Premium Essay

Strategic Plan, Part Iii: Balanced Scorecard Paper

In: Business and Management

Submitted By Fitz1961
Words 1363
Pages 6
Grade: 94

You had excellent objectives. You paper was written well...only a couple small errors. You had your references...but you need to make sure the references and citation are formatted according to APA guidelines. Late papers are really really hurting your grade.

Content and Organization: 70/70
Readability and Style: 14/15
Mechanics: 10/15
Total: 94/100

Measureable outcomes to be achieved within a set time frame are defined strategic objectives. Strategic objectives contain a diversity of characteristics, extending from procuring a business to new heights, advancing the organization in the direction set out by the mission statement. The Chemistry Consulting (n.d.) website states, during strategic objective sessions it’s important to ensure that objectives can work within the framework of the mission, value and goal statements developed earlier in the planning process, and that the organization develops specific strategic measures or benchmarks to asses how well it does in obtaining its objectives. Balanced Scorecard

|Perspectives |Objectives |Measurements |Targets |
|Financial |Maximum Returns |Return on Equity |15% |
| |Revenue growth |% Change in revenues |+13% |
| |Utilization of Assets |Utilization rates |11% |
|Customers |Customer Retention |Retention % |80% |
| |Customer satisfaction |Survey…...

Similar Documents

Free Essay

Strategic Plan, Part Iii: Balanced Scorecard

...Strategic Plan, Part III: Balanced Scorecard BUS/475 Julio 29, 2012 Un ‘balanced scorecard” es una herramienta que se utiliza para recolectar y analizar información de una compañía, para manejar la empresa de la mejor manera posible. En el caso de la compañía “Kave” se va a evaluar de la empresa en cuatro áreas diferentes. Se va a evaluar desde el punto de vista financiero, desde la perspectiva del cliente. También se van a evaluar las operaciones internas de la empresa y el proceso de capacitación y de crecimiento de “Kave”. Estudiar estas cuatro área nos dará una guía para monitorear la compañía y nos permite detectar las áreas que se deben mejorar. Esto me ayudará a llevar la compañía hacia el éxito. En el ámbito financiero de “Kave” el enfoque principal serán los ingresos, costos, la rentabilidad y lograr obtener ventaja competitiva. Administrar los ingresos y los costos es sumamente importante en una empresa. Si se manejan los ingresos y costos adecuadamente se tendrán unas finanzas estables. La meta en la empresa es generar más ingresos que gastos. La rentabilidad es otro factor importante y podemos usar el margen de ganancia para determinar si se están cumpliendo con las metas de la empresa. Se busca aumentar el valor de la empresa y se buscan aumentar las ganancias de cuatro a seis por ciento Haremos lo necesario para cumplir con las ventas y crear más estrategias para cumplir con nuestros objetivos. Se decidió que para lograr una ventaja......

Words: 945 - Pages: 4

Premium Essay

Strategic Plan Part Iii

...Even though a balanced scorecard is a critical foundation in helping organizations articulate strategic actionable terms, it also provides a road-map for the strategic execution of those objectives. These objectives link the company's long-term tangible goals resulting from the company's vision, mission, and values. The balanced scorecard is a performance management tool used for aligning management and employees in making strategy a continual process (Pearce, & Robinson, 2009). In developing the balanced scorecard for Animal Behavioral Consulting and Training (ABC Training), the following strategic objectives were set up as strategic objectives for the company to use. Taken into consideration were the financial, customer value, processes, and employee growth and learning objectives (See Appendix A for Balanced Scorecard). Financial Objectives In determining the company’s financial objectives, it was important to reflect on demand and competition within the business, as evaluated in the SWOT analysis. The first strategic objective found within the organization's financial perspective is to increase the organization's market share. This magnitude of this objective gains its value as the percentage increase in market share grows after adding two trainers per market. Measuring the percentages will assist the organization in determining if they have attained their vision, which involves annual increase of 2% in the market share. The strategic objective of increasing......

