MuseumFranchisingFebruary 17, 2010 Barcelona <br />ProgramMSc in Marketing Management 2009/2010 <br />Research ProjectMast...
index<br />1. ExecutiveSummary<br />2. Goals of themasterthesis<br />3. Methodology<br />4. Mainlearnings<br />5. Furthers...
index<br />1. ExecutiveSummary<br />2. Goals of themasterthesis<br />3. Methodology<br />4. Mainlearnings<br />5. Furthers...
ExecutiveSummary<br />It is worth doing a master thesis on museum franchising because…<br />The trend is becoming increasi...
index<br />1. ExecutiveSummary<br />2. Goals of themasterthesis<br />3. Methodology<br />4. Mainlearnings<br />5. Furthers...
The 3 biggoals of themasterthesis<br />Understand the reasoning behind the museum franchising trend<br />Understand the pr...
index<br />1. ExecutiveSummary<br />2. Goals of themasterthesis<br />3. Methodology<br />4. Mainlearnings<br />5. Furthers...
Methodology<br />Input<br />Research & Analysis<br />Output<br />LiteratureReview<br />3 Case Studies<br />1 Model (Theore...
Methodology<br />Input<br />Research & Analysis<br />Output<br />LiteratureReview<br />3 Case Studies<br />1 Model (Theore...
Methodology: Input<br />Researchquestions<br />?Ismuseumfranchisingworth, bothfrom a business and a cultural perspective?<...
Methodology<br />Input<br />Research & Analysis<br />Output<br />LiteratureReview<br />3 Case Studies<br />1 Model (Theore...
Methodology. Research & Analysis: LiteratureReview<br />Perspective of thestudyform 3 academic disciplines…<br />Managemen...
Methodology. Research & Analysis: LiteratureReview<br />…that are present in themainbibliography<br />Mainreferences are:<...
Harvard Business Review& Harvard Marketing, Harvard Business School
Kotler, N. G., Kotler, P. & Kotler, W. I. (2008) Museum Marketing and Strategy
International Journal of ArtsManagemet, HEC Montreal</li></ul>More than 70 bibliographicregerences in theform of:<br /><ul...
Corporatepapers
Reports
studies
Statistics
Etc.</li></ul>ResearchTopicSelection > LiteratureReviewResearch+ 3 Case StudiesAnalysis = A theoretical Framework + BestPr...
Methodology. Research & Analysis: LiteratureReview<br />Structured in 5 groups of knowledgetowardsoneobjective<br />Resear...
Methodology. Research & Analysis: LiteratureReview<br />Main ideas fromtheliteratuereview<br />ResearchTopicSelection > Li...
Methodology<br />Input<br />Research & Analysis<br />Output<br />LiteratureReview<br />3 Case Studies<br />1 Model (Theore...
Methodology. Research & Analysis: 3 Cases Studies<br />3 case studies<br />Guggenheim<br />Louvre<br />CaixaForum<br />+7 ...
Methodology. Research & Analysis: 3 Cases Studies<br />The Guggenheim as a referent<br />Guggenheim<br />Louvre<br />Caixa...
Methodology. Research & Analysis: 3 Cases Studies<br />The Guggenheim Bilbao Museum: a referent<br />The Bilbao Effect<br ...
Urbanrenewalproject
Hugeinvestment
3 monthsnegotiation
Frank Ghery
6 yearsfromnegotiationtoopening</li></ul>1 yearafteropening:<br /><ul><li>+1M visitors
73% operatingcostscovered
Reverseddecliningeconomicactivity
Basqueregion as a popular touristdestination</li></ul>SRGF:<br /><ul><li>Addexhibitionspace
Addfinancingsources</li></ul>ResearchTopicSelection > LiteratureReviewResearch + 3 Case StudiesAnalysis= A theoretical Fra...
Methodology. Research & Analysis: 3 Cases Studies<br />The Guggenheim Bilbao Museum: thedeal<br />NEGTIATIONS: October-Dec...
Donationtodevelop a Basquecollection ($50M)
Franchisefee: 2 tax-free donations ($10M each)</li></ul>OPERATIONS & MANAGEMENT<br />BUILDING & FACILITIES SET-UP DIRECTIO...
Methodology<br />Input<br />Research & Analysis<br />Output<br />LiteratureReview<br />3 Case Studies<br />1 Model (Theore...
Methodology. Output: A Theoretical Framework of MuseumFranchising<br />LiteratureReview<br />Case Studies<br />Triangular ...
