Strategic Plan Part III: Balanced Scorecard and Communication Plan

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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: STRATEGIC PLANNING: PROPOSAL Strategic Planning: Proposal Ricky Demoraes BUS/475 Intergraded Business Topics June 17th, 2018 1 2 STRATEGIC PLANNING: PROPOSAL Introduction Nokia Corporation is a company that was founded in 1865. This company major in the manufacture of consumer electrons, information technology, and multinational telecommunication products. Its headquarters are in Espoo, in the greater Helsinki metropolitan. Over the years, the corporation has invested in various industries. It was initially founded as a pulp mill and was being associated with cables and rubber. Later, in the 1990s the company started to focus on large-scale telecommunication infrastructure, licensing and technology development. Currently, Nokia is a prominent major contributor to the telephone industry has contributed in the development of the 3G, LTE standards, and GSM and is known as the company with the largest global vendor for mobile phones. Nokia Corporation began focusing on its telecommunication infrastructure business after a partnership with Microsoft and due to market struggle. The Nokia brand has returned to the smartphone and mobile through a licensing arrangement with HMD Global. Finns viewed the company with national pride due to its business making by far the largest company and brand from Finland (Kapferer, 2015). Product and services from Nokia Corporation are marketed globally. However, due to changes in customers’ preferences and taste and the advancement of technology, the company has to be updated on the trending market design to satisfy all consumer’s needs. Nokia Corporation Company has strategies to introduce a division by improving the existing service division and platform to improve the feature of the smartphone to meet the need of the customers. The new division is purposed to help the company adhere to its mission which is to ensure that they deliver quality goods and services that meet the customers’ needs. This is a detailed plan aimed at showing how the new division will cater to the need of the customers STRATEGIC PLANNING: PROPOSAL 3 which are prone to change with time and the advantages of the introduced division. The new division will include a business model to ensure that the invented product is marketable and can be innovated in future. Internet use is the current trend in all the business globally. Therefore, the rate at which one is able to access the internet depends on the speed of the computer or the smartphone and the storage capacity. New division to be introduced. The new division aims at providing a new advanced mobile brand. The brand will be referred to as Nokia Lite. Like the currently available smartphone, it will be able to access the internet and all the basic functions but at an advanced speed. The main unique characteristic about the Nokia Lite will be its processing speed and the storage. Nokia Lite will feature a very high processing speed and also high storage capacity. The product should be able to give the customer ample time while accessing the internet and also when there is need to store data. However, Nokia has to convince the customer that the product is more advanced than the other smartphones brands. The marketing ability of the new product will fully depend on the ability of the corporation to convince the customers to switch to the new brand and not the alternative options (David, 2015). Therefore, the company has to implement marketing strategies such as advertising, holding product launching ceremony to create awareness of the new product, using the social media and other platforms to inform the customer more about the advanced smartphone with the highest processing speed and storage capacity. Also, the corporation should pay attention to the reaction of the customers to the new products to know whether the product meets the customer need and make necessary changes if needed. STRATEGIC PLANNING: PROPOSAL 4 How the division will address customer needs and achieve competitive advantage. The product will be made to be affordable for its customers to ensure that an average citizen can afford it. Therefore, the customers will be able to enjoy the advantages of the new product at an affordable price. The division will also ensure that the products are available in large numbers to meet the market demand and to ensure that the customers never run out of supply. In addition, the corporation will ensure there is an online platform that will enable the customers to post their suggestion, complains or comment, through which the company will be able to act accordingly (Kaplan et al., 2016). The products will allow the users access the internet very fast. Also, to store any necessary data in the phone. The plan is to design a smartphone with the highest processor speed and storage in the market. Most of the smartphones currently on the market have low storage capacity and also the processing speed. Therefore, the new product will have the competitive advantage over the other competing products. Vision and mission of the new division. The vision and mission of the new division are to ensure that it maintains Nokia’s large market share globally to facilitate the corporation to remain the number one company in the selling of mobile phone worldwide. The new product will help maintain a healthy competition with the company’s competitors in the market. Nokia will ensure that the new product fulfills all customers’ demands, preferences and taste and will be able to realize their full potential in the market. A business model for the new division In order for a new division to be a success in an organization, there has to be a distinct business plan that conforms to the mission and vision of the company concerning the new STRATEGIC PLANNING: PROPOSAL 5 division. Nokia Corporation will pose as the producer of the product and sell the product to the customers directly. Alternatively, the company may include middlemen to deliver the product to the customers. The new product is expected to have an impact on the internal and external environment of the business. Nokia Corporation aims at targeting new growth opportunities in the markets to help solve the emerging issues in the marketing sector. The vision of the new division is to ensure that it maintains Nokia’s large market share globally to facilitate the corporation to remain the number one company in the selling of mobile phone worldwide. However, the only disadvantage is that some people may consider the product to be somehow expensive thus preferring other products. In the market today all over the world, there are new emerging trends. The possible threat is the possibility of steep or unhealthy competition between Nokia Corporation and other companies offering substitute goods. With time, the advancing technology will create new opportunities in the market. So far people can use the internet at a convenient speed. New discoveries have been made that have ensured that the use of the internet is available to everyone using their smartphones. This new product will provide a base for more research to be conducted and ensure the phone features are updated to satisfy for the fluctuating desires of consumers. Guiding principles and value for the new division. This item is relied upon to help in raising the organization's income and guaranteeing that the desires of the partners are met. Great initiative of the new division is vital to guarantee its achievement in the market. Skilled staff ought to be set up to organize the product improvement, advertising, and conveyance around the world (Kapferer, 2015). All representatives ought to be 6 STRATEGIC PLANNING: PROPOSAL well-taken care by furnishing them with good working conditions. They ought to be furnished with the fundamental devices they require while on an obligation to guarantee effective programming advancement. Visit inspirations for the representatives are additionally essential to make them keep up their great work. Deal targets should be set and an adjusted scorecard to be utilized to break down if the objectives have been accomplished as required. A phenomenal client administration should be set up to guarantee that the clients can report any criticism after utilizing the item and give recommendations on any change that needs to be executed assuming any. The company aims at narrowing the objective market and to major for the most part in the form and configuration line of business. This will help in building solid client connections and boost the business' income. Conclusion. Nokia Corporation has been popular for a long time for offering reliable products to its customers. Most customers have provided positive comments about its product and therefore, the new division is expected to solve the problem of low phone storage capacity and slow internet accessing speed. Nowadays, almost all day to day activities requires internet such as emailing, researching and even learning. The new product will help to ensure the activities can be done faster and also one can download adequate data to the phone without running out of storage capacity. Also, the product will allow multitasking because the customers will be able to access the internet fast through their phone. The new product will also help the company to understand the emerging issues in the markets from the reaction of the customers to the new product. 