Museum of Fine Arts Boston/Fleet Financial Group Sponsorship of Monet in the 20th Century SWOT Analysis / TOWS Matrix / Weighted SWOT Analysis
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Case Study SWOT Analysis Solution
Case Study Description of Museum of Fine Arts Boston/Fleet Financial Group Sponsorship of Monet in the 20th Century
To maximize their effectiveness, color cases should be printed in color.The Museum of Fine Arts in Boston and Fleet Financial Group's sponsored the Monet in the 20th Century exhibition, the world's largest, in 1998. The case chronicles the solicitation of a large corporate sponsor, as well as the growth and development of their partnership. Includes color exhibits.
Swot Analysis of "Museum of Fine Arts Boston/Fleet Financial Group Sponsorship of Monet in the 20th Century" written by Stephen A. Greyser includes – strengths weakness that are internal strategic factors of the organization, and opportunities and threats that Monet Museum facing as an external strategic factors. Some of the topics covered in Museum of Fine Arts Boston/Fleet Financial Group Sponsorship of Monet in the 20th Century case study are - Strategic Management Strategies, and Sales & Marketing.
Some of the macro environment factors that can be used to understand the Museum of Fine Arts Boston/Fleet Financial Group Sponsorship of Monet in the 20th Century casestudy better are - – increasing government debt because of Covid-19 spendings, increasing commodity prices, digital marketing is dominated by two big players Facebook and Google, central banks are concerned over increasing inflation, technology disruption, wage bills are increasing, banking and financial system is disrupted by Bitcoin and other crypto currencies,
challanges to central banks by blockchain based private currencies, there is increasing trade war between United States & China, etc
Introduction to SWOT Analysis of Museum of Fine Arts Boston/Fleet Financial Group Sponsorship of Monet in the 20th Century
SWOT stands for an organization’s Strengths, Weaknesses, Opportunities and Threats . At Oak Spring University , we believe that protagonist in Museum of Fine Arts Boston/Fleet Financial Group Sponsorship of Monet in the 20th Century case study can use SWOT analysis as a strategic management tool to assess the current internal strengths and weaknesses of the Monet Museum, and to figure out the opportunities and threats in the macro environment – technological, environmental, political, economic, social, demographic, etc in which Monet Museum operates in.
According to Harvard Business Review, 75% of the managers use SWOT analysis for various purposes such as – evaluating current scenario, strategic planning, new venture feasibility, personal growth goals, new market entry, Go To market strategies, portfolio management and strategic trade-off assessment, organizational restructuring, etc.
SWOT Objectives / Importance of SWOT Analysis and SWOT Matrix
SWOT analysis of Museum of Fine Arts Boston/Fleet Financial Group Sponsorship of Monet in the 20th Century can be done for the following purposes –
1. Strategic planning using facts provided in Museum of Fine Arts Boston/Fleet Financial Group Sponsorship of Monet in the 20th Century case study
2. Improving business portfolio management of Monet Museum
3. Assessing feasibility of the new initiative in Sales & Marketing field.
4. Making a Sales & Marketing topic specific business decision
5. Set goals for the organization
6. Organizational restructuring of Monet Museum
Strengths Museum of Fine Arts Boston/Fleet Financial Group Sponsorship of Monet in the 20th Century | Internal Strategic Factors
What are Strengths in SWOT Analysis / TOWS Matrix / Weighted SWOT Analysis
The strengths of Monet Museum in Museum of Fine Arts Boston/Fleet Financial Group Sponsorship of Monet in the 20th Century Harvard Business Review case study are -
Superior customer experience
– The customer experience strategy of Monet Museum in the segment is based on four key concepts – personalization, simplification of complex needs, prompt response, and continuous engagement.
Learning organization
- Monet Museum is a learning organization. It has inculcated three key characters of learning organization in its processes and operations – exploration, creativity, and expansiveness. The work place at Monet Museum is open place that encourages instructiveness, ideation, open minded discussions, and creativity. Employees and leaders in Museum of Fine Arts Boston/Fleet Financial Group Sponsorship of Monet in the 20th Century Harvard Business Review case study emphasize – knowledge, initiative, and innovation.
Low bargaining power of suppliers
– Suppliers of Monet Museum in the sector have low bargaining power. Museum of Fine Arts Boston/Fleet Financial Group Sponsorship of Monet in the 20th Century has further diversified its suppliers portfolio by building a robust supply chain across various countries. This helps Monet Museum to manage not only supply disruptions but also source products at highly competitive prices.