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Museum Franchising

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PPT presentation of my MSc in Marketing Management thesis, covering the museum franchising trend taking place at a global level since the 90s. Describes the topic from the arts management discipline and analyzes it comparing 3 case studies: the Guggenheim Foundation, the Louvre and CaixaForum. From the combination of the case studies with literature review results my suggestions on why, who, when and how to start the strategy. At the end, you'll also find some best practices on museums' marketing and management. Anyone interested on the paper, please, email me at irene.depedro@hotmail.com.

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Museum Franchising

  1. 1. MuseumFranchisingFebruary 17, 2010 Barcelona <br />ProgramMSc in Marketing Management 2009/2010 <br />Research ProjectMasterThesis<br />Student Irene de Pedro Llorente<br />Director/Advisor José María Álvarez de Lara Morel, CEIC Director<br />
  2. 2. index<br />1. ExecutiveSummary<br />2. Goals of themasterthesis<br />3. Methodology<br />4. Mainlearnings<br />5. Furthersteps<br />
  3. 3. index<br />1. ExecutiveSummary<br />2. Goals of themasterthesis<br />3. Methodology<br />4. Mainlearnings<br />5. Furthersteps<br />
  4. 4. ExecutiveSummary<br />It is worth doing a master thesis on museum franchising because…<br />The trend is becoming increasingly relevant but lacks of specific (scientific) studies<br />As a helpful strategy for museums to build successful and/or sustainable businesses, as well as strong brands in a moment especially crucial for the sector<br />It contributes to museums with a guide & with reflections<br />A guide of reference on museum franchising as a competitive advantage for museums: why, when & how, with recommendations & examples<br />A series of reflections on the urgency of the introduction of managerial theories & practices in museums as a key for innovation, competitiveness & performance<br />Self-benefits of the conducted research<br />Contribution to improve my knowledge of the museum sector, especially regarding the marketing & management disciplines<br />Opportunity to develop a “consultancy project”in the museum field, which is the professional path I would like to follow in my career<br />
  5. 5. index<br />1. ExecutiveSummary<br />2. Goals of themasterthesis<br />3. Methodology<br />4. Mainlearnings<br />5. Furthersteps<br />
  6. 6. The 3 biggoals of themasterthesis<br />Understand the reasoning behind the museum franchising trend<br />Understand the process and define a model for museum franchising<br />3. Analyze the suitability of the strategy in the Spanish museum sector<br />Analyze and define why, when and howisitrecommendabletoinitiate a museumfranchisingstrategy<br />
  7. 7. index<br />1. ExecutiveSummary<br />2. Goals of themasterthesis<br />3. Methodology<br />4. Mainlearnings<br />5. Furthersteps<br />
  8. 8. Methodology<br />Input<br />Research & Analysis<br />Output<br />LiteratureReview<br />3 Case Studies<br />1 Model (Theoretical Framework)<br />Researchtopicselection<br />BestPractices<br />
  9. 9. Methodology<br />Input<br />Research & Analysis<br />Output<br />LiteratureReview<br />3 Case Studies<br />1 Model (Theoretical Framework)<br />Researchtopicselection<br />BestPractices<br />
  10. 10. Methodology: Input<br />Researchquestions<br />?Ismuseumfranchisingworth, bothfrom a business and a cultural perspective?<br />?Mightitbecome a keycompetitiveadvantage in thelong-term?<br /> ? Mightitbe a suitablemodel in theSpanishmuseumnetwork?<br />Mainhypotheisis<br />Franchisingmightbecome a keycompetitiveadvantageformuseums in thelong-termMightbe a suitablemodel in theSpanishmuseumnetwork<br />Secondaryhypothesis<br />Worth from a businessperspective: <br />+ branding<br />+ economic performance <br />Worth from a cultural perspective: <br />+ social impact<br />+ exploitation of museumassets<br />ResearchTopicSelection> LiteratureReviewResearch + 3 Case StudiesAnalysis = A theoretical Framework + BestPractices<br />
  11. 11. Methodology<br />Input<br />Research & Analysis<br />Output<br />LiteratureReview<br />3 Case Studies<br />1 Model (Theoretical Framework)<br />Researchtopicselection<br />BestPractices<br />
