Comprehensive Marketing Analysis and Strategy for the V&A Museum

This report provides a comprehensive marketing analysis of the Victoria and Albert Museum (V&A). It begins with an introduction to marketing concepts and their application to the museum, emphasizing the importance of communication and enhancing the value of the institution. The report conducts an external analysis of the market, considering political, economic, social, and technological factors, as well as microeconomic factors like employees and customers. An internal analysis, using a SWOT framework, assesses the museum's strengths, weaknesses, opportunities, and threats. The report outlines the museum's objectives, which include becoming a world-leading art and design museum and expanding its international reach. It then identifies segmentation, key target audiences, and brand positioning, focusing on the STP marketing model. Finally, the report details the marketing mix, including product, place, price, promotion, people, process, and physical evidence, providing a holistic view of the V&A's marketing strategies.

MARKETING

TABLE OF CONTENTS
INTRODUCTION ..........................................................................................................................3
a) External analysis of the market................................................................................................3
Internal analysis regarding Victoria and Albert Museum............................................................4
b) Objectives set for Victoria and Albert Museum......................................................................5
c) Identification of segmentation, Key target audiences and brand positioning for Victoria and
Albert Museum............................................................................................................................5
d) Marketing mix for Victoria and Albert Museum.....................................................................7
CONCLUSION................................................................................................................................8
REFERENCES..............................................................................................................................10
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INTRODUCTION
The concept of marketing is one that is being used for describing communication among
organization as well as consumer. The major aim of this is to enhance the value of the business
or its merchandise. This has greater significance in raising the profile of the organization as well
as its products in the minds of the public (McDonald, 2012). The major purpose of the marketing
is to induce behavioral change within the receptive audience.
In the present report marketing has been discussed with respect to Victoria and Albert
Museum. Victoria and Albert Museum is one of the leading art and design museum across the
globe. The museum includes UK architecture, furniture, textiles, sculpture, painting, glass,
theater, ceramics, Asian art and design. The present report includes external and internal analysis
of the market. Further it is comprised of the objectives set for Victoria and Albert Museum. In
addition to this it also involves identification of segmentation, Key target audiences and brand
positioning for Victoria and Albert Museum.
a) External analysis of the market
There 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, economical
factors that has greater impact on the market for museum. The regulation of European
Union also has huge influence on the activities that are being carried out in the market to
a significant level (Nguyen and Bosco, 2015). It is also comprised of legislation that
relates with society and employment. The trends that area associated with regulation and
deregulation also has greater impact on the UK market. Economic: Economic factors includes the factors such as terrorists attacks that affects the
market to a significant level. Because of the people get scared and they do not travel of
make investment within the UK market. It has been gained that role of inflation within
the 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 globe
by the people of the society. With this several kind of tourism can be promoted within the
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nation. The preferences of the individuals who are residing in the society affects the
society to a greater extent.
 Technological: There is greater increase in the technology in the present era. The
economy of the UK is growing significantly. This is in terms of making technological
advancements 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 of
the society to a greater extent.
There is presence of certain micro economic factors as well. This has huge impact on the
UK market. Such have been enumerated in the manner stated as under: Employees: The employees within Victoria and Albert Museum acts as a significant
factor that affects the functioning of the museum to a greater extent. The employees
needs to be such that they are able to treat the local as well as international customers
with greater effectiveness. As this would assist in development of better image of the
destination within the market to a greater extent.
 Customers: The role of customer is significant for every business. The marketing plan of
the museum needs to be such that it is able to attracts the customers towards the
destination. The needs and wants of the customers are required to be given greater
preference in order to offer them higher level of satisfaction.
Internal analysis regarding Victoria and Albert Museum
The internal analysis of Victoria and Albert Museum can be reflected by the means of
SWOT 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 objects
that spans over 5000 years of human creativity. Further its strength is that it makes the
work of art available for all and offers them education and inspire British designers as
well as manufacturers (Collin, 2003). Thus the interested people can view this and
explore the architecture, art, sculptures, painting, jewelry and book art in an effective
manner. Weakness: Lack of resources can result in affecting the maintenance of the museum.
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 Opportunity: Increase promotion so that people from across the globe can be attracted to
visit the museum.
 Threat: Various legal issues and economic problems can affect the museum functions.
b) Objectives set for Victoria and Albert Museum
The major aim is to become world's leading museum of art and design. Further it has an
objective to enrich the life of people, inspire individuals and all within the creative industries by
the means of promotion of knowledge, understanding as well as enjoyment of the designed
world. The objectives that are being set by Victoria and Albert Museum has been enumerated in
the manner stated as under:
 To make creation of world class visitor and experience of learning across all Victoria and
Albert sites as well as collections.
 To lay emphasis and deepen the relevance of collection to UK creative as well as
knowledge organization (Dibb and Carrigan, 2013).
 To make expansion of Victoria and Albert's international reach, reputation as well as
efficiency.
 To carry out with financial as well as organizational initiative as well as efficiency.
 To make demonstration of the best digital design and make delivery of an outstanding
digital experience.
 To make diversification and enhance private as well as commercial sources of funding.
c) Identification of segmentation, Key target audiences and brand positioning for Victoria and
Albert Museum
This is especially with reference to state about the strategic procedural of marketing by
Victoria an Albert Museum (V&A). It is where they strongly believe to implicate the modernized
concept of STP marketing with its three pivotal elements, as referred below- Segmentation- It is referred to the foremost constituent of STP marketing into which this
precisely strengthen the product differentiation strategy of the operational companies like
V&A. This is mainly done by segregating the entire market into specific fragments to
