Marketing and Management Contributing to the Development

Question: External Analysis of the market (Macro and Micro) and Internal Analysis regarding Victoria and Albert Museum . Identifying key issues this organization needs to address in developing its marketing activity. Answer: Introduction: Marketing is not about selling product to customer or not about creating demand or changing views of the people, it is a technique by which organisation can communicate with their customers. Marketing a museum is different from any other marketing processes because in this context, the marketing team has to identify the needs of the visitors as well as deliver satisfaction that helps them to enhance their experience. In the contemporary time, Victoria and Albert museum is facing tough challenges from other organisation like them, so they are trying to have a proper marketing planning which will help them in identifying the scope of this company in today's market. This report focuses on the development of a marketing plan for the company with a set of objectives and vision that has been sent by the company. The use of various analytical models has been done to develop the plan for marketing. Situational Analysis Refer to PPT Macro: PESTEL Analysis (Refer to PPT) Micro: Porters Five Analysis (Refer to PPT) Internal Analysis (Refer to PPT) Key Issues that the organisation has to develop for marketing activities: (Refer to PPT) Size and structure of the market: The structure of Victoria and Albert is monopolistic, the museum is large, and it consists of 233,742 objects. The number of books, archives and photographs is near about 2,044,441. The number of display items exceeds 60,124. It has 145 galleries and the museum has covered a land of 12.5 acres. Name of the Museum Total Visitors Reputation (National) British Museum 6,820,686 (2015) Rank 1 VA 3,432,325 (2015) Rank 6 Natural History Museum 5,284,023 (2015) Rank 3 Science Museum 3,356,212 (2015) Rank 6 Figure 1: Pie Chart of Marketing Size of VA (Source: Rentschler and Geursen, 2013) Objective for VA Museum: Figure 2: the objective set for VA Museum (Source: Alexander and Hamilton, 2016, p.1330) The first objective of Victoria and Albert museum should be to enhance its annual revenue and net income and increase the number of visitors within 2 years. S-Specific This above-mentioned objective is specific because it can be described easily and it is observable. M-Measurable It is measurable because one can easily assess or evaluate the value. A-Achievable It is achievable because the museum can easily enhance its annual revenue and net income with the existing opportunities and resources. R-Relevant It is relevant because it is imperative for the museum to increase its annual revenue and income in order maintains its competitive advantage. T-Time-bound It is time-bound because it can be achieved within a specific period. Table 4: SMART objective Table (Source: Created by author) The second objective of Victoria and Albert museum should be to use latest technologies and to provide training to the workers. The management of the museum must place an emphasis on the use of latest technologies in order to improve the infrastructure. S-Specific This above-mentioned objective is specific because it is simple and can be described. M-Measurable It is measurable because one can easily assess or evaluate the value. A-Achievable It is achievable because the museum can easily use latest technologies and train the workers in order to generate superior performance. R-Relevant It is relevant because it is imperative for the museum to use innovative technologies and experienced workers to accelerate performance. T-Time-bound It is time-bound because it can be achieved within a specific period. Table 5: SMART objective Table (Source: Created by author) The third objective should be to lower the price of the tickets. In UK, there are many potential competitors and thus, there is a chance that the existing consumers of the museum may change their preference. S-Specific This above-mentioned objective is specific because it is simple and can be described. M-Measurable It is measurable because one can easily assess or evaluate the value. A-Achievable It is achievable because the museum can easily lower the price of the tickets to attract visitors. R-Relevant It is relevant because it is imperative for the museum to attract more consumers. T-Time-bound It is time-bound because it can be achieved within a specific period. Table 6: SMART objective Table (Source: Created by author) The fourth objective should be to provide adequate information to the visitors about the enriched culture and religion of the country. The management of the museum must focus on educating its visitors to maintain competitive advantage. S-Specific This above-mentioned objective is specific because it is simple and can be described. M-Measurable It is measurable because one can easily assess or evaluate the value. A-Achievable It is achievable because the museum can easily enrich the knowledge of the visitors. R-Relevant It is relevant because it is imperative for the museum to provide valuable information about the enriched culture and heritage of the country. T-Time-bound It is time-bound because it can be achieved within a specific period. Table 7: SMART objective Table (Source: Created by author) The fifth objective should be to keep the museum clean and tidy. The museum must be well reserved and clean so that the visitors can perceive the aesthetic value of the displaying item easily. S-Specific This above-mentioned objective is specific because it is simple and can be described. M-Measurable It is measurable because one can easily assess or evaluate the value. A-Achievable It is achievable because the museum can easily keep its premises clean and tidy in order to attract visitors. R-Relevant It is relevant because it is imperative for the management of the museum to keep it well-reserved. T-Time-bound It is time-bound because it can be achieved within a specific period. Table 8: SMART objective Table (Source: Created by author) Victoria and Albert Museum (VA) was established in 1852 and it achieved an enormous success in presenting artworks in an exhibition. Victoria