Major products offered by the company
MOCA is a museum in Atlanta, Georgia that focuses on contemporary artifacts (MOCA 1). The business was established in the year 2000. The firm gathers and conserves current local art for the Georgian audience. Georgia has a population of 456,002 (MOCA 1). In its locality, the museum is the only institution that is focused on assortment, conservation, and interpretation of the state’s finest contemporary art. The works exhibited were produced in the mid-1940s to the present. The Museum precisely displays the works of individuals born and raised in Georgia and other artists who have developed their work in the region.
The services offered by the institution advances MOCA’s mission and goals. As such, the company has been able to attain its mission through exhibitions and collection of visual arts. To enable the business to compete with global companies, it has also assembled exhibits from around the world. Through this, they have been able to support the visual arts by coming up with a platform for active interchange between artists and the community. The fee imposed by MOCA depends on the destination of the visitors (MOCA 1). The entrance fee is $ 12.
The firm’s core business comprises of permanent collections and exhibitions of artifacts. It also offers digital works and videos to users. Similarly, the institution distributes its periodicals to schools and universities within the state. Its resource center stores chronological work of arts of Georgian artists for future reference. As indicated above, the company does not create the products it exhibits. Their principal role is to collect and conserve them for future generations.
By focusing on contemporary art, the museum has been able to offer valuable services to the consumers. Similarly, the value of its services has been enhanced through its digital platform. The firm faces competition from High Museum of Art, Atlanta History Centre, and Michael Carlos Museum. Notably, these competitors offer temporary and limited artifacts, unlike MOCA. MOCA’s pieces of arts are varied and are stationed at the facility permanently (MOCA 1). Through this, the firm has been able to differentiate itself from its rivals. The different products offered by the company complement one another. As such, the pieces of arts are displayed based on their history. Therefore, by analyzing their dates of production, clients can be able to explain how different products produced in the same era are related.
The products that receive the most attention from the customers are paintings and ink drawings of famous contemporary artists based in museums (Brown 55). The popularity of arts from younger artists from America, Europe, and China has also been on the rise. Furthermore, photography has also emerged as a source of less costly works for most clients. The photo’s date, exclusivity, and technique affect its market price. Therefore, consumers value historical artworks made by artists with a high price index. Equally, the demand for unique original works has been on the increase.
The limitations faced by the firm include limited exhibitions and funding. As such, the company receives approximately 50 artifacts a year. The firm raises most of its funds from government grants. A few of its funds comes from the exhibition (Brown 55). Therefore, the company should endeavor to attract more funds from sponsors and encourage more customers to visit its facility.
In the future, MOCA aims to compete internationally. To achieve this, it plans to exhibit contemporary artifacts from various regions of the earth. By doing so, it will attract an international audience. Similarly, it plans to raise a third of its budget from its expositions programs and another third from aids. The remainder will come from state grants.
The company should be informed of the major threats in its market segment to compete efficiently and address changing market needs (Blythe 22). A major risk that will be faced by the business is competition from their rivals. Because exhibition of contemporary art is a new idea, the company will still experience minimal competition for some few more years.
Marketing strategies
The firm’s targeted clients are residents of Georgia, Atlanta. Its secondary consumers are donors and organizations, which value modern domestic artifacts. MOCA attracts visitors seeking to experience contemporary Georgian art at fair prices. The main reason for positioning itself in this segment is that the business has the opportunity of incorporating new features to the existing services to cater to the changing demands and needs of their targeted customers (Paley 50). As such, the institution focuses only on contemporary art. Through this, they have differentiated their services from their competitors (Kotler 34). In Atlanta, a few museums concentrate on particular artifacts such as contemporary pieces of art. Thus, by focusing on this segment, the institution has attracted many clients and enhanced their market share. The market segment presents an opportunity for the business.
The museum seeks to convey marketing messages, which will boost its outlooks. The initiative has received a positive response from the clients because its sales and revenues have increased progressively (MOCA 1). The art market has seen an increase in prices by over 60% in the last decade.
The company has implemented appropriate advertising, personal selling, and public relation strategies to reach its target clients (Kirchberg 180). Advertising is the company’s primary marketing strategy. Since its inception, the museum has created a series of television, the internet, and advertisement technology platforms. Through this, they have employed many personnel. The staff comprises of sales representatives knowledgeable about product information as well as customer service. Through social media, they encourage more potential clients to access their services. Equally, the social media enables the business interact with potential customers to understand their expectations.
MOCA also has its department of research, which analyze its problems at a given point in time. Through the research, the firm focuses on conducting a market survey on customer satisfaction. The company has its website that focuses on customer relations to achieve the objectives of this research. The site aids collecting direct clients’ opinions about issues relating to the business’s products.
Based on the company’s marketing strategies, it is apparent that it targets the middle-class customers in Atlanta who are interested in contemporary arts. The main reason for positioning itself in this segment is that this social class has an increased appetite for amusement and entertainment. The low prices offered by the institution have encouraged more clients to visit the premise.
Interpretation of the analysis
Based on the above analysis, it is apparent that modern visual art is gaining popularity in Atlanta. In the year 2014, it had a growth rate of 12% (Kirchberg 180). The company seeks to increase its permanent collections to position itself as a global leader in the contemporary art market. The chief strategies utilized by the museum are public campaigns, social media, and collaborating with other stakeholders. Since its inception, the museum has created a series of television, the internet, and advertisement technology platforms.
The company utilizes some approaches to reach its customers. Advertising is their primary marketing strategy. They have created a series of television, the internet, and advertisement technology platforms. Through this, they have subcontracted some functionality to other firms. The companies are staffed with individuals knowledgeable in product information as well as customer service. Through social media, they encourage more potential clients to access their services. The social media also enables them to interact with potential customers to understand their expectations.
The company should be informed of the major threats in its market segment to compete efficiently and address changing market needs. A major risk that will be faced by the business is competition from their rivals. Because exhibition of contemporary art is a new idea, the company will still experience minimal competition for some few more years. However, competition is expected to increase in the future. Over time, several players will enter the market eating into the company’s customers. Because of this, the company will experience enormous pressure from its rivals. Such risks put pressure on the business’ future success. The above imply that MOCA must always differentiate its products and services from those offered by its competitors. If it fails to do so, its rivals will fill the gap and gain an advantage over the company.
Another threat that may affect the business is an increase in operation costs. The increase in operation cost will increase the operating cost of its business. An additional risk that will be faced by the enterprise is an inability of changing the service features according to changing external environments, and the needs of the customers might negatively affect the business in future.
Works Cited
Blythe, Jim. Marketing. London: SAGE Publications, 2006. Print.
Brown, David. “Moca Museum Of Contemporary Art”. Choice Reviews Online 53.02 (2015): 53-57. Print.
Kirchberg, Volker. “The Museum Experience: Mapping The Experience Of Fine Art”. Curator 58.2 (2015): 169-193. Print.
Kotler, Philip. Principles Of Marketing. Upper Saddle River, N.J.: Pearson Prentice Hall, 2006. Print.
MOCA. Museum of Contemporary Art of Georgia Strategic Plan 2014-2019. 2015. Web.
Paley, Norton. The Manager’s Guide To Competitive Marketing Strategies. London: Thorogood, 2005. Print.