  12. 12. Methodology. Research & Analysis: LiteratureReview<br />Perspective of thestudyform 3 academic disciplines…<br />Management<br />Marketing<br />Arts Management<br />ResearchTopicSelection > LiteratureReviewResearch+ 3 Case StudiesAnalysis = A theoretical Framework + BestPractices<br />
  13. 13. Methodology. Research & Analysis: LiteratureReview<br />…that are present in themainbibliography<br />Mainreferences are:<br /><ul><li>Sandell, R. & Janes, R. R. (2007) Museum Management and Marketing
  14. 14. Harvard Business Review& Harvard Marketing, Harvard Business School
  15. 15. Kotler, N. G., Kotler, P. & Kotler, W. I. (2008) Museum Marketing and Strategy
  16. 16. International Journal of ArtsManagemet, HEC Montreal</li></ul>More than 70 bibliographicregerences in theform of:<br /><ul><li>Articles
  17. 17. Corporatepapers
  18. 18. Reports
  19. 19. studies
  20. 20. Statistics
  21. 21. Etc.</li></ul>ResearchTopicSelection > LiteratureReviewResearch+ 3 Case StudiesAnalysis = A theoretical Framework + BestPractices<br />
  22. 22. Methodology. Research & Analysis: LiteratureReview<br />Structured in 5 groups of knowledgetowardsoneobjective<br />ResearchTopicSelection > LiteratureReviewResearch+ 3 Case StudiesAnalysis = A theoretical Framework + BestPractices<br />
  23. 23. Methodology. Research & Analysis: LiteratureReview<br />Main ideas fromtheliteratuereview<br />ResearchTopicSelection > LiteratureReviewResearch+ 3 Case StudiesAnalysis = A theoretical Framework + BestPractices<br />
  24. 24. Methodology<br />Input<br />Research & Analysis<br />Output<br />LiteratureReview<br />3 Case Studies<br />1 Model (Theoretical Framework)<br />Researchtopicselection<br />BestPractices<br />
  25. 25. Methodology. Research & Analysis: 3 Cases Studies<br />3 case studies<br />Guggenheim<br />Louvre<br />CaixaForum<br />+7 projects<br />Since 2002<br />SPAIN<br />+10 projects<br />Since 1990s (1976)<br />INTERNATIONAL<br />+2 projects<br />Since 2003<br />INTERNATIONAL<br />ResearchTopicSelection > LiteratureReviewResearch + 3 Case StudiesAnalysis= A theoretical Framework + BestPractices<br />
  26. 26. Methodology. Research & Analysis: 3 Cases Studies<br />The Guggenheim as a referent<br />Guggenheim<br />Louvre<br />CaixaForum<br />+7 projects<br />Since 2002<br />SPAIN<br />+10 projects<br />Since 1990s (1976)<br />INTERNATIONAL<br />+2 projects<br />Since 2003<br />INTERNATIONAL<br />ResearchTopicSelection > LiteratureReviewResearch + 3 Case StudiesAnalysis= A theoretical Framework + BestPractices<br />
  27. 27. Methodology. Research & Analysis: 3 Cases Studies<br />The Guggenheim Bilbao Museum: a referent<br />The Bilbao Effect<br />Culture + Bottom-line business techniques + Political support<br />OPPORTUNITY<br />PROCESS<br />RESULTS<br />Basquegovernment:<br /><ul><li>Position he Basqueregioninternationally
  28. 28. Urbanrenewalproject
  29. 29. Hugeinvestment
  30. 30. 3 monthsnegotiation
  31. 31. Frank Ghery
  32. 32. 6 yearsfromnegotiationtoopening</li></ul>1 yearafteropening:<br /><ul><li>+1M visitors
  33. 33. 73% operatingcostscovered
  34. 34. Reverseddecliningeconomicactivity
  35. 35. Basqueregion as a popular touristdestination</li></ul>SRGF:<br /><ul><li>Addexhibitionspace
  36. 36. Addfinancingsources</li></ul>ResearchTopicSelection > LiteratureReviewResearch + 3 Case StudiesAnalysis= A theoretical Framework + BestPractices<br />
  37. 37. Methodology. Research & Analysis: 3 Cases Studies<br />The Guggenheim Bilbao Museum: thedeal<br />NEGTIATIONS: October-December 1991<br />BASQUE GOVERNMENT<br />S.R.G.F.<br />FINANCING $326M<br /><ul><li>100% construction & operationalcosts ($256M)
  38. 38. Donationtodevelop a Basquecollection ($50M)
  39. 39. Franchisefee: 2 tax-free donations ($10M each)</li></ul>OPERATIONS & MANAGEMENT<br />BUILDING & FACILITIES SET-UP DIRECTION<br />OPENING: October 1997<br />STAFF<br />PROFITS: <br />tickets & gift shop <br />BRAND<br />PART OF COLLECTION<br />TEMPORARY & ITINERANT EXHIBITIONS<br />“ADVISORY CAPACITY ONLY”<br />ResearchTopicSelection > LiteratureReviewResearch + 3 Case StudiesAnalysis= A theoretical Framework + BestPractices<br />
  40. 40. Methodology<br />Input<br />Research & Analysis<br />Output<br />LiteratureReview<br />3 Case Studies<br />1 Model (Theoretical Framework)<br />Researchtopicselection<br />BestPractices<br />
