History and Strategic Objectives of Museum of London

This essay addresses the history of Museum of London, strategic objectives, sustainability, financial review, corporate governance, key stakeholders, and current issues.

HOSPITALITY EVENT
AND TOURISM
ENVIRONMENT

TABLE OF CONTENTS
INTRODUCTION...........................................................................................................................4
MAIN BODY...................................................................................................................................4
Task 1...............................................................................................................................................4
History of Museum of London....................................................................................................4
Strategic objectives of Museum...................................................................................................5
Sustainability of museum.............................................................................................................5
Financial review of museum........................................................................................................6
Museum's corporate governance..................................................................................................6
Conclusion...................................................................................................................................7
Task 2...............................................................................................................................................7
Key stakeholders..........................................................................................................................7
Interest and power of the stakeholders.........................................................................................8
Evaluation of museum's stakeholders interest and power...........................................................9
Current issues that might impact the interest and power.............................................................9
Conclusion.................................................................................................................................10
REFERENCES..............................................................................................................................11

INTRODUCTION
Tourism is basically travelling to different places and spending luxury time there with the
intention of relaxation, pleasure and recreation. Tourism and hospitality basically deals with
attracting the large number of visitors and serving them better by making their experience
unforgettable.
Museum of London is one of the most majestic and beautiful museum situated in London, UK
and attract a large number of visitors every year. It is well known for its original galleries,
artefacts, and pictures which reflects the history and culture of London. This essay addresses the
history of Museum of London, Strategic objectives of Museum, Sustainability of museum,
Financial review of museum, Museum's corporate governance, key stakeholders, interest and
power of the stakeholders and the current issues that might impact the interest and power.
MAIN BODY
Task 1
History of Museum of London
The Museum of London basically addresses the UK's capital history from the prehistoric
to the modern times. It is situated in hearts of London on London wall, nearby Barbican center.
This museum is one of the largest history collection within the entire world. It was being
established in 1960s as well as in 1970s and is continuously contributing towards the economy of
London. The museum was initially opened in 1976 and its major architect were Hidalgo Moya
along with Philip Powell who adopted the most innovative approach for its design (Spence,
2011). The museum consists of the series of various galleries that comprises of the original
artefacts, pictures,, diagrams etch whose main emphasis is on the archaeological discoveries and
the urban development along with different activities and interactive display. Around 20 million
money was spent on this museum for its re-development in 2010 which was the biggest
investment till date. This re-design basically narrates the story of Londerners as well as the
London. The galleries within it have a majestic view and incorporates the display and
presentation of around 7000 objects. This gallery of “Expanding city” usually covers the era and
period from 1660s to 1850s. One of the most important part of museum of London is its
archaeology which is being known by the name of Museum of London archaeology. This is
being regulated and governed by England' charity commission and thus is an independent

charity. It generally employs more than 180 archaeologists that work on the major archaeological
sites of the London.
Strategic objectives of Museum
This museum of London is itself a beautiful destination for majority of the people and
attracts a large number of visitors every year. It was initially being established with the objective
of becoming more aware of the history of London and engaging every child which will
eventually help them in their education. With its development, their strategic plan generally
encompass the objective to reach more and more people and and thus stretch their thinking. In
2018, more than 3 million visitors visited this museum and around 1.4 million visitors came to
visit Museum of London Dockland which was double in comparison to the past few years. The
upcoming strategic view of the museum of London is to increase the visitors on a great range and
thus generate more and more revenue which will eventually boost the economy of the country.
Their main strategic objective is to undergo a partnership with corporation of city of London for
the development of various areas like London Symphony Orchestra that will enhance the skills
of young people and backward class (Edwards, 2013). Besides this, their another strategic
objective is to increase the number of visitors including children by 20% in the upcoming years
and thus break the records by becoming the most visited museum of the country. In 2018, over
680000 school kids participated in the the learning programmes held by the museum of London.
Seeing this increasing number, their strategic objective which form the main part of their
strategic plan is to extend their reach with the help ODF teacher training, learning partnerships
and online resources.
Sustainability of museum
The issue of sustainability has always dominated the museum of London and somehow
disturbed their image form past few years. In order to solve this problem, this museum has
developed various strategies in their strategic plan on which they are focusing for proving more
greener environment to the people. They have planned to open a museum at West Smithfield
where they will inculcate a wide range of innovation strategies as well as bring innovation in
their existing building. These innovations are highly committed to reducing the consumption of
energy and hence the pollution. They have developed various ways for improving their building
structure and its facilities like active filtration, the passive protection, good design of their
ventilation system which eventually will reduce the emission of harmful gases in the ecosystem

