overRead MoreFahrenheit 451 By Ray Bradbury954 Words   |  4 Pages In Fahrenheit 451 by Ray Bradbury, the author uses allegory (often misinterpreted by readers) to show the dangers of mass media consumption and the decline of reading traditional media. Many readers draw in correct conclusions (lessons learned) from the book due to how generally the book applies its theme. Government censorship, though an important topic, is not the intended focus of the novel Fahrenheit 451. Finally, Bradbury’s original message of the book shows the beauty of traditional media andRead MoreFahrenheit 451 By Ray Bradbury1592 Words   |  7 PagesWhen writing the introduction to Fahrenheit 451, author Neil Gaiman stated that â€Å"ideas--written ideas--are special. They are the way we transmit our stories and our thoughts from one generation to the next. If we lose them, we lose our shared history†. Gaiman is absolutely correct; especially because what he is saying heavily applies to books. Books are a critical aspect in shaping humanity as a whole, they create and share a network of creative ideas, history, and overall entertainment; to loseRead MoreFahrenheit 451 By Ray Bradbury918 Words   |  4 Pagesâ€Å"Fahrenheit 451,† written by Ray Bradbu ry, is a futuristic, dystopian novel based upon a society secluded by technology and ignorance. In this future society, books are outlawed and firemen are presented with the task of burning books that are found in people’s homes. Montag, a fireman, finds himself intrigued with the books, and begins to take them home and read them. As the story progresses, Montag learns the truth behind why books are outlawed and flees his city to join the last remnants of age-oldRead MoreFahrenheit 451 By Ray Bradbury847 Words   |  4 PagesSet Knowledge On Fire The book Fahrenheit 451 is a postmodern work by Ray Bradbury first published in 1951. In Bradbury’s story, all books are illegal and are subject to be burned by firemen. Furthermore, the two predominant themes of Fahrenheit 451 are censorship and ignorance. The censorship implemented over the years removes all information from society that is necessary to learn, which accomplishes to prevent people from questioning anything. The ignorance of society has been fostered and theRead MoreFahrenheit 451 By Ray Bradbury1661 Words   |  7 Pages1.) In the novel, Fahrenheit 451 by Ray Bradbury, Montag’s view on life reverses. Two characters the influence the main character Guy Montag are the old lady whose house and books were burnt down and Mildred. The old lady was caught preserving books in her home. Firemen including Montag were ordered to burn the books. The old lady refused to leave her books, so she too was burned. She bravely gave an allusion as her last words, â€Å"Play the man,’ she said, ‘Master Ridley.’ Something, somethingRead MoreFahrenheit 451 by Ray Bradbury818 Words   |  4 PagesFAHRENHEIT 451 BY RAY BRADBURY Important People in Montag’s Life In Partical Fulfillment Of English 2 Ms Irina Abramov By Helen Hernandez November 9, 2012 â€Å"There are worse crimes than burning books. One of them is not reading them† -Ray Bradbury. In the past there were events that affected book writers. People will get together to burn books because they thought it was inappropriate or they were against their literature. Montag is a fireman in a futuristic society who would startRead MoreFahrenheit 451 By Ray Bradbury863 Words   |  4 PagesThe novel, Fahrenheit 451 was written by Ray Bradbury and it took place in the dystopian future. Throughout each novel, we are able to see a major theme, which is censorship. In this essay, I will explain how this theme are explored in the story by using the literary devices. To begin with, in this novel, censorship is not given a straight description, but we can see how the author shows it through many literary elements, such as using the setting, tone and symbolisms even foreshadowing. This novelRead MoreFahrenheit 451 By Ray Bradbury1544 Words   |  7 PagesRay Bradbury, the author of Fahrenheit 451, expresses his perspective on life in an interview. His interview contains a common theme: Do what you love, and love what you do (Bradbury). Bradbury sends a message in his interview that people should love life, and live to the fullest because he believes life is a beautiful thing. Although Bradbury no longer can demonstrate his love for life his message still lives in the pages of Fahrenheit 451. The Government of the society in the novel has told their

The Advantages And Disadvantages Of The Media - 1418 Words

The advantages and disadvantages of Media in the UK JFM – Maria Media, which is a communication outlet and a tool to transmit or store information. The Media includes many kinds of communication businesses, such as social Media, magazine, the press, advertising, photography, broadcasting, film and so on. It can be said with certainty that the Media is playing an increasingly important role in people’s lives and it has aroused wide public concern in the UK. In this essay, I will evaluate the advantages and disadvantages of 5 Media communication businesses in the UK in recent years. Social Media In terms of Social media, it is mainly includes broadcast, tagging, and search. There are several advantages of social media. According to Nabanita Dhar (2015), the first advantage is that some conspicuous contents and the information about the product will bring to potential customers’ notice. At the same time, the brands of it will extensive publicity. Fortunately, the price of the social media is lower than the traditional adverts and a variety of special promotion. Nabanita Dhar (2015) claims that workers can give the response to the customers immediately and effectively. Certainly, the quality of the service also followed up. As the proverb goes â€Å"no