  41. 41. Methodology. Output: A Theoretical Framework of MuseumFranchising<br />LiteratureReview<br />Case Studies<br />Triangular Analysis<br />1 modelforMusemFranchising<br />HOW?<br />WHY?<br />WHEN?<br />ResearchTopicSelection > LiteratureReviewResearch + 3 Case StudiesAnalysis = A theoretical Framework + BestPractices<br />
  42. 42. Methodology. Output: A Theoretical Framework of MuseumFranchising<br />Advantages & Disadvantages of MuseumFranchising<br />WHY?<br />ResearchTopicSelection > LiteratureReviewResearch + 3 Case StudiesAnalysis = A theoretical Framework + BestPractices<br />
  43. 43. Methodology. Output: A Theoretical Framework of MuseumFranchising<br />4 elements are key in a museumfranchisingstrategy…<br />1<br />2<br />3<br />4<br />TRADEMARK<br />themuseumbrandname<br />PRODUCT<br />part of thecollection, assets & products<br />KNOW HOW<br />staff<br />ASSISTANCE<br />pre-opening , acquisitions, partnerships, <br />etc.<br />HOW?<br />ResearchTopicSelection > LiteratureReviewResearch + 3 Case StudiesAnalysis = A theoretical Framework + BestPractices<br />
  44. 44. Methodology. Output: A Theoretical Framework of MuseumFranchising<br />…and, althoughsomelimitationsmustbeconsidered,…<br />Power of themuseum BRAND:<br />Strongbrandimage<br />& notoriety<br />DIMENSIONS <br />of themuseum:<br />Largemuseums<br />WHEN?<br />ResearchTopicSelection > LiteratureReviewResearch + 3 Case StudiesAnalysis = A theoretical Framework + BestPractices<br />
  45. 45. Methodology. Output: A Theoretical Framework of MuseumFranchising<br />…thestrategy can easilybeimplementedit in 5 steps<br />1<br />Theright place<br />2<br />Therightfranchisee<br />3<br />Negotiatingfinancing<br />4<br />Theagreement<br />5<br />Inauguration & follow-up<br /><ul><li>Measuredemandlevels & typologies and adaptwith marketing
  46. 46. Findurbanrenovationareas and estimateurgency</li></ul>Non classicguidelines. Goforpublicentities + help of local consultingfirm<br />4 sources: <br /><ul><li>Governmentfunding
  47. 47. Earnedincome
  48. 48. Privateordonorgiving
  49. 49. Investmentincome</li></ul>Carefullyregard: <br /><ul><li>duration of contract
  50. 50. sharedassets (especially: coporateimage)
  51. 51. distribution of rights
  52. 52. obligations & revenues
  53. 53. royalty & licensefees
  54. 54. relationshipregulation</li></ul>Openingwithblockbusterexhibition of permanentcollection<br />HOW?<br />ResearchTopicSelection > LiteratureReviewResearch + 3 Case StudiesAnalysis = A theoretical Framework + BestPractices<br />
  55. 55. Methodology. Output: A Theoretical Framework of MuseumFranchising<br />Publicfranchisee vs privatefranchisee<br />HOW?<br />ResearchTopicSelection > LiteratureReviewResearch + 3 Case StudiesAnalysis = A theoretical Framework + BestPractices<br />
  56. 56. Methodology<br />Input<br />Research & Analysis<br />Output<br />LiteratureReview<br />3 Case Studies<br />1 Model (Theoretical Framework)<br />Researchtopicselection<br />BestPractices<br />
  57. 57. Methodology. Output: BestPracticesidentified<br />40 BestPracticesidentified<br />4 GENERAL<br />5 MUSEUM MARKETING<br />10 MUSUEM MANAGEMENT<br />8 BRANDING<br />13 EXPERIENCE BRANDING<br />ResearchTopicSelection > LiteratureReviewResearch + 3 Case StudiesAnalysis = A theoretical Framework + BestPractices<br />
  58. 58. Methodology. Output: BestPracticesidentified<br />GENERAL RECOMMENDATIONS<br />GENERAL RECOMMENDATIONS<br />To help museums anticipate and adapt to consumers needs and preferences and they can attract and maintain them, it is recommendable that those museums: <br />Position themselves as institutions that provide society with meaning by paying special attention to the following areas: service quality differentiation and positioning, personnel differentiation and technological differentiation.218 <br />Expand and diversify audiences to reach broader community support and use it as a source of revenues and a justification for funding <br />Develop a performance management and development system (based both in collective and individual work) <br />Promote collective leadership (a group of people is at the top of the organization, they share responsibilities and clear accountabilities to develop strategies together and reach decisions by consensus). However, it is worth noting that it is useful to select one single leader among all (primus inter pares). <br />ResearchTopicSelection > LiteratureReviewResearch + 3 Case StudiesAnalysis = A theoretical Framework + BestPractices<br />
