Topics Discussed: the topics were covered below which helps us to understand and identify the present, past and future of an organization. Performance measurement of an organization were as follows- environmental analysis (PEST and SOOT), marketing philosophy and mission statement, marketing planning, product life cycle and COG matrix, STEP, marketing mix are the tools for an organization to achieve the goal.
The performance and support of an employees and their managers has been credible, they have shown the great enthusiasm towards their performance to reach the organizational objectives.Findings: All the information was collected through secondary research, it was noticed that Madame Tussahs s well-furnished organization. It is the greatest attractive hub and will remain as well in future.
Madame Tussahs has a great move towards the economy; it was one of the most profitable leisure organizations because of its location, market planning, targeting the visitors, fabulous events, learning environment and innovative thoughts. Through primary research it was found that it was crowded during weekends and there was a parking problem as well.Recommendation: Madame Tussahs can go for several projects in various countries, to promote the brand name and for the expansion of businesses. It was mentioned that it is the most profitable organization after Disney.
Madame Tussahs should invest more on branding, the more you invest the more your product is known. More employees should be appointed during weekends for efficient customer service. Booklets of different languages can be printed for the visitors to understand the provided information.Madame Tussahs should explore the cosmopolitan environment to attract the visitors worldwide. Many informative audiences can be targeted (like schools and colleges) by offering them discounts on tickets. One of the common problems f parking can be solved by constructing the basement parking.
Various other alternatives and free locations are future threats for Organization like Madame Tussahs. Hence Madame Tussahs should focus heavily on their marketing skills to fetch revenue and attract the customers worldwide.Madame Tussahs can go for various interesting events and extra-curriculum activities should be organized for different countries celebrities’, political leaders and spots legend. So, that Madame Tussahs can bridge the gap between the customer and the organization across the world, as they are the ultimate source of income. MADAME TUSSAHS LEISURE ORGANIZATION INTRODUCTION: – The project is carried out with an aim to discover the market environment, functioning and the expansion of Madame Tussahs In current scenario.It will be examine whether is the brand holds a unique place in the local market as well as international market and promotes a healthy environment.
The topics which will be covered below will help us to understand and identify the present, past and future of an organization. Performance measurement of an organization are as follows- environmental analysis (PEST and SOOT), marketing philosophy and mission statement, marketing planning, product fife cycle and BCC matrix, SST P, marketing mix are the tools for an organization to achieve the goal. Madame Tussahs is a hall of fame in which a piece of art is created in the form wax statue.Madame Tussahs is a wax museum which was released 200 years ago and it rests just as standard as it ever was. It was founded by wax sculptor Marie Tussahs and was formerly known as Madame Tussahs. Merlin Entertainments is the largest indigenous European attraction operator (i. E. Excluding Disney); although it is now owned by the giant US appropriative firm Blackstone, Tussahs Group came in 2007.
Tussahs Group was originally focused on the waxworks attractions- Madame Tussahs, a London museum with more than 2 million admissions annually.Also during the asses, Tussahs Group bought up Thorpe Park and Kensington World of Adventures (a well-known zoo to which a theme park had been added), confirming its dominance in LIKE theme parks. Tussahs also partly owned, and managed, the London Eye, which was opened in 2000 as the British Airways London Eye under a sponsorship deal. It is now the Merlin Entertainments London Eye, completely owned by Merlin (and thence Blackstone) (Key Note Limited, 2009). Madame Tussahs is the universally admired wax museum; its past is ministering and its exhibitions haunting in their perfect resemblance to famous figures, alive and dead.The museum displays waxworks of their honorable guests who are (A-list) celebrities, sporting legends, political heavyweights, royal figures and ancient icons, recalling the times, events and moments that made the world talk about them (Silver Sea Media, 2013). Madame Tussahs has attraction in London, Lass Vegas, Sydney, Vienna, Blackball, Hollywood, Washington D.
C. , Amsterdam, Berlin, Hong Kong, New York City and Shanghai. It is retained by the Merlin Entertainments Group, once is the succeeding biggest leisure group in the world after Disney.Madame Tussahs is recognized as a brand with strong reputation and offer! A unique experience. (Merlin Entertainments Group, 2013).
