Access over 35 million academic & study documents

The Balanced Scorecard

Content type
User Generated
Subject
Writing
School
Saint Leo University
Type
Homework
Rating
Showing Page:
1/4
1
THE BALANCED SCORECARD
Course tittle
Name of student
Institution
Date

Sign up to view the full document!

lock_open Sign Up
Showing Page:
2/4
2
The balanced scorecard is the management tool popularly used by companies due to its
dominant influence. Companies use it to prioritize their products and services to outline and
communicate their goals and targets for easy planning of their routine activities (Wheelen et al,
2018). Additionally, companies can now monitor and measure the implemented strategies'
achievement and how well they have executed them. The four perspectives of the scorecard have
different goals that they focus on.
Financial perspective
This perspective has the goal of ensuring a company earns a return on the investment.
This perspective also helps the company manage its key risks that are a result of its day-to-day
activities. The above goal is measured when all the key players or all involved parties (suppliers,
stakeholders, and customers) are satisfied.
The customer perspective
The customer perspective is very crucial in any organization. The perspective has one
main goal: to monitor how effective the company is providing values to its customers and
determine the level of customer satisfaction through the company's product and services. This
goal is measured when customers are satisfied because it acts as an inductor of company success.
To measure this goal, the company's reputation is compared to its competitors. That way, new
strategies are laid down to help the organization improve its reputation by coming up with a
much-improved quality of its services and products. Consequently, the company may adjust its
prices to suit what the customers can afford (Wheelen et al, 2018).

Sign up to view the full document!

lock_open Sign Up
Showing Page:
3/4

Sign up to view the full document!

lock_open Sign Up
End of Preview - Want to read all 4 pages?
Access Now
Unformatted Attachment Preview
1 THE BALANCED SCORECARD Course tittle Name of student Institution Date 2 The balanced scorecard is the management tool popularly used by companies due to its dominant influence. Companies use it to prioritize their products and services to outline and communicate their goals and targets for easy planning of their routine activities (Wheelen et al, 2018). Additionally, companies can now monitor and measure the implemented strategies' achievement and how well they have executed them. The four perspectives of the scorecard have different goals that they focus on. Financial perspective This perspective has the goal of ensuring a company earns a return on the investment. This perspective also helps the company manage its key risks that are a result of its day-to-day activities. The above goal is measured when all the key players or all involved parties (suppliers, stakeholders, and customers) are satisfied. The customer perspective The customer perspective is very crucial in any organization. The perspective has one main goal: to monitor how effective the company is providing values to its customers and determine the level of customer satisfaction through the company's product and s ...
Purchase document to see full attachment
User generated content is uploaded by users for the purposes of learning and should be used following Studypool's honor code & terms of service.

Anonymous
Goes above and beyond expectations!

Studypool
4.7
Indeed
4.5
Sitejabber
4.4