Words: 1125 - Pages: 5

Premium Essay

Balanced Scorecard

...A Dissertation Report On “Putting HR on Balanced Scorecard” (A Case Study of Verizon) (SUBMITTED TOWARDS PARTIAL FULFILLMENT OF POST GRADUATE DIPLOMA IN MANAGEMENT) (Approved by AICTE, Govt. of India) ACADEMIC SESSION (2008-10) Under the guidance of: Submitted by: Supervisor Name Your Name Lecturer (college name) Roll: - PGDM-08/012 College Address PREFACE There is a famous saying “The theory without practical is lame and practical without theory is blind.” Alignment of the Human Resource with the overall strategy of the company is a very big and toughest challenge for the company. Human resource is an important part of any business and managing them is an important task. Our institution has come forward with the opportunity to bridge the gap by imparting modern scientific management principle underlying the concept of the future prospective managers. To the emphasis on practical aspect of management education the faculty of College Name has with a modern system of practical training of repute and following management technique to the student as integral part of PGDM. ACKNOWLEDGEMENT “It is not possible to prepare a project report without the assistance & encouragement of other people. This one is certainly no exception.” On the very outset of this report, I would like to extend my sincere & heartfelt obligation towards all the......

Words: 17507 - Pages: 71

Premium Essay

Amazon Balanced Scorecard Paper

...The goals and measurements of those goals that were determined for Frozen Bliss LLC in the balanced scorecard were derived from the previously stated vision, mission, values and SWOTT analysis. The smoothie industry has many growth opportunities, particularly with the advent of the health conscious individual who is looking for convenient alternatives to fast food. The following categories are breakdowns of each goal and how it relates to the overall strategy of Frozen Bliss. Financial In the financial category, Frozen Bliss is focused on obtaining a large percentage of the market share for their specific industry. This can be accomplished through the implementation and evaluation of the goals in each of the above categories. Frozen Bliss does face competition from numerous other similar businesses, but through the constant effort of maintaining and achieving their mission and goals, the market share will be easier to garnish and maintain. Frozen Bliss intends on developing their national and international growth through the opening of many new locations across the globe. By increasing their presence in different geographic areas, Frozen Bliss will naturally increase their brand awareness and thus increase their market share. The ultimate success of Frozen Bliss will be determined by a year round stable revenue that on average increases and does not decrease. The revenue should be evaluated on a quarterly basis to ensure that growth is taking......

Words: 795 - Pages: 4

Premium Essay

Strategic Plan Iii

...to keep customers interested | New technology should hit stores faster than competitors. | Offer technology that is new in domestic and international markets. | Build relationships with international equipment manufacturers. | ------------------------------------------------- Learning and Growth Scorecard Ads by Webexp EnhancedAd Options Objectives | Measures | Targets | Initiatives | Promote corporate culture that fosters employee growth. | Obtain an employee retention rate of 75% or higher for 6 months.   | The company should maintain this retention rate for the next two years. | Conduct employee surveys to find areas of improvement. | Create an equity sharing plan for employees | Allow tenured employees the opportunity to gain partial ownership. | This program is for long term management employees. | Present the equity sharing plan as a goal for all employees to pursue. | Participate in community events to build a positive image. | Participate in one major community event per quarter. | Observe increased awareness of the company image. | Encourage and reward employees for participating. | ------------------------------------------------- Internal Operations Scorecard Objectives | Measures | Targets | Initiatives | Implement a system for tracking customer habits and loyalty | Customer habits and loyalty must be determined before conducting marketing operations.   | Track customer tendencies over the next 2 years.   | Seek the advice of marketing......