7 STRATEGIC PLANNING: PROPOSAL References David, F. R. (2015). Strategic management: Concepts and cases. Pearson/Prentice Hall. Kapferer, J. N. (2016). The new strategic brand management: Advanced insights and strategic. Kaplan, R. S., & Norton, D. P. (2016). The strategy-focused organization: How balanced scorecard companies thrive in the new business environment. Harvard Business Press. Thinking. Kogan page publishers Running head: SWOTT ANALYSIS 1 Strategic Planning: SWOTT Analysis of Internal and External Factors likely to affect the New Division Ricky Demoraes BUS/475 Intergraded Business Topics SWOTT ANALYSIS 2 External factors Industry Changes Legal and regulatory Global Strengths With the company’s reputable ability to adapt to changes in the industry, the new division will be an easy maneuver. The government supports the company’s vision and its ability to have created employment opportunities. Nokia has over the years solidified its position as the number one seller of mobile phones globally. weaknesses The company has always taken the reactive response to changes in the industry. opportunities The new division can take advantage of the high demand for smartphones. threats The secret development strategy used by other companies in the industry. trends The industry is looking to enhance more data privacy with the new products being released into the market. The regulatory framework and landscape is highly unpredictable. Nokia can work with the various regulatory authorities to develop bilateral and mutually advantageous relationships. The new division can take advantage of the increased levels of trade between nations. The laws and regulations especially those concerning data privacy. The government is looking to support companies that adhere to data privacy regulations. The recent differences between the U.S. and China with regard to cheap labour. There are several emerging markets in the world with countries like China, Brazil and India. The increasing demand for smartphones will create more employment opportunities. Economic sanctions in the global market and the constrained purchasing power of customers courtesy of the rough economic times. The existence of highperformance devices at a reasonably affordable price is a real threat to the Nokia Lite’s sales and marketing. Fast growth in the tech industry means that today’s innovation is Long term sustainability of tech companies is being realized by facing east to China, to lower the costs of production. Economic Nokia is in a perfect position to take advantage of the fast growth of demand for technology, the internet and high-end smartphones. The global market trends are highly unpredictable especially with trade sanctions against potential markets for Nokia’s products. The high demand for high-end devices automatically increases the prices of these gadgets and reduces the demand. Technological The new Nokia Lite has high speed connectivity to the internet and a large storage capacity. The high speed and storage capacity is good for a new product but not the ultimate deal breaker. The new product is a chance for Nokia to culminate its lead in mobile hardware technology. Innovation The product has client-focused features already prioritized. Rival products in a way dwarf the innovations by Nokia’s new product, from The new product can take advantage of the growing demand for Slim Bezel has superb displays that will be available in smartphones including the budget phones. The company is headlining new innovations in the industry, including the SWOTT ANALYSIS 3 price to capabilities. Social Environmental Competitive analysis smartphones with superb front cameras. The company has an opportunity to create an even better image by giving back to society. obsolete tomorrow. Funding environmental programs is a good chance to keep the good brand name. The new division can help maintain Nokia’s lead as the number one global seller of mobile phones. Environmental laws may soon catch up with the new product, nobody knows. new slim-bezel display on its 7 plus. Community and social responsibility programs are a recent but trending thing for companies these days. Increased adoption of the sustainable business model by companies. Apple and Samsung rival at an insanely different level of competition that the Finland based giant might find hard to attain. Customization of operating systems and hardware is a trend meant to ensure a niche market for the different big brands. The company’s position in the market guarantees the new division a significant level of consumer loyalty. Nokia is at the frontline of the green movement in the tech industry. The new product will help maintain a healthy competition in the market. The growing demand for high-end budget phones has seen drastic changes in tastes and preferences. Strengths The company’s plan to introduce a new division is customer centric. weaknesses opportunities threats The strategy is The new The strategy is more of cliché division can highly given the level help the dependent on of competition company adhere customer in the to its mission. loyalty, subject production of to changes in similar and tastes and even better preferences products out there. Middlemen The risk The structure help companies involved in the resembles reduce new division’s competitors’ marketing structure is an and this might budgets, opportunity to not work well removing them propel Nokia for Nokia. from the supply into the next chain might be phase of a wrong call. production. The old The company Removal of processes might can introduce middle men and not be best for a new systems in selling directly new product. the new can negatively division. affect sales budgets. Going green means reduced production and higher costs of production The company has had a fair share of market struggles with new products not getting as much breakthrough as expected. Data privacy issues are a major threat to every phone manufacturer in the world today. Internal factors Strategy Structures The supply chain structure will involve the removal of middlemen. Processes and systems Nokia has excellent processes and systems, which the new division will adopt. trends New products is the thing with tech giants of this century, if not venturing into new markets. Changing structures in supply chain and marketing has become innovative in recent years. Companies are hiring experts to develop modern processes and systems for them. SWOTT ANALYSIS Resources 4 The company has been an abundance of capital to employ in the implementation of the new division. The company is looking to ensure that it maintains its fair share of global dominance. New products for the company have historically led to losses of capital. The company can source for capital for the development of the new division. The risk of new products means that Nokia can end up making losses. For new product development, sub-contracting upcoming companies is the trend. Competitors such as Apple make Nokia’s global position seem insignificant. The company can redeem its global dominance through the new product. Adherence to primary goals and objectives is the root for all visionary companies. Strategic capabilities Nokia has historically pulled of good strategies and seen them succeed. The new division can ensure the sustainability of the strategy. Technologies The company has a capable team of tech specialists able to pull this new division off Innovations The product has innovative features not offered by any other at such an affordable price. Nokia’s market struggle led to bad strategies like the Microsoft partnership. The company’s historic abandonment of two of its previous operating systems limits its in-house tech capabilities The features in the Nokia Lite are already being offered by other devices, only price makes the difference. Global dominance is threatened by Nokia’s competitors, who have better products. Historic record of failed strategies may as well hinder this one. Intellectual property Nokia’s existing products like the Lumia are exclusively a property of Nokia Corp. Goals The product may end up a competitor’s especially with legal injunctions against developers. Strategies that focus on community and environment seem to succeed with ease. Visionary companies set tech trends rather than relying on the existing ones. The company can develop and customize its own operating system for the new Nokia Lite. Technology is fast-changing and the new division might not be able to keep up with the new product. The new division can take advantage of the growth in demand to introduce something new to the market through the new product. A strong legal team can see this through. There are doubts about the company’s ability to develop an outstanding product and make it stand out. Apple Inc. has dominated the tech industry through inhouse and highly secretive innovations to its products. Market leaders like Samsung already have Lite as a product. Customization of features and name protects IP. SWOTT ANALYSIS Leadership The new division has a magnificent structure with clearly spelt out roles and chain of command. 5 The largely empowered client service department is something to be on the lookout for. Recruitment of reputable business development leaders externally. Retention of the same old management to oversee activities in the new division is risky. Training of employees on new products has become the best way to ensure a successful implementation of a new product.
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Attached.