and will mitigate pollution on greater level. Besides this, for the development of their new
museum, they have strategic view to work towards its sustainability by choosing the right filter
materials, analysing the location of air inlets that will ultimately drive down the discharge of
pollutant and thus will bring more fresh air in the museum for visitors. Apart from this, their
compliance to wider GLA environmental strategies will reduce the carbon emission from the
various artefacts and the material used in the construction of building and will cut down the cost
of their production and manufacturing (Ross, 2015). Their commitment to the greener world
within their strategic view also incorporates various strategies that will eventually have a positive
impact on the community as a whole by providing them with the natural resources to study and
explore.
Financial review of museum
The main funding sources of the museum of London are Greater London Authority as
well as City of London Corporation that in collaboration contribute more than 83% of grants and
the legacies revenue funding. Other grants as well as the donations comprises around £1.4m from
the Arts council England. The museum of London before transfers has the operating surplus on
the free reserves of £1.4m. After the transfer from designated as well as unrestricted funds, this
museum have the total general reserves of about £7.9m as recorder in march 2017. The restricted
fund of the group were more than £7.8m on 31st march 2017 and the other designated fund of
group were £28.6m in the same financial year. Total funds of the group are £28.6m. Talking of
the financial assets, the major financial assets like trade along with other receivables and the cash
balances are generally identified at the transaction prices and thus cost higher than £3,000
including both tangible as well as intangible assets (Scott, 2016). The pension scheme of the
Museum of London is a part of Corporation scheme of City of London and thus is considered as
their major financial instrument that helps them to operate efficiently. The contribution rates of
the museum in the pension are reviewed and monitored in every four years after the actuarial
valuation and is measured differently. As reported on October 2016, the overall fund showed the
contribution which were set in such a way as to meet the scarcity in the 17 years.
Museum's corporate governance
The organizational structure and corporate governance of Museum of London is well
defined and imperative. The Board of Governors of the museum usually sets the strategic
direction and the long term objectives. There are mainly four Board committees which operates

in this museum namely Risk as well as Audit management committee, Acquisitions and Trusts
committee, General purpose along with Finance committee and the Remuneration Committee.
These governors appoint the Board Chairman among themselves which are mainly responsible
for setting the strategic view and objectives for the museum. They are held accountable for
advising City of London Corporation and GLA for ensuring the right expertise balance. The
basic functions and objective of the museum is related to the management of its collections,
lifelong learning and other public exhibitions these all are developed with a view to inform the
visitors about the history and culture of London. Thus to achieve this, museum consists of six
groups of directorate which are being led by single director. These directorate groups with the
museum director forms the board of executive and are responsible for achieving these objectives
and museum's operational management. The museum of London strictly adheres to the codes of
ethics and other standards. Governors of the museum generally receives the code of practice
copy for the museum which eventually addresses the duties of governor. These governor signs
this code of ethics and practice to confirm their responsibilities. Governor also receives the
standards of good corporate policies which that help them to manage the museum more
effectively and serve the visitors ethically and legally.
Conclusion
It has been summarized that the museum of London is one of the most majestic museum
of the London whose history has compelled the visitors to visit it every year. The main strategic
objective of this museum is to reach wide number of people and thus stretch their thinking. The
museum of London has developed sustainable strategies to reduce the emission of harmful gases
and improve the structure of their building through using sustainable materials. Besides this, the
organizational structure of Museum of London consist of governors and the board of directors
which are responsible for the management of museum.
Task 2
Key stakeholders
A stakeholder is basically the individual or a group of individual of organization who are
largely influenced and affected by the operations of the organization and their outcomes. The
main stakeholders of the museum of London are universities as well as higher education sector
and thus provides a high amount of revenue to the country as well as profit to this museum.
Besides this, the main stakeholders of this museum are the government and other business

association who contribute on their part for the sustainability of this museum. Apart form all
these stakeholders one more important ones are the investors who invest a huge amount of
money for its development and operations (Boniface, 2017). All these stakeholders helps the
museum of London to achieve their strategic objectives and hence contribute towards the growth
of the London's economy. Besides this, these stakeholders generate a huge amount of money for
the country which is eventually used in different sectors and for improving the life of people.
Interest and power of the stakeholders
Stakeholders forms the central part of any business operations and thus plays a key role
in influencing the overall performance of organization. The stakeholders have considerable
power that they pose on the business to function more effectively. There are mainly four kinds of
power which the stakeholders have and uses on every organization. These are legal power in
which the stakeholders uses the lawsuits and some legal actions for affecting the operations of
any organization. Second is the Economic power in which they have the power to influence the
profit and loss of the company. In short, they have the right to manage the economic condition of
a country. Third is the social power in which the stakeholders holds the power to operate the
business in such a way that it improves the lives of the entire community. Last is the Decision
making power where the stakeholders have the right to take the decision in case of any
uncertainty which is favourable fort the business. The major interest of any stakeholders is
improving economic prospects and condition for the lower income people and also for the
company (Zsarnoczky, 2018). They are mainly involved in developing ways which will bring
more money through which the lower class individual can lead comfortable life and also the
company becomes liable to suffer any loss. Another interest of stakeholders is environment
sustainability where their main area of interest is to inculcate suitability in each and every aspect
of nature. They are concerned with developing the processes which will lead to the conservation
of natural resources and thus lead the business and lives of people to more productivity. One
more important area of interest of the stakeholders are bringing the social change. They
emphasizes on improving the harmony which would eventually impact the racial as well as
ethnic minority in a positive way.
Evaluation of museum's stakeholders interest and power
The major stakeholders of the museum of London have varied powers and interest which
lead to greater visitors in London and greater economy. The political power is held by the

