Strategic Plan Part III: Balanced Scorecard And Communication Plan
Field: Business & Finance – Marketing
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.
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:
Revenues and costs
Customer Value Perspective, which includes strategic objectives in areas such as:
Customer retention or turnover
Process or Internal Operations Perspective, which includes strategic objectives in areas such as:
Measure of process performance
Productivity or productivity improvement
Impact of change on the organization
Learning and Growth (Employee) Perspective, which includes strategic objectives in areas such as:
Employee turnover or retention
Level of organizational capability
Nature of organizational culture or climate
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.
Financial Objectives (you should have 3 individual financial objectives)
Yearly sales report
Hire more salespeople…..Increase advertising…
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.
I have again provided a table of contents that should help. Remember that EACH item on the table of contents should have its own section heading within the paper.
- Strategic Plan Part 3: Assumptions, Risk and Change Management Plan; Summary of Strategic Objectives; Corporate Social Responsibility: Balanced Score Card and its impact on stakeholders; the Communication Plan
- Balanced Scorecard
- Financial Perspective
- Customer Value Perspective
- Process/Internal Operations Perspective
- Learning/Growth Perspective
- Ethical Issues
- Communication Plan (you should discuss the purpose, audience, and channels of communications)
At least 2 references.
(I have provided a template for the Scorecard. Note that the template only includes ONE objective per quadrant….you must include 3 per quadrant. Therefore you must have 12 objectives…each of the 12 objectives must have a specific/quantifiable target (such as 10%), each of the 12 objectives MUST have a Metric/Measure (this is HOW you will tell if you have met your objective target…such as the Annual Sales Report or the Income Statement or Customer Satisfaction Survey)
Format your assignment consistent with APA guidelines.
Click the Assignment Files tab to submit your assignment.