Hospitality and Tourism: Science Museum Group's Environment Report

This report provides a comprehensive analysis of the Science Museum Group, a prominent UK-based organization within the hospitality, tourism, and events management sector. It begins with an overview of the organization's history and functional organizational structure. The report then evaluates the company's strategic objectives, consumer trends such as personalization, and sustainability initiatives, including the use of renewable energy and carbon emission reduction efforts. A financial analysis assesses the company's performance and governance, including adherence to good corporate governance standards. The report also examines the company's stakeholders, both internal and external, and analyzes current market issues impacting these stakeholders, such as changing consumer preferences and political changes. The conclusion summarizes the key findings, highlighting the firm's financial strength, sustainability efforts, and its commitment to governance, while emphasizing the importance of the hospitality sector in a country's economic growth.

Hospitality tourism and
events environment

Table of Contents
INTRODUCTION...........................................................................................................................1
MAIN BODY...................................................................................................................................1
1. Explanation of the history and organisational structure of the described organisation...........1
2. Evaluating the strategic objectives that are used by the company...........................................1
3. Analysis of the trends of the consumer that the firm follows..................................................1
4. Describing the sustainability improvement by the organisation..............................................2
5. Analysis and evaluation of operations of the firm financially.................................................2
6. Identification of the governance of the company and analysing that the firm comply all the
standards of good corporate governance......................................................................................2
7. Evaluation of stakeholders and key stakeholders of the organisation.....................................3
8. Evaluation and analysis of the current issues in the market that impact the key stakeholders
of the organisation........................................................................................................................4
CONCLUSION................................................................................................................................4
REFERENCES................................................................................................................................6