Words: 498 - Pages: 2

Premium Essay

Strategic Plan: Balanced Scorecard

...Strategic Plan: Balanced Scorecard David Fitzgerald Strategic Plan: Balanced Scorecard Friday’s Hookah is a small but ambitious company looking for growth and progression. Fridays Hookah’s vision is to be the premiere location for university students, to study, unwind, and socialize in multiple locations through the state. This is only possible if Friday’s has the competitive advantage over the competition. With this understanding Friday’s developed a scorecard focusing on Company Stakeholder, Customers, Processes, and Learning and Growth. The stake holder section of the scorecard focuses on increasing market share, market expansion, and an increase in profits. The first objective is to have Friday’s Hookah increase its percentage of the current market by 5% each year. This will be attainable though increased marketing initiative designed at increasing traffic at each location. Once the desirable market share is reached Friday’s will expand into new market. That is objective is to expand into additional markets every year. This is achievable by acquiring more locations and diversifying the product line up such as expansion in the electronic cigar/cigarette market. The third and final objection of the Stakeholder portion of the scorecard is to increase profits. This is achievable by reducing operating cost by 3% each year through removal is unnecessary practices and positions. The next portion of the scorecard is the customer section. The first focus is on......

Words: 947 - Pages: 4

Premium Essay

Bus 475 Week 4 Strategic Plan Part Iii: Balanced Scorecard

...enhance the athlete’s performance. Nike manufactures a running shoe that is installed with a radio device that measures the runner's pace. Nike is always expanding their markets by introducing products that meet specialty needs within a target market. The company has made a huge shift in the development of offering digital sports products that will bring them closer to their customer. In 2012 Nike introduced FuelBand it is a wristband that tracks the athletes energy output, the goal is to work in concert with the athlete by understanding what they need for optimum performance and supply that demand. Nike’s pricing strategy makes use of vertical integration in pricing wherein they own participants at differing channel levels or take part in more than one channel level operations. This can control costs and influence product pricing. (Goldman S, 2000, pp154) The pricing of footwear has been structured to be competitive with other shoe retailers, but Nike strategist has focused on consumers who embrace product intimacy. Many of their customers are infatuated with their brand and do not mind paying a higher price for their shoes. Nike has capitalized on the consumers that relate higher price with higher quality. Size and style does affect pricing none the less, the swoosh on the side means higher quality so they will pay a higher price. That fact still remains that Nike customers believe they make a good product for the price. Nike has......

Words: 1002 - Pages: 5

Premium Essay

Strategic Plan, Part Iii: Balanced Scorecard

...Strategic Plan, Part III: Balanced Scorecard BUS/475 July 10, 2014 Forward The document relates to the methods which organizations use in creating as well as executing methods. Specifically this document would discuss the method of balanced scorecard or BSC method which is extensively getting used by big as well as small companies. To elaborate the concept papers would cope with the use of the idea to the business design of an organization known as Ace Gym. As soon as the organizations’ importance, objective, perception and profits are evaluated after that the strategic plan of balanced scorecard can be developed considering them. The document would also concentrate on the contingency planning, danger elimination and moral dimensions of the developed plans. The Balance scorecard The BSC method can be shown as a method which evaluates the efficiency of the company through four main areas i.e. economical, client, inner business procedures and research and development (Bergen & Benco, 2007). These four areas can be described keeping in consideration the organization’s (Ace Gym) objective, perception and value declaration as: 1) Financial Gym Ace would have to concentrate on developing a competitive edge for itself through allocation of correct adequate......

Words: 1422 - Pages: 6

Premium Essay

Qi Plan Part Iii

...QI Plan Part III - Implementation and Revision HSC/588 Anna Caluza May 26, 2014 Linda Roan Q I Part III – Implementing and Revising The implementation of correct systems required a team including expert leader’s approach. Effective communications between leaders of Doctor’s Medical Center, end users, the vendors, and the department staff is important when collecting data. For data transfer, authority need to assure that the new system communicate with the existing system. The administrative leaders guide the project activities, data protocol collection, clearly understand roles and responsibilities, and set up policy and procedure. Leader guide the staff to pursue the desire to achieve the goal. In completion of the system, training is provided by trainers for the to staff to be efficient in using the system. A yearly system evaluation to improve quality performance is mandated. The final process of implementation and revising is to assure that the organization is complied with the Joint Commission and other accreditation agencies. Authority Structure and Organization Authority structure is crucial in implementing and revising plans to be successful. To achieve success in implementing project, roles and responsibilities must be organized. Included in the authority structures to achieve success are as follows: board of directors, executive leadership, quality improvement committee, medical staff, middle management, and......

