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Strategic Plan, Part III: Develop the strategic objectives for your business in the format of a balanced scorecard.

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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: (Open to any topic)

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 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.

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- to 1,050-word summary that explains your critical thinking on how you derived your objectives from your vision, mission, values, and SWOTT analysis.

Format paper consistent with APA guidelines.

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Summary
The objectives provided in the balanced scorecard are in line with the organization's mission, vision and also with results from SWOT analysis. The company aims to increase performance in the market so as to become a major player in the industry. The company's mission is to provide customers with the best experience in computing through innovation and quality products and services. The objectives provided in the balanced scorecard are in line with mission statement since they aim to place the business in a position to provide customers with the best products and services possible.
The company's vision is to become the leading provider of computing solutions while meeting stakeholders' needs. The objectives provided aim to ensure that all stakeholders involved with the business benefit from operations. The objectives provided in the balanced scorecard involve different stakeholders such as customers, employees and supplies. The objectives also aim to ensure that strengths and opportunities provided in the SWOT analysis are exploited while weaknesses and threats are minimized.
Financial perspectives portion of the balanced scorecard relate to cost and revenue affecting business ...

Solution Summary

This solution discusses the balanced scorecard in 1000 words. Financial perspectives, customer perspectives, internal perspectives, and learning and growth perspectives are discussed in terms of objectives, measures, targets and initiatives.

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Similar Posting

Developing Strategic Objectives in Business

See attached table.

2. Individual Assignment: Strategic Plan, Part III: Balanced Scorecard

- Resources: Exhibit 7-1 in Ch. 7 of Strategic Management
- 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 SWOT analysis. You need to address the following four areas of the balanced scorecard when developing your strategic objectives:

Shareholder Value or Financial Perspective, includes strategic objectives in areas such as:

- Increase Market share
- Increase Revenues and lower costs
- Improve Profitability
- Improve Competitive position

Customer Value Perspective, includes strategic objectives in areas such as:

- Increase Customer retention or turnover
- Increase Customer satisfaction
- Increase Customer value

Process or Internal Operations Perspective, includes strategic objectives in areas such as:

- Improve process performance
- Increase Productivity

Learning and Growth (Employee) Perspective, includes strategic objectives in areas such as:

- Increase Employee satisfaction
- Increase Employee turnover or retention
- Increase Level of organizational capability
- Increase Nature of organizational culture or climate
- Increase 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), so you will have a total of 12 broad strategic objectives. For example 'Increase market share' is a broad objective. 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.

- Create, in chart format, a table with the following headings ACROSS THE TOP: Scorecard area, strategic objective, metric, target, specific tactics to achieve the target. Do not use the 4 sided diagram in the text
- Then for each strategic objective, develop a metric and target using the chart you created. (For example, a strategic objective in the 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" or an increase of 2% per year for 3 years.). Most students who score poorly on the scoreboard do not follow my examples of what goes in each column; for example they put #'s or %'s in the â??metricâ? column, when only the name of the metric is needed; or they place non-numerical targets in the target column instead of the numerical target. They also may not make their objective broad enough, as shown above

- Write a summary that explains your critical thinking on how you derived your strategic objectives from your vision, mission, values, and SWOTT analysis. Most students earn ZERO on this part as they do not describe the linkage or alignment of their chosen strategic objectives with the specifics of their mission/vision/values. For example if a value you have is superior customer service you could discuss how one or more strategic objectives are SPECIFICALLY linked to achieving this value.

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