Marketing Management for Travel and Tourism

Question: Descrone the identification of Segmentation, Key target audience and brand positioning for Victoria and Albert Museum. Answer: Segmentation: Market segmentation is one of the major components for obtaining the profitable outcome in the business. With the involvement of the key market segmentation, most of the businesses could focus on their objectives in an efficient manner (Cross, Belich and Rudelius 2015). On the other hand, the market segmentation facilitates the organization for enhancing the competitiveness in the market. Victoria and Albert Museum, London is one of the largest museums in the world that consists of decorative arts and design. The museum was established in 1852, and it has more than 4.5 million objects (Victoria and Albert Museum 2016). The VA museum has made many improvements for enhancing the business opportunity in an effective manner. By analyzing the marketing segmentation, it can be assessed that the particular museum has conducted two segmentations. The prime segmentation indicates the visitors of Londons leading cultural venues including Victoria and Albert Museum (Krumeich et al. 2012). On the other hand, second segmentation suggests a particular community who go out to different venues in London. It can be identified that the first segmentation indicates as the most disposed towards the museum called Victoria and Albert Museum. Victoria and Albert Museum has huge ancients collections including architecture, British Galleries, Ceramics, Fashion and Jewelers, Furniture, Glass and Metalwork, ancient sculpture and textiles, etc (Victoria and Albert Museum 2016). Hence, it can be assessed that the museum has a huge attractive collection that engages huge numbers of visitors. Through the engagement of improving different aspects of the museum, the particular organization has experienced enhanced business opportunities in an efficient manner. Although the organization has ensured the adequate profit maximization, the management has been trying to expand its business opportunities within a short timeline. By analyzing the recent report, the organization has total visitors of 3,432,325 as of 2015, which is ranked 6th nationally and 11th globally (Victoria and Albert Museum 2016). Hence, the enhanced strategy implementation could facilitate the organization for segmenting the markets in an appropriate manner. The man agement of the organization has discussed that the marketing segmentation includes several beneficial aspects including market expansion, enhancing competitiveness, improving better communication and increase profitability (Sako 2012). Key target audience: Art viewership can be categorized as a complex interaction between the work of art and the viewers. In the arts, target audience segmentation depends on the different factors. The target customers of the museum are professors, students, and others art lovers (Hooper-Greenhill 2013). Moreover, the management has discussed that they consider different aspects including sophistication, knowledge, and a desire and appreciate the objective being viewed. The prime purpose of the target audience is to create the value of the particular art that enhances the business opportunities in an appropriate manner (Black 2012). With the involvement of the target marketing, Museum can enhance the visitors in the business. Victoria and Albert Museum has been facing challenges in enhancing the viewership for obtaining the profitable outcome in the business. The particular museum has segregated the audience into two sections. The first segment indicates the group of potential donors, who are heavily involved in the museum activities. Although the group is small, it generates the far more revenues and profits to the museum. The management of the Museum has agreed with the fact that they feel easier to serve this group than to serve the public. On the other hand, the second type of audience can be categorized as public, who attend museum to be entertained and to be educated (Evans, Bridson and Rentschler 2012). Although the potential donors are the important part of the business, the management has focused on enhancing the mass market in an efficient manner. In this context, the Museum has engaged huge viewers from Asian countries and Europe. The management of the organization has discussed that their pote ntial donors have similar demographics including high educated, high-income executives, and professionals from Arts field (Hassan and Craft 2012). On the other hand, the development committee of the museum has stated that they have been trying to design different programs offering benefits for being involved with the Victoria and Albert Museum. Brand positioning: Brand positioning is one of the key factors for upholding the same profitability in the business in a competitive environment. By discussing the brand positioning, it can be evaluated that the organization could face difficulties for maximizing the profit in an efficient manner (Sako 2012). Victoria and Albert Museum competes with the several cultural institutions, natural history museum for retaining their brand value in the international platform. There are some key steps for obtaining successful brand positioning such as follows: Identification of the direct competitors Understanding how each competitor positions their brand Comparing the positioning with the competitors Developing the value based distinct positioning areas Crafting a brand positioning statement for maintaining the business Finally, the organization is required to test the efficacy of brand positioning statement Victoria and Albert Museum create a brand positioning statement depending on several factors including target customers, market definition, brand promise and reason to believe. With the involvement of the effective brand positioning statement, Victoria and Albert Museum could enhance the business opportunity in an efficient manner (Cross, Belich and Rudelius 2015). The Museum is the third largest museum of decorative arts and design. Consequently, it engages a high viewership in the business, which has facilitated the organization to enhance profit maximization in an efficient manner (Black 2012). The organization has engaged several media activities for promoting the brand on the global platform. The management of the museum has described that they focus on the online promotions for enhancing the business opportunity in an efficient manner (Hassan and Craft 2012). On the other hand, the social media platforms including Facebook, Twitter have facilitated the organization to enhance t he brand promotion across the global platform. Moreover, they have engaged the local printing and digital media for improving the brand positioning in the domestic platform. by analyzing the recent report, it can be assessed that the Victoria and Albert Museum has experienced 3,432,325 visitors in 2015 (Victoria and Albert Museum 2016). Moreover, they are expecting that brand positioning would facilitate them in enhancing the viewership in coming years. References: Black, G., 2012.Transforming museums in the twenty-first century. Routledge. Cross, J.C., Belich, T.J. and Rudelius, W., 2015. How marketing managers use market segmentation: an exploratory study. InProceedings of the 1990 Academy of Marketing Science (AMS) Annual Conference(pp. 531-536). Springer International Publishing. Evans, J., Bridson, K. and Rentschler, R., 2012. Drivers, impediments and manifestations of brand orientation: An international museum study.European Journal of Marketing,46(11/12), pp.1457-1475. Hassan, S.S. and Craft, S., 2012. Examining world market segmentation and brand positioning strategies.Journal of Consumer marketing,29(5), pp.344-356. Hooper-Greenhill, E., 2013.Museums and their visitors. Routledge. Krumeich, J., Burkhart, T., Werth, D. and Loos, P., 2012. Towards a component-based description of business models: a state-of-the-art analysis. Sako, M., 2012. Business models for strategy and innovation.Communications of the ACM,55(7), pp.22-24. Victoria and Albert Museum. (2016).VA The world's leading museum of art and design. [online] Available at: https://www.vam.ac.uk/ [Accessed on 2 Jul. 2016].