Metropolitan Museum of Art - Case Study
Executive Summary
The New York Metropolitan Museum of the Art is a non-profit institution with an established history as a behemoth of the artistic world. It was founded and maintains today the mission of “establishing and maintaining in the city of New York a museum and library of art, of encouraging and developing, the study of the fine arts, and the application of arts to manufacturing and practical life, of advancing the general knowledge of kindred subjects, and, to that end, of furnishing popular instruction.” Although the museum has run a deficit in the past two years, faces the prospect of rising operating expenses and lacks consistent strategy in its initiatives, it has strong fundamentals which include a membership base of over 100,000, nearly 5,000,000 visitors every year, successful auxiliary operations, a growing endowment, a dynamic body of art and artefacts, and a bold management team that has proven its willingness to evolve.
The Levitt approach to solving the financial downturn begins with restructuring the management to identify an understood budget for artistic direction. It also includes implementing mandatory admission fees rather than suggested ones and strategically pricing these membership fees. The hours of operation will be more accommodating for a wider demographic. There will be two blockbusters hosted twice a year, during the peak tourist seasons. The Met will strengthen its relationship with New York University, as well as expand to Columbia University. Sponsorships will also grow as a consequence of the improved value package of better relationships with local colleges and improved children’s educational programs. In addition, the floor plan will be reorganized to reduce crowds and thereby encourage more visitors. The retail stores will be expanded nationally and better manage their inventories through a point of sale system. Furthermore, the Met will reach out to potential visitors by advertising through the two of the most
The New York Metropolitan Museum of the Art is a non-profit institution with an established history as a behemoth of the artistic world. It was founded and maintains today the mission of “establishing and maintaining in the city of New York a museum and library of art, of encouraging and developing, the study of the fine arts, and the application of arts to manufacturing and practical life, of advancing the general knowledge of kindred subjects, and, to that end, of furnishing popular instruction.” Although the museum has run a deficit in the past two years, faces the prospect of rising operating expenses and lacks consistent strategy in its initiatives, it has strong fundamentals which include a membership base of over 100,000, nearly 5,000,000 visitors every year, successful auxiliary operations, a growing endowment, a dynamic body of art and artefacts, and a bold management team that has proven its willingness to evolve.
The Levitt approach to solving the financial downturn begins with restructuring the management to identify an understood budget for artistic direction. It also includes implementing mandatory admission fees rather than suggested ones and strategically pricing these membership fees. The hours of operation will be more accommodating for a wider demographic. There will be two blockbusters hosted twice a year, during the peak tourist seasons. The Met will strengthen its relationship with New York University, as well as expand to Columbia University. Sponsorships will also grow as a consequence of the improved value package of better relationships with local colleges and improved children’s educational programs. In addition, the floor plan will be reorganized to reduce crowds and thereby encourage more visitors. The retail stores will be expanded nationally and better manage their inventories through a point of sale system. Furthermore, the Met will reach out to potential visitors by advertising through the two of the most