“The museum can reach only those whom it can attract. This fact alone is enough to compel it etc be convenient to all, wide in its scope, varied in its activities, hospitable eager to follow any lead the humblest inquirer may give” (Dana, 2013). ENVIRONMENTAL ANALYSIS FOR MADAME ATTITUDES ANALYSIS: POLITICAL ECONOMICAL Impact of stability Fast-paced development Development of new project Rise in GAP SOCIALTECHNOLOGICAL Developing socially Audio visual, photographic Learning environment Fast-paced tech oenology POLITICAL- Madame Tussahs has a great political impact, as it is bounded b) the government legal, local as well as international laws, hence it maintains the healthy decorum as stated by government about environmental regulation and protection, taxation policies, international trade policies/ restrictions, consumer protection/employment laws, competition regulation, political stability and safety regulation.These important measures are adopted to bridge a healthy relation between political and leisure origination. According to figures cited by the Government’s Department for Culture, Media and Sport (DDCD), funding to the Arts Council England has full-grown by 73% over many decades. It was El mm in 1 997/1998 to Emma in 2006/2007. Funding of many leisure activities has increased from EYE. Mm in 1 996/1997 to EYE.
Mm in 2006/2007. More than E billion government organization has funded to National Lottery in the arts over the same period.Therefore 1 00 new art building has been constructed (such as Manchester Chinese Arts Centre) and 500 Renewals (As well as including one of the Brighton Dome).
Hence each year more thanked touring projects are forwarded and protected (Key Note Limited, 2007). ECONOMICAL AND SOCIAL – Madame Tussahs has a great move towards economy; since it was first established Madame Tussahs has been visited b’ over 500 million people across the world in London – combining together it is more than the population of North America and Australia.Approximately the cost of each wax figure is $125,000 (Madame Tussahs London, 2009). The aim of Merlin is to provide the outstanding and worthwhile experiences to its 30 million worldwide visitors, through its iconic global and local brands, and he promise and desire of its 13000 employees and managers of an organization. For more than 200 years, Madame Tussahs has been entertaining and educating millions of people with its signature wax figures (Merlin Entertainments Group, 2013).
However it is forecasted on current trends, the overall consumer spending is less than the consumer expenditure on leisure goods and activities. So, the leisure industry should be familiar for rises exceeding those of GAP. According to National Statistics, in 2004 the population of UK was 59. 8, since 1971 it has increase by 7% (when the population was 55. Million). UK has large section of older group in population whereas the young population are driven towards the leisure goods and activities, but the young population 16 to 24 year-olds are decreasing day by day until 2021.
The picture is more is complicated in the middle section of population as 25 to 34 age groups are increasing in number and will do so. Hence it is important to target this age group for leisure goods and activities. Therefore the 35 to 44 age group population people are growing, but soon it will decline until 2021; hence above this age group population will grow. Thus, in terms o sure activities, the picture is complicated (Key Note Limited, 2009).
TECHNOLOGICAL – Merlin Entertainments group is mainly focusing on the usage of advance technology to improve their waxworks and visitors from worldwide can have a clear picture of their favorite personality in their mince hence giving a life to their waxwork and also utilization of latest technology has improved the working style and behavior of an organization, in order to satisfy their visitor from the worldwide, advancement and development of Technological in the leisure-goods industry have been discovered throughout his report.The fast-paced development towards technology like audio-visual photographic and information-processing sector, as well as leisure goods haft been benefited particularly for leisure environment (Key Note Limited, 2007).SOOT ANALYSIS: STRENGTH WEAKNESSES Giant brand with strong good will Local parking Excellent services for customer Long queuing and crowded on weekends OPPORTUNITY THREATS New wax figures Alternative attractions and destinations New channel Of distribution usage of upcoming technology STRENGTHS: – for any organization manpower is the most important threaten, success of any organization depends on the usage of its manpower and their ultimate resources and has an excellent technique to handle their customer efficiently.
It is a place of art and entertainment which makes it a visitor attraction. Organization strength mainly depends on the sub division of various departments’ i. E. Good visitor facilities, various cultural and excellent extra curriculum activities which are generally linked with school and others institutional programmer.
