Share
Explore BrainMass

Tactics and Strategies: Balanced Scorecard

Using knowledge and the Balanced Scorecard paper I have attached, prepare a paper in which you add your strategies and tactics to implement and realize your strategic objectives, measures, and targets.

Be sure that you include marketing and information technology strategies and tactics.

Also develop at least three methods to monitor and control your proposed strategic plan.

For more info on the Business please see the attachment.

Attachments

Solution Preview

Using knowledge and the Balanced Scorecard paper I have attached, prepare a paper in which you add your strategies and tactics to implement and realize your strategic objectives, measures, and targets. Be sure that you include marketing and information technology strategies and tactics. Also develop at least three methods to monitor and control your proposed strategic plan. For more info on the Business please look at the attachment.

As per the document "Chiflika Inc. will become a pioneer in the export-import industry by displaying extraordinary professionalism in terms of product quality, range, customer service and support. "

Values

Some of the key values of the organization are:
1) Customer satisfaction is our highest priority and thus, the company will go to any extent to fulfill the needs and wants of our customers in the best possible and effective manner.

2) Being a global firm with operations and business association in multiple nations across the world, we strive our best to respect the culture, customs and business practices of businesses and customers located in different nations across the world.

3) The firm promotes diversity at our workplace and do not discriminate in terms of recruitment, promotion and employee development on the basis of culture, ethnic background, gender or religion.

Four general perspectives have been proposed by the Balanced Scorecard:
? Financial perspective;
? Customer perspective;
? Internal process perspective;
? Learning and growth perspective.

The Strategic objectives of it can be compared with different measurement areas for Balance Scorecard as follows:

a. Revenue, Profit margins, growth in operating cash flows can be tied with financial goals of measurement of Balance Scorecard.
b. Customer satisfaction, Market Share and Customer loyalty can be tied with the customer goals of measurement of the Balanced Scorecard.
c. Direct Distribution Performance (Supply chain Performance) and Cost of Manufacturing can be tied with internal business processes (Operations) goals of measurement of the Balance Scorecard.
d. Employee satisfaction, retention and development can be tied with Learning and Growth goals of measurement of the Balance Scorecard. Also business goals In IT-Industry can be visualized by applying internal customer relationship management as described by Frank L. Eichorn "IntCRM provides a quantitative and visual evaluation of the key criteria that affect an organizations propensity for managing internal customer relationships and delivering systems that meet business needs ( Pg 2, who Owns the Data (2004)) Defining for Quadrant as it relates to performance measure

In order to build right culture, firms should focus on several key attributes to ensure the success of the Firms:
? Developing leadership skills
? Encouraging personal accountability
? Maintaining a higher standard of ethics and integrity
? Building a workforce with diverse backgrounds, skills and potential
? Commitment to Customers
? Unbeatable employee experience

Firm need to integrate the following inputs from different levels:

Finance Goals

Management will require information on inventory costs, on raw material supplies, monitoring of the productivity of the employees. Financial records such as journal, ledger will provide all the required information.

An accounting report will be helpful on the productivity of the Operations; it will contain cost of the employees and the output of them. There will be comparison with the previous year. This report can be made monthly. Moreover financial reports such as cash flow statement, ratio analysis, working capital situation, income statement, balance sheet will be required. . He will require basic information on the price of the raw material, wages and salaries paid to the staff and other expense to determine the cost of various activities within the organization. Thus financial statement will provide all the basic information to the cost department. A management accounting report will be on Cost Analysis for each product. It will be done monthly. Also he will be keen on knowing the growth in sales, profit, operating cash flows through above reports.

Customer Goals

One of the tools is the use of a Customer Relationship Management (CRM) database to track historical sales. Instead of manually recording and analyzing the sales and marketing data it is much more convenient through use of a new information system. The organization can record valuable historical data about sales orders, product information, and customer sales information, including prices paid, costs, margins, and discounts given to make important decisions. It will help in understanding the customer and fulfilling the objectives.

Using CRM Companies would be wise to consider the different sub-groups of customers they have and how they differ ...

Solution Summary

This explains the tactics and Strategies of using Balanced Scorecard

$2.19