Hospitality, Tourism, Events: Science Museum Group Analysis Report

This report provides a comprehensive analysis of the Science Museum Group, examining its history, organizational structure, and strategic objectives. It delves into the consumer trends the group follows, such as augmented reality and themed hotels, and outlines its sustainability initiatives and financial operations. The report also describes the governance structure and adherence to corporate governance standards, defines stakeholders, and identifies current issues impacting them. The Science Museum Group's strategic objectives include growing science capital, extending global reach, enhancing public income, and transforming its estate. The report highlights the importance of financial resources and the various income sources, including government grants, donations, and trading activities. The Science Museum Group aims to improve sustainability through increased collections, exhibitions, digitalization, and research related to culture and strategy. Key stakeholders such as customers, trustees, and the government, are discussed with their impact on the company's success. The report concludes with an overview of the group's operations and its adherence to good corporate governance practices.

HOSPITALITY,
TOURISM AND
EVENTS
ENVIRONMENT

Table of Contents
INTRODUCTION...........................................................................................................................1
MAIN BODY...................................................................................................................................1
Provide overview of history and organisational structure of organisation.................................1
Identify strategic objectives of organisation including key data from latest annual report........2
Identify consumer trends that organisation follow......................................................................2
Outline how organisation is improving its sustainability............................................................4
Identify how organisation operates financially...........................................................................4
Describe how organisation is governed and whether it adheres to standards of good corporate
governance..................................................................................................................................5
Provide definition of stakeholders, classify key stakeholders....................................................5
Identify current issues that impact key stakeholders...................................................................6
CONCLUSION ...............................................................................................................................7
REFERENCES................................................................................................................................8

INTRODUCTION
Hospitality, tourism and events environment are stated the multicultural focused on hotel,
lodging, food & beverages, tourism and events etc. that helps in developing a person knowledge
which is helpful in their future developing career. The objective of making this report is to
managed, governed and structured the hospitality, event and tourism industry by identifying the
needs of the various stakeholders in the research. This project is based on the Science Museum
Group that is largest collection of the British museum that was founded in 1909 . It involves the
brief overview of history and structure of the business enterprise, further analysing the strategic
objectives of organisation that helps in identify the image and position of the business within the
present marketplace. Further identify the key stakeholders that majorly impact the company and
their activities and operations for gaining profits and revenues. This also evaluates the corporate
social governance that helps in identify the current issues that was present within the market and
consumers trends that the company follow so that large base of customers are retained and more
new customers are show their interest to visit the Science Museum group(Agyeman 2019).
MAIN BODY
Provide overview of history and organisational structure of organisation
It is very essential for a person who apply for an interview to examine the company
history and their organisational structure. Science Museum Group is the famous business
enterprise that has its origin in south Kensington Museum that was organised soon after the
Great Exhibition of 1851. This Museum was reorganised as the Victoria and Albert Museum,
Albert Museum and Science Museum since 1909. As Science and industry Museum established
in North Western Museum of science in 1969 but registered as a charity group in 1987 after that
they can joined the Science Museum group in 2012. Science Museum Group is the corporate
Body that established under National Heritage Act 1983. In this they follow that organisational
structure in which government of the country can directly managed the various departments of
the organisation until 1984. but from now it has the NDPB i.e. non-departmental public body
which is operate from the public sector but mainly it is supported by the department of culture,
digital, media and sport(Science Museum Group, 2019).
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Identify strategic objectives of organisation including key data from latest annual report
Science Museum Group has distinct identity in the business environment because their
group are recognised as a best opportunities for fulfilling the objectives. The vision of this
company is to build a society that celebrates science, engineering and technology and this can
majorly impact on their lives and in near future. For this they work with a mission of inspiring
the next generations inventors, engineers and scientist and use the scientifically literate society
that helps in transporting and media to grow the science capital. The main strategic objectives
of Science Museum Group is to grow the science capital in every individual and society so that
firm will sustain and grow their world class collections. There another main objectives is to
extend the global reach, enhancing income of public in Science, engineering etc. , transform our
estate by excepting the changes in an effective and efficient way. This objectives can be
effectively shown in the annual report of firm that shows the number of visitors who booked
education groups are around 603000 in 2018-19 that is very effective as it is around their targets
bookings i.e. 605000.
Identify consumer trends that organisation follow
Consumer trends refers to that study which helps the businesses to examine the current
prevailing behaviour and habits of the consumers related to goods and services that is offered by
the company to their customers. This trends can very effective for the company to gain higher
profits and to sustain for a longer period of time. As Science Museum Group can follow the
trends to attracts the customers that can be shown below:
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 Augmented reality- It is one of the best trend in today's digital world to attracts the
large base of customers. It create a virtual layer in the real world that includes sounds,
videos, graphic and data. In case of Science Museum Group they adopting this
technology very effectively where the visitors can view the art in greater depth in their
own gadget that are mobile phones, computers etc., so that they can scan and feel the
experience very effectively. In this firm will create a Artworks at their organisation so
that visitors can efficiently experience(Ledgerwood, 2017).
