Xxiv) Virgin

- It started as a low-cost, no-frills, single class, leisure-focused airline called Virgin Blue Airlines (2000) with 2 leased aircraft; bus companies regarded as the main competitors as Virgin was trying to attract new customers to flying
- It uses the concept developed by Southwest Airlines and Ryanair of eliminating costs like in-flight services including meals, entertainment, etc and printed tickets in favour of selling services on board and using telephone/Internet booking systems plus using one type of aircraft to minimise operating/maintenance costs.
- In September 2001 it was catapulted into the position of Australia's 2nd airline after the collapse of Ansett Australia. This meant that it was no longer just a cut-price alternative to the traditional players, ie access to terminal space which helped its growth.
- By 2016 it has grown into serving around 30 destinations in Australia
Over the years Virgin has continually endeavoured to re-invent itself by
- improving services by offering guests a choice of purchasing tickets with no frills through to paying extra for different services like meals, refreshment, choice of seats, excess luggage, etc
- introduced multi-class travel, eg business class (2012) and premier economy (2008) that allowed priority check-in, baggage allowance, lounge access, priority boarding, increased legroom and all-inclusive flight entertainment, meals and beverages on board.  This was aimed at business and corporate customers and to attract clientele from their main competitor, Qantas.
- introduced flight lounges for travellers on initially a "pay-as-you-use" and more recently a fee basis at some airports with food and other amenities like Internet access, meeting rooms, showers, etc
- established  reward/loyalty/frequent-flier program, eg initially Velocity Rewards and then changed to the Velocity Frequent Flyer (2013); this program has partners like National bank of Australia, Westpac, ANZ, American Express, Diners Club, etc; it has different status levels like red, silver, gold and more recently platinum; with points earned relative to the cost of the flight rather than distance traveled; Global Wallet Function (2013) which is a prepaid travel card
- regularly changed uniforms and cabin design; with aircraft repainted from bright red to sophisticated white with silver detail
- introduced new equipment like wider body, more fuel-efficient aircraft, etc
- re-branded as Virgin Australia (2011), ie Virgin Blue, Pacific Blue, Polynesian Blue and V Australia became one brand
- changing ownership, ie Virgin ceded its ownership fellow shareholder Patrick Corp, then Toll Holdings, followed by Air New Zealand, Etihad and more recently Singapore Airlines, etc
- formed alliances with other airlines like code-sharing initially with United Airlines and followed by Emirates, Hawaiian and Malaysia, then Garuda and Vietnam. In 2010, formed alliances with Etihad and Air New Zealand, ie full code-sharing, reciprocal lounge and frequent-flier access.  In 2011 with Delta Air Lines, it joined Sky Team (one of the top three alliances in the world) and formed an alliance with Singapore Airlines, etc
- started Virgin Australia Regional Airlines in Western Australia; formed a 10 year deal at Perth-based regional airline Skywest so that able to better compete with QantasLink and Regional Express Airlines; later purchased Skywest and Tiger (2012)
- change in CEO in 2010 from Brett Godfrey (original CEO) to John Borghetti (former Qantas executive general manager who employed several key Qantas staff at Virgin)
- changed head office site from Fortitude Valley to Bowen Hills, Queensland (2008)
- introduced international flights to America (2009), ie San Francisco and Los Angeles
- sponsoring sporting teams like NRL team (South Sydney Rabbitohs in 2007), NBL (Brisbane Bullets), AFL, etc
- introduced flying billboards, eg promoting men's razors, Queensland government's campaign to attract businesses to the State, etc
- advertising campaigns, eg slogans like "get what you want" (2007), "now there's an idea" (2009) and "now you're flying" (2011) plus new billboard advertising showcasing Virgin's variety of products and on-time performance record

Xxiv) SEEK

It started in 1997 in Australia by 2 brothers (Andrew and Paul Bassat) and Matt Rockman. They provide a fantastic passion and a focus on long-term value creation embedded in the organisation

It became a public company in 2005 (valued at around US $ 600 m.). It started as a disruptor in the Australian recruitment/jobs market. It is now the world's largest online employment marketplace that focuses on facilitating the matching of job seekers with employment opportunities and helping hirers find candidates for advertised roles. It has exposure to over 4 b. people.

"...the changes in the online markets globally are moving at an unprecedented pace and we need to be constantly looking at our strategic direction to make sure we are being aggressive enough..."

Neil Chatfield (Chairman, SEEK) as quoted by Patrick Durkin 2016d

To remain at the top of its industry, it has continually needed to reinvent itself by taking risks, eg

- new products like SEEK's English test and student placement spin off, IDP

- expanded internationally into countries in Pacific, Southeast Asia, India, China, Latin America and Africa, New Zealand, China, India, Brazil, Mexico, Indonesia, Nigeria, Bangladesh, Philippines, Vietnam, Thailand, South Africa, Kenya, Malaysia, Hong Kong and Singapore.

