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 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 - – challanges to central banks by blockchain based private currencies, increasing energy prices, digital marketing is dominated by two big players Facebook and Google, increasing inequality as vast percentage of new income is going to the top 1%, there is increasing trade war between United States & China, banking and financial system is disrupted by Bitcoin and other crypto currencies, increasing household debt because of falling income levels,
technology disruption, supply chains are disrupted by pandemic , 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 -
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.
Ability to lead change in Sales & Marketing field
– Monet Museum is one of the leading players in its industry. Over the years it has not only transformed the business landscape in its segment but also across the whole industry. The ability to lead change has enabled Monet Museum in – penetrating new markets, reaching out to new customers, and providing different value propositions to different customers in the international markets.
Highly skilled collaborators
– Monet Museum has highly efficient outsourcing and offshoring strategy. It has resulted in greater operational flexibility and bringing down the costs in highly price sensitive segment. Secondly the value chain collaborators of the firm in Museum of Fine Arts Boston/Fleet Financial Group Sponsorship of Monet in the 20th Century HBR case study have helped the firm to develop new products and bring them quickly to the marketplace.
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.
Successful track record of launching new products
– Monet Museum has launched numerous new products in last few years, keeping in mind evolving customer preferences and competitive pressures. Monet Museum has effective processes in place that helps in exploring new product needs, doing quick pilot testing, and then launching the products quickly using its extensive distribution network.
Innovation driven organization
– Monet Museum is one of the most innovative firm in sector. Manager in Museum of Fine Arts Boston/Fleet Financial Group Sponsorship of Monet in the 20th Century Harvard Business Review case study can use Clayton Christensen Disruptive Innovation strategies to further increase the scale of innovtions in the organization.
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.
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.
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.
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.
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.
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 -
High dependence on existing supply chain
– The disruption in the global supply chains because of the Covid-19 pandemic and blockage of the Suez Canal illustrated the fragile nature of Monet Museum supply chain. Even after few cautionary changes mentioned in the HBR case study - Museum of Fine Arts Boston/Fleet Financial Group Sponsorship of Monet in the 20th Century, it is still heavily dependent upon the existing supply chain. The existing supply chain though brings in cost efficiencies but it has left Monet Museum vulnerable to further global disruptions in South East Asia.
Aligning sales with marketing
– It come across in the case study Museum of Fine Arts Boston/Fleet Financial Group Sponsorship of Monet in the 20th Century that the firm needs to have more collaboration between its sales team and marketing team. Sales professionals in the industry have deep experience in developing customer relationships. Marketing department in the case Museum of Fine Arts Boston/Fleet Financial Group Sponsorship of Monet in the 20th Century can leverage the sales team experience to cultivate customer relationships as Monet Museum is planning to shift buying processes online.
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.
Need for greater diversity
– Monet Museum has taken concrete steps on diversity, equity, and inclusion. But the efforts so far has resulted in limited success. It needs to expand the recruitment and selection process to hire more people from the minorities and underprivileged background.
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.
Products dominated business model
– Even though Monet Museum has some of the most successful products in the industry, this business model has made each new product launch extremely critical for continuous financial growth of the organization. firm in the HBR case study - Museum of Fine Arts Boston/Fleet Financial Group Sponsorship of Monet in the 20th Century should strive to include more intangible value offerings along with its core products and services.
Ability to respond to the competition
– As the decision making is very deliberative, highlighted in the case study Museum of Fine Arts Boston/Fleet Financial Group Sponsorship of Monet in the 20th Century, in the dynamic environment Monet Museum has struggled to respond to the nimble upstart competition. Monet Museum has reasonably good record with similar level competitors but it has struggled with new entrants taking away niches of its business.
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.
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.
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.
Employees’ incomplete understanding of strategy
– From the instances in the HBR case study Museum of Fine Arts Boston/Fleet Financial Group Sponsorship of Monet in the 20th Century, it seems that the employees of Monet Museum don’t have comprehensive understanding of the firm’s strategy. This is reflected in number of promotional campaigns over the last few years that had mixed messaging and competing priorities. Some of the strategic activities and services promoted in the promotional campaigns were not consistent with the organization’s strategy.
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 -
Loyalty marketing
– Monet Museum has focused on building a highly responsive customer relationship management platform. This platform is built on in-house data and driven by analytics and artificial intelligence. The customer analytics can help the organization to fine tune its loyalty marketing efforts, increase the wallet share of the organization, reduce wastage on mainstream advertising spending, build better pricing strategies using personalization, etc.
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.
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.
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.
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.
Use of Bitcoin and other crypto currencies for transactions
– The popularity of Bitcoin and other crypto currencies as asset class and medium of transaction has opened new opportunities for Monet Museum in the consumer business. Now Monet Museum can target international markets with far fewer capital restrictions requirements than the existing system.
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.
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.
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.
Developing new processes and practices
– Monet Museum can develop new processes and procedures in Sales & Marketing industry using technology such as automation using artificial intelligence, real time transportation and products tracking, 3D modeling for concept development and new products pilot testing etc.
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.
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 -
Consumer confidence and its impact on Monet Museum demand
– There is a high probability of declining consumer confidence, given – high inflammation rate, rise of gig economy, lower job stability, increasing cost of living, higher interest rates, and aging demography. All the factors contribute to people saving higher rate of their income, resulting in lower consumer demand in the industry and other sectors.
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.
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 .
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.
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.
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.
High dependence on third party suppliers
– Monet Museum high dependence on third party suppliers can disrupt its processes and delivery mechanism. For example -the current troubles of car makers because of chip shortage is because the chip companies started producing chips for electronic companies rather than car manufacturers.
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 .
Technology disruption because of hacks, piracy etc
– The colonial pipeline illustrated, how vulnerable modern organization are to international hackers, miscreants, and disruptors. The cyber security interruption, data leaks, etc can seriously jeopardize the future growth of the organization.
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.
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.
Regulatory challenges
– Monet Museum needs to prepare for regulatory challenges as consumer protection groups and other pressure groups are vigorously advocating for more regulations on big business - to reduce inequality, to create a level playing field, to product data privacy and consumer privacy, to reduce the influence of big money on democratic institutions, etc. This can lead to significant changes in the Sales & Marketing industry regulations.
Aging population
– As the populations of most advanced economies are aging, it will lead to high social security costs, higher savings among population, and lower demand for goods and services in the economy. The household savings in US, France, UK, Germany, and Japan are growing faster than predicted because of uncertainty caused by pandemic.
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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