 Themed hotels- For every organisation attraction is very essential and companies are
investing more on getting the people who stay longer with the firm. IN this Themed hotel
is one of the best trend that helps in developing the strategic growth of the company so
that it will sustain for a longer period of time. In case of Science Museum Group, they
constructed the theme hotel on their museum that is close to the water park so that
visitors can enjoy the experience of theme hotel by staying in it. This will helps in
enhancing the image of the brand also attracts the customers towards the Science and
digital technology which is the major objective of the company. In New Orleans ,
National Museum also established 'The Higgins Hotel &Conference centre that will
motivates more people towards the National Museums.
 Autonomous things- It refers to that physical devices under which artificial intelligence
play an essential role and functions that previously perform by the human beings.
Museums like Science Museum Group can employee robots instead of employees who
helps the visitors and engage them for a longer period of time. This helps in attracting the
large base of customers and their culture towards it so that they will sustain for a longer
period of time.
 Edge computing- It is very effective science technology that involves the use of 5G
technology that is closely related with the internet of things. This is very helpful to
collecting and delivery the information to the right to right consumers, visitors etc. It is
very effective for the Science Museum Group to make a strong network by smart lighting
and frames that are fully digital which helps in experiencing the new layered of the
network connections.
 Festivals and events- As it is the best source of consumer trends that is used by the
Science Museum Group in which they orgnaised the events in the reputed venue of Great
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Manchester by involving the 900 STEM professionals. This events can organised by the
name of “Electricity: the spark of life”. This helps in longer success of the company and
attracting the large base of customers towards it(Wetherley and Otter, 2018).
Outline how organisation is improving its sustainability
Science Museum Group is one of the best British Museum that have a good collection in
the world in their field i.e. digitally and physically. It offers the best opportunity to the number of
people in learning, researching, displaying the digital and science field effectively. As they
comprises around the 7.3 million items that majorly involves photographs and archives. The
company is working for improving their sustainability by doing major improvement services for
their customers by addressing the several areas of historic underinvestment collections that are
acquisition, digitalisation, preservation. They can focus on various terms for longer sustainability
that can be elaborated below:
 Increasing the scope and pace of collections, exhibitions and digitalisation- It is
primary source that the Science Museum Groups can be improved to develops their
sustainability. In this they do the collections digitalisations that helps in building blocking
of accessing and interpretation. In this they are working for progressing their projects by
capturing the images of 6000 objects for online collections as a part of decant work, this
will acquire the company sustainability in the marketplace(Blooploop., 2020).
 Enhancing research related to culture and strategic- It is another source for improving
the sustainability by Science Museum Group. In this they mainly emphasis on focus on
the opportunities that helps in completing the international exploration. This also helps in
encouraging the visitors towards the company. In this Science Museum group commit
constantly collection of the best material into the world and make a visual record of it
with the help of technology. This majorly impact on the medicine, transport and media
and assist the Science Museum Group to impoverish their insubstantiality within the
world.
Identify how organisation operates financially
For every organisation financial resources play an important role because without it no
business can run and operate. In case of Science Museum Group, the financial statement is
comprises of the consolidated statement of the financial activities that may involves the
accounting policies. This company is financially operated with the view to developing the world
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into a digital world. In this they collect the income from the various sources like government
grant in aid, donations, trading activities, charitable activities etc. fro this they can prepare a
proper balance sheet and cash statement in which cash and cash equivalents are around 25,215 in
the year 2019(Science Museum Group, 2019).
Describe how organisation is governed and whether it adheres to standards of good corporate
governance
Science Museum Group is a type of public body that has a responsibility to preserve the
organisational records involving some collections records related to digitalisation, suatinability,
transportation etc. This organisation is complete compliance with the corporate governance in
which board of Trustees play the several responsibilities that is relevant under the following acts
that are develops for maintaining the corporate governance. In Science Museum Group,
corporate governance is comply under the code of good practice 2017. In this board members
work supportingly by strongly managing the committee. In this board can evaluate regular the
views of senior staff so that they can improve and processes their activities to perform the
performance. They can adheres the good corporate governance by responding under the the
freedom of information act and data protection act so that income generating activities are
develops that is beneficial for the future expansion in international market(Gregory, 2019).
Provide definition of stakeholders, classify key stakeholders
Stakeholder refers to either an individual person or a group of individual or organisation
that will affected by the outcome of the project. They have an major interest in the success of the
project. They have both type of influence on the project i.e. positive and negative. Stakeholders
refers to a party that have a major impact on the company profits and sustainability. There are
various type of stakeholders that have major impact on the company(Cusuem., 2020). Some of
the key stakeholders are included below:
 Customers- they are the essential key stakeholder for the organisation because they stake
the company products and services due to this firm will gain higher profits and revenues.