Diverse revenue streams
– Monet Museum is present in almost all the verticals within the industry. This has provided firm in Museum of Fine Arts Boston/Fleet Financial Group Sponsorship of Monet in the 20th Century case study a diverse revenue stream that has helped it to survive disruptions such as global pandemic in Covid-19, financial disruption of 2008, and supply chain disruption of 2021.
Operational resilience
– The operational resilience strategy in the Museum of Fine Arts Boston/Fleet Financial Group Sponsorship of Monet in the 20th Century Harvard Business Review case study comprises – understanding the underlying the factors in the industry, building diversified operations across different geographies so that disruption in one part of the world doesn’t impact the overall performance of the firm, and integrating the various business operations and processes through its digital transformation drive.
Analytics focus
– Monet Museum is putting a lot of focus on utilizing the power of analytics in business decision making. This has put it among the leading players in the industry. The technology infrastructure suggested by Stephen A. Greyser can also help it to harness the power of analytics for – marketing optimization, demand forecasting, customer relationship management, inventory management, information sharing across the value chain etc.
High switching costs
– The high switching costs that Monet Museum has built up over years in its products and services combo offer has resulted in high retention of customers, lower marketing costs, and greater ability of the firm to focus on its customers.
Sustainable margins compare to other players in Sales & Marketing industry
– Museum of Fine Arts Boston/Fleet Financial Group Sponsorship of Monet in the 20th Century firm has clearly differentiated products in the market place. This has enabled Monet Museum to fetch slight price premium compare to the competitors in the Sales & Marketing industry. The sustainable margins have also helped Monet Museum to invest into research and development (R&D) and innovation.
Strong track record of project management
– Monet Museum is known for sticking to its project targets. This enables the firm to manage – time, project costs, and have sustainable margins on the projects.
Effective Research and Development (R&D)
– Monet Museum has innovation driven culture where significant part of the revenues are spent on the research and development activities. This has resulted in, as mentioned in case study Museum of Fine Arts Boston/Fleet Financial Group Sponsorship of Monet in the 20th Century - staying ahead in the industry in terms of – new product launches, superior customer experience, highly competitive pricing strategies, and great returns to the shareholders.
Digital Transformation in Sales & Marketing segment
- digital transformation varies from industry to industry. For Monet Museum digital transformation journey comprises differing goals based on market maturity, customer technology acceptance, and organizational culture. Monet Museum has successfully integrated the four key components of digital transformation – digital integration in processes, digital integration in marketing and customer relationship management, digital integration into the value chain, and using technology to explore new products and market opportunities.
Ability to recruit top talent
– Monet Museum is one of the leading recruiters in the industry. Managers in the Museum of Fine Arts Boston/Fleet Financial Group Sponsorship of Monet in the 20th Century are in a position to attract the best talent available. The firm has a robust talent identification program that helps in identifying the brightest.
Weaknesses Museum of Fine Arts Boston/Fleet Financial Group Sponsorship of Monet in the 20th Century | Internal Strategic Factors
What are Weaknesses in SWOT Analysis / TOWS Matrix / Weighted SWOT Analysis
The weaknesses of Museum of Fine Arts Boston/Fleet Financial Group Sponsorship of Monet in the 20th Century are -
Slow to harness new channels of communication
– Even though competitors are using new communication channels such as Instagram, Tiktok, and Snap, Monet Museum is slow explore the new channels of communication. These new channels of communication mentioned in marketing section of case study Museum of Fine Arts Boston/Fleet Financial Group Sponsorship of Monet in the 20th Century can help to provide better information regarding products and services. It can also build an online community to further reach out to potential customers.
High bargaining power of channel partners
– Because of the regulatory requirements, Stephen A. Greyser suggests that, Monet Museum is facing high bargaining power of the channel partners. So far it has not able to streamline the operations to reduce the bargaining power of the value chain partners in the industry.
Slow decision making process
– As mentioned earlier in the report, Monet Museum has a very deliberative decision making approach. This approach has resulted in prudent decisions, but it has also resulted in missing opportunities in the industry over the last five years. Monet Museum even though has strong showing on digital transformation primary two stages, it has struggled to capitalize the power of digital transformation in marketing efforts and new venture efforts.