Words: 1181 - Pages: 5

Premium Essay

Business Model and Strategic Plan Part Iii: Balanced Scorecard and Communication Plan

...Measurement” is yet another technique which includes 4 levels of measurement, that are - minimal, ordinal, interval, as well as ratio. Each one of these measurements includes a different use in the study procedure and analysis procedure. The Null theory is yet another technique that's a meaning of statistical information that involves the development of a null theory in which the presumption relates to the suggested reason (Wegner, 2010). Role of Statistics Statistics perform a big effect on the decision-making procedure of a company (or companies) because the statistics procedure offers the market analysis as well as the report of the rivals in the market. The company procedures need a correct assessment and statistics to make correct plans as per the market situation. The right statistical report may contribute to the correct choice of the process. Data Collection Method The data accumulation method generally arranged by applying the various processes on the target market, for example interview(s), study statement(s), feedback form(s), and so forth. Moreover, these are the main resources of data accumulation and would be helpful to gather the right amount of data to assess the specific processes. By the data accumulation a business might have the helpful information that will help them to develop correct techniques for their company (or companies)....

Words: 414 - Pages: 2

Free Essay

Business Model and Strategic Plan Part Iii: Balanced Scorecard and Communication Plan

...fortalezas del negocio prevalezcan. Cuando hablamos de oportunidades, significa el camino a que una empresa sea provechosa o mejor dicho rentable. Usando la misión que se estableció como una oportunidad es otra manera de lograr el camino al éxito. También cuando existe la oportunidad en un negocio de poder asociarse con un inversionista el cual tenga la visión de invertir en el negocio para que el mismo tenga un capital con el cual pueda evolucionar poco a poco y llevar a cabo expansiones por etapas y a su vez pueda ahorrar dinero con los menos costos posible para el mismo, de esta manera se puede ir desarrollando poco a poco. Turo’s Rest. utilizará las oportunidades establecidas en el analisis SWOTT para llevarlas a cabo una a una. Un buen plan de mercadeo será establecido para utilizar parte de ese capital y dar a conocer el negocio en todos los medios sociales y creando una página de internet bien innovadora. Cuando se va a establecer un negocio existen leyes y regulaciones ambientales que pueden hacer que este sea un proceso complicado. Consultar con organizaciones sin fines de lucro las cuales ayudan a los pequeños empresarios es de buena ayuda para Turo’s Rest. Existen contratiempos como permisos, leyes de salario mínimo, regulaciones de OSHA y otras que pueden ser demasiado para los pequeños negocios poder liar con las mismas. La ayuda de firmas especializadas de consultoría puede asegurar que todos estos permisos y leyes para establecer un negocio se lleven a cabo......

Words: 1208 - Pages: 5

Premium Essay

Balanced Scorecard Paper

...Balanced Scorecard Paper BSOP588 June 8, 2014 Professor Walter Mamak In this day and age of technology, strategically planning the performance of your organization, many companies have or will implement the new balance scorecard method as the new catalyst for implementing some kind of strategy improving or monitoring performance. “The balanced scorecard is a generic management term such as information technology “or” performance measurement.” It is not trademarked or copyrighted. (Norton, 1996) From the beginning there were simpler performance measurement frameworks which have evolved into full strategical planning and management systems. Although this performance management frame work was developed about 1990 by Drs. Robert Kaplan (Harvard Business School) and David Norton to incorporate customer, learning/growth, and business process metrics into traditional financial reporting measures, it is now being used worldwide for many governmental agencies, businesses, nonprofit, and industry organizations and the main goal for these entities is to see future performance that will help them all achieve a better balance, vision and strategy for each area or segment of their organization. Utilized in different ways and for different reasons, the balance score card may be used for something as a simple measurement of how well they perform in their jobs and duties daily and on the other hand for others it may be an extremely comprehensive planning and management......

