Strategic Analysis Plan_Final Project

Strategic Analysis Plan_Final Project - Table of Contents...

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Unformatted text preview: Table of Contents List of Figures............................................................................................................................2 List of Tables.............................................................................................................................2 1 List of Figures List of Tables 2 Executive Summary During the summer of 2008, UT Consulting, a group of senior University of Tampa students set out to strategically assess a private nonprofit organization called The Florida Museum of Photographic Arts (FMoPA). A relatively new establishment, FMoPA offers unique photography and educational classes to the public. UT Consulting worked closely with the museum during the past three months to analyze the organization in all aspects in order to make future recommendations. The first step to conducting this thorough analysis of the museum was to evaluate the broad environment in which the museum exists, also known as an external analysis. There are several art and community museums in the surrounding Tampa Bay area which contribute to the overall competitiveness of the industry. Structural forces that affect the museum industry’s profitability are the politics involved when grants are given to museums. In addition, the museum industry tends to have high barriers to entry. Trends in the industry are directly affecting consumer spending. Because the Florida Museum of Photographic Arts is a relatively inexpensive alternative to other forms of entertainment such as theme parks, movies, and shopping, the museum may benefit from the unstable economy. While the external analysis was performed to assess opportunities and constraints presented by the environment, the next stage of the process for UT consulting was to conduct an internal analysis of FMoPA. This allowed for evaluation of particular strengths and weaknesses of the organization, which will ultimately be used along with the findings of the external analysis to suggest short, medium and long term recommendations for FMoPA. The initial step of the internal analysis was conducting an 3 examination of FMoPA’s human resources, company culture, customer relations, the product in terms of the artwork, and the physical location/structure of the building; all of which add to the value of the museum. Assets, profitability, expenses and additional financial information are surveyed to analyze FMoPA’s financial standing. This will allow UT Consulting to evaluate areas where costs could be minimized while also suggesting areas that need more allocation of capital. In conjunction with the extensive research made on FMoPA and the museum industry, UT Consulting has developed a comprehensive set of recommendations for the museum. Joint advertising with other museums, implementing Generally Accepted Accounting Principles and applying for national accreditation through the museum association are among the recommendations UT Consulting has developed for FMoPA....
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This note was uploaded on 07/13/2010 for the course MGT MGT 431 taught by Professor Dr.wynn during the Summer '08 term at Tampa.

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Strategic Analysis Plan_Final Project - Table of Contents...

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