StudentShare
Contact Us
Sign In / Sign Up for FREE
Search
Go to advanced search...
Free

Relevant Objectives of Strategic Nature for a Company - Essay Example

Cite this document
Summary
The paper "Relevant Objectives of Strategic Nature for a Company" states that by having a well-maintained and state of art infrastructure and resources, the gym will be able to attract a greater number of potential customers, which will automatically contribute to overall growth. …
Download full paper File format: .doc, available for editing
GRAB THE BEST PAPER94.1% of users find it useful
Relevant Objectives of Strategic Nature for a Company
Read Text Preview

Extract of sample "Relevant Objectives of Strategic Nature for a Company"

? Part 3 Table of Contents Table of Contents 2 Balanced scorecard 3 Financial Perspective 3 Perspective 4 Internal process perspective 5 Learning and growth perspective 6 Reference 7 Balanced scorecard The strategic objective of a company that is often designed by the top level management of an organization is a part of the strategic planning process. In most cases, it has been noticed that during the process of charting the strategic objective of a company, the focus is given on the vision, mission as well as the core objectives that are followed by the company (O’Connor, 2010, p. 84). While talking about the issue of designing significant and relevant objectives of strategic nature for a company, the concept of balanced scorecard needs to be highlighted. From a basic point, it can be said that the balanced scorecard is a tool which helps in designing the strategic objectives for an organization. The unique reason for using a balanced scorecard is that it provides a clear picture in regards to the desired objectives and its associated goals of the balanced scorecard (Bender, 2010, p. 209). While discussing the concept of balanced score card, four critical aspects needs to be highlighted. The aspects range from financial perspective, customer perspective, internal process perspective as well as learning and growth perspective (Nair, 2004, p. 20). Now for the development of strategic objectives of Super Fit Gym, the diverse perspectives of the Balanced Score Card will be taken into account. Financial Perspective From a simplistic view point, the financial perspective often represents the financial consequences of the actions taken in regards to other three perspectives of the balanced score card tool. However, it also has to be mentioned that the financial perspective will cover up the factors related to probable market share, revenues and costs of the company, the profitability aspect as well as the competitive position of the organization. Now while discussing financial perspective in regards to Super Fit, most of the above mentioned factors has to be considered. While talking about market share that can be acquired by Super Fit Gym, the potential of the market has to be identified. Now by assuming that the Gym is located in a well off location, where there is only a small number of players existing in this particular sector, it can be said that the goal of Super Fit Gym is to go for acquiring around 10% of the total fitness market of that region within the first two years of its operations. To achieve a strong profitability position, the super fit gym should focus on generating high sales for the services. While reviewing the competitive position, the fitness firm should target to occupy the top position in the upcoming two years. Customer Perspective The customer perspective of balanced score card discusses the target market as well as the desired target audience. The customer perspective also takes into account the prospect of value proposition for the desired market and target audience. The target audience for the fitness company is multiple in nature. It comprises of the young people, middle aged as well as the elderly people. The market that is being targeted is the regions adjacent to the gym’s location. The value proposition of the organization is to provide high quality fitness services to the consumers. While discussing the customer perspective in regards to the balanced scorecard, which is a vital tool for designing strategic objectives, the factors of customer satisfaction as well as customer retention have to be considered as well. To ensure customer satisfaction of the target audience, the services of the gym will be priced at an affordable and reasonable rate. Also, for increasing customer satisfaction for the services of the gym, the fitness organization will look forward to offering services of fitness through expert fitness trainers only. In order to look after the issue of customer retention, the gym will be conducting periodic survey exercises so as to understand