Description
The Balanced Scorecard is commonly used to help organizations track their performance and identify areas of weakness. It helps organizations to align their performance measures with their goals and strategic plans. The Balanced scorecard allows companies to move away from relying solely on financial measures, which effectively improves managerial decision making.
The Balanced Scorecard framework consists of four perspectives:
- Financial: measures that address profitability growth and revenue, cost reduction, product mix, asset utilization, productivity, and investment strategies.
- Customer: measures that address customer satisfaction and requirements including customer satisfaction ratings, customer retention, responsiveness and reliability, new customer acquisition, customer profitability, and customer-valued attributes.
- Internal Business Process: focuses on the most important internal business processes of the company including new product development, quality, flexibility, time-based measures, and innovative elements of processes.
- Learning and Growth: focuses on the organization's systems, people, and external environment; this includes enhancing information technology, training and retaining employees, employee safety, and environmental and health sustainability issues.
This week for your design strategy project, you will be defining your organization's strategy and completing a Balanced Scorecard.
In a minimum of 3 pages, you will need to do the following:
- Describe how your organization should appear to your stakeholders in order to succeed financially.
- Describe how your organization should appear to customers in order to achieve your vision.
- Describe what business processes that your organization must excel at in order to satisfy both your shareholders and customers.
- Describe how your organization will sustain your ability to change and improve.
- How does ethics and ethical issues impact stakeholders and customers? What measures will you employ as CEO to ensure that your organization maintains good ethical practices?
- Now that you've outlined your strategy, click on the following link and use the Excel template to translate your strategy to a balanced scorecard
- Make sure to write your paper utilizing proper APA formatting guidelines, and to include an APA formatted title page.
- *Note: You will need to submit both your essay and Balanced Scorecard Excel spreadsheet to the drop box as separate attachments.
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Explanation & Answer
Attached.
Running Head: BALANCE SCORECARD
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Balance scorecard
Name
Institutional Affiliation
BALANCE SCORECARD
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Balance scorecard
The main goal and objective of Foodily as a company, are to ensure that the orders being
made by our customers through our online platform are satisfied on time and to the expectations
of our customers. In order to achieve this, we need to come up with a better strategy that will
help us satisfy our customers to the fullest and also make us as a company achieves our goals and
objective. In order to do so, the following is the main strategies that will enable us as a company
achieves our objectives:
Financial
Foodily as a company, we want to establish various stores in twelve different states in the
United States. This means that we will be able to attract and also serve a lot of customers not
only in our original state but in other states to. Just like other company that is associated with
food delivery such as McDonald, we will also utilize the same concepts utilized by this company
in order to maximize our profits at all times (Gibson et al., 2017). Also, another important aspect
that will enhance our profit making as company is that, apart from the physical stores that allow
the customers to come in and order their food themselves, we are also utilizing an online
platform that allows the clients to order food from different place such as at work, at home, at
school and mush more and thus with this we will make sure that the customers have received
their orders at the right time which is a method that will always attract more and more customers
especially those who are very busy and cannot visit our physical stores but want to taste our
delicious meals.
BALANCE SCORECARD
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Customer
Because our company deals with food products and usually food products tend to expire
or maybe may end being d...