Mcneil Essay

300 Words2 Pages
McNeil Museum of Art First, implement a reduction in personnel and administration costs by 10%. Second, start implementing a one dollar admission fee to visitors and start a new membership plan for students at cost of $35 annually. Third, increase advertising and promotion effort to highly promote MMA. Basis for Recommendation Cost Reduction. I recommend starting an effort to reduce costs that bear by MMA by implementing a reduction in personnel and administration costs. This is an effective way to help improve MMA financial status. MMA can reduce 10 percent in personnel and administration by reducing number of employees and the salary given to their employees. Supplement cost such as electricity and waters can be reduced also as a result of this decreased in personnel. Reduction in Personell and implementing $1 charge: Pros: Increased revenue would improve bottom line museum could afford to invest in other things to offer better exhibitions incentive for current members to renew membership perception of better product quality Cons: could tarnish image as being public and free reduce amoung of public support and community attendance Increased expenses to publications, new books, and advertising Pros: potential to increase market share increase museam brand awareness in community potential for new memberships and membership renewals cons: board of trustees will not allow for increases in expense allocations Incrase dscounts for museam gift shop and buffet: pros: increase in sales revenue potential increased membership enrollments enhanced value associated with memberships cons: there are already existing price cuts would need additional sales to offset loss in margin Increase 50 level membership price to 85 with added benefits pros: increase revenue from memberships more perception of quality due to newly added benefits cons:

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