Madame Tussahs is globally recognize( brand with worldwide strong reputation; Madame Tussahs is one of those organizations which offer a wide range of experience to its visitors from even part of world with much transportation linkage.Madame Tussahs permits the visitors to have a photograph with their favorite celebrities and can share their experiences with other members (Madame Tussahs London, 2013). WEAKNESSES: – are those factor which are possibly present in every organization, Weaknesses are of various types it can be internal as well as external, internal weaknesses are within the organization and external weaknesses are out of the organization. Madame Tussahs have local parking.
Or coaches are difficult as it requires a huge parking space as it is one of the most common problem.It also creates problem on holidays and weekends a: there are large number of visitors are visiting to their favorite place and have to make a long queuing on busy days and it also makes difficult to approach near the popular wax figures as it IS crowded and is not so easy to experience it. These issues can create fear in the customers mind before thinking of visiting Madame Tussahs, as the customers are held with so many problems such as parking, long queuing, and crowded popular wax figures.Some of foreign language differences and provision are also making it complex for the visitors from worldwide (Madame Tussahs London, 2013). OPPORTUNITIES: – Madame Tussahs is utilizing the effective opportunities for the growth and redevelopment scheme for achieving the organizational objectives, which consist of increase in government funding, usage of resources and skilled employees, increasing the sales revenue of an organization, to maintain the brand loyalty, targeting new market, developing a new product mix, increasing product contribution, effective customer handling and international cooperation.Madame Tussahs develops new wax figures to attract mass audience, many new schools and other instructional programmer are organized to transfer knowledge and information in which a large audience participate in it. Madame Tussahs always works on its upcoming events these are new themed events which attracts large amount of newly formed audiences. To make a hike for an organization one need to take and handle the opportunities in right direction or positive use can lead the organization to grow more and more (Madame Tussahs London, 2013).
THREATS: – can be of different types, which can lead you future trouble, hearts are predicted as well as unpredicted circumstances which can harm an organization structure in future. Whereas organization takes extra measures and are prepared to overcome of the coming obstacles. Threats can be internal which are within the organization or it can be external which are outside of the organization.Mostly threats are from competitive environment, alternative destination and attractions, unreliable transportation, change in usage of advance technology, free attraction in London are some of the most upcoming threats which the company faces and has to bear the loses raised for the threats (Madame Tussahs London, 013). “All these threats are situational changes; Madame Tussahs has escaped destruction in three major 20th century catastrophes.The world famous attraction survived a huge fire in 1925; earthquake in 1931; and devastating blitz bombing during World War II in 1 940′ (Madame Tussahs London, 2009). MARKETING PHILOSOPHY AND MISSION STATEMENT: – the marketing concept can only work if it is surrounded in the whole culture of the organization.
According to the management guru Trucker (1969) marketing is much broader than selling, the activity of marketing is not specialized at all.Hence i’ involves the entire business. Marketing concept figure out all the concepts of business from starting to the end results, this is from the customers point of view. Therefore the marketing should adopt the new form of approaches for all areas of the enterprise.
The chartered institute of marketing explains the marketing philosophy is a process used to identify the customer and marking as the central focus for business decision making (Susan Hornet, 2012). Keeping and transferring to the following generations the cultural and humanitarian traditions of humankind, developing axiological, moral and helicopters principles regarding tolerance for natural, ethnically, cultural and religious diversity, as well as developing the creative potential of personality (including communication skills) through specific forms of educational work and use of museums as a unique carrier of historical and cultural memory of the humankind coded in authentic objects of its heritage” (COM.Ukrainian National Committee, 2012). MARKET PLANNING- A strategic marketing plan is different from a strategic plan. It is mostly a one year plan that puts an effort on short term variables; once the plan is in detailed, and is action oriented.
Marketing plans can be developed for every several functional areas, such as collections policy, exhibitions, communications, audience growth, and facility expansion. Plans for every operational and functional area or objective are gathered into an organization with extensive strategic plan (Neil G.Kettle, 2008). Madame Tussahs has decided a special platform at the attraction for Hollywood vs.. Plywood event for a week long (7 days). Hence tickets are being sold at EYE.
47 per person and 7,500 visitors are expected every day. Hence it is expected that, at the attraction the average person would spend more than E. 27 on goods (Merlin Learning Experiences, 2013). It is estimated overall, UK consumers spending has increase to 32. 7%. Between 2001 and 2006, hence it stands at El 72.
