Free What Are The Many Challenges To Building A Viable Space Tourism Business? Case Study Example
The company must have a FAA license after completing a test mission of its space craft’s at full speed. The test mission has to achieve a 62-mile height flight, which is a hard task for any commercial flight. The company must have and be willing to involve other investors in raising capital, as it is a multimillion venture. Lastly, the risk of a possible crash should be taken into consideration and passenger and crew safety ensured which is a hard task.
What effect do you think the crash will have on prospective tourists and investors?
The crash would cause panic to the expected tourists leading to a possibility of withdrawing their bookings and refund of their deposits. This in turn will lead to the virgin galactic losing customers. This news would also cause doubt among the investors forcing them to withdraw their support in the project. Other investors who were interested in joining the venture would avoid involvement in fear that they might incur future loses.
What product mix do you think Virgin Galactic should have as it moves forward between the tourism and satellite launch business?
Virgin Galactic main product lines are tourism and satellite launch. Both products are great and promising. However, space tourism suffered setback after spaceship two crashed. This implies that the company should trade up satellite launch business in an effort to increase the sale in tourism. Furthermore, trust will be restored to tourists and investors and this would enhance the company’s image as well as giving time to research and design improvements that ensure safety to tourists to be implemented.
What sort of risks is acceptable in a new form of transportation with new technology? How can the risk be handled?
The risk of a possible crash is high since the safety of the new technology has not yet been assured. However, this risk can be handled by designing robust models and superior products and subjecting them to detailed test to ensure the final product is satisfactory even before the actual product test. Enough time should be allocated to the project to avoid rushed results that might be catastrophic.
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