Create a minimum 1,050-word strategic objectives summary. Include your balanced

Question

Create a minimum 1,050-word strategic objectives summary. Include your balanced scorecard and its impact on all stakeholders, and the communication plan. Identify key trends, assumptions, and risks in the context of your final business model. Develop the strategic objectives for your new division of the existing business in a balanced scorecard format in the context of key trends, assumptions, and risks. 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: Shareholder Value or Financial Perspective, which includes strategic objectives in areas such as: Market share Revenues and costs Profitability Competitive position Customer Value Perspective, which includes strategic objectives in areas such as: Customer retention or turnover Customer satisfaction Customer value Process or Internal Operations Perspective, which includes strategic objectives in areas such as: Measure of process performance Productivity or productivity improvement Operations metrics Impact of change on the organization Learning and Growth (Employee) Perspective, which 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 Evaluate potential alternatives to the issues and/or opportunities identified in the SWOTT Analysis assignment and table you completed in Week 3. Create at least three strategic objectives for each of the four balanced scorecard areas. Base your solutions on a ranking of alternative solutions including the following: Identify potential risks and mitigation plans. Analyze a stakeholder and include mitigation and contingency strategies. Incorporate ethical implications. Develop a specific metric and target for each strategic objective using a balanced scorecard format. 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. Outline a brief communication plan discussing how you will communicate the company's strategic objectives including the following: Define the purpose. Define the audience. Identify the channel(s) of communication and why you selected that channel.

Explanation / Answer

Answer :- Balanced Scorecard is a set of financial and non-financial measures relating to a company's critical success factors. It is an approach which provides the information to management to assist them in proper strategy implementation on timely basis. Balanced scorecard helps firm to measure their past performance and compare it with firm's present and future performance.

An ideal balanced scorecard combines financial measures of past performance with measures of the firm's drivers of future performance. The following perspectives are evaluated :-

(i) Customer perspective - Measures of price / quality / support / delivery etc.

(ii) Internal perspective - Measures of efficiency / sales penetration and new product introduction etc.

(iii) Innovation and learning perspective - Measures of technology / cost leadership / research and development etc.

(iv) Financial perspective - Sales / Cost of sales / Return on capital employed / Profitability performance etc.

The components to be included in the balanced scorecard must flow from the strategy. The targets should be measurable and must flow from strategy and corporate plan of the company. It is necessary that the managers should agree to the components and targets because in the absence of a consensus, managers may not commit to the targets established by the top management / the board of directors.

Innovation plays a very vital role in the balanced scorecard preparation by a firm / company. Innovation includes the creative thinking. Apart from creative thinking, innovation also comprises of developing new ideas in the business and application of these ideas in creating new products and services for the ultimate consumers. Therefore, innovation leads to growth and expansion of business organization as it helps in developing the strong and effective balanced scorecard for the business organization in the long-run.

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