The Group Structure
The virgin group is a network of companies which are connected by the “Virgin” trademark. Virgin does not function as a single unit. Richard Branson, the president of Virgin Atlantic, was in charge of the corporate strategy of the entire group. Virgin group holding was the head of the group and held the group’s shares. The companies were managed by Virgin Management.
Virgin had a decentralized management and exercised control over all the operating companies by having representatives on each company’s board. In London, Sydney and New York, the Virgin’s Management office had about 30 investment professionals organized in seven teams. These professionals were on the board of four to five companies. Besides this, the head of strategy consisted of 30 professionals who monitored the new ventures.
Through licensing agreements, Virgin tried to protect the brand name. Agreements were made with terms and conditions which were signed by all the companies that bagged the Virgin name. Virgin’s brand, human resources and marketing teams were regularly in touch with all the operating companies to help and monitor in everyday activities. In the past, Virgin did not face many problems as to how the operating companies used the Virgin brand name. The importance of rejuvenating the brand and the business was well understood by the operating companies. Every time a new company is launched, Virgin as a rule injects five to six people in the new management to ensure that the company has only those people who know the business.
Even in cases where Virgin did not hold majority shares, the licensing agreement would be negotiated by Virgin in such a way that it would possess the right to at least appoint the CEO.
Virgin Media ca...
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... appointing new individuals. This informal incorporation was the virgin culture. All these values were completely influences by Richard Branson’s management style, hardworking spirit, commitment towards customers, sense of fun and eccentricity.
The Virgin group delivered an atmosphere where talented people are motivated to produce highest levels of performance. The work environment was always anti-corporate and informal. The Virgin culture was often called the “pop culture”. Although the culture was informal, Branson expected very high levels of commitment and demanded long hours of work. Branson sponsored weekend getaways and parties. The strong culture and ties made up for the lack in organizational structure. Employees were given adequate freedom to generate new ideas, commitment and fun. This corporate culture fostered team work and an entrepreneurial spirit.
The company's management put a lot of emphasis on taking care of its employees, encouraging an entrepreneurial spirit, treating each other with respect, and being committed
John Mackey has a core belief in “Conscious Capitalism” and uses McGregor’s Theory Y to get the most out of his employees. He thinks that if the employees are in charge of their own careers that they will work that much harder. He believes that someone who wants to be at work will positively impact all customer relations which helps the brand maintain its high level of customer satisfaction. The core belief is that happier people doing their jobs will lead to a much higher degree of service for the customers. Happy customers tend to have repeat business and helps the brand grow or maintain their level of business. Mackey also wants employees that have a high degree of ingenuity and creativity. The next great idea will not come from a board meeting but often come from those that work directly in the field. Essentially he wants to make use of eve...
JB Hi-Fi’s current corporate governance practices will be explored using the ASX Corporate Governance eight principles and recommendations. These eight principles will be further analysed and supported using legislation, theories, concepts, company examples and case studies. By analysing JB Hi-Fi through all of the means discussed, this report will demonstrate areas of success and development. Furthermore, recommendations will be made to improve current corporate governance practices in order for JB Hi-Fi to further demonstrate leading ways in corporate governance practices.
Verizon Communications Inc. has 13 Board of Directors, 1 CEO, 8 Executive Vice Presidents, 2 Presidents, and 5 Senior Vice Presidents. “Verizon Communications Inc., based in New York City and incorporated in Delaware, was formed on June 30, 2000, with the merger of Bell Atlantic Corp. and GTE Corp. Verizon began trading on the New York Stock Exchange (NYSE) under the VZ symbol on Monday, July 3, 2000.” Verizon Communications Inc. is a publicly held Corporation. In this paper I will discuss the corporate roles and duties of a corporation. I will also discuss the differences of a publicly held and Closed corporation. Finally, I will discuss which type of corporation I prefer.
