Marketing Analysis : Victoria and Albert Museum
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Added on 2020-01-28
Marketing Analysis : Victoria and Albert Museum
Added on 2020-01-28
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TABLE OF CONTENTSINTRODUCTION ..........................................................................................................................3a) External analysis of the market................................................................................................3Internal analysis regarding Victoria and Albert Museum............................................................4b) Objectives set for Victoria and Albert Museum......................................................................5c) Identification of segmentation, Key target audiences and brand positioning for Victoria andAlbert Museum............................................................................................................................5d) Marketing mix for Victoria and Albert Museum.....................................................................7CONCLUSION................................................................................................................................8REFERENCES..............................................................................................................................102
INTRODUCTION The concept of marketing is one that is being used for describing communication amongorganization as well as consumer. The major aim of this is to enhance the value of the businessor its merchandise. This has greater significance in raising the profile of the organization as wellas its products in the minds of the public (McDonald, 2012). The major purpose of the marketingis to induce behavioral change within the receptive audience. In the present report marketing has been discussed with respect to Victoria and AlbertMuseum. Victoria and Albert Museum is one of the leading art and design museum across theglobe. The museum includes UK architecture, furniture, textiles, sculpture, painting, glass,theater, ceramics, Asian art and design. The present report includes external and internal analysisof the market. Further it is comprised of the objectives set for Victoria and Albert Museum. Inaddition to this it also involves identification of segmentation, Key target audiences and brandpositioning for Victoria and Albert Museum. a) External analysis of the marketThere is presence of certain external factors that affects the museum to a significant level.The external analysis of UK market has been enumerated in the manner stated as under:Political: Political factors is comprised of the factors such as updated laws, economicalfactors that has greater impact on the market for museum. The regulation of EuropeanUnion also has huge influence on the activities that are being carried out in the market toa significant level (Nguyen and Bosco, 2015). It is also comprised of legislation thatrelates with society and employment. The trends that area associated with regulation andderegulation also has greater impact on the UK market. Economic: Economic factors includes the factors such as terrorists attacks that affects themarket to a significant level. Because of the people get scared and they do not travel ofmake investment within the UK market. It has been gained that role of inflation withinthe economy also affects the economic conditions within the market to a significant level.Social: Social factor is comprised of the one that affects the society to a greater extent.Under this factors such as allowance of the varied kind of workers from across the globeby the people of the society. With this several kind of tourism can be promoted within the3
nation. The preferences of the individuals who are residing in the society affects thesociety to a greater extent. Technological: There is greater increase in the technology in the present era. Theeconomy of the UK is growing significantly. This is in terms of making technologicaladvancements so as to grow the firms that are carrying out operations within the economy(Olimpia, 2011). This has made the working much easier which results in upliftment ofthe society to a greater extent. There is presence of certain micro economic factors as well. This has huge impact on theUK market. Such have been enumerated in the manner stated as under: Employees: The employees within Victoria and Albert Museum acts as a significantfactor that affects the functioning of the museum to a greater extent. The employeesneeds to be such that they are able to treat the local as well as international customerswith greater effectiveness. As this would assist in development of better image of thedestination within the market to a greater extent. Customers: The role of customer is significant for every business. The marketing plan ofthe museum needs to be such that it is able to attracts the customers towards thedestination. The needs and wants of the customers are required to be given greaterpreference in order to offer them higher level of satisfaction. Internal analysis regarding Victoria and Albert MuseumThe internal analysis of Victoria and Albert Museum can be reflected by the means ofSWOT analysis. This portrays the strength, weakness, opportunities and threats of the museum.Such has been enumerated in the manner presented as below:Strength: The major strength of the museum is that it is comprised of 4.5 million objectsthat spans over 5000 years of human creativity. Further its strength is that it makes thework of art available for all and offers them education and inspire British designers aswell as manufacturers (Collin, 2003). Thus the interested people can view this andexplore the architecture, art, sculptures, painting, jewelry and book art in an effectivemanner. Weakness: Lack of resources can result in affecting the maintenance of the museum. 4
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