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Virgin Mobile USA: Pricing for the Very First Time Company Background Introduction Case Background Issue of Concern

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Virgin Mobile USA: Pricing for the Very First Time Company Background Introduction Case Background Issue of Concern Virgin Mobile USA: Pricing for the Very First Time Company Background Introduction Case Background Issue of Concern Market Research All Options Analysis Theory Application Calculation Virgin Response Conclusion Recommendations Inviting Questions 2 Introduction Analysis Conclusion • Virgin, a leading branded venture capital organization, Company is one of the world's most recognized and respected Background brands. Case • Conceived in 1970 by Sir Richard Branson, the Virgin Background Group has gone on to grow very successful business in sectors ranging from mobile telephony, to transportation, travel, financial services, leisure, Issue of Concern music, holidays, publishing and retailing. • Virgin has created more than 200 branded companies worldwide, employing approximately 50,000 people, in 29 countries. [Source: company website - Available from: http://www.virgin.com/AboutVirgin/WhatWeAreAbout/WhatWeAreAbout.aspx] 3 Introduction Analysis Conclusion Company Background Case Background Issue of Concern 4 Introduction Analysis Conclusion Sir Richard Charles Nicholas Branson (born 18 July 1950), is an English entrepreneur, best known for his Virgin Company Background brand, a banner that encompasses a variety of business organizations. The name Virgin was chosen because a female friend involved in setting down the initial record shop Case commented that there weren't any virgins left amongst them. Background Today, his net worth is estimated at about £4 billion (US$7.8 billion) according to The Sunday Times Rich List 2006, or US$3.8 billion according to Forbes magazine. Issue of Concern E [Source: Mediaman Australia Available from: http://www.mediaman.com.au/profiles/branson3.html] 5 Introduction Analysis Conclusion A student magazine, a small mail order record company and a 1970s Company recording shop were founded/ opened under the Virgin name. Background 1984 Virgin Atlantic Airways and Virgin Cargo launched. Case Background 1988 Virgin Broadcasting, Virgin Hotels, Virgin Megastores, etc. Virgin Group Virgin Issue of 1990s Virgin Rail, Virgin Games, Virgin Cola, Virgin Travel, etc. Concern 2000s Virgin Mobile, Virgin Bikes, Virgin Blue, Virgin Digital, etc. [Source: company website - Available from: http://www.virgin.com/AboutVirgin/WhatWeAreAbout/WhatWeAreAbout.aspx] 6 Introduction Analysis Conclusion Company Background Case Background … Issue of Concern 7 Introduction Analysis Conclusion Company Background Case Background Issue of Concern 8 Introduction Analysis Conclusion Company Virgin Group Background Air Travel Mobile Financial Retail Music Internet Case Background Virgin Cars: 25% Virgin Atlantic: 51% Virgin Mobile Virgin Money: 100% Entertainment: 98.5% V2: 52.5% Virgin Wines: 45% Virgin Express: 59.8% (UK): 100% Victory: 89% Virgin Net: 51% Virgin Blue: 29.1% Virgin Mobile (Aus):75% Virgin Student: 85.5% Virgin Mobile Issue of (USA): 50% Concern Rail Hotel & Leisure Drinks Virgin Retail Group: 51% Virgin Hotel Group: 91% Virgin Drinks: 100% Thetrainline.com: 86% Virgin Active: 36% Virgin Active S.A.: 27% Note: % indicates percent ownership [Source: Adapted from Virgin Management Ltd. Available from: https://www.blackwellpublishing.com/grant/docs/15Virgin.pdf] 9 Introduction Analysis Conclusion Company We believe in making a difference. In our customers' eyes, Background Virgin stands for value for money, quality, innovation, fun and a sense of competitive challenge. We deliver a quality service Case by empowering our employees and we facilitate and monitor Background customer feedback to continually improve the customer's experience through innovation. Issue of Concern ------- Virgin Group Website [Source: http://www.virgin.com] 10 Introduction Analysis Conclusion • Is this an opportunity for restructuring a Company market and creating competitive advantage? Background • What are the competitors doing? Case • Is the customer confused or badly served? Background • Is this an opportunity for building the Virgin brand? Can we add value? Issue of Concern • Will it interact with our other businesses? • Is there an appropriate trade-off between risk and reward? 11 Introduction Analysis Conclusion • Rapidly growing industry. Company Background • Typical market where the customer has been ripped off or under-served, where there is confusion and/or where the competition is Case complacent. Background • Market segment ( 15-29 ages group) being ignored. Issue of Concern • Big players have not capitalized on this segment • Competitors slow to react to ever-changing customer mindset 12 Introduction Analysis Conclusion • Dan Schulman was appointed CEO. Company Background • The company entered into a 50-50 joint venture with Sprint in which Virgin Mobile USA‟s services would be Case hosted on Sprint‟s PCS network. Background • Under the agreement, Virgin Mobile would purchase minutes from Sprint on an as-used basis. Issue of Concern • The goal of Virgin Mobile USA is: to have 1 million total subscribers by the end of 2002 and 3 million by year 2006. 