They are the actual stakeholder of an business enterprise that impact the quality of the
products and services and also their value.
 Trustees-It is another key stakeholder that can holds and administers the property or
assets for the sake of the third party. They can be appointed by the companies for charity,
or or a trust fund. In this Science Museum Group have a key stakeholder that can do a
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charity and allocate a fund for providing beneficial products to the society people related
to digitalisation(Pivovarov, 2018).
 Government- It is another key stakeholder that place a prominent position in the
operations of the business enterprises. As they stake the taxes and GDP by collecting the
taxes from the company. In case of Science Museum Group this will play a major role as
they are hold and control all the activities that was done within the company. As they
work for making the world that value science and technology and government can
support this due to this they can contribute also in this and manage and control more
functions.
 Communities- They are the other essential stakeholders which involves the health, safety
and economic development. In case of Science Museum Group this communities helps
the company to generate high profits and revenues. In this they also helps the Science
Museum group to sustain for a longer period of time in the international market with their
goods and services.
Identify current issues that impact key stakeholders
The key stakeholder of the Science Museum Group i.e. board of Trustees that will
impacted by the current problems that are arising within the company. Some of the key issues
that can considered by board of directors can be shown below:
 Group ethics policy- In this, board directors can approved the group ethics policy that is
a major part of the regular analysing the policy review schedule. This policy includes
major representatives that are trustees, staff, advisors etc. but these stakeholders cannot
regularly attend the meetings due to this making ethics policies have indulges some
issues relating to conflicts, misunderstanding etc.
 One collection- It is another main issue that is considered by the board of trustees which
are major stakeholders of company is one collection. In this organisation can take the
approval of several recommendations at the timeline of the project including the
extension of ONE to develops the national collections centre.
 Sustainability- It is the another issue that is face by the key stakeholders is long time
sustainability in the international market. In this board of trustees includes the huge
portion of making strategy day to this major issue(Braun, 2019).
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CONCLUSION
From the above report it is to be concluded that this project helps in gaining the strong
knowledge regarding the hospitality, tourism and event environment. This whole report is based
on Science Museum Group. It inculcate the company history, their objectives that helps in
understanding the position and market share of the company within the marketplace. This also
includes the consumer trends that can helps in attracting the customers to the company in all over
the globe. Further in this policies relating to the CSR can included that can make a good image
and value in the eyes of the customers. It also inculcates the stakeholders because they are the
essential resources of the organisational who can handle all the operations of the company and
also work for their high revenues. At last it inculcates the current issues that majorly impact the
stakeholders so that firm can solve it effectively and to overcome this issues company will assign
the best applicant so that stakeholders works effectively.
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REFERENCES
Books and Journals
Agyeman K.W., 2019. Top 10 Museum Trends You Should Know. Museum Tech Trends,
[online] 8 January. Available at: https://medium.com/museum-techtrends/top-10-
museum-trends-in-2019-3c5582ed8253 [Accessed 14 July 2020].
Blooploop., 2020. Top visitor attraction trends for 2020. [online] 6 February. Available at:
<https://blooloop.com/features/visitor-attraction-trends-2020/>
Braun, R., 2019. Corporate Stakeholder Democracy: Politicizing Corporate Social
Responsibility. Budapest: Central European University Press.
Cusuem., 2020. Top Technology Trends for 2020: What it means for museums and non-profits.
[online] 4 February. Available at: <https://cuseum.com/blog/2020/2/3/top-technology-
trends-for-2020-what-it-means-for-museums-and-nonprofits>
Gregory, T., 2019 The Big Trends Transforming Libraries, Museums and Archives in 2019 and
Beyond. Axiell, [online] 4 July. Available at: <https://www.axiell.com/report/the-big-
trends-transforming-libraries-museums-and-archives-in-2019-and-beyond/>
Ledgerwood, G., 2017. Greening the Boardroom: Corporate Governance and Business
Sustainability. 1st ed. Abingdon; Routledge
Pivovarov, K., 2018. The future of museums: The ultimate visitor experience. BDC Network,
[online] 27 March. Available at: <https://www.bdcnetwork.com/blog/future-museums-
ultimate-visitor-experience>
Science Museum Group, 2019. Science Museum Annual Report and Accounts. [online].
Available at: <https://www.sciencemuseumgroup.org.uk/wp-content/uploads/2019/08/
SMG-Annual-Report-Accounts-2018-19v2.pdf>
Wetherley, P. and Otter, D., 2018. The Business Environment. Themes and issues in a
globalizing world. 4 th ed. Oxford: Oxford University Press.
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