Table of Contents
Introduction
RAF Cosford museum is among the prominent pillars of the tourism industry in the UK and has significantly marveled at championing for tourist activities in the country. The museum is located in Shropshire and is famous for its spectacular and enjoyable experience. The museum is highly decorated as a hub for fun and entertaining day outs, hence providing a pivotal tourist aura (Robinson, 2016). The crop of staff and products on offer at the museum are outstanding hence providing an astonishing profile for a global tourist attraction site. The museum has invested in a diverse range of tourist attraction products and offers a thrilling experience along with aircraft services to the customers. The pursuit of global opportunities comes as a boost for the RAF Cosford museum brand and also the domestic tourism industry.
RAF Cosford is famous for the infamous exhibition on cold war in the honor of British engagement in the Second World War. The opening of the National Cold War Exhibition marked a significant step in the enhancement of tourist experience at the museum (Clarke, 2016). The national cold war exhibition host over 70 aircraft and yields a substantial amount of income hence considerable contribution in the development of the RAF Cosford brand globally (Armstrong, 2010). Notably, the RAF Museum is the only landmark tourist attraction in Britain that arrays British three V bombers that are the Valiant, Vulcan and Victor (Lowe, and Joel, 2014). The development of the global marketing strategy targets to enhances the prosperity of the RAF Cosford Museum in the global front (Doole, and Lowe, 2008).
Global Market Strategy
The growth and development of the tourism industry in South Korea provide a high potential and propensity to enhance the popularity and market share of RAF Cosford in the country, Asian market, and the international market. Additionally, the South Korea culture and organization of numerous exhibition has contributed to the magnificent development of the tourism industry in the country (Yu Park, 2010). RAF Cosford museum has a lot to offer including showcasing the heritage of the British in South Korea. The global objectives of the RAF Cosford Museum would suit well the description of a thriving nation most specifically in the line of a tourist attraction (Armstrong, 2010).
The target of the South Korean markets articulates the strategic positioning of RAF Cosford as a pinnacle of the UK’s tourism industry and an infamous brand in a massively growing market (Doole, and Lowe, 2008). Notably, the establishment of RAF Cosford in the South Korean market will provide a perfect opportunity to integrate core tourism paradigms that boost the performance and development of the UK’s tourism market (Hill, 2008). The global strategy thus seeks to provide a comprehensive plan to pursue the South Korean market and subsequently build a formidable global brand in RAF Cosford. Nonetheless, the targeting of the South Korean incorporates the establishment of a win-win scenario whereby harnessing of the potential of the market also triggers massive growth and development in the country.
The settling of the South Korean market is a fundamental decision whereby highly developed markets such as China and Japan have been eliminated as target global market. South Korea offers perfect market profile that would facilitate the establishment, growth and development of RAF Cosford museum in the foreseeable future. Other markets are eliminated upon notice of high concentration of global business leaving minimum chance for prosperity of the RAF Cosford in those foreign market. Moreover, RAF Cosford museum could benefit from the market dynamics of the of South Korea market in the region other than other concentrated markets which may turn out to be unsuccessful to commit an investment.
South Korea Market Orientation
The selection of South Korea as the preferred market to take RAF Cosford museum brand global relies on the suitability of the business environment, strong cultural orientation and the formidable establishment of the tourism industry. The country has risen up the grid as one of the most promising markets in relation to the tourist statistics. Notably, the market has been facing quite some shortfalls that significantly poses a threat to the remarkable prosperity. It is however imperative to consider the lurking opportunity to establish a formidable tourism industry and pursue global recognition for South Korea. RAF Cosford museum could thrive well in such a growing and apparently highly modernized tourism industry in South Korea.
A thorough analysis of the South Korean market provides a critical insight on how well RAF Cosford museum could integrate a fruitful global marketing strategy and maximally reap from the potential of the market. The pace of the growth of the Tourism sector in South Korea in the last few years depicts a huge potential for interested international brands such as RAF Cosford. Additionally, the South Korea market has experienced highs and lows hence advocating for effective management of the tourism market in the country. RAF Cosford museum is in line to establish a strong brand amidst amicable tourist facilities in the country (Yu Park, 2010). Notably, there have been quite an advancement and development of the tourism industry through the provision of international events and exhibitions. The international events like festivals and national heritage exhibition provides an authentic strategy to build on the remarkable orientation of RAF Cosford museum events and exhibition (Kang, Scott, Lee, and Ballantyne, 2012).
The plunge in the number of Chinese visitors to the country produces a substantial cause for worry for the industry. The drop produce a notable low pint for the country and industry although the subsequent response to the stringent discretion is vital for the development of the industry (Quintal, Lee, and Soutar, 2010). South Korea has invested heavily in the prosperity of the Tourism industry thus heavily contributing to its success and strength irrespective of possible snags in the recent past. Notably, RAF Cosford museum stands to gain from the massive investment in tourist attraction sites and also the enormous success of the tourism industry in South Korea (Quintal, Lee, and Soutar, 2010).
