Growth Strategies Essay Example | Topics and Well Written Essays - 750 words

Growth Strategies - Essay Example However, even though it has strong partners, visitations and the numbers of people who come to the museum seem to be low therefore the museum needs to increase the number of visitors it has per annum. In 2007, more than one million people visited the museum but this number can be significantly increased (as well as the revenue generated from the visitors) if there are certain tactics and steps which are undertaken by the museum over time. These ideas are connected with market penetration, market development, product development and diversification. The museum should target adults with the auction of art created by local children of Indianapolis. Silent auctions or even open bidding could be held in which the parents could bid on the art produced by their own children and the proceeds should go to the museum. While all these tactics could be very useful, some seem to have a greater advantage over the other. For example, expanding the marketing budget of the museum would give it greater visibility and certainly create a pull which brings more people to the museum. If their experience is positive, word of mouth itself would encourage more visitors and thus result in free advertising for the non-profit organization. Similarly, having the premier of a historical/action film such as National Treasure or even a popular children’s film could be a significant boost to the museum in terms of visibility and media attention. When it comes to product development, it is unlikely that the museum would be able to easily acquire historical artifacts connected with children in the local region but if it moves to the international circuit, partnerships with other museums would be very beneficial. For example, the museum could borrow ancient toys from other civilizations and create interesting displays about children in ancient times. Stories told to children in Ancient Rome or