Strategic Plan, Part III: Balanced Scorecard
â?¢ Resources: Exhibit 7-1 in Ch. 7 of Strategic Management
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.
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.)
â?¢ Write a summary that explains your critical thinking on how you derived your objectives from your vision, mission, values, and SWOTT analysis.© BrainMass Inc. brainmass.com June 4, 2020, 1:10 am ad1c9bdddf
Shareholder Value or Financial Perspective:
The first strategic objective for this perspective is increase in market share. The metric to measure this strategic objective will be a market share of 20% in the retail coffee segment in the city. My company will try to capture 20% market share in the first year of operations by offering high quality coffee and backing it up with strong customer service, advertising and promotions strategy. We strive to capture 50% of the retail coffee market in the next 3 years.
The second strategic objective is increase in revenues. We strive to achieve a revenue of $250,000 dollars in the first year of operations and achieve 25% year on year growth in the next 2 years.
The third strategic objective is obtaning a strong competitive position in the marketplace. Our metric for this strategic objective will be to position our store among the top three competitors in the city in the first year of operations itself.
The above mentioned objectives allign with your mission and vision to become the pioneer in the coffee retailing industry by offering high quality beverages to our customers.
Customer Value Perspective:
The first major strategic ...
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.