INTRODUCTION
Hospitality tourism and events management is an important aspect in the current scenario
as it possess a lot of importance due to its contribution in the growth of a country by contributing
to its gross domestic product (Chon and Zoltan, 2019). Science Museum Group is a firm that is
established in the UK since a pretty long time and hence has captured a great amount of share in
the industry. This report covers various topics such as history and structure of the organisation,
its strategic objectives, trends of the consumer that it follows, methods used by the firm to
improve its sustainability. Apart from this firm's financial operations and governance of the
organisation according to the good corporate governance is also described. Further various
aspects of the stakeholders are also analysed that are related with the company.
MAIN BODY
1. Explanation of the history and organisational structure of the described organisation
Science museum group is a collection of various individual museums and all are
collectively known as the Science museum group. It was founded in the year 1909 and since
then enjoys a good customer base and also possess a lot of importance due to the value that it
carriers. Also there are various organisational structure that are prevailing in the market like
functional, divisional, matrix, etc. but the firm uses functional structure as it suits the company
very well. In functional structure all are allotted specific work and thus it benefits the overall
working of the firm in a positive way (Ezeuduji, Chibe and Nyathela, 2017).
2. Evaluating the strategic objectives that are used by the company
There are various strategic objectives of the company and it implement it very carefully
and precisely due to its operations that are wide in nature. The different types of strategies that
the firm follows is making an impactful museum so that it can motivate and inspire people by
seeing the past achievements of various persons. Also it aims at expanding it internationally so
that it can earn a good profitability. Apart from this it also focus on enhancing experiences of its
customer so that it can result in increased growth of the firm.
3. Analysis of the trends of the consumer that the firm follows
There are various trends in the industry in which the firm that is Science museum group
operates but the main trend that it follows is private personalisation. As there is high demand for
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personal yet optimum experience the company allows an individual to use their services from the
comfort of their homes and thus making it convenient and simple for the customers. It also
helped the organisation to increase its sales and thus resulting in increased growth and
profitability of the firm. Apart from this the firm also took advantage of this and thus uses
various advanced technology to do such things which helped the company to increase its
efficiency and that has proved very effective from the firm's point of view (Hu and Olivieri,
2020).
4. Describing the sustainability improvement by the organisation
Science museum group is a firm that focus on using sustainable energy because of its
advantages that comes with it. The firm uses all renewable sources of energy in the museum and
thus helping the firm to increase its profits as these sources are cheaper as compared to others
and also government gives various subsidies and reliefs for using these sources. It helped the
firm in reducing the wastage of resources and thus adding to the growth of the firm and also
proved very crucial and critical in increasing the profits in the long run. Apart from it the
company has made various efforts to reduce the carbon emission that is generated from the
company in any manner and thus helped in reducing the carbon footprints of the company (Koc,
2020).
5. Analysis and evaluation of operations of the firm financially
The firm that is Science museum group is financially strong in every aspect as it is placed
very well in position as compared to other firms that re operating in the similar industry. The
firm possess a great value of assets that can pay off its liability easily and thus it has proved very
beneficial for increasing the market value of the firm in the market. Apart from this the company
has a positive net cash flow and thus it indicates that the company is performing exceptionally
well in all the areas and thus it reflects on its cash flow statement. Apart from this the company is
also financially very strong as compared to any other firm that operates in a similar industry
(Sadeh and Garkaz, 2019).
6. Identification of the governance of the company and analysing that the firm comply all the
standards of good corporate governance
Science museum group is governed by the government of the UK and thus it works
according to the rules and regulations, policies and procedures that are made for the firms that
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are operating in this industry. Also the firm comply with all the code of conduct and thus it sets
an example for other firms in terms of operations in the industry. Further the company is
regulated by various laws and all the ethics are followed in the firm that makes it a profitable
company and it is also beneficial in the long run.
7. Evaluation of stakeholders and key stakeholders of the organisation
Stakeholders is an individual which has interest in the company which is affect by the
business and also earn the profit if their market share is rising in the UK. There are different
types of stakeholder are their investor, employee, customer. There are both types of shareholder
id there which are internal and external. Internal stakeholder mean interest in the company
through direct relation and and external stakeholder are those which do not work direct with
company like creditor, supplier. In the science museum group, stakeholder can support the
organization because manager of the company helps in the management of the maintain the
customer base for to increase the sales and profit and the staff member also which help the
customer in their problems and issues. Thee are both primary and secondary shareholder are
present primary means internally and secondary means externally. They have their communities
and group member is also present in stakeholder. Manager take all the decisions regarding any
product which is to be shown in the museum (Sthapit and Jiménez-Barreto, 2018).
All stakeholder have impact on a business giving them more power and influence the
activities of business. All are explained in detail below with respect to the company that is
Science Museum Group-
 Managers- managers make some important decisions that influence the business activity
taken as a whole and has to be done very carefully and precisely.
 Employees- employees have a limited amount of influence on business decision as they
are not present in large amount.
 Suppliers- suppliers have significant role as they have to supply the quality of product
from the company to retail shops and then the finally to the Science Museum Group.
 Government- government can pass new laws according to the rules and regulation of the
UK and thus can impact the firm. The company does its operations according to the laws
made by the government and set an example for other firms too.
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 Local community- they are person in which local resident negatively effect, they make
protest of object through local council. They support business by buying product or
service and thus they are very important for the firm in increasing its sales.
 Shareholder owner- owners have their own decisions regarding the activity of business
and provide the funding for their expansion to achieve the goal of company and thus
these compromise a very important part in the organisation and thus benefits the overall
working of the firm.
8. Evaluation and analysis of the current issues in the market that impact the key stakeholders of
the organisation
Some issues that impacts on stakeholders in reference to any company that are systems,
policies, community involvement, equal opportunities and health and safety. Stakeholders are
those who can affects the organisation positively and negatively that directly impacts on the
output of the project. The political and tax rate changes affects the customers buying decisions
towards firm's products and services. All the above affect and effect the company that is Science
Museum Group and possess a lot of importance for the company. There are various other issues
too that impacts the working of the organisation like change in trend and preference of the
consumer as they usually prefer to use a product or service from the convenience of their homes
and the firm has make necessary changes in the firm so that all the needs, requirements, and
demands can be fulfilled of the buyer.
CONCLUSION
Events environment and hospitality tourism is an integral part of any country as a nation's
growth and development is dependent of these factors and it plays a very crucial role in the
development of a country. Science museum group is a firm that operates in the UK and provides
services to its citizens that are very essential in developing moral values and ethics in
individuals. From the above it can be concluded that the firm has a long history as it was
established in the year 1909 and operating effectively and efficiently from the starting due to an
intact organisational structure. Also various types of strategies and trends are followed by the
firm so that it does not lack behind as compared to others in the similar industry. Further it can
also be concluded that the firm is financially very strong and uses sustainable energy sources so
that it can be beneficial for the firm as well as to the society and the environment. Apart from
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this the company is governed by the government of the UK and it follows all the set structure,
ethics and works well in discipline so as to set a good example for other firms. Lastly the firm
has a strong stakeholders group that helps the firm in adverse situations and possess a lot of
importance for the firm and there are various issues in the current scenario that impacts the firm's
stakeholders but the firm put all its efforts to minimize all the risks involved so that firm can be
profitable in any situation.
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REFERENCES
Books and journals
Chon, K. K. S. and Zoltan, J., 2019. Role of servant leadership in contemporary
hospitality. International Journal of Contemporary Hospitality Management.
Ezeuduji, I. O., Chibe, M. E. and Nyathela, T., 2017. Hospitality management study programme
and students’ perceptions: universities in South Africa. Journal of Teaching in Travel &
Tourism. 17(4). pp.313-324.
Hu, L. and Olivieri, M., 2020. Social media management in the traveller's customer journey: an
analysis of the hospitality sector. Current Issues in Tourism, pp.1-12.
Koc, E., 2020. Cross-Cultural Aspects of Tourism and Hospitality: A Services Marketing and
Management Perspective. Routledge.
Sadeh, E. and Garkaz, M., 2019. Interpretive structural modeling of quality factors in both
medical and hospitality services in the medical tourism industry. Journal of Travel &
Tourism Marketing. 36(2). pp.253-267.
Sthapit, E. and Jiménez-Barreto, J., 2018. Exploring tourists' memorable hospitality experiences:
An Airbnb perspective. Tourism Management Perspectives. 28. pp.83-92.
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