garden without its weeds†, social media is no exception. Firstly, editors should commit lots of resources to improving the system of social media, giving the feedback to customers and uploading new contents (Nabanita Dhar 2015).Show MoreRelatedMedia Advantages Disadvantages2406 Words   |  10 Pages1 Developing Communication Strategy Advantages and Disadvantages of Different Types of Media Different media have different strengths, weaknesses, drawbacks, advantages and costs. An effective communication strategy usually uses a mix of at least 2 or 3 different types. Choice of media and format depends on: 1. your audience(s) √ 2. your budget √ 3. the communication channels best for your specific audience(s) and √ 4. how long the communication intervention will continue 5. and how criticalRead MoreAdvantages And Disadvantages Of Social Media750 Words   |  3 Pages 1 Social Media Somalia Sexton September 30, 2017 HUM/186 Allyson Wells 2 What are the advantages and disadvantages of easily obtainable information? Easily obtainable information is convenient for the most part. It allows you to do a million things at once. It saves you a lot of time while getting things done. If you’re a lazy person when it comes to researching things, easily obtainable information is more convenient for you. Easily finding information on the web requires littleRead MoreAdvantages And Disadvantages Of Social Media1177 Words   |  5 PagesRunning Head: SOCIAL MEDIA 1 SOCIAL MEDIA 5 Social Media Name Institution Date Social Media Advantages and Disadvantages of Easily Obtainable Information In the contemporary world, social networks, and the general internet has an eminent role as sources of wide range information feeding people in different sectors with the type of information they seek spontaneously. Much of easily obtainable informationRead MoreAdvantages and Disadvantages of Social Media1025 Words   |  5 PagesAdvantages and Disadvantages of social media Tabitha HUM/186 May 7, 2012 University of Phoenix Advantages and Disadvantages of social media In today’s world, many people depend on the internet for news and entertainment, yet other people worry about how reliable it can really be. Now days you can sign on the internet and find any information that you want, from the weather, to the news, to your favorite video. Many people have started to rely on the internet for research for school, butRead MoreAdvantages And Disadvantages Of Social Media805 Words   |  4 Pages Society relies on information that they obtain from the news, media, social media sites to gather the newest information or current events. As the technology years keep advancing there are newer forms of finding out current events or situations that are occurring around the world. People are now able to get news faster then what they have a century ago. There’s social media sites like Facebook, there are news channel apps that send you alerts on your cellular device when the storyRead MoreAdvantages And Disadvantages Of Social Media1133 Words   |  5 Pageson social media and when that is applied and used in an organization it is called enterprise social media or networking. Using social media has allowed the people of this world to converse with the push of a button over multiple ways. As with face-to-face communication or email, social media providing means for a company as means for a communication can provide barriers. For organizations, social media could provide many p rofitable advantages as well as consequences with disadvantages. EnterpriseRead MoreAdvantages And Disadvantages Of Social Media769 Words   |  4 Pages Social Media Paper Joshua Yates HUM/186 10/1/2017 Allyson Wells â€Æ' The Advantages and Disadvantages of Social Media and Obtainable Information Social media has become an integrated part of our culture and a useful communication tool when properly used. Every day people log on to social media sites to get updates on everything from celebrities, family, and friends to top stories and breaking news. We also use social media in our professional lives. Individuals use social media as a cost-effectiveRead MoreThe Advantages and Disadvantages of Mass Media1011 Words   |  5 PagesThe Advantages and Disadvantages of Mass Media Mass media is one of the fastest medium of exchange of information which capture audience attention and interest, for example, television and radio is said to be the best Mass Media. A Mass Media to be effective must be accessible to the target audience and able to hold audience attention and interest. Therefore, this essay will discuss the advantages and disadvantages of Mass Media. The first advantage of mass media is peace and reconciliation.Read MoreAdvantages And Disadvantages Of Social Media1327 Words   |  6 Pagesand threats but, we could avoid or prevent it from happening. Currently, with the high number of emerging Social Media sites like YouTube, Facebook, Twitter, LinkedIn and a lot more to discover, we are exposed to all possibilities. These Social media platforms bring along with them advantages where we could greatly benefit from it and also disadvantages. Benefits mean Social Media builds a good relationship with its users among other users too whether it s your long lost friend or mutual friendsRead MoreAdvantages And Disadvantages Of Social Media1041 Words   |  5 PagesNOT APA FORMATTED NO SOURCES Social Media Paper Jerald Washington University of Phoenix HUM/186 â€Æ' In the modern world, it has become very easy to obtain information from social media, and this happens instantaneously. It is essential to appreciate all advantages and disadvantages before making use of social media. One advantage of easily obtainable information is expediency. It is convenient for people to be in one place and catch the hottest news, listen to the fresh top songs on