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Report on Significance and Operations of Marketing

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Added on  2019-12-04

Report on Significance and Operations of Marketing

   Added on 2019-12-04

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MARKETING
Report on Significance and Operations of Marketing_1
TABLE OF CONTENTSINTRODUCTION...........................................................................................................................3RESEARCH AND SITUATION ANALYSIS................................................................................3Situation analysis........................................................................................................................3Identification of specific challenges for this business.................................................................8Determine the size and structure of the market...........................................................................8CONSTRUCTIVE ANALYSIS AND CREATION OF PROPOSED MARKETINGSTRATEGY ....................................................................................................................................9Evaluation of current situation linked to objectives....................................................................9Objectives of V&A in their marketing plan..............................................................................10Identifying targets, segmentation and positioning approach.....................................................11Marketing Mix (7 Ps) for Victoria and Albert Museum...........................................................11CONCLUSION..............................................................................................................................12REFERENCES..............................................................................................................................13
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INTRODUCTIONMarketing is termed as the process of implementing, conducting and operating the set ofactivities for gaining attention of the market factors to earn revenue and mark better presence inthe sector (Wit and Meyer, 2010). Similar to this, the report is providing information about thesignificance and operations of marketing in context of Victoria and Albert Museum (V&A) inUK which is one of the leading museum for art and design which has a collection of over 4.5million objects that span over 5,000 years of human creativity.Illustration 1: A glance of V&A museum, UK§RESEARCH AND SITUATION ANALYSISSituation analysisIn current era of globalisation, the organisation needs to address the entire set of factorswhich impacts their business functions and operations that are to be executed with an aim toaccomplish the desired types of objectives. In that context, the cited organisation needs to adoptsome strategic and tactical methods which would assist them in determining the macro, microand other environmental factors that are generally present in the internal and external areas of theorganisation (VanVactor, 2012).The managerial team of V&A has the main responsibility to conduct the analysis byprocessing the methods that are targeting on identifying the number and level of factors which
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are affecting the marketing function of the organisation. In respect to V&A, the managementteam has to assess the market situation and condition to identify the areas for analyzing thecrucial factors which are as follows:Macro analysis (Porter's five force model) NewEntrants – The rising number of new participants in the art and culture sectorcreates new type of competition for V&A which enable them to accomplish betteropportunities and achievements. London is highly preferred by national as well asinternational tourist who generally visits the places that are extinct and unique from restof the tourist places. V&A needs to develop better marketing strategies for maintainingthe attraction level among them (Sarkis, Torre and Diaz, 2010). This threatens the citedmuseum on assessing new ways of attracting the attention of visitors and increasing theiroverall productive abilities. Moreover, the government policies and regulations includingtaxation, rights and museum grants maintain the entrant’s level and overall impact theirperformance.
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