the customer satisfaction level. It also needs to be mentioned that the conduction of surveys will help the gym to pinpoint the issues which might help in betterment of services, thereby increasing customer value and customer satisfaction. Internal process perspective The internal process perspective of the balanced score card concentrates on identifying the issues that the organization must excel so as to continue enhancing the value of the services offered to the customers (Niven, 2005, p. 15). The internal process perspective often evaluates the daily process, through which the service which is offered to the consumers. The various factors that comprise the internal process perspective of balanced scorecard are measures of process performance, productivity enhancements and operational metrics. The Super Fit Gym provides fitness services, which are rendered by high quality expert trainers. Hence, to judge the process performance in this case, the performance of the trainers needs to be evaluated. This can be carried out by conducting a customer satisfaction survey in which the performance of the trainers will be evaluated and rated by the customers. The enhancement of productivity in this case can be done by assigning the expert trainers to handle more number of participants per session. Also, for enhancing productivity, effective and optimum usage of the fitness equipments also needs to be done by the trainers as well as the participants. For implementing operational metrics, the fitness organization needs to consider on the process of designing a higher number of sessions for the services offered. Also, Super Fit Gym needs to concentrate on the lines of better and optimum usage and management of resources so that it can efficiently handle the spike in frequency of service providing abilities to the target audience. Learning and growth perspective The learning and growth perspective talks about the ability of the organization to create long term growth and improvement (Mowen and et.al, 2008, p. 527). This particular perspective of the employee growth talks about the issues of employee satisfaction, employee retention, technological innovation. It is important to consider that all of the contributors to the learning and growth perspective of the balanced score card are directly or indirectly attached to the human resource factor. It has to be highlighted that the employee satisfaction is a very critical factor for organization that renders service to the customers and other stakeholders. In case of Super Fit Gym, the unique advantage lies in providing high quality services to the customers of the adjacent location. Considering the social factor that concerns the high awareness for healthy living, multiple competitors in the region might evolve. Hence, high employee satisfaction is important to retain the highly expert trainers of the gym. For the purpose of retention as well as increasing the satisfaction level of the employees, the gym should focus on providing various kinds of employee benefits in the form of fringe benefits, flexible timings etc. Now talking about technological innovation, the gym should focus on continuously maintaining as well as upgrading the fitness equipments of the gym. Having a well maintained and state of art infrastructure and resource, the gym will be able to attract greater number of potential customers, which will automatically contribute to the overall growth of the organization. Reference Mowen, M.M. and et.al. (2008). Cornerstones of managerial accounting. USA: Cengage Learning. Niven, P.R. (2005). Balanced scorecard diagnostics: Maintaining maximum performance. UK: John wiley & Sons. O’Connor, T. (2010). Strategic planning for distributors: Execution isn't everything -- it's the only thing! USA: NAW Bender, M.B. (2010) A manager's guide to project management: Learn how to apply best practices. New Jersey: FT Press Nair, M. (2004). Essentials of balanced scorecard. U: John Wiley & Sons. Read More
Cite this document
  • APA
  • MLA
  • CHICAGO
(“Strategic Plan Part 3: SWOTT ANALYSIS Essay Example | Topics and Well Written Essays - 1250 words”, n.d.)
Strategic Plan Part 3: SWOTT ANALYSIS Essay Example | Topics and Well Written Essays - 1250 words. Retrieved from https://studentshare.org/business/1481519-strategic-plan-part
(Strategic Plan Part 3: SWOTT ANALYSIS Essay Example | Topics and Well Written Essays - 1250 Words)
Strategic Plan Part 3: SWOTT ANALYSIS Essay Example | Topics and Well Written Essays - 1250 Words. https://studentshare.org/business/1481519-strategic-plan-part.
“Strategic Plan Part 3: SWOTT ANALYSIS Essay Example | Topics and Well Written Essays - 1250 Words”, n.d. https://studentshare.org/business/1481519-strategic-plan-part.
  • Cited: 0 times