  59. 59. Methodology. Output: BestPracticesidentified<br />MUSEUM MANAGEMENT<br />MUSEUM MANAGEMENT<br />Self-organization, flexible position descriptions, democratic & non-hierarchical committees with rotating chairs in order to avoid a common risk: narrow mind/view and to promote creativity <br />Multidisciplinary, multi-functional and cross-departmental teams to cross fertilizing the rich storehouse of knowledge, skills and experience inherent in museums. To develop programs, exhibitions, enhance general level of creativity, innovation and problem solving <br />Avoidbusinesstribalism<br />Leadership to cope with organizational change <br />Second curve thinking to avoid decline. Requires: question, scenario planning, be skeptical, curious and inventive, ask front-line staff <br />Self-reference as a foundation for change. A clear sense of identity -values, traditions, aspirations, competencies and culture- that guide the operations (self-reference) helps in sensible change in turbulent environment <br />CSR consciousness: museums‟ functions are beyond entertainment and education. Therefore, they must adopt a new sense of accountability and seek long-term sustainability <br />Especially in the case of public museums, governing authorities must get better at defining strategic futures for their museums & ensure that their boards are representative of the community diversity and aspirations <br />Adopt some performance measurement tool to keep public trust and better justify the need of the museum of further financing <br />Never lay-off the organization’s knowledge-owners. <br />ResearchTopicSelection > LiteratureReviewResearch + 3 Case StudiesAnalysis = A theoretical Framework + BestPractices<br />
  60. 60. Methodology. Output: BestPracticesidentified<br />MUSEUM MARKETING<br />MUSEUM MARKETING<br />Develop branding on these three key issues: reputation (brand image), recognition (brand awareness/notoriety) and trust of visitors and supporters. <br />Success: offer unique and distinctive value to consumers and capture their attention, commitment, and purchasing behavior.<br />Transform exchanges as transactions (Single-time exchange) into relationships (long-lasting relationships = profit & stability) <br />Ideally: Holistic marketing: 4 elements: INTEGRATED MKG (5ps mkg plan), RELATIONSHIP MKG (building mutually satisfying long-term relationships among stakeholders; 3 forces: consumers, society, competitive pressures), INTERNAL MKG (consumer-orient the whole organization) and SOCIALLY RESPONSIBLE/CAUSE MKG (the org embodies a commitment to the community & the society as a whole)<br />An internal market orientation and inter-functional coordination applied to museums have both a direct and a moderating effect on effectiveness<br />ResearchTopicSelection > LiteratureReviewResearch + 3 Case StudiesAnalysis = A theoretical Framework + BestPractices<br />
  61. 61. Methodology. Output: BestPracticesidentified<br />BRANDING<br />Branding should be applied extensively in the following areas of the museum activity: <br />Use exhibitions to communicate brand identity, mission, vision,… <br />Use museum boards to further communicate the brand message and the brand promise as they normally have high visibility and credibility <br />Use the education department as a guard of one of the museums‟ core function: education. Use the store(s) as a space for extending this function <br />Staff (volunteers) are the most relevant touch point: keep them motivated. <br />Fund raising activities are a good place to brand the museum as well. <br />Membership actions and/or activities should also be related to branding as the most important source for brand building, reinforcement and loyalty. <br />Theexpansion/renovationproject: <br />Must be in line with the institution‟s renewal marketing strategies <br />Can take 8 years approximately <br />Spaces must be: dynamic. audacious, multi-functional and capable to integrate peripheral activities, natural light is important, welcoming, accessible and of varying sizes to welcome venues. also facilities for revenue, relaxation and enjoyment: coffee-shops, casual family restaurants and fine-dining rest, … they further enhance the museum experience. <br />EXPERIENCE BRANDING: ICON BUILDINGS<br />ResearchTopicSelection > LiteratureReviewResearch + 3 Case StudiesAnalysis = A theoretical Framework + BestPractices<br />
