Discuss about the Report for Marketing Management of Marketing Theory.
The market is a wide term that is used to describe the communication between consumer and company in the form of products and services (Dickinson, 2014). It can be in any form whereas the term Digital Marketing is a vast concept that is concisely associated with the concepts of the museum (Morgan, 2012). Every type of industry whether it is small scale or large scale; it has three general motives namely: sales maximisation, profit maximisation and customer satisfaction. The concept of the museum in relation to the base of the market totally relies on better customer service, marvellous decorative and attractive art and design (Polonsky, 2014). The digital market of the museum is duly comprised of the collection of best art and designs of old and modern objects, with a premium collection that tends to attract more visitors.
This report has reflected and highlighted several intellectual concepts of a photography industry in the context of Victoria and Albert Museum situated in England. The researcher has discussed the overview of the company, situation analysis, micro and macro analysis, objectives using the SMART acronym, SWOT analysis, various marketing segmentation concepts related to Victoria and Albert Museum.
Overview of the Victoria and Albert Museum
The Victoria and Albert Museum is the world largest museum of beautiful, decorative art and design with a premium collection of more than five million objects. The museum was duly found under the name of Queen Victoria and its associates. The Victoria and Albert Museum contains the collections of every sculptures material from all around the world. The Victoria and Albert Museum is also famous for capturing fabulous images with the matching collection of museum sculptures.
External / Macro analysis of Victoria and Albert Museum (PESTLE analysis)
The external analysis or macro analysis of Victoria and Albert Museum comprises of:
Political: The Victoria and Albert Museum has a great political impact. It is bounded by the government legal as well as various international laws. The museum works according to the MOA and AOA. Hence it duly maintains the perfect decorum as stated by the UK government (Diamantopoulos, Fritz and Hildebrandt 2013). The museum also follows the political stability and restriction to bridge an association between leisure and political management.
Economic: The Victoria and Albert Museum has great move towards the country economy. Every year around 500 million visitors is visiting and enjoying the benefits arising from each other (Hollensen 2015). The Victoria and Albert Museum is currently entertaining millions of visitors each year with its decorative sculptures and arts.
Social: The Victoria and Albert Museum is aiming to deliver the rewarding and memorable experiences to its millions of visitors through its global iconic brands and passion for its management. The Victoria and Albert Museum is recognised as a mysterious brand with strong reputations and offers a delightful experience with its unique collection to all peoples of UK (Diamantopoulos, Fritz and Hildebrandt 2013).
Technological: The Victoria and Albert Museum begins with the initial sitting from a press launch that has taken six months to make (Gilmour et al. 2013). This gives a museum a unique and realistic figure. A continuous improvement in the infrastructure of transport is highly developed all around the world. Apart from this, the museum has done a lot of replacement in improving the old sculptures in the conversion of new.
Legal: The legal analysis of Victoria and Albert Museum comprises of sculptures and paintings safety regulations, following of workers law and competing policies regulations (Peterson 2016).
Environmental: The environmental analysis of the museum indicates the major political influence in reducing the no entry fees policy. The Victoria and Albert Museum is continuing to maintain the environmental laws and regulations, attitude towards consumer behaviour, insights and choices (Polonsky 2014). The Victoria and Albert Museum has maintained a strike balance between different shareholders perspectives. [REFER TO APPENDIX- 1]
Supplier Strength: The bargaining power of suppliers in Victoria and Albert Museum comprises of high competition among different suppliers and low concentration of suppliers (Peters et al. 2013).
Competitive Rivalry: The intensity of existing rivalry includes limit government cooperation. The threat of new competitors generally includes high capital investment, string brand name and high of entry barriers (Hutt and Speh 2012).
Client Strength: The bargaining power of visitors in Victoria and Albert Museum comprises of low price sensitivity, a large number of visitors, limited information among management and special customization.
The threat of Substitution: The threat of substitutes in Victoria and Albert Museum include high switching cost to its substitutes (Peters et al. 2013).
