Business Finance
BUS475 Phoenix Balanced Scorecard and Communication Plan Paper

BUS475

University of Phoenix

Question Description

I need help completing this assignment please. I have attached the previous assignment that was submitted last week that this assignment builds on.

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. They will also be presented with the task of creating a brief communication plan that will be used by their proposed division to efficiently distribute information with regard to their strategic initiatives.

Assignment Steps

Resources: Strategic Planning Outline and Week 4 textbook readings

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.

Format your assignment consistent with APA guidelines.

Unformatted Attachment Preview

Running head: AMERICAN FAMILY INSURANCE GROUP SWOT ANALYSIS AMERICAN FAMILY INSURANCE GROUP SWOT ANALYSIS Christine Wilson BUS/475 University of Phoenix 2/05/2018 Ryan Simpson 1 AMERICAN FAMILY INSURANCE GROUP SWOT ANALYSIS 2 Introduction Business entities in various industrious operate in different environments. The environment in which a firm operates in determines its success significantly. The environment in which a firm may provide various opportunities which a firm can utilize to gain some competitive edge over its rivals in the environment. This way, the business entity can grow significantly hence promote its performance in the industry. The management of a firm also plays a very critical role in determining the success of it in the industry. This way, the firm can outperform its rivals in the market. This paper seeks to explore the SWOT analysis of American Family Insurance Group new division operation. The internal a well as external forces in the environment affecting the operations of the firm in the industry will be analyzed in detail. Discussion American Family Insurance Group intention to introduce a new division of operation in the market seeks to promote its performance in the industry. The new line of service is aimed at improving the performance of the company in the industry (Noe, Hollenbeck, Gerhart & Wright, 2003). This is because the firm will be able to raise extra income from the new line of service in the market. The program will also promote carefulness of young drivers in the market. This way, the number of accidents will be reduced in the country. The affordable rate insurance program for young drivers in the country will also benefit the parents significantly since all the accidents caused by young people under the age of 18 years will be covered in the market. This way, the costs involved in paying for the damage caused when an accident occurs will be reduced. The new line of service targets the youths in the United States since it covers drivers under the age of AMERICAN FAMILY INSURANCE GROUP SWOT ANALYSIS 3 18 years. Introduction of this line of service is a strategy by American Family Insurance Group company in the market to gains some competitive advantage over its rivals in the market. Like any other business entity in the market, the environment in which American Family Insurance Group operates in will greatly determine its performance in the industry (Noe, Hollenbeck, Gerhart & Wright, 2003). The environment in which a firm operates in can be divided into two; internal and external environment. The internal environment entails the workers as well as management of a firm in the industry. The internal forces determine the weakness as well as the strengths of a firm in the industry. The external environment, on the other hand, provides opportunities as well as threats to the operations of a business entity. The American Family Insurance Group operations will, therefore, be affected significantly by both the internal and external environment in which it operates in. The analysis of the environment in which a firm operates in entails its SWOT analysis. SWOT Analysis SWOT is an abbreviated form of Strengths, Weakness, Opportunity, and Threats of a firm. Analysis of these aspects is very crucial in determining the success of a firm in the industry (Kajanus, Leskinen, Kurttila & Kangas, 2012). The analysis also helps a business entity identify the areas it needs to improve on as well as the areas it should keep improving or maintain them. An analysis of American Family Insurance Group new division will, therefore, help it improve its performance in the market hence lead to the achievement of its set goals and objectives. Internal Forces and Trends Consideration AMERICAN FAMILY INSURANCE GROUP SWOT ANALYSIS 4 The internal forces of American Family Insurance Group regarding the new division it has introduced in the market entails the strengths as well as the weakness it has. The identification of these aspects will greatly promote the performance of the company in the market. Strengths. It has very effective strategies that help the firm gain some competitive edge over its rivals in the market. American Family Insurance Group can study the market effective and design strategies that will help it gain some competitive edge over its rivals in the market (Malina, Morrissey, Hamel, Solomon, Epstein, Campion & Drazen, 2017). The company has easy to manage structures which enables the managers to run the operations of its efficacy. Since the firm is well established, it has vast resources which it can use to finance its new service plan in the market. This way, the firm will be successful in the market. American Family Insurance Group has adopted the use of the new technology in its operations, and this has resulted in improved performance in the market. Technology has advanced significantly in the industry hence any firm adopting its use gains some competitive edge over its rival in the market. The system of the company is also very which makes its operations to be smooth and efficient. This way, the firm can outperform its rivals in the market. The firm also has a well-established culture in the market which makes it reputable in the market. The company has effective leadership which oversees its operations in the market. The company also has well-set goals and objectives which guides its performance in the industry. These strengths will help the company implement its new plan effectively hence boost its performance in the market. Weakness. AMERICAN FAMILY INSURANCE GROUP SWOT ANALYSIS 5 Despite having so many strengths, the company has some weakness which lowers its performance significantly in the market. The major weaknesses of the company regarding implementation of the new plan include; lack of enough intellectual property. Since the new division the firm intends to introduce in the market, the company lacks intellectual property to enhance easy implementation of the plan in the market. The company also has poor strategic capabilities which lower its performance in the market. There are also low levels of innovations in the company which may greatly hinder the success of the new plan it intends to adopt in the market. External Forces and Trends Considerations Opportunities. The high number of young drivers in the society increases the market base for the company`s new service hence presenting an opportunity to the firm. The environment also offers new opportunities to the firm hence promoting its performance in the industry. Technological advancement also presents more opportunities for the company as it can use the new technology to boost its performance in the market. Use of innovation in the operations of the firm also provides new opportunities for the firm in the industry. This way, the firm can gain a competitive edge over its rivals in the market. Since the United States is economically developed, it offers various opportunities to the firms operating in the country to improve their performance in the market. As such, American Family Insurance Group can use these opportunities to grow their businesses in the market. Threats. AMERICAN FAMILY INSURANCE GROUP SWOT ANALYSIS 6 High competition in the market is one of the threat American Family Insurance Group faces in the market. Changes in the industry also pose a great threat to the operations of the company in the market. The company is very slow to changes in the environment hence changes in the industry affects the performance of the firm significantly in the market. The laws and regulations adopted by the country to regulate the industry also pose a threat to its performance in the industry (Zelizer, 2017). The global standards for insurance firms also pose a threat to the operations of the company. This is because the firm has to meet the set standards in the market to continue being operational in the market. In developing its strategic plans, the company will have to make various considerations. This way, the firm will be able to operate smoothly in the market. Developing the supply chain in the new division, for instance, will require the management of the firm to study the regulations as well as standards set in the industry to operate effectively. The various stakeholders in the firm will have to be involved to ensure the success of the new division. This way, the firm will be able to gain some competitive edge over its rivals in the market hence boost its performance in the market. SWOT ANALYSIS TABLE. Strengths. Weakness. • Effective strategy. • Inadequate management staff. • Easy to manage structure. • Sometimes the strategies adopted by • Very effective processing systems. • Availability of adequate resources. • Use of SMART goals by the firm. the firm are complicated. • Breakdown of systems AMERICAN FAMILY INSURANCE GROUP SWOT ANALYSIS • Ability to make strategic decisions by • 7 Inadequate resource to enhance the management. carrying out of all the business plans • Good organizational culture. of the firm. • Use of the new technology in the • Hard to understand culture. operations of the firm. • Contradicting goals and weakness. • High levels of innovation. • Poor implementation of strategic plans • Availability of intellectual property. • Use of outdated technology. • Effective management. • Low levels of implementation of innovation plans. • Opportunities. Inadequate intellectual property. Threats. • Favorable laws and regulations. • High levels of competition. • Availability of market in the society. • Inflexible laws and regulation. • Technological advancement • Advancement in technology presents presenting new opportunities. • new threats. Global market for the services offered • Choosy customers in the market. by the company. • Ever changing industry. • Favorable economic conditions. • High levels in the industry increasing • High levels of innovation creating new opportunities. competition. • Unfavorable economic conditions at some times. AMERICAN FAMILY INSURANCE GROUP SWOT ANALYSIS • Increased business opportunities for the firm to venture in in the environment. References. Kajanus, M., Leskinen, P., Kurttila, M., & Kangas, J. (2012). Making use of MCDS methods in SWOT analysis—Lessons learnt in strategic natural resources management. Forest Policy and Economics, 20, 1-9. Malina, D., Morrissey, S., Hamel, M. B., Solomon, C. G., Epstein, A. M., Campion, E. W., & Drazen, J. M. (2017). health, Wealth, and the Us Senate. Noe, R. A., Hollenbeck, J. R., Gerhart, B., & Wright, P. M. (2003). Gaining a competitive advantage. Irwin: McGraw-Hill. Zelizer, V. A. R. (2017). Morals and markets: The development of life insurance in the United States. Columbia University Press. 8 ...
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Final Answer

