Sir Richard Branson Case Study

1743 Words Jul 28th, 2008 7 Pages
Abstract
Sir Richard Branson learned, from an early age, not to let adversity stand in the way of accomplishing a goal. As a pioneering thinker, he has transformed many entrenched industry practices by turning the traditional business model on its end. A unique approach to business is his hallmark and he is a person that is not afraid to challenge convention and encourages creativity. Lack of success in a venture is not a deterrent, rather a motivator as this produces opportunity. His personality and style of management combine to form a very formidable opponent in each business venture explored within his company, Virgin Group.

Sir Richard Branson – Case # 1

Background
Sir Richard Branson learned, from an early age, not to let
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It may also be advantageous when there is no need for a new approach or product offering that has no intrinsic value to the potential customer or the company itself. A disadvantage is being open to unforeseen competition because there is not a proper understanding of industry trends that necessitate a change in process or product.
Identifying a business that has a reputation of poor service, high prices and bad customer service will allow an opportunity for improvement. A quick and seemingly easy way to make a foray in the trade is to purchase an established business, such as an airline or bank. Once control of the company is established, changes in delivery, pricing and customer service standards can follow. Implementing and creating change internally may help create brand loyalty and potential competition, thus forcing a change in the industry itself. A disadvantage to a purchase is potential regulatory hurdles as well as the cost to correct an inefficient business model, which may lead to closing the operation.
Start an alternative solution to create competition and create a change in the industry. This is conceivably the foremost area where being innovative in your approach has its advantages. A benefit to this approach is creating a product, solution or idea with no preconceived notion of how the industry or business should operate. Branson providing financial backing to an idea to start an airline is a good
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