The threat of New Entry: It is the sum of hard work of all the staff of Museum of V&A that the maintenance of it is going so well. Right now it is one of the biggest museums of design and art. The museum has the upper head in the industry as getting into this industry is a very critical job. It is because of the government policies, taxes, issues, copyrights and many more regulation and legislations (Diamantopoulos, Fritz and Hildebrandt 2013). [REFER TO APPENDIX- 6]
The Victoria and Albert Museum Mackenzie 7s analysis comprises of structure, strategy, skills, staff, style, system and shared value. These seven elements can be used in a variety of situations where a perspective alignment is useful and helpful. It tends to improve the performance of a museum, examine the future effects changes, processes and make perfect alignment during the period of acquisition and determine how best a propose strategy can be adopted an implemented within a museum (Iacobucci 2014). The seven elements in Victoria and Albert Museum can be defined as:
The SWOT Analysis of Victoria and Albert Museum comprises of:
Strength: The Victoria and Albert Museum is one of the largest museums in all over the world. Almost five million sculptures objects and galleries are present there. The location of Victoria and Albert Museum is located in West London with excellent transport facilities (Morgan 2012). It has a strong brand with world recognition. Every year it attracts a large number of visitors from different parts of the world. This is one of the greatest strength of Victoria and Albert Museum.
Weakness: The Victoria and Albert Museum is not taking an extreme advantage of new and advanced technology and the company websites. It comprises of inadequate financial resources with overdependence on UK government and funding of various donors (Moller and Parvinen 2015). The Victoria and Albert Museum has not displayed all sculptures collections. It comprises of insufficient brand and lack of promotional strategies.
Threat: The Victoria and Albert Museum has higher expenses in purchasing various sculptures material for running the museum. It has resulted in declination in art donation and cost of acquisition. The visitors involving attributes and behaviours are very standard and presentable in the criterion of information (Morgan 2012).
Opportunities: The Victoria and Albert Museum has the opportunities to expand the large range of activities to benefit both public and Victoria and Albert Museum. It has large potential source market with spend money as the economy recovers. The Victoria and Albert Museum has the opportunities in the advancement of technology to transform conservations, communication and administration to create and enhance engagement and accessibility. [REFER TO APPENDIX- 3]
The objectives of Victoria and Albert Museum using SMART acronym generally includes Specific, Measurement, Achievable, Relevant and Time Oriented.
Specific: The Victoria and Albert Museum is specific towards its goal and achievement; so the museum has been awarded many times. The Victoria and Albert Museum is providing diverse audiences with an excellent quality experience and access of optimum to its collections both digitally and physically (Moller and Parvinen 2015).
Measurement: The inspirational and motivational movements will be conducted by the staffs of the museum, V&A to reach the goals as soon as possible. The Victoria and Albert Museum has established concrete criteria, such as creating an energetic environment and reporting of every activity, that are used to figure it out (Mudie and Pirrie 2012). The Victoria and Albert Museum is developing and promoting the UK economy by leading the field in debate and inspiring designers to improve its performance.
Achievable: The museum has also operated organisational and financial efficiency initiative. This is the greatest achievement of the Victoria and Albert Museum management. The museum makes certain achievements and makes amendments that it is achievable by setting the future standards.
Relevant: The Victoria and Albert Museum is realistic and a goal oriented museum that is willing to work 365 a day; and provide the best possible services for its worldwide visitors (Moller and Parvinen 2015). The Victoria and Albert Museum maintain a timeframe by making certain consideration on certain funding agreements.
Time-Oriented: The Victoria and Albert Museum maintain and manipulate the capability of time bound in the case where it requires the emergence of flexibility visitor service. It does it through creating a hierarchy of tickets so more charges will be charged as per the service needed. The Victoria and Albert Museum integrated a short term time capacity in order to achieve its aim and objectives based on workers project performance such as how much the maintenance department is contributing to making the place more workable and how the creative department is performing to make the events unique (Kotler et al. 2015). [REFER TO APPENDIX- 2]
Market Penetration: For making the museum more popular among the common visitor the museum is concentrating on adding new aspects such as events and modifying the current presentation of the belongings of the museum (Mudie and Pirrie 2012). The strategy of V&A will be attracting the persons who are not often visitors as there is no such competitor of it in that region.
Product Development: As discussed above the museum is going to conduct events to attract the visitors.
Market Development: For making the clients more know about the changes in the museum, it will conduct several activities in public and promote advertisement of the museum (Saren et al. 2012). Some tours to the museum will be conducted, and various gifts will be distributed among the participants.
