5 pages/≈1375 words
Business & Marketing
Balanced Scorecard (Essay Sample)
Please read entire details. Part 1 is to make a balanced scorecard and the second part is to write a paper. Resources: Attached Exhibit 7-1 Part 1 Develop the strategic objectives for your business in the format of a balanced scorecard. The strategic objectives are measures of attaining your vision and mission. As you develop them consider the vision, mission, and values for your business and the outcomes of your SWOTT analysis. Consider the following four quadrants of the balanced scorecard when developing your strategic objectives: o Shareholder Value or Financial Perspective, includes strategic objectives in areas such as: - Market share - Revenues and costs - Profitability - Competitive position o Customer Value Perspective, includes strategic objectives in areas such as: - Customer retention or turnover - Customer satisfaction - Customer value o Process or Internal Operations Perspective, includes strategic objectives in areas such as: - Measure of process performance - Productivity or productivity improvement - Operations metrics o Learning and Growth (Employee) Perspective, includes strategic objectives in areas such as: Employee satisfaction Employee turnover or retention Level of organizational capability Nature of organizational culture or climate Technological innovation Develop at least three strategic objectives for each of the following four balanced scorecard areas identified above (Financial, Customer, Process, Learning and Growth). Your objectives should be selected, in part, based on an evaluation of a number of potential alternatives to the issues and/or opportunities identified in the SWOTT Analysis paper and table you completed in Week Three. Base your solutions on a ranking of alternative solutions that includes an identification of potential risks and mitigation plans, and a stakeholder analysis that includes mitigation and contingency strategies. You should also incorporate the ethical implications of your solutions into your selection. o For each strategic objective, develop a metric and target using a balanced scorecard format. (For example, a strategic objective in the shareholder or Financial Perspective is to increase market share. A metric to actually measure this strategic objective of market share increase is, "The percentage of increase in market share." The target is the specific number to be achieved in a particular time period. The target for the metric of "Increase market share" could be "Increase market share by 2% for each of the next 3 years" of an increase of 2% per year for 3 years.) Part 2 Write a 1,050-word summary that explains your critical thinking on how you derived your objectives from your vision, mission, values, and SWOTT analysis. source..
SUMMARY FOR THE STRATEGIC OBJECTIVES Name: Grade Course: Tutor’s Name: (05 November, 2010) Summary for the strategic objectives A summary on how I used my critical thing in relation to vision, mission, values and the SWOTT analysis to derive the strategic objectives. The mission, vision and SWOTT analysis ideas were fundamental in deriving my strategic objectives; the mission provided the current position of the company by defining the customer’s critical processes and the hints on performance levels. This outlined the process of realizing the vision in comparison to its core values. The vision helped to develop the strategic objectives in that considered the future position of the company by defining the purpose of its existence and providing a long term guideline. The vision led to designing of specific, measurable, achievable, and relevant and time bound. The company’s vision and mission statements were extremely useful in providing the framework for the scorecard, and the general guideline of the strategic objectives, these statements highlights the aspects of the customers and the management targets. The mission leads to a sense of customer satisfaction by outlining the immediate customer needs and values. The longer term vision and mission enabled the my thoughts and formulation of strategic objectives, measures(practical actions), metrics and the control mechanisms(targets) of the balanced score card. The customer needs and values acted as the guide for defining the strategic objectives. The values have statements that determine how the company relates to the customers. These are statements about how scorecard takes into consideration the loyal customers, suppliers and the internal business community. The SWOT analysis provided the balanced source of the strategic objectives by specifying the measures and metrics. The SWOTT provided an analysis of factor by considering strengths, Weakness, opportunities, Threats and Trends. In my critical thinking I considered the following factors Legal & Regulatory issues, Economical aspect, Technological innovations, strategic plans, processes &system development, Organization goals, and the Established Company culture. The SWOTT analysis provided the basis for deriving the strategic objectives based on the following Company strengths; Contacts and business licenses offered resistance to competition from outsiders, the downturn provided a good business environment, customers were accurately targeted, group sales registered high sales, high efficiency from online contract signing, high profits generation due to a unique merchandise, and high quality products. The weaknesses of the business acted as the source of measures for checking the objectives these included the following; costly contracts that hampered negotiations, reduced demand due to low income, high costs of innovations, eminent group conflicts on the sto...
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