13 Introduction Analysis Conclusion The first to offer m-commerce services to all customers via VirginXtras, irrespective of their handsets. Company Background • Access to MTV-branded accessories and phones • Text messaging • Rescue Ring Case Background • Online Real-time Billing • Wake up Call • Ring tones Issue of Concern • Fun Clips • The Hit List • Music Messenger • Movies 14 Introduction Analysis Conclusion 180 40% Number of Subscribers Growth Rate Company 160 35% Background 140 30% 120 25% Case Background 100 20% 80 15% Rate MarketGrowth 60 Issue of millions) Subscribers(in Numberof 10% Concern 40 20 5% 0 0% 1984 1986 1988 1990 1992 1994 1996 1998 2000 2002 Year 15 Introduction Analysis Conclusion Carrier 35 30 Company 25 20 Background 15 Millions 10 5 0 Alltel Sprint Leap Case AT&T Cinular Verizon Background VoiceStream U.S.Cellular Other Carriers Subscribers Issue of AT&T Concern 19% 15% Cinular Verizon 1% 3% VoiceStream 20% Alltel 11% Sprint U.S.Cellular 5% Leap 5% [Source: The Case] 21% Other Carriers 16 Introduction Analysis Conclusion Company “ If we can figure out a way to create Background value so that we can successfully enter a very competitive and saturated market, Case Background and also create profitability with this target segment, then we will have truly Issue of accomplished something big.” Concern 17 Introduction Analysis Conclusion 70 ₵ 60 ₵ Market Research 50 ₵ All 40 ₵ Options 30 ₵ Theory 20 ₵ Application 10 ₵ Calculation 0 ₵ 100 200 300 400 500 600 700 800 Contract Commitment - Minutes [Source: Adapted from company data, Morgan Stanley Research] 18 Introduction Analysis Conclusion 70 ₵ Market 60 ₵ Research 50 ₵ All Options 40 ₵ 30 ₵ Theory Application 20 ₵ Price Per Minute Per Price 10 ₵ Calculation 0 ₵ 100 300 500 700 Contract Commitment - Minutes [Source: Adapted from company data, Morgan Stanley Research] 19 Introduction Analysis Conclusion Market • Must reach our target Research market: Youth! All • Create a positive Lifetime Options Need to find a Breakthrough! Value (LTV) for every Theory customer Application – We must be able to Calculation make money! 20 Introduction Analysis Conclusion 1. Clone the Industry Prices Market Research Options 2. Price Below Competition All Options 3. A Whole New plan Theory Application Options 1, 2 ? Calculation Or 3? 21 Introduction Analysis Conclusion Market Research • Simple message: - Pricing competitively All Options - MTV applications Theory - Superior customer service Application • Better off peak hours Calculation • Fewer hidden fees 22 Introduction Analysis Conclusion 70 ₵ 60 ₵ Industry and Virgin Market Research 50 ₵ All 40 ₵ Options 30 ₵ Theory 20 ₵ Application 10 ₵ Calculation 0 ₵ 100 200 300 400 500 600 700 800 Minutes [Source: Adapted from company data, Morgan Stanley Research] 23 Introduction Analysis Conclusion C Easy to promote. Market C Consumers are used to „buckets‟ and Research peak/off-peak distinctions. C Savings on advertising budget costs. All C Simple packaging could save costs on high Options commissioned salespeople. Theory Pros and Cons Application DThe target youth market is not stressed. D Hard for a new entrant to the market. Calculation D No flexibility in calling habits; always paying the same high price. D With no real price distinction, consumers are not willing to switch over just for the Virgin Extras features. 24 Introduction Analysis Conclusion • Similar structure Market Research – Pricing slightly below the competition All Options • Maintain „buckets‟ of Theory minutes Application – Price per minute set below industry average in certain Calculation key buckets – Target young market that uses 100 to 300 minutes 25 Introduction Analysis Conclusion 70 ₵ Market 60 ₵ Research 50 ₵ All 40 ₵ Options Industry 30 ₵ Theory Application 20 ₵ 10 ₵ Calculation 0 ₵ 100 200 300 400 500 600 700 800 [Source: Adapted from company data, Morgan Stanley Research] 26 Introduction Analysis Conclusion C Maintain the buckets and volume discounts with price per minute set below industry Market average. Research C Offer best off-peak hours and few hidden fees so consumers will know Virgin Mobile is All cheaper, plain and simple. Options C Expand the size of the market and result in greater sales and profits. Theory Pros and Cons Application D Earnings from each consumer will be less. D Sales growth does not necessarily mean big Calculation profits. D Risk of being regarded as low-quality service, thus an unfavorable image. D May trigger off competitive reactions. 27 Introduction Analysis Conclusion
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