Balanced Scorecard Assignment with abstract and conclusion
Use the assignment Strategic Direction Evaluation to develop the strategic objectives for your vision and mission. As you develop them consider the vision, mission, and values for your business and the outcomes of your SWOTT analysis. Be sure to consider all of 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
? Competitive position
o Customer Value Perspective, includes strategic objectives in areas such as:
? Customer business in the format of a Balanced Scorecard. The strategic objectives are measures of attaining 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 organization capability
? Nature of organization 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 & 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 which includes an identification of potential risks and mitigation plans, as well as a stakeholder analysis which 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 "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.)
? Write a 700--word summary that explains your critical thinking on how you derived your objectives from your vision, mission, values, and SWOTT analysis.
? Format paper according to APA standards. With text citation© BrainMass Inc. brainmass.com June 3, 2020, 11:24 pm ad1c9bdddf
The mission of Jewelry Company is to be the best jewelry retailer in the USA, develop the best designed Jewelry and to develop unshakeable customer loyalty. From the mission we have developed the strategic objectives of customer satisfaction, customer value and customer retention. From this mission we have developed the strategic objectives of productivity improvement and process performance improvement. The metrics and targets show that Jewelry Company seeks to improve productivity of the process and make Jewelry pertinent to the US culture. This differentiation will give Jewelry Company competitive advantage when compared to imported Jewelry or standardized Jewelry sold in discount stores.
The mission of Jewelry Company mentions that the company will ensure a high rate of profits for our shareholders. This is reflected in the financial strategic objectives. First increasing sales and reducing costs leads to improved returns to the shareholders and improving profitability increases the earning per share leading to higher shareholder value.
The vision of Jewelry Company is that "powered by the latest technology in designing and casting, we enable our customers to get the best designed and the most attractive Jewelry for their money". From the vision we get the strategic objective of using the latest jewelry software. Another strategic objective influenced by the vision is the operations measure, where there will be a lower number of casting defects.
Our guiding principles are to achieve the "highest standard of quality" from this principle we have the strategic objectives of measure of process performance, ...
Balanced Scorecard Assignment is discussed in great detail in this solution