Hands On Childrens Art Museum of Chicago - Essay Example

Hand’s On! Children’s Art Museum of Chicago The Hands On! Childrens Art Museum of Chicago serves a variety of markets into the context of children’sart education with the Chicago area. This market segmentation will shift regionally based on level of development. Within this context the museum markets itself to children of all ages, from toddlers through adolescents. In addition to the children’s market the museum has a gallery for resident artists to feature work, as well as other regional artists.

In these regards, the museum markets itself to both parents and casual art fans. The variety of products and services the museum offers can in-part be subdivided into identifiable lines that appeal to different customers. As mentioned earlier there is a Art Journey for toddlers is area of differentiation. Other specific areas include the resident art gallery and the Curiosity Shop is marketed towards adults. In terms of more specialized areas of differentiation there are workshops that are geared towards specific children’s age groups.

In terms of competition the museum notes that there is no current Chicago area competition for children’s art museums. Still, it’s clear that the museum will be in competition with other avenues for children’s entertainment, such as movie theatre, chuckie cheese type venues, and general daycares. There are a variety of reasons why it’s important to determine the market, competitors, and product and service offerings before establishing a business. The most overarching reason is that in developing a broad assessment of these measures it’s possible to construct a strategic business plan.

It’s also necessary as a means of determining whether the business is a viable approach to the market and could ultimately be profitable and self-sustaining. There are a number of elements of success and failure in the Hand’s On! Children’s Art Museum business plan. One of the most pervasive business analysis tools is the SWOT analysis ("Swot analysis," 2010). In terms of this specific business model the strengths include the unique market it attempts to capture in terms of children’s art.

The weaknesses include the challenge of getting children interested in art to the extent that the museum remains financially viable and successful. In terms of opportunities, the executive report has demonstrated that there are many potential opportunities wherein the museum can reach out to community organizations for aid in achieving overall goals. Another prominent business analysis tool is the PEST analysis ("Pest analysis," 2011). This tool works to measure target areas such as political and economic concerns that the SWOT analysis does not specifically consider.

In terms of economic concerns the museum has well specified funding options and means of financial support. Furthermore, the museum has strongly articulated the means that future profits and funding will be achieved. In these regards, the museum’s financial prosperity appears based on sound business analysis. In considering the museum’s strengths and weaknesses it appears that the facility is based on strong business insight and support. Ultimately, it’s success will be determined on how well the outreach measures are able to garner community support.

References Pest analysis. (2010). Retrieved from http://www.quickmba.com/strategy/pest/ Swot analysis. (2010). Retrieved from http://www.quickmba.com/strategy/swot/