Explain the process of strategy mapping and how it relates to
performance management and establishing value propositions.
Use the Glacier Inn or Hazard Action Zone case study.
Armitage, H., Scholey, C., (2006). Using strategy maps to drive performance. Society of Mgt. Accountants of Canada. Retrieved from: http://www.cimaglobal.com/Documents/ImportedDocuments/Tech_MAG_Strategy_Mapping_March07.pdf
Murby, L., Gould, S., (2005). Effective Performance Management with the Balanced Scorecard: Technical Report. Chartered Institute of Management Accountants. Retrieved from: http://www.cimaglobal.com/Documents/ImportedDocuments/Tech_rept_Effective_Performance_Mgt_with_Balanced_Scd_July_2005.pdf
4 to 5 pages.
In today's competitive environment, it is essential for all the companies to make effective strategies to achieve competitive advantage and to make positive market position. Through developing and establishing strategies, companies can manage their position in the market. In this, strategic mapping plays a crucial role for managers to presents strategies in a systematic format. Strategic mapping refers to a structured process that helps the managers to presents strategies in a graphical and illustrative format. Through this, managers enable to communicate strategies to the stakeholders of the company effectively (Becker, Huselid & Beatty, 2009).
In these guidelines discusses the strategic mapping process and its relationship with the performance management with the help of Glacier Inn hotel case study. In this also discusses the contribution of strategic mapping in establishing value propositions for the companies.
Process of Strategic Mapping
The process of strategic mapping includes five major stapes to develop and implement the strategies in the organization. The detailed description of these five steps is as follow:
Access the Business Situation and Develop Objectives:
In the first step of strategic mapping process, the managers of Glacier Inn should access the current situation of business. In this, managers can gather information about stakeholders and examine the history, environment, industry and issues associated with the organization. In order to gather information, managers can use different tools and techniques such as history map, context map, industry structure map, strategy hierarchy, business model map and challenge map etc. After gathering information about business, manager should develop the objectives that are required to achieve in the future. These objectives should be economic and specific (Armitage & Scholey, 2006).
Choose the value Proposition:
In the next step, Glacier Inn should need to select the value propositions for the business in order to provide extraordinary levels of distinctive values to the selected customers in the market. In this, company can select three value propositions such as operational excellence, product leadership and customer intimacy. Through the selection of ...
The expert explains the process of strategy mapping and how it relates to performance management and establishing value propositions. The competitive environment is found.