In the next few years, the market would be experiencing high returns from the industry as well as establishment of a remarkable global brands. RAF Cosford museum setting up in South Korea enhances the chances of massive gains in revenue, market share and global recognition hence captivating the glorious moments for the brand and the industry. Therefore it is paramount to consider the remarkable achievement of the South Korean market in the last five years and integrate a comprehensive strategy to propel the industry to the next level of dominating the global market. RAF Cosford is well positioned to render a remarkable spice the tourism industry in South Korea and apparently establish a remarkable global brand in the South Korean market.
Competitive Review and Analysis
A comprehensive review on the level of completion of the South Korean markets provides that the industry is highly competitive with a diverse composition of a wide range of tourist facilities (Yu Park, 2010). The availability and access to various kinds of tourist attraction sites render the, market to be highly competitive although the RAF Cosford can strategically position itself in the market to ensure it competes at the highest levels (De Mooij, 2013). Notably, the tourism sector is fast growing hence providing credible opportunities for the RAF Cosford Museum to exploit and establish a formidable brand in the industry.
The friendly nature of the South Korean market also enhances the chance to ensure a solid strategy is adopted to render the best of performance for RAF Cosford museum in the foreign market (De Mooij, 2013). South Korea also boost of a wide range of innovative and industrious tourist facilities which ensures that the market gets value for their money (Kim, Long, and Robinson, 2009). The level of technology can be useful for the improvement of the products and services offered by RAF Cosford Museum in the South Korean market.
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SWOT Analysis
The SWOT analysis of RAF Cosford provides an insightful internal analysis for evaluating the feasibility of the organization to prosper in the foreign South Korea market. The strengths of the organization include the provision of aircraft collection which provides a significant boost to tourist activities at the museum. Moreover, the organization enjoys substantial cost advantages hence an added advantage in the pursuit of global markets (De Mooij, 2013). RAF Cosford museum is firmly endowed with a tremendous business experience following a load of years since inception and subsequent development, especially in the museum line. The other strength for RAF Cosford museum is the establishment of the brand name which greatly enhances the popularity and performance of the organization (Collins, 2013).
The weakness of the organization includes the existence of partially developed marketing strategies hence a risk of non-effectiveness. The museum also lacks the ability to service the aircraft although they are substantial in relation to the productive businesses of the museum (Quintal, Lee, and Soutar, 2010). The lack of support activity to propel the performance and development of the Museum is a notable weakness. The probable opportunities that would enhance growth and expansion of the museum include the holding of international events on many occasions, the proximity to prominent landscape and tourist attraction sites as well as strategic alliances with foreign companies (Collins, 2013). The primary threats for the museum are the changes in consumer preferences of tourist products and also changes in rules governing NGOs which the museum belongs.
Segmentation, Target Market and Position (STP)
The segmentation of the museum mainly focuses on family settings whereby the primary focus of the museum is to provide affordable products and services to entertain customers. Family settings will ensure that the clients will flood the museum in search of fun and entertaining products and services and in return, the museum renders high-end products and services (Kim, Chung, and Lee, 2011). RAF Cosford museum as a remarkable tourist attraction brand has a great exhibition as well as aircraft service to ensure that the customers apparently enjoy their visit to the museum (Jain, and Haley, 2009). The target market for the museum includes foreign and domestic touring families who provide ample market size and substantial revenue.
The target of touring family will ensure that the museum holds true to its values and visions of providing family fun and remarkable entertainment (Park, and Yoon, 2009). The selection of families excellently suits market needs and revenue generation capacity since families seeking fun exposure poses a high potential in finances and customer base (Kim, Long, and Robinson, 2009). The museum apparently positions itself in the market by rendering distinguishable packages and discounts basing on the kind of products or services as well as the size of the customer’s family. The STP stipulation provides a comprehensive insight regarding the marketing outlay for the Museum to ensure it penetrates and prospers in the foreign market (Jain, and Haley, 2009).
Promotion and Marketing
The provision of promotion outlay provides details regarding the advertising of the museum to ensure it successfully penetrates the South Korean market. The promotion strategy basically stipulates the primary approaches to disseminating advertising information to the target market. The promotion strategy of the museum entails the utility of media adverts, exhibition, and brochures to reach out to the target market (Park, and Yoon, 2009). Additionally, the provision of differentiated packages for products and services will ensure that the museum sufficiently reaches out to the primary target market that is a family oriented market. Nonetheless, undifferentiated packages will also assist in establishing a market base among the non-family oriented market.
Conclusion
Conclusively, the establishment of a global marketing strategy for RAF Cosford museum would ensure that the brand penetrates through a foreign market. The penetration of RAF Cosford through the South Korean market ensures that it establish a strong linkage in the market, and the Asia. Notably, the strong endowment in South Korea tourism industry provides a credible foreign market for RAF Cosford museum to venture in the global market. The proposition of a global market strategy hence targets to capitalize on brand establishment as well as building a global pinnacle in the tourism industry. The global prosperity of RAF Cosford would be integral to propel the UK flag around the world as a tourist attraction hub.
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