and Albert Museum has a huge collection of fashion, architecture, photography, painting, sculpture, Asian art, ceramics, jewelers, glass. The aim of the museum is to make all the arts available to a large number of people. The authority of Victoria and Albert Museum always try to make all people aware of the talent of the British designers, who have a contribution in manufacturing such artworks. They want to make all people educated about the history of United Kingdom. It also tries to enrich the lives of people by promoting them entertainment, education and knowledge. They want to attract new visitors and excellent visitors in order to make a profit. They believe that if the people come to this museum and experience such designs and artworks they must feel encouraged to come here repeatedly. Apart from that, the VA wants to achieve international reputation by attracting visitors from different countries. They also focus on improving the economic condition and efficiency of the museum. Therefore, they can give advertisement in such way: The specialty of this museum is the digital designs that can be experienced by the visitors on satellites channels. Another mission of VA is to attract new investors to develop their future growth. Before achieving all these goals and aims, VA needs to develop a proper marketing planning. Before making good marketing plans for VA, it is important to find out the target market and the target audience first. The museum must focus on providing information about each collection, which is present in the museum to meet the visitors expectation. Before making a marketing plan, the management of VA must discuss the business plan with external and the internal stakeholders. As stated by Wickham and Lehman (2015, p.1025), business growth depends on marketing plans. As they want to attract the excellent visitors, it is important for the workers in the museum to know about their culture, behavior and language. Therefore, the workers should be trained properly otherwise, they cannot interact with the foreign visitors. In order to attract foreign investors, it is important to improve the performance and the collections of a museum (Alexander and Hamilton, 2016, p.1330). The management of the museum can use new technologies and they can use big hoardings on busy roads to promote their collection. If the collection can be seen through the internet then visitors can easily see this collection and they must be more interested in visiting this museum. Strategies for the Museum STP Framework: Segmentation: The management of VA museum wants to attract all the people no matter whether they are from different culture, financial status, caste, sex, gender. It also wants to be recognized internationally. In such condition, before making a proper marketing plan to achieve this goal it is important to segment market demographically (Siu et al. 2013, p.300). On the other hand, architect, artists, historian must visit the museum no matter whether they are 25 or 52 years old. Naturally, people with interest about antique pieces, artworks and fashion are likely to visit museums (Robinson et al. 2016, p.210). As per educational segmentation, it has been seen that illiterate people also have an interest in arts and architecture. On the other hand, it is found that well-established people also want to visit the museum to gain knowledge from various things. As VA is a public body, it must be open to all and they can provide an excellent experience to the visitors at minimum cost that can be affordable for all. In such way, all the people would be able to visit this museum as per their financial ability. They should attract all the people from different religion, caste, creed, gender. Targeting: It is important to set a target audience for the museum in order to make a profit and ensure the future growth (Rentschler and Geursen, 2013, p.235). It has been seen that most of the students want to visit the museum but they cannot go out alone. In such cases, often school organizes a trip for museum or parents take their children to visit the museum. So not only the students but also the parents and the schools or schoolteachers should be considered as the target audience of a museum. On the other hand, there are a number of people, who are historians, fashion designers, product designers, architects, artists, jewellery makers, and photographers by profession love to visit the museum (Raj and Griffin, 2015, p.125). They see all the creations like painting, photo, book arts, designs of the jewellery, furniture and get inspiration from them. As a large number of women are likely to wear traditional gold jewellery, so jewellery makers visit the museum and see various designs. Thereafter they use those designs in their creation in order to attract new customers. Photographers also want to visit museum repeatedly because they can find out many exclusive pictures and artworks here. Fashion designers also make new clothes based on antic paintings and artworks on old cultures. Apart from that, foreign visitors must be considered as the target audience. As travelers want to know about the history, culture, creation and heritage of the nation. Therefore, the management of the museum must focus on attracting such target audiences in order to develop their growth. Positioning: The management of the museum should focus on the advertisement and the promotion of the museum to increase the awareness towards the visitors. Through the various technologies such as the web, social media, mobile phones the management of the museum can attract the new visitors from different region and country. They can build their own websites and they can convey all information to the visitors through it. As most of the people use social media and spend most of the time with it, so the management of the museum can upload images of their collections on social sites. In such way, all the people would be more interested in visiting the museum. The authority of the museum should have a tie up with the travel and tourism organisation or school. If the management of the museum offers a discount on the purchase of the tickets and travel then the travelers must enjoy the trip. Ansoff Matrix: Existing