High dependence on star products
– The top 2 products and services of the firm as mentioned in the Museum of Fine Arts Boston/Fleet Financial Group Sponsorship of Monet in the 20th Century HBR case study still accounts for major business revenue. This dependence on star products in has resulted into insufficient focus on developing new products, even though Monet Museum has relatively successful track record of launching new products.
Interest costs
– Compare to the competition, Monet Museum has borrowed money from the capital market at higher rates. It needs to restructure the interest payment and costs so that it can compete better and improve profitability.
High operating costs
– Compare to the competitors, firm in the HBR case study Museum of Fine Arts Boston/Fleet Financial Group Sponsorship of Monet in the 20th Century has high operating costs in the. This can be harder to sustain given the new emerging competition from nimble players who are using technology to attract Monet Museum 's lucrative customers.
Capital Spending Reduction
– Even during the low interest decade, Monet Museum has not been able to do capital spending to the tune of the competition. This has resulted into fewer innovations and company facing stiff competition from both existing competitors and new entrants who are disrupting the industry using digital technology.
Increasing silos among functional specialists
– The organizational structure of Monet Museum is dominated by functional specialists. It is not different from other players in the Sales & Marketing segment. Monet Museum needs to de-silo the office environment to harness the true potential of its workforce. Secondly the de-silo will also help Monet Museum to focus more on services rather than just following the product oriented approach.
High cash cycle compare to competitors
Monet Museum has a high cash cycle compare to other players in the industry. It needs to shorten the cash cycle by 12% to be more competitive in the marketplace, reduce inventory costs, and be more profitable.
No frontier risks strategy
– After analyzing the HBR case study Museum of Fine Arts Boston/Fleet Financial Group Sponsorship of Monet in the 20th Century, it seems that company is thinking about the frontier risks that can impact Sales & Marketing strategy. But it has very little resources allocation to manage the risks emerging from events such as natural disasters, climate change, melting of permafrost, tacking the rise of artificial intelligence, opportunities and threats emerging from commercialization of space etc.
Slow to strategic competitive environment developments
– As Museum of Fine Arts Boston/Fleet Financial Group Sponsorship of Monet in the 20th Century HBR case study mentions - Monet Museum takes time to assess the upcoming competitions. This has led to missing out on atleast 2-3 big opportunities in the industry in last five years.
Opportunities Museum of Fine Arts Boston/Fleet Financial Group Sponsorship of Monet in the 20th Century | External Strategic Factors
What are Opportunities in the SWOT Analysis / TOWS Matrix / Weighted SWOT Analysis
The opportunities highlighted in the Harvard Business Review case study Museum of Fine Arts Boston/Fleet Financial Group Sponsorship of Monet in the 20th Century are -
Leveraging digital technologies
– Monet Museum can leverage digital technologies such as artificial intelligence and machine learning to automate the production process, customer analytics to get better insights into consumer behavior, realtime digital dashboards to get better sales tracking, logistics and transportation, product tracking, etc.
Changes in consumer behavior post Covid-19
– Consumer behavior has changed in the Sales & Marketing industry because of Covid-19 restrictions. Some of this behavior will stay once things get back to normal. Monet Museum can take advantage of these changes in consumer behavior to build a far more efficient business model. For example consumer regular ordering of products can reduce both last mile delivery costs and market penetration costs. Monet Museum can further use this consumer data to build better customer loyalty, provide better products and service collection, and improve the value proposition in inflationary times.
Harnessing reconfiguration of the global supply chains
– As the trade war between US and China heats up in the coming years, Monet Museum can build a diversified supply chain model across various countries in - South East Asia, India, and other parts of the world. This reconfiguration of global supply chain can help, as suggested in case study, Museum of Fine Arts Boston/Fleet Financial Group Sponsorship of Monet in the 20th Century, to buy more products closer to the markets, and it can leverage its size and influence to get better deal from the local markets.
Using analytics as competitive advantage
– Monet Museum has spent a significant amount of money and effort to integrate analytics and machine learning into its operations in the sector. This continuous investment in analytics has enabled, as illustrated in the Harvard case study Museum of Fine Arts Boston/Fleet Financial Group Sponsorship of Monet in the 20th Century - to build a competitive advantage using analytics. The analytics driven competitive advantage can help Monet Museum to build faster Go To Market strategies, better consumer insights, developing relevant product features, and building a highly efficient supply chain.
