Museum of London: Sustainability, Finance, and Stakeholder Analysis

This report provides a comprehensive analysis of the Museum of London, exploring its history, strategic objectives, and sustainability efforts. It delves into the museum's financial operations, including funding sources and corporate governance structure. The report identifies key stakeholders, such as investors, visitors, owners, and employees, and assesses their interests and power using Mendelow's Matrix. It examines current issues that may impact stakeholder interests and power, offering insights into the museum's overall management and operations within the context of the cultural and historical landscape of London. The report concludes with an overview of the Museum of London's significance and future prospects.

Hospitality, Tourism,
Events Environment

Table of Contents
INTRODUCTION...........................................................................................................................1
TASK 1............................................................................................................................................1
Overview of the history of the Museum of London....................................................................1
Strategic objectives of the Museum of London along with pertinent trends they follow...........1
How the Museum of London is improving its sustainability......................................................2
How the Museum of London operates financially.....................................................................2
Overview of corporate governance is required...........................................................................3
TASK 2............................................................................................................................................3
Define stakeholders.....................................................................................................................3
Key stakeholders of the Museum of London..............................................................................4
Theory of demonstrate the degree of interest and power that stakeholders can have.................4
Interest and power of key Museum of London stakeholders......................................................5
Current issues that may impact the key stake holder's interest and power.................................6
Conclusion...................................................................................................................................7
REFERENCES................................................................................................................................8
.........................................................................................................................................................8

INTRODUCTION
Museum of London is a documents the history of UK's capital city from prehistoric to
modern times and also located in the London city. Along with this it is few minuted walk north
of St Paul Cathedral. It was opened in December 1976 as it allowing for the merger that was
passed in the following years. This museum is jointly controlled or founded by the City of
London corporation and Authority of Greater London. In collection of history in over the world,
Museum of London is the largest along with more then six million objects. In this regards,
architects of this Museum were Philip Powell and Hidalgo Moya who always adopted new
approach to design museum. It comprises a order of chronological galleries, models pictures and
diagrams along with strong archaeological discoveries. Current report is based on the Museum of
London and also going to describe its object, structure, sustainability, financial operation and
many more. Furthermore, it also includes stakeholder of Museum of London with their interest
and power. At the end of the project, current issues is also mentioned that they face and also put
their impact on its entire operations activities.
TASK 1
Overview of the history of the Museum of London
Museum of London is one of the largest urban museum in the world and also compact
with historic objects and exhibition that give past story of London. It was founded in 1976 as a
part of Barbican Estate and its architects were Hidalgo Moya and Philip Powell. Both are
adopted new and innovative approaches for design museum. Along with this, in May 2010
museum had £20 million redevelopment as it was the biggest investment within the museum.
Furthermore, museum also expanded into new areas for collect various object related to social or
working history of London.
Strategic objectives of the Museum of London along with pertinent trends they follow
It is important for organization to set appropriate strategic objectives to improve their
performance (Acha-Anyi, 2016). Along with this, they also ensure that all the set objectives are
effectively follows by organization to attain the same in stipulate time frame. As there are some
strategic objectives set by Museum of London:
 The main objective of London of Museum is to promote culture of London for
increasing knowledge of society to make them aware.
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 Management of London of Museum is to take care of all the aspects of museum so that
visitors get attracted continuously.
 London of Museum is follow all the set rules and legal regulations and at the same time
also increase awareness in public towards the culture and its history as well.
Current trends of London Museum:
Museum of London is a famous place where in number of visitors visit to increase their
skills and knowledge for their personal and educational purpose (Babalola and Oluwatoyin,
2014). As there are some current trends are as follows:
 Raise connectivity with London and its societies as well.
 It become learning platform for society and students also.
 Increase awareness about history of London.
How the Museum of London is improving its sustainability
It is important for management of museum of London to develop appropriate activities
within their business operations to improve London environment. This will contribute in
improving the sustainability of organisation for longer period of time. Along with this, they also
implement as well as develop a new sustainability framework that may help them in upgrading
their infrastructure to sustain for longer period of time. It includes different areas of
implementations such as technological aspects of building through which visitors get attracted
towards the good infrastructure of museum (Cohen And et. al., 2014). Along with this, there are
some effective aspects that help museum of London to improve its sustainability such as:
 Effectively manage all the operations to a higher standard.
 Evaluate the ways to improve their infrastructure or buildings.
 Promote awareness of visitors and workers as well.
 Implement or consider their procurement.
