Report on Royal Museums Greenwich: Governance and Stakeholder Analysis

This report provides an in-depth analysis of Royal Museums Greenwich, examining its structure, governance, and management within the hospitality, tourism, and events industry. The report begins with an executive summary and introduction, followed by an overview of the company, its objectives, and the consumer trends it follows. It delves into the organization's sustainability performance, financial operations, and governance structure. The analysis includes an identification of key stakeholders and a discussion of current issues impacting the company. The report highlights the importance of strategic objectives, financial returns, customer relationships, team building, diversification, and operational efficiency. It also addresses consumer trends such as the convergence of digital and physical shopping, the demand for eco-friendly products, and the value of time-saving services. Furthermore, the report emphasizes the significance of corporate social responsibility, waste reduction, and employee engagement. The financial section covers startup investment, revenue, and the importance of financial reports. Finally, it outlines the company's vision and mission statements and analyzes the roles of internal and external stakeholders. The report concludes with a comprehensive overview of how the hospitality, tourism, and events industry is structured, governed, and managed.

How the hospitality tourism
and events industry is
structured governed and
managed

EXECUTIVE SUMMARY
Hospitality sections are facing various sort of disputes and difficulties by the manner of the
effect of COVID- 19 pandemic. It is a vital unit for the business of organisation of hospitality
division to uphold their superiority of hotel and their deluxe service area and conveniences that
will help them to improve their good will at the market for increasing their productivity and
productivity in the management.

Contents
EXECUTIVE SUMMARY.............................................................................................................2
INTRODUCTION...........................................................................................................................4
TASK...............................................................................................................................................4
Overview of the company............................................................................................................4
Objectives....................................................................................................................................4
Consumer trends..........................................................................................................................5
Sustainability...............................................................................................................................6
Financial operations.....................................................................................................................7
Governance..................................................................................................................................7
Key stakeholders..........................................................................................................................8
Current issues.............................................................................................................................10
CONCLUSION..............................................................................................................................12
REFERENCES..............................................................................................................................13

INTRODUCTION
The hospitality industry is managing their services and facilities to sustain at the market
place to maintain their affectivity. As there are several hospitality facilities and travel or tourism
facilities that are recently close by the impact of pandemic situation. As there are four divisions
of the hospitality segment of management such as food and beverage sector, accommodation
sector, travel, and tourism sector and recreation sector of hospitality industry (Agarwal, and
et.al., 2021). The management consider in this report is Royal Museums Greenwich. It is a
private limited company with no share capital exclusion, as it was integrated on 22 March 2012.
As every sector is highly affected by the impact of key stakeholders in the business of
management. This report includes that the, candidates should know how the hospitality, tourism
and events industry is structured, governed and managed as effectively. They also require to have
the skills to determine and evaluate the effect of key stakeholders.
TASK
Overview of the company
In this report the selected organisation is Royal Museums Greenwich. It is a private limited
company that was established on 22 march 2012. The staff are well trained with capital of
experience for maintaining the consumers in business. The wellness business in respect to
improve more value to stakeholders by chosen corporate candidates and goods. The objective of
Royal Museums Greenwich management is to propose the modest products and facilities in
respect to satisfy the requirements and needs of the consumers.
Objectives
Strategic objectives are termed as one of the furthermost stimulating mechanisms of the
strategic plan as because they form the connection between to the missions and the annual targets
that are desired to realise it (Leitner, and et.al., 2021). Strategic term of the objectives will create
the borders by which the business of management will concentrates on diverse operations and
functions as effectively. They create the top layer of your strategic plan’s framework, articulating
what you’ll focus on to achieve your vision of success.
 Growth – Business growth is important for every management to sustain in the market
for longer period of time full stop but on the other side it depends on the higher term of
productivity and profitability in the business of management.