CHECK THESE SAMPLES OF Relevant Objectives of Strategic Nature for a Company

Public Relations Strategy

Listed on London Stock Exchange, BP was formed in 1909 as an Anglo-Persian Oil company and has successfully transformed itself into one of the most highly successful firms in the world.... t is also critical to note that the British Government remained one of the shareholders of the firm during the 1950s however; the stakes of the UK government were subsequently sold during the 1970s in order to give the firm more freedom and creativity to flourish as the third largest energy company in the world....
9 Pages (2250 words) Essay

The Perspective and Emergent Approaches to Strategic Management

rrespective of suggested views and arguments on the concept of strategic management, organizations as well as academicians have agreed on the core concept which describes the conversion of organizational resources into needs of unsatisfied customers keeping a profit which satisfies the long-term objectives of the stockholders.... the dynamic nature of the business environment which keeps on changing.... The changing nature of business environment influences the effectiveness of the strategies and brings differences in its output (Murray, Poole & Jones, 2005, p....
10 Pages (2500 words) Essay

Prescriptive & Emergent Strategies

There is possibility for a company to adopt both strategies successfully.... Companies in the current corporate world need to develop strategies which comprise series of decisions and plans developed focusing on achieving the company goals and objectives.... Therefore to evaluate a strategic plan of a given company, it is important to acknowledge and explore other available alternatives.... These two strategies go head to head in much argument and it is important for companies to evaluate their relevance and effectiveness given economic climate that the specific company is operating (Analoui 2003)....
9 Pages (2250 words) Essay

Financial Strategy Analysis: Adidas Company

Unlike companies in the growth stage, a phase in which a company can attract new customer segments and improve its market share competitively in a saturated market, Adidas has experienced a plateau in revenue production, with sales achieved at €14.... Corporate life cycle theory indicates that as a company evolves through growth phases, it experiences unique challenges in the effort of sustaining continued growth and profitability.... "Financial Strategy Analysis: Adidas company" pape uncovers the extent to which Adidas has been successful in overcoming the challenges of corporate stagnation (the maturity phase) to potentially achieve further growth as an outcome of financial analyses of company financial data....
12 Pages (3000 words) Research Proposal

Strategy planning

The strategies are systemic that the company seeks to come up with are systematic and structured (Barksdale & Lund, 2006).... n the previous market surveys done by the company, the men and the women in However, the younger generation between the age of 18 and 28 seem to be comfortable with the brands from crystal fashion.... The company should be more interested in the secrets of the young people as a strategy for producing future brands.... In the recent past the company has sought to venture into new markets and to expand its market portfolio as appropriate....
3 Pages (750 words) Essay

Extent to Which Firms Communicate Their Business Strategy with the Internal Audit Department

22) state that an 'internal audit's objectives and activities must be aligned with the strategic objectives of the organization'.... In terms of its strategic direction, Picket (2011) suggests that internal audits must be linked to the company's strategic process in order to contribute to the achievement of the company's strategic objectives and goals.... Moreover, Watts (2014) supports that internal audits should adopt and integrate the strategic planning process in order to be able to perform adjustments into strategic processes....
36 Pages (9000 words) Research Paper

AirSec Ltd. and its Objectives

Based on these factors, the future aims and objectives of the company will be formulated with the help of the SMART methodology.... Also, any sort of legal action taken against the company.... heoretically, the primary aim of AirSec is to enhance the scope of their business by developing innovative products which add value for the customers as well as enhance the brand equity of the company in the international marketplace.... pecific: The nature of the aim is specific as the target country, the aim, and the time has been mentioned clearly....
8 Pages (2000 words) Case Study

Developing Organisational Marketing Objectives

The paper 'Developing Organisational Marketing objectives' is a thoughtful variant of the assignment on marketing.... The paper 'Developing Organisational Marketing objectives' is a thoughtful variant of the assignment on marketing.... The paper 'Developing Organisational Marketing objectives ' is a thoughtful variant of the assignment on marketing....
33 Pages (8250 words) Assignment
sponsored ads
We use cookies to create the best experience for you. Keep on browsing if you are OK with that, or find out how to manage cookies.
Contact Us