The Lincoln Electric Company corporate culture today is an extension of that which the founder John C. Lincoln and his younger brother James F. Lincoln instituted over a century ago. The company today remains a profitable, growing and admired organization. Its culture has been analyzed and utilized as an example in business education for many years. The success of the company can be attributed to: the efficiency their corporate philosophy and culture has instilled in their employees; meeting the needs of the customers; and lastly rewarding the shareholders. The gist of their corporate mindset is summed up by the past President, Mr. Willis “Lincoln Electric differs from most other companies in the importance it assigns to each of the groups it serves. (He) identifies these groups, in the order of priority as (1) customers, (2) employees, and (3) stockholders”(Sharplin, Arthur, 1989) According to Carpenter, Taylor, and Erdogan (2009), “When entrepreneurs establish their own businesses, the way they want to do business determines the organization’s rules, the structure set up in the company, and the people they hire to work with them.” James F. Lincoln was strongly influenced by religious teachings which he incorporated into his business ethics. According to Lincoln:
This article is about Harrah’s Entertainment; one of the largest casino entertainments made a decision to move away from being a product based company to a strategic marketing company geared towards customer satisfaction by implementing a customer focused rewards program. Bill Harrah, the founder of the company established the company’s reputation on the premise of pride of the employees working for “the best in the business” while given more attention to the condition of the properties. However, when Gary Loveman joined the company as the new Chief operating officer, he made a move towards customer service. Gary Loveman hired Marilyn Winn, the head of Human Resources, to change how the company engaged in people development. Winn came up with a strategic plan to develop Harrah’s human capital. As a result, Winn is faced with the difficult task of improving employee motivation and job satisfaction in a rough economy after 9/11, which changed our nation forever. Although, the company gained market share it did not quite meet the company’s projected level.
Organizational culture is imperative to the success of the organization. The strength and core values of the organization is supported by the organizational culture. This allows for organization to operate in a specific manner that is specific to that organization and can pave the path for success. Company founders are passionate about their vision and mission and they elude that passion into their employees. When that passion and mission is successfully implied to the employees the company strives in it 's path to success. Founders of companies are the continuing influence for the company to succeed. They pour the foundation of organizational culture so that the vision of their passion is directed in the right path. Organizational culture
Corporate culture is the shared values and meanings that members hold in common and that are practiced by an organization’s leaders. Corporate culture is a powerful force that affects individuals in very real ways. In this paper I will explain the concept of corporate culture, apply the concept towards my employer, and analyze the validity of this concept. Research As Sackmann's Iceberg model demonstrates, culture is a series of visible and invisible characteristics that influence the behavior of members of organizations. Organizational and corporate cultures are formal and informal. They can be studied by observation, by listening and interacting with people in the culture, by reading what the company says about its own culture, by understanding career path progressions, and by observing stories about the company. As R. Solomon stated, “Corporate culture is related to ethics through the values and leadership styles that the leaders practice; the company model, the rituals and symbols that organizations value, and the way organizational executives and members communicate among themselves and with stakeholders. As a culture, the corporation defines not only jobs and roles; it also sets goals and establishes what counts as success” (Solomon, 1997, p.138). Corporate values are used to define corporate culture and drive operations found in “strong” corporate cultures. Boeing, Johnson & Johnson, and Bonar Group, the engineering firm I work for, all exemplify “strong” cultures. They all have a shared philosophy, they value the importance of people, they all have heroes that symbolize the success of the company, and they celebrate rituals, which provide opportunities for caring and sharing, for developing a spiri...
Hilton Worldwide carries out business through three segments: (1) management and franchise; (2) ownership; and (3) time-share. These business segments enable management to capitalize on strengths like brand recognition and economies of scale. The company focuses primarily on the management and franchise segment which consist of 3,918 hotels with 610,413 rooms. Managing the properties, rather than owning them, allows the company t...
Apple Inc., is an American multinational corporation start with a focus on designing and manufacturing consumer electronics and closely related software products. Established by Steve Jobs and Steve Wozniak, in Cupertino, California on April 1, 1976.
This research has asked us to look into three different styles of management and find real life examples of companies or individuals who have or are currently using such styles of management. To begin we will take a look into the use of an autocratic style of management versus a participative. In this portion we will look into Leona Helmsley and her chain of hotels. Once this potion is completed, our next section will be looking into a centralized style of management versus a decentralized style. In this section of the research, we will be looking into Apple Inc and how they have built an empire with a centralized style of managing philosophy. Finally, in the final section of the research we will be taking a look at how Google has created an informal environment in which employees have direct access to executives and have the ability to share thoughts and ideas that are taken serious and to the heart.
Collins, J., & Porras, J. I. (2002). Built to last: Successful habits of visionary companies. New York: Harper Collins Publishers.
In the following of this essay, the importance of branding and brand loyalty would be discussed in theory firstly, and further analysis would be made on them separately, supporting by examples of Virgin Atlantic airway. Finally, a conclusion will be given out.
LVMH was able to broaden the company’s media operations, create new retail outlet, enhance their line of champagne, and open fashion houses, like Fendi. LVMH found their corporate strategy was diversification into a wide variety of luxury products. They grouped all of their brands into six different business units. Their wine/spirits unit poss...
It is true that most entrepreneurs typically have a flair for the creative and a lot of energy. They are born with it. But having these characteris...