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As indicated in the statement, both the museums and firms have various objectives. In fact, they both institutions tend to compete for limited resources for them to stay on the market. In as…
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Module Discussion Board Part Module Discussion Board Part mate’s Review The ment regarding whether museums and firms have similar objectives is accurate. As indicated in the statement, both the museums and firms have various objectives. In fact, they both institutions tend to compete for limited resources for them to stay on the market. In as much as museums tend to provide diversified outputs that are mostly related to archeological treasures, mix of art works and historical collections, both institutions are dependent on their customers in order to receive their income and sponsorships (Johnson & Thomas, 1998). As indicated, both the firm and museum tend to experience incorrect resource utilization. In fact, firms and museums usually experience mismanagement of their resources, which mostly leads to collapse of the organizations.
Apart from competing for limited resources, both institutions always aim at making profits. In this case, both the firm and museums tend to utilize monetary and natural resources in ensuring that their businesses make profit. The fact that both institutions aim at making profit, it therefore means that they are always attracting new clients hence depending on them for survival. Without visitors and clients, both institutions remain non-operational. The visitors in this case help in granting funding and operations in both institutions. In simple terms, firms and museums always strive to survive in their markets. In fact, innovations remain important to both institutions. Additionally, both institutions have various laws and constitutions which tend to govern them during their operations. To achieve their objectives, both institutions always have specific management types. Lastly, both institutions also have various cultures, which help in attracting their niche customers. In fact, their cultures help in allowing both institutions in making valuable profits hence meeting their client’s needs.
Johnson, P., & Thomas, B. (1998). The Economics of Museums: A Research Perspective. Journal of Cultural Economics,22, 75-88.
Jain, T. R., & Khanna, O. P. (2008). Business economics. New Delhi: V K Publications. Read More
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Forum reply

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Discussion board reply

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