Description
Purpose of Assignment
Students will have the opportunity to develop a Balanced Scorecard. This, in turn, will allow them to create effective strategic objectives to be included as part of their overall strategic plan.
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 2.
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.
Explanation & Answer
Hi there, I have just completed the assignment. Please find attached. It has been nice working with you. 😊
Running head: BALANCED SCORECARD PAPER AND TEMPLATE
Apply: Balanced Scorecard Paper and Template
Institutional Affiliation
Date
1
BALANCED SCORECARD PAPER AND TEMPLATE
2
To ensure increased revenues and profit margin, which translates to overall success, Hoosier
Media Inc. needs to change its business model. A number of methods of production target a diminishing
market and this gives the company a potential threat of fully losing its market position. For it to regain
its business stamina, it requires a shift in production methods and a focused approach towards the
modern market, employee and business model in the media industry. This means a focus in the online
business. In this paper, we have tabular assessments of strategies that are recommended for Hoosier
Media Inc. and a balanced scorecard that will assist the company to achieve its goals through these
strategies.
Business strategy in preparation for a Balanced Scorecard
Financial Perspective
What are the products that our
target market want that we are
Well-positioned online products (Brito,
2013)
not offering?
Market share
What unique innovative features
Mixed written and video clips online
can we incorporate to gain a
products and services (Brito, 2013)
competitive edge?
Competitive position
Revenues and costs
Which strategies will we use to
By launching a fierce online campaign
gain more customers than our
using Search Engine Optimization (Brito,
competitors?
2013)
How much will that cost us?
$100,000 annually
How much revenue will we
$1,000,000 in the first year
make?
BALANCED SCORECARD PAPER AND TEMPLATE
3
What strategies will we use to
Use of Search Engine Optimization tools
sell more products to one
such as interlinking and subscription
customer?
prompts (Brito, 2013)
Investing in online advertisements and
affiliate marketing
How will we make money using
Increased spending rates give
these strategies?
opportunities for online products such as
paid webinars, premium subscriptions
and digital products (Brito, 2013)
Diversification of products like the
Profitability
Is there other way of ensuring
development of more online outlets, use
growth and continued
of mobile applications, mergers, and
profitability?
acquisitions of other diversified online
media companies (Brito, 2013)
Customer Value Perspective
● Profiling our customers better
through online surveys to deliver
the right quality and type of
What strategies will we make to
products
Customer value
ensure the quality of products?
● Proper use of analytics and
intelligence garnered in our
previous products
How will we deliver faster than
Creation of an online network of on-the-
BALANCED SCORECARD PAPER AND TEMPLATE
our competitors?
4
ground and diverse correspondents and a
quick editorial process (Brito, 2013)
Invest on the websites appearance,
How can we increase customer
responsiveness and interactiveness on all
experience?
devices to improve user experience
Customer satisfaction
(Brito, 2013)
● Creation of quality value-addition
products that are irresistible
How do we plan to convert new
● Offering free incentives for a mail
customers into loyal clients/
subscription
● Use of push notifications
Customer retention or
turnover
Segmented highly group-specialized
What shall be our Unique
news and online content that will make
Selling Proposit...