Virgin Money Life Start Project
Over the years, universities have always been facing serious challenges with respect to financial issues. At times, students have ended up giving up their dreams due to disruptions caused by lack of adequate finance. In addition, the respective students after studying for many years end up in the streets due to lack of employment. As a result, they end up indulging in unethical behaviors despite being educated. Virgin money is one of the organizations which offer financial services to South Africa, Australia and the United Kingdom (French et al, 2013 p.34). Initially the organizations services were offered in the United States only. However, it is important to note that the services offered vary in the different branches since they are independent from each other.
Since one of the company's mission is to offer support to the society, different strategies have been formulated to assist learning in different institutions. The financial institution is expecting to design ways in which it will be able to assist the society in general apart from the profit motive. In order to achieve the aforementioned objective, the institution is in the process of designing the product roadmap which is to be followed to establish the minimal viable product (MVP. The platform to be formulated is expected to address the respective challenges within the university. Some of the major issues to be addressed by the minimal viable product include development of programmes which will be able to empower students in order to achieve their dreams in life. On the other hand, the financial institution has its own objectives which it aims to attain. This paper mainly focuses on the different strategies to be followed to strike a balance between the objectives of the institution and the university.
In order to ensure that the program is a success, various procedures must be followed in a move to boost confidence from students, academics and staff. The success of a minimal product depends on the strategies to be followed (Mc Kee & Eraut, 2012 p.10). In order to ensure that the respective parties are attracted by the programme, the institution should strategize on reward based programmes. Such programmes may include challenge mentor programmes. These respective mentor programmes should be carried out in 3 sessions. During these three sessions, 3 winners should be selected after which rewards should be made to them. Use of reward system is expected to improve the morale of all parties.
Moreover, before the product is implemented, relevant training should be done. Normally, people are always resistant to new ideas due to insecurity. The financial institutions should organize educational forums within the university. Basically, all parties should be educated about what all the life start entails. In order, to ensure that everything runs smoothly, feedback from customers should be considered. Based on the feedback received from customers, the institutions should be keen to address all relevant issues raised early in advance. Owing to the above mentioned fact, the students, academics and staff will be confident with the minimal viable product. Hence, they will be willing to engage with life start.
In order to ignite a wide impact beyond the university in the near future, various strategies must be outlined. Basically, this will be role of the management of virgin money. One of the many strategies which will be used includes the establishment of a communication platform from which more than one million users will be addressed. Efficient communication is one of the basic factors which are considered in programs (Kundu and Datta, 2012 p.134). In order to ensure that a certain program runs smoothly communication is considered as the utmost priority. The financial institution should mainly focus on direct communication with the clients in order to eliminate possibilities of wrong communication. In addition, the institution should consider advertising its products and services at the lowest cost possible. This strategy will generally reduce the total cost incurred during product implementation. As a result, the institution will be able to increase its target audience since all the expenditures will be low.
Finally, in order to expand the role of the financial institution in other areas in future, the institution should focus on offering sentiments which will attract customers. It should consider creating employment opportunities in order to reduce cases of employment in the respective universities. These opportunities should be offered according to the merit of the different students. Hence, the respective students in the university will improve on performance in order to secure these job opportunities. As a result, the institution will be in a position to have many graduates due to the aforementioned motivating factor. In the long run, other institutions will consider linking up with virgin to reap the benefits hence the financial institution will expand tremendously.
On making the observation in the way Virgin money digital bank assists in changing the life of student in improving employment and career prospects, the observation indicated that the students can advance in the skills pertaining enterprise and financial literacy. Life start concept in accordance to the observation was made on the impact to show that students should make efforts in understanding how to accelerate the earning power by learning new business tactics. The plans on how to come up with new business ideas should be encouraged to the students (Kundu & Datta, 2012 p.120). The students after observation indicates that, students should be encouraged on how to bear up with business hardships at the life start journey which requires a lot of encouragement to ensure the students can initiate a progressive business after completion of the school.
From the impacts which many starting businesses face, some observations can be made that in designing the concept a lot have to be done to enable this student achieve in their goals which are strategically based at the coming up with financial services which can aid the new business to grow (McKee & Eraut, 2012 p.15). As per the observation made from other growing businesses, there was indication that marketing plan in the life start virgin need to be drawn well for profitability to be achieved. Therefore, from the observation, it is clear that for the student to be helped everyone in the money ecosystem should feel better off in unlocking financial services for the future. From the observation again, the virginlife start will assist the students by providing services for learning which will ensure self-improvement in order to increase the chances of higher employability to the students.
For the Beta Test objectives to be achieved, life-start should come up with concept and solution design. If the concept and solution design are followed strictly, then the objectives will be achieved easily (Kundu & Datta, 2012 p.130). This will demand for the life start journey to be followed from the beginning which begins from zero phases to the fourth phase. The zero phase involves validating life start concept co-create life start MLP. The first phase comprises of the Beta Test life start MLP, the second phase involves expanding student proposition and building the university proposition, the third phase of developing life start journey constitutes of roll- out university proposition, testing the student financing and testing money management. The fourth and final phase is the student enterprise and money management ecosystem.