Attached.

Running head: BALANCED SCORECARD AND COMMUNICATION PLAN

Strategic Plan Part III: Balanced Scorecard and Communication Plan
Student’s name
Institution
Tutor

1

BALANCED SCORECARD AND COMMUNICATION PLAN

2

Introduction
The American Family Insurance Group commonly referred to as seeks to introduce a new
division in its operations in order to target young motor vehicle drivers. With the number of
young drivers rising over the past decade, it’s projected that the new division will improve the
financial and national standing of the insurance. Through this balanced scorecard, the company
will communicate and analyze the financial, customer, processes, and learning and growth in
across the company to the different stakeholders.
According to Pearce and Robinson (2013), strategic planning is the process through
which businesses set their business priorities, focus their resources and energy in order to
strengthen their operations. This strategic alignment according to Pramudita (2016) helps
business to attain their mission, vision and specific goals set. By introducing the new operations
division which is intended to target the young motor vehicle owners, America Family Insurance
Group intends to increase its profits, serve their customers better, improve their operations, and
to enhance business learning and growth. To achieve this, maximum participation of all
stakeholders is essential. The balanced scorecard will help American Family Insurance Group to
analyze and align its financial, customer, processes, and learning and growth with its overall
strategy.
New Division Balance Scor...

CristinaP (13148)
UT Austin

Anonymous
Return customer, been using sp for a good two years now.

Anonymous
Thanks as always for the good work!

Anonymous
Excellent job

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