Journal of Finance Research | Volume 03 | Issue 02 | October 2019 Journal of Finance Research https://ojs.s-p.sg/index.php/jfr ARTICLE Marketing Strategy Analysis of the Palace Museum Qi Wang1* Huan Liu1 Kaiyi Liu2 1. School of management, Shandong University of Technology, Zibo, Shandong, 255000, China 2. Shandong University of Science and Technology, Qingdao, Shandong, 266000, China ARTICLE INFO ABSTRACT Article history The development of cultural innovation is benecial for museums to give Received: 8 August 2019 full play to their cultural advantages and improve their economic benets, accordingly forming a virtuous circle. This paper analyzes the cultural Revised: 13 August 2019 and creative brand marketing environment and strategy of the Palace Mu- Accepted: 24 October 2019 seum, hoping to provide some references for other museums through the Published Online: 31 October 2019 analysis and summary of cultural and creative brand marketing strategy of the Palace Museum. Keywords: The Palace Museum Cultural and creative industries SWOT analysis Non-prot organizations 1. Overview of the Palace Museum vantages, seize the opportunity of cultural and creative de- velopment, actively explore ways of cultural and creative ith the continuous development of the econo- innovation, and enhance the resonance between people my, people’s consumption types have changed and museums, so as to meet the growing spiritual and cul- Wgreatly. As the material life has been basically tural needs of the people and better inherit the excellent satised, the proportion of material consumption has been traditional culture. The cultural innovation of museums increasing; people pay more and more attention to spiri- faces great opportunities for development. tual and cultural life. As the place with the most abundant Beijing Palace Museum, as the imperial palace of Ming cultural deposits, museums should rely on their own ad- and Qing dynasties, has a long history and many collec- *Corresponding Author: Qi Wang, Female, a native of Zibo in Shandong Province, associate professor; Correspondence address: School of Management, Shandong University of Technology, No. 88, Gongqingtuan West Road, Zhangdian District, Zibo, Shandong, 255000, China; E-mail: [email protected]. About other authors: Huan Liu, Female, student of Shandong University of Technology; Kaiyi Liu, Female, Student of College of Humanities and Law, Shandong University of Science and Technology. Fund Project: One of the research results of Shandong University Humanities and Social Sciences Research Project “Research on Customer Segmentation and Marketing Innovation Based on Decision Rough Set” (Project No.: J12WF86). 16 Distributed under creative commons license 4.0 DOI: https://doi.org/10.26549/jfr.v3i2.2210 Journal of Finance Research | Volume 03 | Issue 02 | October 2019 tions, with extraordinary historical and cultural deposits. that the integrated development of cultural creative and Among many museums’ cultural and creative brands, the design services and related industries has become a na- Palace Museum is the leading cultural and creative brand. tional strategy. Since 2016, a series of policies and regu- It is loved by the people with its vivid and lively style lations have been issued to encourage the development of and image, and its sales have been rising continuously. In cultural and creative industries. In 2017, the state admin- 2017, the Palace Museum’s cultural and creative revenue istration of cultural heritage set the 2020 development tar- reached 1.5 billion yuan, 50% more than that of 2016. get of building 50 brands of cultural and creative products Developing museum cultural and creative industries for museums. can help to link up cultural education and commercial market better. With the better spread of the outstanding 2.1.2 Economic Environment Analysis traditional culture, and the popularity of cultural relics at China’s economic development level continues to im- the same time, the museum promotes itselves economic prove, among which the most obvious is the continuous development. The economic benefits can be used in the improvement of residents’ living and consumption level. museum own construction and the social culture educa- After meeting the basic material needs, people’s demand tion, to realize win-win economic benets and social ben- for cultural consumption continues to increase. In 2018, ets. the per capita disposable income of urban residents The Forbidden City in Beijing is the quintessence of increased by 8.7 percent, 7.8 percent, 8.4 percent, 6.7 ancient Chinese imperial architecture. It is one of the larg- percent, or 11.2 percent, over the previous years. The in- est and most complete ancient wooden structures in the crease of residents’ income and expenditure indicates the world. improvement of their purchasing power, and the increase Museum of Beijing imperial palace was established in of education, culture and entertainment consumption ex- 1925. It is the Ming dynasty and Qing dynasty two gen- penditure indicates the increase of consumers’ demand for erations of the royal palace. Its collection was established cultural consumption. on the basis of China’s comprehensive museum, which is one of the biggest ancient cultures of China art museum. 