How the Museum of London operates financially
Museum of London is charitable organisation as it funding from various sources. In this
regards, the total group of incoming resources were £ 32.1m during the year (2010:£ 28.5m). the
main source of funding of museum were the Greater London Authority and the city of London.
Both are contribute 80% in their voluntary funding. Another grants and donations are consider £
2.4m. As it also increased by 17% over 2010/11. In may 2011 overall cost in excess of £ 20m.
Museum of London also recorded their operating surplus within their unrestricted free reserve.
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Furthermore, the contribution rates of museum's pensions are continuously reviewed in every
three years. As a result the contribution rates are increased from April 2011 with the aim of
recovering the overall deficit over the 20 years.
Overview of corporate governance is required
A board of Governance, including of 18 members of Greater London Authority and City
of London Corporation. Along with this, every person are appoints 9 members who is
responsible for the general management and also control of the Museum (Gursoy, Saayman and
Sotiriadis, 2015). In this regards, there are following Governors served:
Appointed by the City of London Corporation: Kenneth Ayers, Rt Hon the Lord Biateng
P.C.D.L., Robert Dufton, Rev Dr Martin Dudley.
Director: Sharon Ament
Chairmen: Clive Bannister
Standards of Governance: It is crucial for every business organization to follow all the set
standards with the aim of completing all the activities in systematic manner. As it also help in
attaining all the set goals and objectives. In context of Museum of London is a charitable
organisation so that they are responsible for implementing as well as following all the policies
and standard to functioning its activities.
TASK 2
Define stakeholders
Stakeholder is consider as an independent party that has concern and interest within an
organization. As they also affected by the action of company, policies and its objectives as well.
Mainly, they are the investors, employees, suppliers and its customers and many more are the
major part of company. All these are directly impact on the company and its activities as well.
Along with this, a stake is a core interest within the company and its activities which can consist
ownership, obligations, legal interest and moral rights (Hall, Gossling and Scott, 2015). In
context of organization, firm is responsible for understanding their requirement and interest as
well to maximising the interests of its owner.
Key stakeholders of the Museum of London
Stakeholders are the person who have personal interest within the company and also
directly affected by its activities and action as well. In this regards, company includes various
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activities with the aim of providing better satisfaction to their stakeholder so that they can easily
maintain their interest within their activities. Mainly, they play a crucial role in company in
attaining success at market place (Hudson and Hudson, 2017). It includes various people like
government, owner of the company, investors, suppliers and many more. All these are also affect
the decision making of business organization. In regards of Museum of London, there are some
stakeholders can be understood by following points:
 Investors: It is one of the important people who are invest in the museum. As it can be
known by charitable people and organization as well. As there number of companies who
has interest to donate fund for developing as well as open. Thus, it is crucial for Museum
of London to effective manage as well as organise their activities or action with the aim
of inviting more and more investors to donate or support for them. This can be beneficial
for their development as well.
 Visitors: In UK, Museum of London is famous place for visiting purpose as it defines the
history of London and its culture as well. In this regards, number of visitors are attracted
towards the specified place for getting best experience. Thus, Museum of London provide
various benefits to their visitors by using exhibition, discounted tickets and many more to
visitors to invite them towards the place.
 Owner: This type of stakeholder play a crucial role in Museum of London as it jointly
controlled by City of London. This is the reason that owner of the museum has more
interest with each and every action of this. They also take decision towards its activities
and actions as well.
 Employees: Workers are the most important stakeholder for Museum of London who put
their best efforts for developing its activities in effective way. In this, Museum is
responsible for providing better environment to their employees so that they can easily
perform their task and activities for Museum (Lew, Hall and Williams, 2014).
Theory of demonstrate the degree of interest and power that stakeholders can have
It is important for organization to analyse the degree of stakeholder interest and power
towards the company. By this, firm can easily satisfy their requirements that improve their
performance. For this, Museum of London use Mendelow's Matrix theory as it consider as an
important tool that help in analysing stakeholder interest and power as well. The main aim of
using this theory is to identify the stakeholders needs and their interest (Mostafanezhad and et.
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al., 2016). As it consider four stages that assist in determining the interest and power of
stakeholder within the organization:
 High interest & high power: This stage consider those type of stakeholders who are
highly interested towards the organizational activities and at the same time also have
power to take any kind of action when it required. Mainly this stage includes owner,
government and investors who are directly engage with organization.
 High interest & low power: Under this group, people have engage with operational
activities and also interest to put their efforts for the London of Museum. In this,
employees are includes as they have interest and less power to implement any thing
within the organization (Sotiriadis, 2015).