Diversification: It is not required right now as V&A is not diversifying their business. [Refer to Appendix 8]
Objectives of Victoria and Albert Museum in relation with market segmentation as mentioned above, the objectives of Victoria and Albert Museum is to provide and develop the diversified visitors with the optimum access and best quality experience of museum’s collections physically and to respect and acknowledged internationally as the world leading design and art museum (Chan, He and Wang 2012).
Market Segmentation: The Museum, V&A, is looking forward to improving the quantity of visitors and to make the values which will be indicating to V&A. In addition with that, V&A wants to improve the awareness of events and services within public and to enhance revenue via impermanent exhibitions (Armstrong and Julier 2016).
Market Positioning: The market positioning of V&A is very strong as there is no equal competitor and the possibility of having new rival is also a hard (Chan, He and Wang 2012).
Targeting: The target of all these activities will be current as well as potential clients. Mostly the people who are related to education along with those who have the love for history, painting and sculptures will be the first and prime target of V&A (Armstrong and Julier 2016).
Branding: Presently V&A, for creating the clear brand identity, modified its visual and verbal identity that will promote the work and believes of the museum. From the exhibition to communicating with the employees will be a manifestation of the brand (Baumgarth, Merrilees and Urde 2013).
Market Structure: The market structure of V&A will be comprised of the objectives along with strategizing to achieve them. The objectives have been discussed earlier. The strategies are such as conducting the campaign and recognising its goals, finding the best way to make use of marketing mix and making sure of the most return on minimally used resource (Armstrong and Julier 2016). [REFER TO APPENDIX- 7]
Overall known as those ‘Four Ps’, this term depicts the four magic parts that those V&utilization with executing its publicising technique: Product, Place, value Also advancement (Baker and Saren 2016). The showcasing division prompts or settles ahead regulate decisions over each variable.
Product: those V&A need an extensive variety of things once the table which the Press Also advertising divisions fill in for other V&A divisions on the make. These things fuse the culprit gathering, impermanent presentations, interesting occasions, to example, dark history month. Furthermore gang exercises, also informatively advantages for schools, colleges Also universities (Dickinson 2014). Regardless this, there would be things that assistance those V&A generate a greater amount pay, for example, those support plans, favouring shops, bistros Furthermore corporate agreement work places.
Place: those V&A will be orchestrated in Soutine Kensington, at that west of central London. There would be two way variables that the storehouse elevates concerning its area:.
Price: the right of the V&A may be spare. Over At whatever case, there is an accuse for shows which necessities to remain focused, talk with great regard What’s more tolerance right with people on low livelihoods. Results what’s more administrations, for example, those shops (Dickinson 2014). Also, bistro, grasp their specific assessing method taking under record the over standards; also require should convey a net profit that is re-put assets under the V&A’s compensation stream.
Promotion: this and only the pushing mix identifies with those possible apparatuses used to talk for Furthermore attract those proposed enthusiasm aggregations. Those showcasing Branch settles ahead decisions regarding which channels might be the majority fitting furthermore capable of drawing in the planned vested party inside the budgetary arrangement approachable (Baker and Saren 2016). These might include:.
Conclusion
From the above study, it can be concluded that the various analysis such as Ansoff, Mackenzie 7s, SWOT, Potter’s five forces and much more the museum has gained a great upper head to recognise the various aspects of its business. It has been able to create the ideas of introducing the events in the business of V&A so that the person who is not interested in the museum will also come with their friends or family to participate in the events. The researcher has also explained various tactics that to be used to achieve the objectives of Victoria and Albert Museum, its overall segmentation (Positioning, Targeting, Branding, and Market Structure). The researcher has presented several intellectual concepts of a photography industry in the context of Victoria and Albert Museum situated in England. It has resulted in declination in art donation and cost of acquisition. The researcher has prefaced that the Victoria and Albert Museum direction is determined by the Trustees and Management of Board priorities by DCMS. The concept of the museum in relation to the base of the market totally relies on better customer service, marvellous decorative and attractive art and design. The promotion of the museum and making a brand value is the most significant factor for the museum as it will be the key fact that will enhance the museum’s reputation.
References
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