Pick Virgin America, along with its competitors.
The research should include the strengths and weaknesses of Virgin America based on the stated learning outcomes of the course.
It should also cover the areas of core competencies which are the strengths and weaknesses of the competing rivals in the industry in general.
Opportunities and threats are also considerations for the paper that comes from the external factors to the industry, such as economics, demographics, politics, etc.
To start with a framework, you are welcome to look up the Porter's Industry Analysis model to assist you in identifying strengths and weaknesses.