  62. 62. Methodology. Output: BestPracticesidentified<br />Make the building a must-see <br />The design must transmit the museum brand identity <br />Involve the state and local tourism groups early and often. <br />Integrate the architect’s thoughts so that he/she articulates the museums image/identity and mission creatively <br />Exhibit maps and miniatures of the new building and new location in the other museums and send preview brochures to members and donors (mailing list). This way, the new branch will be related to the mother brand creating an umbrella brand architecture. Consequently, brand visibility and brand image will increase potentially in a few time. <br />Make the new space part of the community by inviting locals to opine on the appearance, types of activities there, etc. and invite the local orchestra to perform in the lobby, or the city council to meet there. <br />Anniversaries: celebrate every commemoration you can <br />Street signage: “a large surface to display the museum name and logo” <br />ResearchTopicSelection > LiteratureReviewResearch + 3 Case StudiesAnalysis = A theoretical Framework + BestPractices<br />
  63. 63. index<br />1. ExecutiveSummary<br />2. Goals of themasterthesis<br />3. Methodology<br />4. Mainlearnings<br />5. Furthersteps<br />
  64. 64. Mainlearningsonmuseums & museumnetworks<br />Museumspotentiality<br />Museumscan be magnets of economic development & urban renewal<br />1<br />Networks can help a museum to fulfill its objectives and reach social impact in a cost-effective manner<br />2<br />Networks can help a museum to multiply social and economic effectiveness<br />3<br />Networks can help a museumtostrengthen the museum brand name, its brand image and brand equity<br />4<br />
  65. 65. Mainlearnings: Whytoimplement a museumfranchisingstrategy?<br />5 learningsaboutthetrend<br />Alive & relevantworlwide: growthstrategychosenbyleadinginstitutions (national & internationallevels). Impact in themarket, society and local economies.<br />1<br />Improvesmuseumproductivity. Betterresults in social and economicdimensions<br />2<br />Profitablestrategy in thelong-term. Contributestosustainability<br />3<br />Confirms a change in attitude in themuseum sector, more market-oriented<br />4<br />Contributestochangetheperception and relatonship of museumswithstakeholders<br />5<br />
  66. 66. Mainlearnings: when & howtoimplementit?<br />5 determinantfactorstodevelop a museumfranchisingproject:<br />Createstrongmuseumbrands and effective marketing (and management) programs<br />1<br />Touristlocation: settlethe new museumbranch in places withtourismpotential<br />2<br />Spectaculararchitecture: raiseiconicbuildingsthatwork as anattractionthemselves<br />3<br />Be open-minded and collaborativeregardingfranchisees<br />4<br />Respondtotheleisurenature of thedemandwith a competitiveoffer, thepropermanagementattitude, and thecorrectcommunicationstrategies<br />5<br />
  67. 67. index<br />1. ExecutiveSummary<br />2. Goals of themasterthesis<br />3. Methodology<br />4. Mainlearnings<br />5. Furthersteps<br />
  68. 68. Furthersteps<br />Improving the master thesis & going further<br />Ways to improve<br />Next steps<br /><ul><li>Measure & balance of variables. Criteria: weight in the process (time & resources) & impact on results (ROI, brand image, revenues, etc.)
  69. 69. Fine-tuning, simplification & overall consistency
  70. 70. Put in practice the strategy, track the evolution & measure results
  71. 71. Elaborate a definitive model for museum franchising
  72. 72. Develop a museum franchising project for a Spanish museum (Prado museum)</li></ul> &<br /><ul><li>Further research in the area of museum branding</li></li></ul><li>MuseumFranchisingFebruary 17, 2010 Barcelona <br />ProgramMSc in Marketing Management 2009/2010 <br />Research ProjectMasterThesis<br />Student Irene de Pedro Llorente<br />Director/Advisor José María Álvarez de Lara Morel, CEIC Director<br />
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