Words: 759 - Pages: 4

Premium Essay

Career Development Plan Part Iii

...Career Development Plan Part III January 18, 2010 The training and mentoring needs are complete and the new sales team of InterClean, Inc. is in their perspective positions. Evaluations of performance and career management methods are being put into place. This report will outline the aspects of the performance and career management programs. Performance Evaluations The sales manager will discuss the appraisal form and scorecard with each employee. Each sales associate will complete a self assessment of his/her professional goals along with their manager and the two of you will update your progress on a quarterly basis. The manager will review your scorecard with you weekly. This will show your individual weekly sales figures as well as the channels total sales. Each individual will know where they rank in the department so if any improvements are needed they will have ample time to correct them before their performance evaluation. Weekly team huddles will be held also to discuss the sales performance as a site and review any new product and service updates. Employees should feel free to offer feedback during the weekly individual meetings, team huddles, and quarterly evaluation. This is the opportunity to voice any problems, concerns, or best practices that they think should be addressed. During these open discussions, individual as well as team goals will be set and tracked on a continuous basis to progress as a sales associate, team, and organization.......

Words: 711 - Pages: 3

Premium Essay

Strategic Plan Paper

...Strategic Plan Paper Strategic Plan Paper Riordan Manufacturing recognizes the fact that they are an industry leader in plastic injection molding and supplier of plastic medical devices. Riordan also recognizes that they are not progressing in the industry as they would like. Recognizing the need to create better value products which will increase sales is the first step in this plan for sustainability. Riordan needs to obtain new customers. In order to do this, they must predict customer needs, become familiar with global changes, create better relationships, and secure sustainability. Gaining a competitive edge by utilizing newer technology will help reduce costs. After a closer look at the structure of Riordan, it is believed that several shortfalls exist between the relationship of goals and reality. Riordan is urged to consider the following strategic plan which outlines structure, plan goals, implementation, and evaluation. Riordan Manufacturing is a state-of-the-art plastic industrial company that specializes in plastic injection molding and innovative designs of plastic products and packaging. Because of their progressive thinking and innovative products, Riordan’s has now established a reputation as one of the world’s leading plastic manufacturers as this global enterprise now employs over 500 employees worldwide (University of Phoenix, 2012). In 2000, Riordan’s manufacturing undertook major expansion efforts and because of those efforts, you can now find......

Words: 2478 - Pages: 10

Premium Essay

Balanced Scorecard and Communication Plan

...Business Model and Strategic Plan Part III: Balanced Scorecard and Communication Plan Business Model and Strategic Plan Part III: Balanced Scorecard and Communication Plan The balanced scorecard is vital for a healthy growing business. It is an essential component for defining the goals and targets of the business. "The Balanced Scorecard is a tool that is widely used to help a company achieve its financial objectives by linking them to specific strategic objectives derived from the company's business model" (Pearce, 2013 ). This paper will reference Stater Bros. Kiddie Korner's values, mission, vision and SWOTT Analysis with the four perspectives of the scorecard that includes financial performance, customer knowledge, internal business process, and learning and growth. Financial Perspective/Shareholder Value Sater Bros. has strong values, vision, and mission statement. Having these elements in place will help our new division reach our goals and achieve targets. When evaluating financial perspectives and shareholder values, we must ask ourselves: “how can we ensure value and sustain financially moving forward?" The objectives of Sater Bros. financial perspective is to increase revenues, manage operating cost, and improve sales. To accomplish these goals, we will utilize our drop-in childcare service to increase sales. Customers will spend more time in the store without the hassle of having children in tow. Also, over time we will find new......

Words: 886 - Pages: 4