2.1.3 Analysis of Social and Cultural Environ- 1862690 pieces of relics have been collected in the muse- ment um. The museum is the largest collection of cultural relics and museum in the world, and is one of the most abundant The country attaches more importance to the development cultural resources have profound international inuence. of traditional culture and the continuous improvement of Beijing Palace Museum cultural products development national cultural level, people attach more importance to Co., LTD was established in 1981. Since 2008, the Palace cultural issues, and “culture” has become a hot word in Museum has begun to change the design and marketing the society. In China, with a long history and culture, how ideas of cultural and creative products, making full use of to inherit and carry forward the excellent traditional cul- the rich cultural relics collection resources of the Palace ture has become the focus of the whole society. With the Museum, and combining the traditional cultural charac- rising voice of “let cultural relics live”, people are more teristics of the Palace Museum and modern life to carry and more fond of entering museums, and the desire to buy out product research and development. In 2013, the sales cultural and creative products of museums is also increas- of cultural and creative products of the Palace Museum ing. reached 600 million Yuan. 2.1.4 Technical Environment Analysis 2. Marketing Environment Analysis of the In terms of technological environment, the first is the Palace Museum rapid improvement of Internet technology. First of all, the big data of the Internet provides a reference for the design 2.1 Macro Environmental Analysis of cultural and creative brands of museums. Designers 2.1.1 Analysis of Political Environment can fully understand consumers’ needs and preferences through the Internet, so as to better design cultural and Since 2014, the state has issued a series of relevant pol- creative products. Secondly, the development of the In- icies to promote the development of cultural innovation ternet greatly widens the sales channels of cultural and industry. Several opinions on promoting the integrated de- creative products of museums. As the network shopping velopment of cultural creative and design services and re- more and more prosperous now, good network infrastruc- lated industries issued by the state council in 2014 marked ture construction and Tmall, Jingdong and other online Distributed under creative commons license 4.0 DOI: https://doi.org/10.26549/jfr.v3i2.2210 17 Journal of Finance Research | Volume 03 | Issue 02 | October 2019 trading platforms provide opportunities for museum cul- marketing talents, who are familiar with the marketing op- tural and creative brand, the Internet for museum cultural eration system, so as to carry out the design, development and creative sales provides a new and amazing possibility. and sales of cultural and creative products more effective- Finally, museums can make full use of AI technology and ly. various network social media software to display cultural The Palace Museum cultural and creative products and creative products to consumers in a clearer and more come with the popular IP of “Palace Museum”. The sales convenient way, shorten the distance with consumers and of cultural and creative products of the Palace Museum make culture warm. are closely related to the huge ow of the Palace Museum. With the continuous improvement of education level and 2.2 Micro Environmental Analysis the gradual change of people’s consumption mode, people 2.2.1 Internal Environment of the Palace Museum pay more attention to traditional culture. More and more people are willing to go to museums. In 2018, the num- The Palace Museum is a comprehensive museum of China ber of visitors to the Palace Museum reached 17 million. based on the imperial palace of Ming and Qing dynasties. Great social attention has laid a solid foundation for the As the imperial palace of Ming and Qing dynasties, the cultural and creative development of the Palace Museum. collection of the Palace Museum has reached 1862,690 pieces so far. The Palace Museum has a complete range of 2.2.2 Competitive Environment Analysis collections, including paintings, calligraphy,