Remote work and new talent hiring opportunities
– The widespread usage of remote working technologies during Covid-19 has opened opportunities for Monet Museum to expand its talent hiring zone. According to McKinsey Global Institute, 20% of the high end workforce in fields such as finance, information technology, can continously work from remote local post Covid-19. This presents a really great opportunity for Monet Museum to hire the very best people irrespective of their geographical location.
Finding new ways to collaborate
– Covid-19 has not only transformed business models of companies in Sales & Marketing industry, but it has also influenced the consumer preferences. Monet Museum can tie-up with other value chain partners to explore new opportunities regarding meeting customer demands and building a rewarding and engaging relationship.
Better consumer reach
– The expansion of the 5G network will help Monet Museum to increase its market reach. Monet Museum will be able to reach out to new customers. Secondly 5G will also provide technology framework to build new tools and products that can help more immersive consumer experience and faster consumer journey.
Low interest rates
– Even though inflation is raising its head in most developed economies, Monet Museum can still utilize the low interest rates to borrow money for capital investment. Secondly it can also use the increase of government spending in infrastructure projects to get new business.
Identify volunteer opportunities
– Covid-19 has impacted working population in two ways – it has led to people soul searching about their professional choices, resulting in mass resignation. Secondly it has encouraged people to do things that they are passionate about. This has opened opportunities for businesses to build volunteer oriented socially driven projects. Monet Museum can explore opportunities that can attract volunteers and are consistent with its mission and vision.
Creating value in data economy
– The success of analytics program of Monet Museum has opened avenues for new revenue streams for the organization in the industry. This can help Monet Museum to build a more holistic ecosystem as suggested in the Museum of Fine Arts Boston/Fleet Financial Group Sponsorship of Monet in the 20th Century case study. Monet Museum can build new products and services such as - data insight services, data privacy related products, data based consulting services, etc.
Reconfiguring business model
– The expansion of digital payment system, the bringing down of international transactions costs using Bitcoin and other blockchain based currencies, etc can help Monet Museum to reconfigure its entire business model. For example it can used blockchain based technologies to reduce piracy of its products in the big markets such as China. Secondly it can use the popularity of e-commerce in various developing markets to build a Direct to Customer business model rather than the current Channel Heavy distribution network.
Building a culture of innovation
– managers at Monet Museum can make experimentation a productive activity and build a culture of innovation using approaches such as – mining transaction data, A/B testing of websites and selling platforms, engaging potential customers over various needs, and building on small ideas in the Sales & Marketing segment.
Lowering marketing communication costs
– 5G expansion will open new opportunities for Monet Museum in the field of marketing communication. It will bring down the cost of doing business, provide technology platform to build new products in the Sales & Marketing segment, and it will provide faster access to the consumers.
Threats Museum of Fine Arts Boston/Fleet Financial Group Sponsorship of Monet in the 20th Century External Strategic Factors
What are Threats in the SWOT Analysis / TOWS Matrix / Weighted SWOT Analysis
The threats mentioned in the HBR case study Museum of Fine Arts Boston/Fleet Financial Group Sponsorship of Monet in the 20th Century are -
Increasing wage structure of Monet Museum
– Post Covid-19 there is a sharp increase in the wages especially in the jobs that require interaction with people. The increasing wages can put downward pressure on the margins of Monet Museum.
Easy access to finance
– Easy access to finance in Sales & Marketing field will also reduce the barriers to entry in the industry, thus putting downward pressure on the prices because of increasing competition. Monet Museum can utilize it by borrowing at lower rates and invest it into research and development, capital expenditure to fortify its core competitive advantage.
Shortening product life cycle
– it is one of the major threat that Monet Museum is facing in Sales & Marketing sector. It can lead to higher research and development costs, higher marketing expenses, lower customer loyalty, etc.
Capital market disruption
– During the Covid-19, Dow Jones has touched record high. The valuations of a number of companies are way beyond their existing business model potential. This can lead to capital market correction which can put a number of suppliers, collaborators, value chain partners in great financial difficulty. It will directly impact the business of Monet Museum.
Increasing international competition and downward pressure on margins
– Apart from technology driven competitive advantage dilution, Monet Museum can face downward pressure on margins from increasing competition from international players. The international players have stable revenue in their home market and can use those resources to penetrate prominent markets illustrated in HBR case study Museum of Fine Arts Boston/Fleet Financial Group Sponsorship of Monet in the 20th Century .
