Strategic Plan Part III: Balanced Scorecard and Communication Plan

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Question 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. 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.

Unformatted Attachment Preview

Strategic Planning Outline BUS/475 Version 7 1 Strategic Planning Outline I. Title Page II. Table of Contents III. Executive Summary IV. Strategic Plan Part 1: New Business Division of an Existing Company; Vision, Mission, and Value Proposition V. Strategic Plan Part 2: SWOTT Analysis – Internal and External Environmental Analysis; Primary Internal Considerations for the Development of a Strategic Plan. VI. Strategic Plan Part 3: Assumptions, Risk and Change Management Plan; Summary of Strategic Objectives; Corporate Social Responsibility: Balanced Score Card and its impact on stakeholders; the Communication Plan VII. Strategies and Tactics Section VIII. Conclusion IX. Reference Page ...
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School: Purdue University

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Running Head: BALANCED SCORECARD AND THE COMMUNICATION PLAN

Balanced Scorecard and the Communication Plan
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Institution
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1

BALANCED SCORECARD AND THE COMMUNICATION PLAN

2

Strategic Plan Part 3
Balanced Score Card and its impact on stakeholders
The balanced scorecard is an important performance and strategic measurement system
that is often used by bank's administration to improve their company's performance (Kaplan &
Norton, 2010). This tool focuses on driving organizational changes by evaluating an
organizations performance measures. Using balance scorecard, the bank’s performance can be
evaluated in four perspectives namely the financial, customer-care, internal operations and
learning and growth perspective.
Financial Perspective
The financial perspective evaluates the bank’s financial performance and the use of the
financial resources (Bourne & Bourne, 2007). The main strategic objective under this perspective
for OneWest Bank is revenue maximization from the new product. The objective will be
measured by quarterly sales, and the target is to have at least 10% increases in sales every
quarter. This objective if achieved will ensure that the bank’s overall revenue per year is
increased significantly.
The second objective would be to have better returns than the banking market. This
objective will be measured by the return on assets ratio or the return on equity metric for the
bank. The target will be to have the bank’s return on assets and return on equity is at least 0.5 %
above the banking sector’s ratio. This objective will increase the ...

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