All the phases involves some business activities which should be done, for instance, in the zero phase the activities include; coming up with core platform and website which will be advertising the business activities in the way they will be selling their products and services. The enterprise learning content can as well be discussed in this phase. The capital of beginning the project can also be discussed. In phase 1 some other activities will be discussed, for instance, initial learning shots and the initial challenges which might affect the student's strategies of improving their financial status. The other phase in the life start journey includes some significant activities which need to be adhered when coming up with the concepts and design (Canciger, 2013 p.140).
Some other steps can be included in Life-start concept and solution design to make sure the objectives are achieved. Performing research analysis can assist in reaching the expected goals. It is advisable to conduct exhaust research to come up with understanding of the product to offer or the service for trending. It is also advisable to determine its place in the market and its differentiation (Kundu & Datta, 2012 p.137). It is advisable for the students to raise competitive audit and develop deployment strategy if they are going to reach the expected goals. Discovering feasibility is very important for a particular branding strategy which should be locked prior to the design. Informed aesthetic choices should be made by the designers. The consistence of periodical reviews of capabilities assists in building an informed design team to be equipped with techniques and tools to come up with ideas to life (Canciger, 2013 p.32). Another way of coming up with Life-start concept and solution design is getting exposed early whereby the designers are expected to be skeptical about sharing concept early in advance because they don't want to waste time on designers to ensure they see light of the day.
In ensuring this challenge achieves Virgin's objectives of making everyone better, some procedures should be followed whereby the students will be questioned on the effectiveness of the services offered by the enterprise. Some questionnaires can also be filed to see the respondent of the customers and that will prove whether the government has achieved its goals and objectives or not (McKee & Eraut, 2012 p.13). For everyone to be better off, there is expectation that no complains should arrive from the customers pertaining the services offered by the customers.
Normally, the virgin enterprise was mainly involved in the discussed activities in order to make their firm popular within the region (Kundu & Datta, 2012 p.119). At the same time, the main reason for engaging in the discussed activity is to attract more of the customers into their firm and earn more benefits from its operation. As usual, grasping market share requires a particular firm to practice some of the above activities and simply because Virgin was a developing firm, all the above was very vital in ensuring there is an opportunity to survive despite existing competition in the market. For it to be successful there was a need to incorporate the required skills for development that serves to play with the psychology of the consumers. In the case study discussed above, there were major five developments that were required in order for the firm to attain stability and survive the stiff competition that was in the market (McKee & Eraut, 2012 p.3).
The main development that was to be considered included offering some favorable services to the subscribers of the bank. One of the developments it has put in place is the ability to offer saving facility for the students'money (McKee & Eraut, 2012 p.10). In addition, the firm has established a platform in which there is a total engagement of the customers as well as clients in the future (Kundu & Datta, 2012 p.129). It has also developed a system that entails attraction as well as the engagement of customers into the business with a lot of ease and without spending a lot of money in doing so. Moreover, the firm has made some development on the staff (Gr?©goire et al, 2015 p.174). The staff that is employed by the firm is high-quality staff with the required experience in interacting with the clients. As a result, the clients have felt appreciated hence they have become loyal to the firm's services.
Other forms of development include the ability to save time in which the clients are given an opportunity to login into their accounts at any given time. With this development, the customers have found it easy to access their balances without any delay. Furthermore, there is promotion development where the clients are appreciated for the effort to be loyal to their firm (McKee & Eraut, 2012 p.16). There are various forms of rewards that are given to clients depending on some logistics that are well known to the managers of the firm. As a result, several clients have shifted their attention towards the Virgin enterprise as the main provider of the banking service due to the above-mentioned development that it has put in place (Kundu & Datta, 2012 p.134). Incorporation with other firms such as Samsung served as another development that needs to be strengthened in order to make its operation easy particularly during awarding periods.
However, there are other forms of the development that the firm needs to consider and implement in order to maintain their market share. In regard to the primary research done, the application form needs to include a slot for giving the experiences that an applicant is having as far as the service required is concerned. This is a very important factor as it tends to prove the ability of an individual to perform the mentioned role. Apart from the development mentioned above, there is a need for the firm to implement a system where monitoring of all the transactions within the firm is made possible. This kind of the system will tend to minimize the challenges that are associated with theft and dishonest that may arise from the clients. Additionally, the management system is supposed to be fully electronic so as to make the operation of the firm be easy and manageable. Transfer of client's money is also supposed to be considered. This, in turn, makes the operations easy and faster within the organization. On top of all the above developments that need to be implemented in the firm, there is a need to develop charge list that displays the rates of charges associated with the borrowed money. The list needs to clearly highlight the consequences of failure to comply with the requirements of the borrowed money as well as services.
Regardless of the fact that the firm is experiencing some challenges in relation to the Uni and Virgin, there are various measures that need to be taken into account in order to curb the problem (Gr?©goire et al, 2015 p.180). To begin with, the organization has come out with the system that offers support to the student especially the ones who are unable to pursue their education without assistance from good wishers. In addition, the firm has given the student a chance to practice whatever they have learned in class concerning their area of specialization. This, in turn, contributes to the acquisition of the skills that are not attained in the classroom. At the same time, there is the possibility of learners to receive services such as management of their finances amongst others. On the other side, the firm has taken into account the need of the student including their upkeep money amongst others. To solve this problem, the firm has planned to give the learners a little amount that is capable of keeping them healthy. As far as employability is concerned, the learners are allowed to work hand in hand with the experts of the company who in turn guides them on what to do.
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