build an analogous product which matches their prevalent choices and demands (Ferrell,
2012). The segmentation procedures of marketing is yet again bifurcated into distinct
proportions as per the type and nature of the organisation (Belch, et. al., 2014). V&A is
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hereby considered to be a leading museum in the globe with certain vital objectives of
marketing to enhance the total number of visitors with a reputed brand name. It is where
they are always making efforts to fetch a liable interest of some newer set of audiences.
As a result to which, they play an active role in creating awareness among the people by
arranging continual events to serve the visitors and generate income by their transitory
exhibitions. With respect to which, V&A can hereby opt for the psycho graphic
segmentation of audiences with a primary activity of ascertaining the bases of
segmentation in their entire market. (Goeldner and Ritchie, 2006) It is with reference to
determine some eminent clauses of this particular segmentation that mainly emphasis
upon the lifestyle, values and beliefs and life stages of individuals. Thus, according to
these attributes of psycho graphic segmentation, V&A can subsequently refer to target
the correspondent set of audiences. Targeting- This is referred to a consequent component of STP marketing where
according to the segmented set of audiences, V&A will hereby refer to target a peculiar
set of audience on the basis of their ascertained dimensions. It is basically referred to a
prominent strategy of producing distinct commodities for each set of targeted users where
V&A can refer to serve them as per their preferential needs and demands. Differentiated
alternative of targeting is hereby considered to be the most suited tactic by focussing
upon the two different groups of old age people and young researchers of this field of art
and design. As a result to which, V&A have hereby introduced a different section to
showcase the heritage products for the old age visitors, whereas, for another group of
young age researchers, they have referred to establish a different portion of contemporary
art and designs.
 Positioning- It is an ultimate strategy marketing which basically refers to the promotional
tactics of V&A. This is however with reference to the accumulated efforts of
segmentation and targeting where the eventual audiences of V&A. This will hereby refer
to broadcast their distinguished services that are being introduced for both their
ascertained groups (Kennedy, 2006). It mainly covers the leading constituents of
marketing mix with a further division of four to seven major elements. It also includes
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distinct orientation of positioning the launched product and service into the market by
together broadcasting the users about its active existence.
d) Marketing mix for Victoria and Albert Museum
This is with reference to state about the distinct considerations of marketing a product or
service where V&A is aimed at some crucial strategical tactics. It is where the quoted entity is
hereby focused towards a prior identification of their campaigning goals by ascertaining the most
suitably targeted set of audiences for it (Rust and Verhoef, 2005). The cited firm together refers
to assuringly transmit an accurate message to the rightly chosen set of audiences by using correct
mean of channels for it. This viably enables them to attain maximal return on minimum usage of
resources where they enormously refer to work into a cost effective manner with an expertise
team of project management professionals. They are also focussed upon a perfect enforcement of
marketing mix strategies with its 7 leading components, as delineated below- Product- This is referred to the offered products and services of V&A where it includes a
wide range of commodities for their users. It is where they often conduct certain special
events for the visitors along with some temporary arrangement of exhibitions. They have
also postulated some permanent set of collection in the museum that attracts visitors of
almost all age groups. It is with reference to an active participation of many schools and
colleges where their universities refers to arrange it for them (Gretzel and Yoo, 2008).
V&A along with such arrangement of events also includes varied amenities for the
audiences where they have some hired provisions of rendering food services to the
visitors. However, with reference to their about STP strategy of marketing, they have
together involved providing membership schemes to the targeted segment of audiences
with a well established gift shop. Place- It is with reference to state about the vicinity of V&A where it is established in a
profound location of Central London at its western side and in South Kensington area.
The museum depicts an impressive Victorian architecture that resembles the structured
format of several other globally recognised museums. For both its targeted segment of
audiences they have hereby referred some fine transportation mediums of bus along with
tube services to the London Heathrow airport.
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 Price- All visitors can enter the museum at free of cost where only the exhibitions are
being charged by them with a completive strategy of pricing. However, V&A have
together referred to inculcate a considerable fixation of price that can be afforded by all
its visitors (Madsen and Pedersen, 2013). However, on referring to its targeted segment
of audiences, exhibition prices for the old age group is slight lower than compared to the
young age researchers who can easily afford the higher cost range due to their stabilised
income. Promotion- The promotional activities of V&A is almost same for both its referred
groups into which they use almost all means of broadcasting their events and exhibitions.
They advertise it via some conventional sources of print media like newspapers and
magazines to address the old age group who mostly refer to read its engrossed content.
However, for another group of young age audiences of researches, it implements the
contemporary forms of internet via sending them mails, etc. People- It is referred to an extended element of marketing mix into which the people of
the organisation is mainly with reference to state about the essential matrix of clients and
employees who are entirely responsible for an active working of firm (Hudson and
Ritchie, 2006). Thus, with a similar context to it, V&A have hereby associated with some
expertise personnels who potentially presents their products and services to the
approaching visitors and audiences. Process- It is a subsequent constituent of an extended marketing mix which refers to the
delivery quality of V&A to serve the customers into a considerable manner. V&A have
thus positioned some well experienced professionals in the museum to attend and resolve
the queries of their upcoming audiences (Marketing planning, 2015).
 Physical evidence- This is referred to the intangible prospect of servicing the visitors in
V&A where they provide some written content of their commodities in order to enhance
their cognition about its history and findings, etc.
CONCLUSION
The above report have demonstrated some fine measures of marketing by V&A where it
has together referred to conduct a primary assessment of their existent facets. It is done by using
different tools and methods to carry out both intrinsic and extrinsic analysis of its functional
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practices. It has also defined some leading goals and objectives of V&A by together identifying
their varied strategies of marketing with relevance to some applicable constituents and elements
of marketing mix, etc.
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REFERENCES
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Online
Marketing planning. 2015. [Online]. Available through:
<http://businesscasestudies.co.uk/business-theory/marketing/market-planning.html>.
[Accessed on 11th August 2016].
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