High level of anxiety and lack of motivation
– the Great Resignation in United States is the sign of broader dissatisfaction among the workforce in United States. Monet Museum needs to understand the core reasons impacting the Sales & Marketing industry. This will help it in building a better workplace.
Backlash against dominant players
– US Congress and other legislative arms of the government are getting tough on big business especially technology companies. The digital arm of Monet Museum business can come under increasing regulations regarding data privacy, data security, etc.
Technology acceleration in Forth Industrial Revolution
– Monet Museum has witnessed rapid integration of technology during Covid-19 in the Sales & Marketing industry. As one of the leading players in the industry, Monet Museum needs to keep up with the evolution of technology in the Sales & Marketing sector. According to Mckinsey study top managers believe that the adoption of technology in operations, communications is 20-25 times faster than what they planned in the beginning of 2019.
Trade war between China and United States
– The trade war between two of the biggest economies can hugely impact the opportunities for Monet Museum in the Sales & Marketing industry. The Sales & Marketing industry is already at various protected from local competition in China, with the rise of trade war the protection levels may go up. This presents a clear threat of current business model in Chinese market.
Instability in the European markets
– European Union markets are facing three big challenges post Covid – expanded balance sheets, Brexit related business disruption, and aggressive Russia looking to distract the existing security mechanism. Monet Museum will face different problems in different parts of Europe. For example it will face inflationary pressures in UK, France, and Germany, balance sheet expansion and demand challenges in Southern European countries, and geopolitical instability in the Eastern Europe.
Environmental challenges
– Monet Museum needs to have a robust strategy against the disruptions arising from climate change and energy requirements. EU has identified it as key priority area and spending 30% of its 880 billion Euros European post Covid-19 recovery funds on green technology. Monet Museum can take advantage of this fund but it will also bring new competitors in the Sales & Marketing industry.
Stagnating economy with rate increase
– Monet Museum can face lack of demand in the market place because of Fed actions to reduce inflation. This can lead to sluggish growth in the economy, lower demands, lower investments, higher borrowing costs, and consolidation in the field.
Learning curve for new practices
– As the technology based on artificial intelligence and machine learning platform is getting complex, as highlighted in case study Museum of Fine Arts Boston/Fleet Financial Group Sponsorship of Monet in the 20th Century, Monet Museum may face longer learning curve for training and development of existing employees. This can open space for more nimble competitors in the field of Sales & Marketing .
Weighted SWOT Analysis of Museum of Fine Arts Boston/Fleet Financial Group Sponsorship of Monet in the 20th Century Template, Example
Not all factors mentioned under the Strengths, Weakness, Opportunities, and Threats quadrants in the SWOT Analysis are equal. Managers in the HBR case study Museum of Fine Arts Boston/Fleet Financial Group Sponsorship of Monet in the 20th Century needs to zero down on the relative importance of each factor mentioned in the Strengths, Weakness, Opportunities, and Threats quadrants.
We can provide the relative importance to each factor by assigning relative weights. Weighted SWOT analysis process is a three stage process –
First stage for doing weighted SWOT analysis of the case study Museum of Fine Arts Boston/Fleet Financial Group Sponsorship of Monet in the 20th Century is to rank the strengths and weaknesses of the organization. This will help you to assess the most important strengths and weaknesses of the firm and which one of the strengths and weaknesses mentioned in the initial lists are marginal and can be left out.
Second stage for conducting weighted SWOT analysis of the Harvard case study Museum of Fine Arts Boston/Fleet Financial Group Sponsorship of Monet in the 20th Century is to give probabilities to the external strategic factors thus better understanding the opportunities and threats arising out of macro environment changes and developments.
Third stage of constructing weighted SWOT analysis of Museum of Fine Arts Boston/Fleet Financial Group Sponsorship of Monet in the 20th Century is to provide strategic recommendations includes – joining likelihood of external strategic factors such as opportunities and threats to the internal strategic factors – strengths and weaknesses. You should start with external factors as they will provide the direction of the overall industry. Secondly by joining probabilities with internal strategic factors can help the company not only strategic fit but also the most probably strategic trade-off that Monet Museum needs to make to build a sustainable competitive advantage.
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