Hi! I need assistance with the following:
*Resources: Exhibit 7-1 in Ch. 7 of Strategic Management
Develop the strategic objectives for your business in the format of a balanced scoreboard. 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 scoreboard when developing your strategic objectives.
*Shareholder Value or Financial Perspective, include strategic objectives in areas such as:
-Revenues and costs
*Customer Value Perspective includes strategic objectives in areas such as:
-Customer retention or turnover
*Process of Internal Operations Perspective, includes strategic objectives in area such as:
-Measure of process performance
-Productivity or productivity improvement
*Learning and Growth (Employee) Perspective, includes strategic objectives in areas such as:
Employee turnover or retention
Level of organizational capability
Nature of organizational culture or climate
Develop at least three strategic objectives for each of the following four balanced scorecard areas identifies 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 3. 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.
*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.)
-Write a 700-1,050 word summary that explains your critical thinking on how you derived your objectives from your vision, mission, values, and SWOTT analysis.
*Attached is my Week 3 Paper & table.
*Please use and provide all necessary references.
*Format paper according to APA guidelines.
Please see the attachment.
Running Head: THE GREEN SHOP
Development of the 'Balance Score card' is a significant part of a strategic plan, as it works as performance monitoring and controlling tool for the proposed strategic plan. It demonstrates the complete strategic planning and management arrangement of a firm. In the present times, most of the modern companies are using it as an effective tool (Balance scorecard worksheet, n.d.). Development of balance score card will facilitate the Green Shop in evaluating its performance from time to time. In addition to all these uses, the balance scorecard will help the firm in aligning it's all the business activities with the pre-determined mission, vision and strategy of the firm.
The balance scorecard will render an unbiased view of organizational functioning to the managers of the firm, which will act as a 'measurement support' for the firm. In general, there are prominently four components of the balanced scorecard, which are as described:
1. Shareholder Value or Financial prospective
2. Customers Value
3. Internal business process
4. Learning & growth (What is the Balanced Scorecard, 2007).
Development of Strategic Objectives in form of Balance Scorecard
Balanced Scorecard Category Main Objective(s) Metric(s) Target(s) Overall
To increase the market share to generate a high amount of revenue.
To become a market leader.
To increase the profit.
The percentage of increase in market share.
By achieving the desired debt-to-equity ratio and relying on internal long-term financing by cash flow.
The Percentage of increase in profit
Increase market share by 3% for each of the next 4 years.
To sustain the business in cut-throat competition.
Increase profit by 20% for each of next 1 year.
New and improved variations of services at a reasonable cost must be introduced, which attracts a large share of market.
The competitive position can be availed by lowering the cost of funds and raising capital to support the business.
Profitability can be increased by attaining the new and innovative business strategies.
Customer retention or turnover
The customer must be retained by the company because an old customer provides high revenue in comparison to a new customer.
A high customer loyalty could be generated by delivering high customer value.
Increase customer satisfaction.
Identify the pattern of customers that why do they leave an organization.
By developing the value proposition that contains a complete bunch of benefits.
Increase customer satisfaction so that they can purchase again and again.
Sales in a particular market segment and the pattern of customer should ...
The expert examines balanced scorecards for strategic management.