 Low interest & high power: This stage consist those group who have high power to
change any thing within the company but at the same time they show their less interest.
Thus, it is important for London of Museum to keep them happy and satisfied that help in
increasing their image. This phase includes visitors whose visit London of Museum.
 Low interest & low power: This type of group are those who have less power and
interest within the organization and its activities. As they are happy with company and
also satisfied.
Interest and power of key Museum of London stakeholders
In business organization, stakeholder are the group who directly affected through
organization and its activities as well. Mainly, it can be classified on the basis of different aspects
such as primary, secondary and any other key stakeholders. They also has their interest and
power that help them in evaluating their actual needs towards the company and its actions as
well. With the regards of Museum of London, its employees, owner and investors are the major
stakeholders which are engage with the company and also tries to improve their performance and
functions as well (Moutinho and Vargas-Sanchez, 2018). In this, their interest and power is high
towards the organization. Visitors also have high power but at the same time their interest is low
in their activities. Furthermore, employees define their low power but they are always engage
with business activities and its issues as well. In context of general public and volunteer have
less power and interest within their activities of action.
High Interest & High Power High interest & low power
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Owner & Investors
Engage
Workers
Keep Satisfied
Low interest & high power Low interest & low power
Visitors
Keep Informed
General public
Monitor
 Investors: These type of people have intensest and high power because they invest found
within the company for their development as well. As they also take decisions towards
the organization and its activities
 Owner: They are highly concern with entire activities of museum because they are the
owner of the organization and also have power to take all the necessary decision to
maintain its performance (Pearce and Zare, 2017).
 Workers: Employees have no power to take action but they are directly commitment with
its operational activities.
 Visitors: It includes tourists who visit museum in continuous basis for attaining positive
experience and also enhancing their knowledge about London culture. Due to this, they
have interest but doesn't have power to take any kind of decision within the organization.
 General Public: These type of people have less power and interest as well because they
only give their contribution for society and its improvement.
Current issues that may impact the key stake holder's interest and power
Currently Museum of London face various issues related to fund, because for keeping it
attractive, government spend huge amount for its maintaining. This is the reason it increase
overall cost of the organization. For reducing the same, they hire unskilled people as compare to
recruit professionals within their operations (Raj and Griffin, 2015). Along with this, investors
also dissatisfied with it services that may negatively impact on its financial position. Thus, it is
crucial for management of Museum to ensure about its quality so that they can easily invite more
and more investors and visitors. This will support in making the in financially strong and at the
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same time also improve its positive image in public (Siyabulela, 2016). Apart fro this, Museum
of London is also applied effective leadership to motivate or encourage their workers so that they
can effectively perform their task and maintain its image in-front of government and investors as
well.
Conclusion
From the above mentioned report it can be concluded that Museum of London is the
famous place in UK and number of people visit this place as per continuous basis of enhancing
their knowledge towards the culture of London. In this, they focus on maintaining this image in
market by providing best services to visitors as per their requirements. Along with this, museum
is also implement as well as follow various setted standards to maintain its famous image in
people's mind. Along with this, it also includes Mendelow's matrix theory to effectively
understand the stakeholders needs and wants. With the help of this, museum can easily improve
their image and also invite more and more investors and visitor as well.
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REFERENCES
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events management education in Nigeria. Journal of Tourism, Hospitality and Sports. 2.
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destinations: A handbook. Emerald Group Publishing.
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sustainability. Routledge.
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approach. Sage.
Lew, A. A., Hall, C.M. and Williams, A. M. eds., 2014. The Wiley Blackwell companion to
tourism. Wiley-Blackwell.
Mostafanezhad, M. and et. al., 2016. Political ecology of tourism: Community, power and the
environment. Routledge.
Moutinho, L. and Vargas-Sanchez, A. eds., 2018. Strategic Management in Tourism, CABI
Tourism Texts. Cabi.
Pearce, P. L. and Zare, S., 2017. The orchestra model as the basis for teaching tourism
experience design. Journal of Hospitality and Tourism Management. 30. pp.55-64.
Raj, R. and Griffin, K.A. eds., 2015. Religious tourism and pilgrimage management: An
international perspective. Cabi.
Siyabulela, N., 2016. Using sport tourism events as a catalyst for tourism development in the
Eastern Cape Province, South Africa. African Journal of Hospitality, Tourism and
Leisure. 5(3). pp.1-10.
Sotiriadis, M. D., 2015. Culinary tourism assets and events: suggesting a strategic planning
tool. International Journal of Contemporary Hospitality Management. 27(6). pp.1214-
1232.
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