 Financial Return – It is also important to evaluate the financial return that can be
present as the number of percentage or number of ratio of the key total of profit to
investment. It is the change or values of the liability, asset, investment that might be
demonstrate the section of inflation or ratio variations in business of management.
 Customer – Consumers are the important for the business to purchase the goods and
their facilities from the business (Schildkraut, Sokolowski, and Nicoletti, 2021).
Management should have good relationship with consumers to sustain in the market for
longer period of time.
 Team – By having good team who perform several sort of activities to improve group
relations and will present their roles in the business of management. The team building
will involves building effective working relationship and determining solutions of team
issues as effectively.
 Diversification – It is termed as the risk management plan of action that have a sort of
sections of investments in the collection. Diversification restrict selection risk but should
be reduce presentation in shorter period of time.
 Cost – In accounting term of the section, cost termed to the financial worth of expenses
for raw resources, equipment, supplies, facilities, labour, goods, etc. It is quantity section
of the recorded that has an expenditure in bookkeeping records.
 Operational – The manner of operational section is termed as fundamental section of
accumulating sort of information. It is an essential term where the decision are developed
about the orientation that are in appropriate and inappropriate manner.
Consumer trends
As the Internet of Things remains to develop in orientated practice and approval, it have an
impact on the customers endures to modification at the marketplace (Tafel, 2021). It will makes
a remarkable sections for traders and various varieties to manage and deal with it as effectively.
 Convergence of Digital and Physical Shopping – The convergence of physical and
digital sections that have the progressive sections for both trader and consumers.
Customers will get involves with traders in the offline and as well as online sections that
are demanding on the outfits that they will buy online and exploring as online that they
will help the manner to control it.

 A New Definition of products – Products can be easily select if their brand have good
image and suitable good will in the field of the area at market place. It defines the
sections of the services and facilities for the consumers as effectively.
 The Role of “Influence” Will Become Even Greater – By influencing the consumers
from the side of the business of management that incorporates to it (Diani, 2021). The
business deals with varied types of sections for influencing and attracting consumer by
their products for an effective term in the business as effectively.
 Demand for Eco- Friendly, Low Plastic Options – As there are several consumers who
are now aware of harmful substance of plastic that might harm the environment. At
presently the consumers are eco- friendly and show their interest towards environmental
friendly products as effectively.
 Time Saving Becomes a Premium Service – By saving the manner of the time of
consumer that’s why they usually prefer online shopping and servicing. The consumers
can purchase the goods and products of the brand by one click with saving of time.
Sustainability
By having clear sort of vision in the business it will be effective for the business of
management to deal with several functional and operational terms in the organisation. As the
Corporate Social Responsibility (CSR) is the business methods that subsidises to sustainable
growth by distributing financial, social and environmental advantages for stakeholders in the
business of management as effectively and efficiently.
 Company Mission – By clarifying and creating the clear mission and vision in the
business it will be easy for their executives and employees to apply their orientation in
the business. It is also effective for developing maintainable determinations part of the
corporation assignment that are creating the obligation to sustainability as suitable in an
essential share of the bottom mark in the business of management.
 Waste Reduction – By reducing the wastage in the business it will be effective to
perform the operations and functions (Soluri, 2021). It might require to decrease the ratio
of wastage in the business for presenting more sectional orientated terms in the business.
 Employee Engagement – Staff faculty’s involvement is also an important task to for the
business as they perform managerial role of functions and operations. It is essential to

manage and deal with them as per to the basic orientation of the field of the area at the
market place.
Financial operations
Finance are termed as the business that will be from loan from banks, causes of finance
that will be mentioning more from family and friends and some of the stockholders who will
capitalise in this business as the shareholder. The start- up investment that will required for the
business that might be $2, 00,000. The revenues that might be received as annually as $60,000.
In context to the, Royal Museums Greenwich Company will perform functions and operations
towards the requirement of the consumers and it will help to obtain advanced consumer
fulfilments and outcomes in maximising of their incomes (Janda, and et.al., 2021). The financial
operations is termed as the plan by which there are several aspect that are related to the
competitor’s analysis and explanation the manner that how facilities and goods that might be
retailed to the consumers and how they can be delivered. As there are sort of the procedure of
determining the goods and facilities online by digital stages as effectively and efficiently.
Financial reports are as follows –

Governance
 Vision statement – To offers the favourable situation that are harmless and well where
everybody might like to apply their period of time as effectively.
 Mission statement – The Royal Museums Greenwich Company will be termed as
faithful to its services and staff faculty that help them to stay or sustain in the business as
effectively.
The Royal Museums Greenwich Company might concentrates on their orientated targeted
and offers better services to the consumers by which they might be influence and improve the
consumer base. As it is important to govern and controlled the manner of the business that offers
that situation by which consumers feels glad and secure at the period of time (Widener, 2021). It
is an important section for the business of management to get deal and govern or manage the
authorities of business by the executives and employees with the basic motive of high
productivity and profitability as effectively.
Key stakeholders
A stakeholder is the individual who has the attention in the business of management and
might affect the operations and function of the business of management. The main stakeholders

