MUSEUM MINI CASE: Central City Art Museum Is Looking to Increase

question 55

Multiple Choice

MUSEUM MINI CASE: Central City Art Museum is looking to increase museum revenues by trying to draw more people to the museum. Research has shown that the most frequent users of the museum are over 55 years old, have college degrees, and have a household income of over $100,000. Less frequent users of the museum have the same education and income profile as frequent users, but tend to be younger, between 35 and 55. Surveys suggest that these younger adults would use the museum more frequently, but do not have enough time due to the demands of their children and families. In order to increase museum entrance revenues, the administrative team wants to attract people who are likely to become heavy users of the museum when they get older, and try to bring them into the heavy user category at an earlier age. In an effort to encourage heavy museum use, the museum has begun a membership program that offers discounts on museum entrance and gift shop purchases and special exhibit preview events for members. The museum has also begun to offer free children's art and museum appreciation classes on weekend afternoons that will allow younger adults to drop their children off once a week and then enjoy the museum's exhibits and café. In order to promote its new children's programming, the museum acquired an address list of local households with children, including the ages of those children, and intends to send tailored messages specifically highlighting programming that is age-appropriate for each household's children.
-In the MUSEUM MINI CASE, the most important differentiating factor between frequent and less frequent users is ________.

• A) income
• B) age
• C) gender
• D) education
• E) stage of family life cycle

Understand the process of budgeting for cash collections from customers.

Understand and calculate cash disbursements for purchases and operating expenses.

Develop a basic understanding of cash budget preparation and analysis.

Understand how to prepare a direct labour budget.

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Definitions:

Quality of Work

The degree to which a job, task, or project is completed with excellence, meeting or exceeding standards.

Halo Effect

A cognitive bias where an individual's overall impression of a person, brand, or product influences their feelings and thoughts about that entity's character or properties.

Overall Impression

The cumulative perception or judgement formed about something or someone, based on various individual attributes, actions, or performances.

Attribute

Is a quality, characteristic, or property that defines or distinguishes an entity, object, or individual.