- ventures into new markets usually by acquisition (20+ uptil 2016). Prefers to use local management and existing brand(s)

i) China (in 2006 buying a 24% stake in the Chinese online job website Zhaopin which was number 3 in the Chinese marketplace and losing money. By 2016 it had around 70% of the New York listed Zhaopin which has a market capitalisation of around US $900 m. and had become the leading jobs website in China. Investing in China requires a long-term commitment)

ii) Southeast Asia, they own a majority stake in jobs marketplace JobStreet; 80% in JobBD

iii) Latin America, Catho (Brazil), OCC Mundail (Mexico), etc

iv) Africa, eg One Africa Media, etc

v) India, eg Babajob, etc

- many brands like SEEK, Seek Education, Seek Volunteer, Zhaopin, jobDB, Catho, OCC Mundial, Jobberman, JobStreet, Babajobs, Bdjobs, etc

- joint ventures like SEEK learning's online courses with Swinburne Online

- diverse board of directors including

i) Australian billionaire media/gambling/entertainment mogul (James Packer) was a board member from around 2006 to 2013

ii) former Vice Chancellor of the University of South Australia (Denise Bradley)

iii) former managing director of Goldman Sachs (Graham Goldsmith)

iv) technology executive (Julie Fahey)

v) chairman of Costa Group, previously chairman of Virgin Australia airlines, board member of Transurban, ie toll road group (Neil Chatfield)

vi) Lend Lease (property developer) director (Colin Carter)

NB Paul Bassett left s\SEEK in 2011 and now runs start-up fund Square Peg Capital and sits on the Wesfarmers board and AFL (football) commission

SEEK has delivered total shareholder returns of 600+ % cents from their IPO in 2005, compared with the 100% for the AX200. In February 2016 its half year net profit jumped another 50% to A$ 275 m.

"....five years ago we were facing very aggressive set of competitors and the possibility that our business was starting to mature. We responded to that by investing very aggressively in productive technology both to do a better job with white we are doing and expand where we play. Over the past year and a half, we are really starting see the benefits of that both in terms of market share and coming out better than expected on revenue and profit. now we have over 6 million profiles we have really rich information about people......we want to deliver the perfect experience, and that is seeing every job that is relevant to you but only the jobs that are relevant to you, in the relevant order..."

Andrew Bassat (co-founder & CEO, SEEK) as quoted by Patrick Durkin 2016d



(sources: AFRBoss, 2000; Gary Hamel, 2000a; Jerry Useem 2001; Jack Welch et al, 2001; Gerry van Wyngen, 2003; Charles Handy, 2002; Sean Aylmer, 2004; Betsy Morris, 2004; Janet Guyon, 2004; David Kirkpatrick, 2004; David Kirkpatrick, 2005; Costas Markides, 2003; Marc Gunther, 2004; Sean Aylmer, 2004a; Matthew Boyle, 2004; W. Chan et al, 2005; Spencer Ante, 2004; Geoffrey Colvin, 2005; Carol J Loomis, 2005; Mara Der Hovanesian, 2005; Emily Ross et al, 2004; Anita M McGahan, 2004; Geoffrey Colvin, 2005; Rose-Anne Manns, 2006a; Geoff Colvin, 2006c; Chris Zook, 2007; Brad Hatch, 2007b; Betsy Morris, 2008; Clayton Christensen et al, 2003; Jim Collins, 2008; Richard Branson, 2008; David Rhodes et al, 2009; Catherine Fox, 2008g; Seth Godin, 2007; Brook Turner, 2009; Linda Schmidt, 2010; Peter Roberts, 2010; James Eyers, 2010; Emma Connors, 2010; Brian Corrigan, 2011; Sean Aymer, 2005a; Charles Arthur, 2011; The Guardian, 2012; Dominic White, 2012a; Jason Murphy, 2012; Dominic Rushe, 2012 ; James Chessell et al, 2012 ; Peter Roberts, 2013; AFR, 2013; AFR, 2013; Paul Smith, 2013; Wikipedia, 2013f; John Gapper, 2013; Daniel Thomas, 2013; Ben Holgate, 2013a; AFR, 2013 & a; Tom Mitchell et al, 2013; AFR, 2013b; Patrick Durkin, 2014; Andrew Cornell, 2014; Philip Baker, 2014; Max Mason, 2014; The Lex Column, 2014a; Sue Mitchell, 2014a; The Lex Column, 2014b; Hannah Tattersall, 2014; Max Mason et aL, 2014; Chanticleer, 2014; Tim Higgins, 2015; Hannah Tattersall, 2015; Bangkok Post, 2015a)

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