Application of Balanced Scorecard, Research Paper Example

The balanced scorecard refers to a methodology that is used by the organization to help managers in developing organizational goals, identify key market trends, come up with reasonable and insightful guesses and regulate the risk associated with the proposed new business division (Kaplan & Norton, 2001). The following analysis is concerned with a Service Group of USA’s new division balance scorecard accompanied with a communication plan. The two techniques align with the Group’s vision, mission, and values as well as its statement of SWOT and supply chain statements.

Strategic Objectives

Customer value perspective

• The proposed new division will enhance client satisfaction since it will provide quality and reliable performance and offer the best customer service (David & David, 2017). Also, it will be available regardless of customer’s geographical positions
• The service will help meet the increased demand for organic foods in the United States thereby improving the entire food industry
• The service will create job opportunities aimed at personalizing customer presentations. The firm will strengthen its customer relations and turn them, loyal customers

Financial Perspective

• Develop $20M revenues from selling service agreements that will be introduced in the next decade
• Improve ROE and market share
• Improve operating income and quarterly sales for the new division

Internal Operations Perspective

• Create strong strategic alliances with other global firms and MNCs to edge of other market players
• Introduce schedule as well as planned openings

Learning and Growth Perspective

• Learn extensive knowledge and skills of tech abilities and not adversaries
• Balancing the percent sales with the number of services rendered
• Measuring the period taken for developing a delivery schedule that is delivered from suppliers to customers

The Balanced Scorecard

Communication Plan

 Marketing Team (Team structure, assignments, and goals)

Explanation of the above Communication Plan

Purpose

The primary goal of the new service division is to increase the number of food products currently manufactured by the firm to meet the increased market demand. Thus, the purpose of the communication plan is to convey the much-needed information to various Group stakeholders, managers, and employees. The plan is necessary to ensure there is fluency in operations from top-level management to the operational level. Also, the plan will act as a guideline to help employees stick to the schedule to avoid effort duplication and wastage of time and resources.

Audience

The audience includes all of the parties concerned with the new division. This includes the Managing Director or Chief Executive Officer, Public Relations Manager, Marketing Managers, R&D Managers, workers, and Group’s Stakeholders. Also, there will be external audiences such as customers and other firms the company is seeking to develop strategic alliances with.

Channels of Communication

The communication plan will use various channels such as newsletters, emails, video conferencing and broadcast, and physical meetings. These channels are most efficient and cost-effective. Also, there is a need to ensure there is mutual understanding between all the parties involved before the new division is officially launched.

References

David, F. R., & David, F. R. (2017). Strategic management: A competitive advantage approach. Pearson.

Kaplan, R. S., & Norton, D. P. (2001). The strategy-focused organization: How balanced scorecard companies thrive in the new business environment. Harvard Business Press.