Ban in 2006. This represents the overall household consumer expenditure is estimated 21 . 7% in the same year. Year-on-year this section has increased across the appraisal period, thus reproducing the upward status of leisure spending to consumers (Key Note Limited, 2007).
Product Life Cycle and BCC Matrix: Maturity Sales Saturation Decline Growth Introduction Products/Time Just as biological cycles progress from birth the rough growth and decline, so do product life cycles.The four stage of product life cycle reallocation- the product is hit to the market Growth- rapidly the product becomes familiar Maturity- the product is at peak stage Saturation- product sales starts falling down Decline- product is out of the market, hence it disappears (William M. Pride, 2010) BCC Matrix: – a method in which luxury items are categorized according to their role played for an organization; hence this model helps in portfolio of planning and management for a product.
This BCC Matrix is categorized as dogs, cash cows, stars and problem child (Awoken, 2007). SEGMENTATION: “Kettle (2000) defines segmentation as follows: Market segmentation is the subdividing of a market into homogeneous subsets of customers, where any subset may conceivably be selected as a market target to be reached with a distinct marketing mix. ” (Peter J. Leady, 2004). It refers to the process Of creating small segments of market into large market to bring consumers together who have similar requirements, needs and interests.Madame Tussahs capitalize a great amount of time and money in lassoing their market segments to mature products and services to come across their desires.
Action is mandatory for market segmentation that is Madame Tussahs has celebrities from Blooded at its attraction, fun destination for schools students and teachers, provides opportunities for educational learning and various other modes of entertainment and experience to attract customers from different local spots and international boundaries (Merlin Learning Experiences, 2013).TARGETING: is a well-defined set of customers whose needs the organization plans to satisfy. It is all about targeting market and audiences deciding which roofs to target, and how many, is a matter of target market selection. Once the market is segmented then the targeting is done at various scales. Museums welcome all visitors. Targeting is an important element to generate revenue; it is implemented at various levels.
The purpose of targeting is to attract and develop additional groups that might not come at all or might be less involved than desired in museum activities (Neil G.Kettle, 2008). Madame Tussahs as a model for a successful leisure business is highly interesting and hence it focuses on each section of the resource -? an introduction to leisure ND tourism, marketing and sales and customer service, a tourism honey’ is an area that attracts particularly large numbers of visitors, usually because it contains more than one popular attraction, although its creation in the first place might have stemmed from one outstanding attraction around which other attractions have ‘clustered’ subsequently.Tourists visit London because it offers a wide range of wardrooms, specific attractions (the Tower of London, British Museum, Big Ben, Madame Tussahs, etc. ), as well as honey areas for entertainment and shopping, such as Soho and Covent Garden (Key Note Limited, 2009).
POSITIONING: Once a museum identifies relevant segments and decides which segments to target, it considers positioning. We define positioning as an act of planning an organizational image, values, and contributions, so that consumers recognize, appreciate, and are drawn to what the organization stands for in relation to its competitors.Positioning area of museum should be large and most diverse in size. The museum should be resourceful and state-of-the-art Hence the place should be relaxing, calm and composed. Therefore the museum should provide an environment to learn and experience (Neil G. Kettle, 2008).
Madame Tussahs is mainly known for its waxworks which is the world’s most famous tourist spot, it is a place of art and entertainment which makes it a visitor attraction, hence you can discover world’s most famous personality wax statue which speaks about their fame and success.Madame Tussahs at present is a fast paced and interactive experience, encouraging visitors to get up close and personal with their favorite celebrities (Merlin Entertainments Group, 2013). Up’s OF MARKETING MIX FOR MADAME TUSSAHS: MARKETING MIX:-When a firm is marketing for their product and services, rim need to create the successful mix of: their right product, which is sold at the right price, at right place and uses most suitable form of promotion (Wilson and Wilson Publishing Ltd, 2013).PRODUCT:- is a main element of marketing mix, it is vital in marketing mix as it is the only source of generating sales revenue, without this element an organization can never think of generating profit.
Madame Tussahs is the universally admired wax museum; its past is ministering and its exhibitions haunting in their perfect resemblance to famous figures, alive and dead. The museum displays gasworks of their honorable guests who are (A-list) celebrities, sporting legends, political heavyweights, royal figures and ancient icons, recalling the times, events and moments that made the world talk about them (Silver Sea Media, 2013).