Products New Products Existing Markets Market Penetration Product Development New Markets Market Development Diversification Table 9: Ansoff Matrix (Source: McLean, 2012, p.45) Market Penetration Victoria and Albert Museum may develop new products or use its existing products for building up the market share in its existing market. Further, they may employ new strategies to penetrate newer markets such as online markets, and markets that may appease the youth. Market Development In todays world, not including online consumers can be a huge mistake. An online marketing portal may be developed and souvenirs may be sold online. A virtual museum may be created which can be accessible through peoples online profiles. The younger section of the market can be catered to by including interesting activities like music concerts on certain days of the month. Prospective consumers may be informed of the market development through the medium of advertisements. Product Development Guided tours and special exhibitions may be developed and revamped as part of the product development. Celebrities and politicians may be used during these tours and exhibitions to gain popularity. A smarter website may be developed, along with an online portal for selling souvenirs online, and a virtual museum. Diversification A diversification of products and services may be offered through the entrance fee, souvenir shop, cafes, and online sales and activities. The museum may start charging a basic entrance fee. It may also charge a little more money from foreigners for souvenirs and entrance fee. The products and services offered by the cafe may be developed further, and they may be charged at a premium price. This diversification of products and services can prove to be an interesting and profitable marketing plan (McLean, 2012, p.48). Porters competitive generic strategies Cost Differentiation Broad Cost Leadership Differentiation Narrow Cost focus Differentiation focus Table 10: Porters competitive generic strategies (Source: Litchfield and Gilson, 2013, p.110) Porters generic strategy is an effective strategy, which can help Victoria and Albert museum to achieve its competitive advantage. There are various strategies such as cost leadership strategy, differentiation strategy, focus strategy etc. According to the cost leadership strategy, this museum can enhance its profitability by mitigating the cost. Reducing the prices of the tickets can be beneficial for the museum as it can attract more visitors. This museum can maintain its competitive advantage by applying cost leadership strategy. Marketing mix: Place: They can expand their branch in China, as it is a rich cultured country. There are a number of people, who have interest in the artworks, photography, fashion, book arts. Inside of the museum must be clean and clear. It must be well decorated and then the visitors must feel satisfied while visiting the whole place of the museum (Litchfield and Gilson, 2013, p.110). The infrastructure of the museum should be well constructed Product: The VA Museum must offer a large number of antique pieces, architectures, fashion, and jewelers to the target audience. On the other hand, the artifacts should be preserved in an advanced way. The aims of the VA are to be recognized internationally and to attract new visitors towards the museum. Price: The price of the tickets must not be high as it is a public body and government undertaken. The management of the museum must think about the financial capacity of all. They must provide tickets at a minimum price that can be affordable for all. The authority of the museum can provide discount coupons on the tickets in any occasions. Promotion: The management of the museum must give advertisement on television, social media. They can make posters or hoardings and leaflet to reach their target audience. As most of the people are engaged with, the social sites so authority of museum can create great contact with them. There are many people on a busy road so many of them can aware of that information in addition, gets interested in achieving that experience. Students or the travelers would be able to know about the museum when the hoarding must be shown beside schools or travel agency's office (Lewis, 2015, p.155). Apart from that, they can build their own websites and blog. People: Those, who work at the museum they must be trained and well experienced. The workers must know different languages. The travelers, school goers, historians, architects, artists, product designers must be the target audience for the museum. In order to attract them, it is important to provide good behavior towards them (Adriana, 2016, p.50). It is also very important to share all information about the artifacts. Process: Travelling exhibition can attract new visitors towards the museum. Advertising is also an effective way to reach a large number of people. Using advanced technology the management of the museum would be able to achieve their aims. Physical evidence: Whenever all the facilities and comfort is provided to the visitors then they feel interested in visiting the museum repeatedly. These satisfied visitors help to attract new visitors from the different region. When people listen to someone that is sharing their awesome experience than others also want to experience it then they also invest money to achieve those experiences. Conclusion: This study focuses on making a marketing plan for VA Museum. It is found that the mission of this museum is to be recognized to all internationally and make a profit. In order to achieve these goals, the strength and weakness of the museum should be found out by the management. On the other hand, it is found that the historian, designs, artists, photographers, students can be attracted by the huge collections of artifacts. They also fell interested in visiting museum when the management place discounts on tickets. The management of the museum can use advanced technologies such as websites, mobile phones or social media in promoting the collections of the museum. They can make a tie up with travel agencies to increase their popularity towards the people from different country. 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