Museum Of Fine Arts Boston Essay

A flaw inherent to many business models is that the business/organization relies on a generic analysis of their resources instead of taking into account their specific product/market combination. The MFA is a museum, a school, a publisher, a retailer, a restaurateur, a film-theater, and more. Each demands unique research and analysis. A fusion of information would enable the MFA to establish an ongoing and effective strategic plan. Identification and discussion of three types of resources the MFA possesses with reference to the advantages of those resources. Three core resources (collections, audience, and exhibitions) and three supporting resources (facilities, financial, and organization) make the achievement of their strategic plan possible. Collections established a continued need to improve the quality of the collection, its management and care and provide electronic access to the collection. Audience included the need to engage, educate, and delight visitors as well as retain and expand the audience by better understanding the needs of their highly segmented target market. Special exhibitions entailed the creation of an exhibition schedule that met a variety of goals including an intellectual contribution, the attraction of visitors and revenue generation. Special-exhibition attendance is unpredictable and requires research to make reliable revenue forecasts. The supporting resources: Facilities focused specifically on enlarging and improving the museum. Financial reiterated the need for fiscal stability and fund-raising that would support facility expansion as well as other identified strategic needs. The MFA needs to maintain a balanced budget. Due to the American system of funding arts the MFA relies almost exclusively on private funding and its revenues come from memberships, admissions, sales of merchandise, restaurant food sales, school tuition, contributions, gifts and grants, and investments. The external relations group competes with other New England institutions for donations as well as educational institutions (Harvard) and area hospitals. Organization focuses on the adoption of an audience-aware, results-oriented, experimental attitude and realignment of the divisions within the MFA in order to support the strategic focus. This includes the MFA’s relationships with its customers, employees, donors and outside organizations; branding (which is directly related to mission and must be clear, specific, and not to be interpreted as a routine promise). The MFA needs to differentiate their purpose [other than to educate] from that of other museums. Their brand needs to be credible, meaningful and dependent upon a realistic mission statement. One type of resource that the organization needs to improve A significant issue for the museum is how to increase the visitor-experience in the museum. Research has revealed some key deficiencies in the visitor’s experience in the museum. Unique brand awareness challenges face the MFA because they are a non-profit multi-dimensional art institution with a highly segmented target market. The museum put together a cross-functional team that focused on initiatives related to orientation, customer service, on-site communications, and team undertook numerous initiatives to enhance the overall visitor experience of the MFA. Conclusion: why attendance is an important resource on which the MFA should focus. The museum’s will undoubtedly get focus and attract renewed attention in 2010 when the new wing opens but a continued strategy to improve core attendance is an ongoing priority. Critical questions remain: How does the MFA ensure continued, satisfactory visitor attendance? Continued education of their market, delivery on their mission and quality visitor experience. References Rangan, V. K. , Bell, M. (2005). Case 16. Museum of Fine Arts Boston. (pp. 530-557). Boston: Harvard Business School Publishing. Chiagouris, L. (2005). Article 13. Nonprofits can take Cues from the Biz World. Branding Roadmap Takes Shape. In Marketing Management Magazine. (September/October 2005, pp. 52-54). New York: Pace University’s Lubin School of Business. Developing Competitive Advantage and Strategic Focus. In Chapter 5 Lecture Notes. (2008). Thomson Learning Inc.