Running Head: BALANCED SCORECARD AND COMMUNICATION PLAN

Balanced Scorecard and Communication Plan
Name
Institution
Date

1

BALANCED SCORECARD AND COMMUNICATION PLAN

2

Introduction
Balanced scorecard allows executives to understand and follow how the staffs of the
organization are performing and the overall performance of the organization. This is a scorecard
and communication plan for Nokia Corporation and the additional new division they are trying to
develop as illustrated in (table 1). This plan will provide extensive details on how employees in
the new division will communicate, high-ranking administration staff, along with different shifts
of work. Communication among the employees will involve several channels such as emails,
telephones, and conducting of the daily or weekly meeting.
Face to face meeting is essential because they will enable discussion on the progress of
the new division, problems affecting it and suggestions on ways to improve the productivity of
the new division. The scorecard will provide details on the accomplishment of the new division.
The employees will be issued with a copy of opportunities, weakness, threats, and strength
analysis of the corporation when the new division start to operate to ensure that they are all
aware of the objectives of starting the new division.
The success of the new division will majorly depend on the communication plan. A
communication plan is essential because it helps to develop new ideas, avoid risks, solve
problems and provides a channel for everyone to stay informed on the activities occurring in the
new division (Martello et al., 2016). It is important to communicate with the shareholders since
they have an expectation of gaining from the Nokia Corporation and its new divisi...


Anonymous
Really useful study material!

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