Balanced Scorecard Template BUS/475 Version 8 University of Phoenix Material Balanced Scorecard Template Note: Hoosier Media is to be used as a resource for this Week 3 assignment as a carryover from Week 2. Background Strategic objectives are a measure of attaining your vision and mission. They reflect the vision, mission, and values of the business, as well as the outcomes of the intenral and external environmental analysis. Scorecard Areas Develop at least three strategic objectives for each of the four balanced scorecard areas. Financial Objectives Measures Targets Customers Objectives Measures Targets Internal Business Process Objectives Measures Targets Copyright © 2018 by University of Phoenix. All rights reserved. 1 Balanced Scorecard Template BUS/475 Version 8 Learning and Growth Objectives Measures Targets Reflection Assess, in no more than 350 words, trends, assumptions, and risks of Hoosier Media, Inc.’s business model after completing the strategic objectives for each area. Copyright © 2018 by University of Phoenix. All rights reserved. 2 Internal and External Environmental Analysis Internal and External Environmental Analysis Jared Richardson BUS/475 Fritz Hibbler 1 CORPORATE STRATEGY 2 Corporate Strategy The success of any business strategy depends on the specific elements such as the legal framework and how they work to dictate the productivity of the firm. The other fundamental aspects which should be provided utmost consideration are the internal and external organizational considerations. In this case, Hoosier Media Inc. needs an exhaustive analysis of all the major issues facing the company in order to come up with a conclusion of the specific course of action to undertake. Therefore, this essay carries out a comprehensive examination of the mechanisms which Hoosier Media Inc. can set in place in order to enhance its level of productivity. Economic, Legal, And Regulatory Forces and Trends. In a strategic plan, it is fundamental to consider the economic, legal and regulatory forces and the trends in the market. Kaufmann affirms that the human resource is tasked with the mandate of sourcing essential information for use in the institution (Kaufmann, 2017). In order to enhance its returns, Hoosier Media Inc. needs to locate an economy which is steadily growing, as it will work to provide the firm new customers and an opportunity to grow. With a growing GDP, the firm will be in a position to grow faster and also increase its annual revenue. On the other hand, the legal and the regulatory framework set up by the local government should be flexible and in line with the prospects of the firm. For instance, strictness on the content published, increased taxes and difficulties in accessing licenses can be perceived as some of the elements which affect the productivity of the firm. In addition, trends such as technological innovations may not have been adopted effectively in the institution, and this can be linked to the CORPORATE STRATEGY 3 slowed growth. Enhancing easier client communication channels and increased quality of information being shared are some of trending aspects which can be considered to enhance the productivity of the media organization. How Well the Organization Adapts to Change. From the analysis of the entire institution, it is essential to note that the firm has not fully adapted to change. Kew notes that the best productive act to undertake it to ensure that the managers try to change with the developing trends in the market (Kew and Stredwick, 2017). In this case, 5% of the total revenue emanates from the use of online advertisements. The statement implies that the firm has not fully adapted the technology advancements and this is the reason there are low returns from the online advertisements. Primary Internal Organizational Considerations. The assessment of the internal considerations is a major step to consider in the strategic planning process. Kew notes that the ability to understand all the internal forces works to ensure that all the production channels are explored to bring out the expected returns (Kew and Stredwick, 2017). The culture and the structure of the organization are some of the fundamental internal aspects which Hoosier Media Inc. has to consider so as to improve its productivity. In essence, the firm should consider having in place a culture which embraces diversity as this will aid in the employment of individuals from different races and this will boost the innovative and creative aspect of the institution. On the other hand, work force issues can be perceived as a pertinent element which can affect the productivity of the media organization. Ensuring there is harmony in the work station helps to enhance exchange of ideas which is vital. Furthermore, the CORPORATE STRATEGY 4 financial considerations are critical to the running of the institution. With a steady source of income, the operations of the institution can be undertaken without facing any setbacks. Thus, Hoosier Media Inc has to consider all these internal aspects as they would help in streamlining the activities and the increase in revenue. Primary External Organization Considerations. To counter the 30% decrease in revenue for the past five years, it is fundamental to consider the external set up of the organization. This means that the manager has to ensure that the external environment needs to be favorable in order to accommodate all the prospects of the firm. Lozano points out that it is the responsibility of the manager to determine all the external factors which affect the productivity of the firm and scheme some of the proper ways to create a competitive advantage (Lozano, 2015). One of the major external factors which the media firm has to consider is the technological advancements. The firm has to incorporate technology in the operations such as advertising and improving customer communication. By doing so the customers are in a position to receive faster communication or information from the institution. Another external organization consideration which the firm has to consider is the political stability of the nation. Political stability works to ensure that all the corporate activities run smoothly. Therefore, through assessing these external factors the firm will be in a position to create a solid competitive advantage. CORPORATE STRATEGY 5 The Major Issues and/or Opportunities the Company Faces There are some opportunities which the media firm can set in place to increase profitability. The increased use of technology is vital as it will help the institution to inform the public of the happenings in different parts of the world. In addition, increased print and online advertisements will work to ensure that the firm will be in a position to increase its profits. On the other hand, the adoption of a charismatic leadership style will work to ensure that the firm embraces diversity and is in a position to tap on the talent pool presented by the individuals from different cultures. One issue that the organization shall have to deal with is the fact that technology evolves fast and what us current today may be obsolete tomorrow. Effectively adapting to this type of environment is likely going to be an issue for the firm. CORPORATE STRATEGY 6 References Kaufmann, W. (2017). Going by the book: The problem of regulatory unreasonableness. Routledge. Kew, J., & Stredwick, J. (2017). Business environment: managing in a strategic context. Kogan Page Publishers. Lozano, R. (2015). A holistic perspective on corporate sustainability drivers. Corporate Social Responsibility and Environmental Management, 22(1), 32-44.
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