in the distinctive company that are its investors, staffs, consumers, and dealers as effectively.
Hence, as per to the maximising consideration on the corporate social responsibility (CSR), the
thought that has been comprehensive to involves as in the communities, administrations,
and trade sections as effectively.
Why Companies Need Key Stakeholders
The sort section term of the key stakeholders are the ones who create the sectional
approaches those purposes in the business of management as effectively (Lohachab, 2021). If
the management of the Royal Museums Greenwich Company, management wants to have the
variation as the manner with the procedures requests. For example, the key stakeholders that
might be in such sections for the growth explaining to the chosen scheme as the executives have
the various sort of the approaches with the new procedure that might affect the managerial
operations and functions in the business. The companies of each and every sector need the
supports of stakeholders as they are the essential person in the business. They have powers and
authorities to supports the business for more managing terms in the company. As the business
develops, it suits more critical to have the management team in section that might create such
decisions that initiate more visions and missions as effectively.
Internal and external stakeholders
Internal stakeholders will involves that not only are the candidates and freelancers but
also the manner of the board memberships and stockholders. The business of management has
the duty and roles to its internal stakeholders. Hence, they might have both a economic and a
particular attention in it prospers or failure as effectively.
On the other side, external stakeholders are not aggressively include in the regular basis
of the actions of the business of management as effectively. The company have an impact on
such sections that are mostly secondary as per to the roles and functions of the business. The
possible manner to identify the external stakeholders is to deliberate the individual who might be
exaggerated if the organisation unexpectedly folded (Lebaron, 2021). It might involves the
consumers and visitors, but they might also the section of the traders and creditors, who are
economically provides advantages in the business as effectively.
Stakeholder analysis
Time Ideal Preparations Execution Analysis

commitments
of the
participants
stakeholders
group
Interviews 40 to 50
mints.
Executives
and leaders are
the key
stakeholders
representatives
in organisation
Create
interviews
and
questionnaire
and schedule
and
reschedule
interviews
Interviews
have
conversations
with
executive’s
leaders
utilising
questionnaire
as key guide.
Utilise a
separate note
maker.
Note taker types
interview notes.
Interviewer
reviews typed
notes. Team
identify notes to
identify finding,
conclusion and
recommendations.
Focus
groups
Short – 50
mints.
Typical – 4 to
6 hours
Joint level to
seniors
stakeholders
representatives
Creating
meeting
plans, obtain
services, plan
and
procedure for
recording
input. May
use group
system
software to
record it.
At last one
recorder and
organiser.
Larger group
might need
breakout
groups and
multiple
organiser.
Observation
should be
documented.
Analysis
determined
findings,
conclusion and
recommendations.
Surveys 10 – 25 mints. Junior to joint
level
stakeholder
representatives
Create
surveys,
questions,
determine the
Complete
survey
questionnaire,
solicit
Depends on
amount of
questions and
capability of

survey
software and
create the
analysis plan.
As online
surveys are
helpful and
useful.
surveys and
supervise
completion
status.
statistical analysis
package.
Conclusion
should be created
from the source of
information.
Current issues
Key stakeholders Major impact on the business activities in the business
Shareholders and
owner of business
Owner of the business have the major and most impact in the business
of management. As they create decisions related to the activities of the
management and will offers capital to allow it to start up management
and develop. As the shareholders will also have an impact on the goals
of the management.
Managers The managers and executives will create sort of the references and
decisions that have an impact the managerial operations and functions
in the business.
Staff faculty The staff faculty might have the limited quantity of sections that have
an impact on the business choices. Hence, it might also mark the
management as directly (Shahbazi, and Byun, 2021). It will also have
key section of impact with the situation.
Consumers Consumers purchase goods and facilities and give response to
management to know that how to enhance them. Consumers that are
also capable to have an impact on others by mentioning the
management to groups or by threatening them as against them by
utilising the management.
Suppliers The suppliers might have a major impact on the management if there
are any variations in the superiority of the sections that they source or

the dependability of their services as effectively.
Local section of
commodity
If the management affects the larger sort of local populations as
negatively, than they might complaint or rise objection by the local
assembly (Moody, 2021). It might also follows the management
sections by purchasing the key orientated services and facilities of the
company.
Pressure group The pressure groups might increase or enhance the operational
environments for staff workers and aid them to get reasonable salary.
It might also try to have an impact on consumers’ thoughts of the
management as effectively.
Government The governments should pass new rules, modify taxes stages or adjust
sections of the administration by expenditure in various manner that
have an impact on the business.
CONCLUSION
From the above mentioned report it has been concluded that, hospitality industry is handling
their services and accommodations to survive at the market place to continue their affectivity in
the business of management. As there are various sort of the hospitality services and travel or
tourism facilities that are newly adjacent by the impact of pandemic situation in the business of
management as effectively.

REFERENCES
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