investors and the governors of the museum where they are mainly responsible for overseeing the
delegation of authority and the management of museum in a proper direction. The sponsors,
chairman, and the government hold the economic power where they are held accountable for
managing the fund and financial statement of the museum and overseeing the revenue generated
by the museum and how much loss they have incurred. Social power is being held by the local
residents, institutions, and non profit organizations where the museum authority runs the
interactive workshop with these stakeholders to define the goals of business and working
towards the sustainability for making the lives of entire community better. The last power which
is the decision making power is being held by the management and governing body of the
museum. They are responsible for setting the strategic direction and taking the important
decision that will impact the museum as a whole. They in collaboration with the Board of
Directors are required to take decision regarding the operation, economy of the museum. Besides
these powers, the various degree of interest enables the stakeholders to make the museum a
success and hence increase the number of visitors. They have the economic interest in which
they are concerned with the overall revenue generated by the museum for the country which will
eventually bring lot of employment opportunities for the people and will also increase the
profitability of museum. Another factor in which the stakeholders have maximum interest is the
sustainability where they are mainly focussed towards providing the visitors with the study of
natural resources and reducing the emission of pollutants to improve the lives of wildlife and
humans as well as making the processes of museums much more efficient.
Current issues that might impact the interest and power
There are various issues which might hinder the key stakeholders interest and their
powers:
Environment sustainability
As the stakeholders mainly emphasis on reducing the emission of harmful gases and
keeping the environment pollution free thus this might become an important issue. Sustainability
in museum is mainly governed by the amount of light coming, ventilation, air inlets, filtering
materials etc thus managing all these might hinder the interest of stakeholders. Creating the
optimum temperature and humidity in the museums and using the energy efficient ways for
preserving the historical materials might cause the stakeholders to exercise their powers in a
more efficient manner and use them in such a manner as to create a greener world for the people.

Their area of interest might require more and more focus ion the technology that will reduce the
emission.
Economic condition
The stakeholders are also responsible for maintaining the good economic conditions of
the country so as to open new ways for employment and increase the revenue for the country. As
the economic conditions of UK remains unstable and the effect of Brexit has eventually posed
various challenges for the country thus the stakeholders in relation to museum might need to
have a review of their power and interest (O’Halloran, 2019). Due to the Brexit, prices of many
sectors have slashed down thus this would have a great impact on the revenue generated by the
museum due to lowered ticket prices. Stakeholders might withdraw their interest from the
museum due to less revenue and might require to follow new rules of taxation and other
economic indicators for increasing the money from museum. They would have to work in
accordance with the new legislation and would have to design new strategies for enticing the
visitors.
Conclusion
It has been summarized that there many stakeholders that are the part of Museum of
London like local residents, business owners, investors, higher institutions etc. These
stakeholders generally holds different kinds of power which they uses to overcome the various
problems and has varied degree of interest which helps them to boost the economy of country
and improve the loves of human beings. The stakeholders of this museum might face various
issues like environmental sustainability, economic conditions which might impact the powers
and powers and interest of stakeholders in a great way.

REFERENCES
Books & Journals
Boniface, P., 2017. Tasting tourism: Travelling for food and drink. Routledge.
Edwards, B.C., 2013. London Docklands: urban design in an age of deregulation. Elsevier.
Leung, D and et.al., 2013. Social media in tourism and hospitality: A literature review. Journal
of travel & tourism marketing. 30(1-2). pp.3-22.
O’Halloran, R.M., 2019. The routledge handbook of consumer behaviour in hospitality and
tourism.
Ross, C., 2015. From Migration to Diversity and Beyond: The Museum of London
Approach. Museums, Migration and Identity in Europe: People, Places and Identities.
pp.61-80.
Scott, C.A. ed., 2016. Museums and public value: creating sustainable futures. Routledge.
Spence, D., 2011. Making the London, Sugar and Slavery Gallery at the Museum of London
Docklands. Representing Enslavement and Abolition in Museums. Ambiguous
Engagements. pp.149-163.
Zsarnoczky, M., 2018. The digital future of the tourism & hospitality industry. Boston
Hospitality Review.6.