â?¢ Resources: Exhibit 7-1 in Ch. 7 of Strategic Management
Page 202 of the attached book.
â?¢ 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:
o Shareholder Value or Financial Perspective, includes strategic objectives in areas such as:
â?¢ Market share
â?¢ Revenues and costs
â?¢ Competitive position
o Customer Value Perspective, includes strategic objectives in areas such as:
â?¢ Customer retention or turnover
â?¢ Customer satisfaction
â?¢ Customer value
o Process or Internal Operations Perspective, includes strategic objectives in areas such as:
â?¢ Measure of process performance
â?¢ Productivity or productivity improvement
â?¢ Operations metrics
o Learning and Growth (Employee) Perspective, includes strategic objectives in areas such as:
â?¢ Employee satisfaction
â?¢ Employee turnover or retention
â?¢ Level of organizational capability
â?¢ Nature of organizational culture or climate
â?¢ Technological innovation
â?¢ 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.
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 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.)
The attached Business Balanced Scorecard is developed for Irina's Coffee Shop with the following Vision and Values as the core of the business:
VISION: INSPIRING CONNECTION BETWEEN PEOPLE ONE CUP AT A TIME.
In an increasingly fragmented yet integrating world, promoting and inspiring people to connect with each other is pre-eminently important. We will provide an environment where people and our local community feel comfortable engaging with friends, family, and strangers. Coffee will play a central role -- as it always has since its introduction centuries ago.
1. We will be a trusted member of the community, we will act in good faith, comply with all local laws, and strive to become a contributing member of every community where we do business.
2. We will certify our stores as safe places' for the most vulnerable community members.
3. We will invest in our employees and our suppliers as we grow our business.
Irina's coffeeshop will a privately held company, whose investors are all Illinois locals, who are interested in seeing more non-corporate, local establishments become part of the Illinois social fabric. Because coffee is such a large part of American culture, the traditional coffee shop can form a strong pillar in the communities where it is located. As such, our primary ...
This solution contains a Business Balanced Scorecard solution for Irina's Coffee Shop. This is part 3 of a four part assignment/solution.