SWOTT analysis
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1. In a 750 words summary, I am looking for you to explain your critical thinking on how you derived your objectives from your vision, mission, values, and SWOTT analysis. I also want you to include information on how the Balanced Scorecard helped you to create those objectives, and come to your conclusions. In short, I want to be sure that you are taking information from your SWOTT and moving into action, in terms of your mission/vision! And, finally, I am looking for some version of a balanced scorecard.
(Hint: It is very important in strategic planning to link objectives back to the overall goals of the organization. It might be helpful to go back to your "SWOTT" chart and see how the Strategic Objectives that you have created link back to your original ideas)**
2. Using knowledge gained from the assignment Strategic Direction Evaluation, develop the strategic objectives for the consignment store in the format of a Balanced Scorecard. The strategic objectives are measures of attaining the vision and mission for the consignment store. As you develop them consider the vision, mission, and values for the consignment store business and the outcomes of the SWOTT analysis.
3. Be sure to consider all of the following four quadrants of the Balanced Scorecard when developing your strategic objectives:
Shareholder Value or Financial Perspective, includes strategic objectives in areas such as:
 Market share
 Revenues and costs
 Profitability
 Competitive position
 Customer Value Perspective, includes strategic objectives in areas such as:
 Customer retention or turnover
 Customer satisfaction
 Customer value
 Process or Internal Operations Perspective, includes strategic objectives in areas such as:
 Measure of process performance
 Productivity or productivity improvement
 Operations metrics
 Learning and Growth (Employee) Perspective, includes strategic objectives in areas such as:
 Employee satisfaction
 Employee turnover or retention
 Level of organization capability
 Nature of organization culture or climate
 Technological innovation
4. Develop at least three strategic objectives for each of the following four Balanced Scorecard areas identified above (Financial, Customer, Process, Learning & Growth). For each strategic objective, develop a metric and target using a Balanced Scorecard format.
5. Include your balanced scorecard matrix
(For example, a strategic objective in the shareholder or Financial Perspective is "Increase in 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 in Market share" could be "Increase market share by 2% for each of the next three years" of an increase of 2% per year for 3 years.)
(For an example of a balanced scorecard, see Exhibit 6-1-Strategic Management: Formulation, Implementation, and Control, 9th e
Management: Formulation, Implementation, and Control, 9th edition by Pearce and Robinson).
see attach file for a copy of the SWOTT table from solution # 258494 and an example of a Balance Scorecard.. DO NOT USE THE SAME EXAMPLE
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Solution Summary
The response address the queries posted in 1538 words with references.
Solution Preview
The response address the queries posted in 1538 words with references.
//The given discussion paper is based on the 'Concept of the Balance Scorecard' and the SWOTT Analysis. It is also including the vision, mission and values of the organization, which help in deriving the objectives of the firm. In this series, in the first section of the discussion, it is described that how the objectives have a link with the vision, mission, values and SWOTT analysis of the organization.//
Concepts of mission, vision, values and SWOTT:
Mission is the most important aspect for the success of the business organizations. In the formation of the mission, the strategists of the organizations, as well as, the views of the other employees are involved. The mission statement is much helpful to derive the objectives of the organization, as it expresses the characteristics and values of the organization. The scope of the major organizational activities is also analyzed through mission. Vision is a short and encouraging statement, which includes the intentions of the organizations, which they want to fulfill in the future. The vision gives the organization an advanced thinking. The values in organizations can be considered as the beliefs and ideas, which the organizations follow in standard situation. SWOTT analysis is a method, which is used by the business organizations for their strategic planning process. This is helpful to specify the objectives of the organization on the basis of identification of the favorable and unfavorable factors for it.
//After having a good understanding of the concepts of the mission, vision, values and SWOTT analysis; in the next part of the discussion, the way through which the organizational objectives were derived from these basic tools are analyzed in a detailed manner.//
In the derivation of the objectives, the vision helped as a tool of direction and definer of organizational purpose (Triner, Watkins & Loew, 1998). The vision helped in identification of the end results, which can add value to the firm. The derivation of the organizational objectives through the vision statement is done by the leaders of the organization. Through the vision statement, it is derived that what results are expected by the end users from the organization and how the expectations can be achieved. In matching those expectations, the objectives of the organizations were derived from the vision statement. The mission statement of the corporation also helps in the similar way to derive the objectives of the organization. Through the mission statement, the organizational objectives were derived by the finding of the direction of the business. The objectives have a concurrence with the aspects included in the mission statement. The objectives of the organization were set up after the formation of the mission statement because the objectives were based on the mission and could be fulfilled with the assistance of the concepts of the mission statement. Some of the objectives were not found supportive to the mission statement; so, basic changes were made in them to make them favorable, for the fulfillment of the concept of mission statement (Kelly, Dabbah, & Strauss, 1998). The mission statement helped in the framing of the organizational ...
Education
- MBA (IP), International Center for Internationa Business
- BBA, University of Rajasthan
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