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I would have thought some consideration would need to be paid to the aims of the scheme, and as far as I can tell, it is to attract the corporate traveller (those who pay premium fares). This is also the turf that QF would most strongly defend.
In doing that, I see two requirements for the program - rewards and recognition. The rewards bit is obvious, and the recognition is because my observation is that business type travellers like to have their ego's stroked and made to feel a bit special.
So, how to provide that in a package that is different? But then, different is Virgin Blue terms seems to be in the delivery rather than any substantive differences. So generally I would expect that:
1) Some sort of system of levels (whether this based on miles, or SC's or sectors)
2) Possibly Miles (or shock/horror kilometres) based, but I lean a bit toward them going the AirNZ approach
3) Ties up with other Virgin companies
4) Difficult to compare directly with Qantas
5) Will result in much analysis by people looking for loopholes
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