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Benchmarking vs Balanced Scorecard Approach for Thorntons - Research Proposal Example

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The paper “Benchmarking vs Balanced Scorecard Approach for Thorntons” recommends for the Thorntons’ to follow and implement the Balanced Scorecard approach. Benchmarking would be too time-consuming for the company while the competition is increasing rapidly and the environment impacts Thorntons.  …
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Benchmarking vs Balanced Scorecard Approach for Thorntons
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Download file to see previous pages As the new era dawns, the competition for Thorntons PLC is increasing tremendously not only from local companies but from global operators as well such as Nestle and Cadbury. All these companies are now focusing on the same market segment as Thorntons as the customers demand creative and innovative products is increasing.
From the inception of the company to the 2000s the company has followed many different short-term strategies to gain the profits quickly.  The company has followed the strategy of product differentiation but lately, it has lost focus of the strategy by stretching itself thin to pursue other objectives. The company had gained popularity as a chocolate specialist offering a wide range of top quality products turning it into the competitive advantages of the company. The company’s strategy was to operate through its own stores to develop personal selling relations with the customers. But during the recent times, the company had changed this initial strategy by creating a cost effective strategy that was aimed to revitalise the marketing mix operating through other brand channels. The company’s strategy of placing the products in other channels (stores) was to reach more customers and therefore lure them to the original Thornton store.
Although the above mentioned strategies were working for the company in terms of sales and profits, the increased competition was decreasing the margins on the profits. The company therefore decided that in order to cope up with the competition a new strategy had to be developed that was focused on the long-term achievements rather than short-term gains. The company in the past few years has been working on five point strategy which is a price led marketing strategy. Thorntons five point strategy as written in the company’s annual report (2008) is as follows:
- Investment in the products and brands to enhance the relevance and give a premium feel.
- Development of new innovative products.
- Modernization of the in-store environment.
- Expansion of commercial and direct business.
- Attraction and retention of the best employees.
This five point strategy of the company can also be termed as the growth strategy and the company is doing well to implement this strategy although the macro-environment is providing hurdles and re-shaping the strategy. The analysis of the macro-environment is given through the PESTLE Analysis and the Porter’s Generic Strategies.       ...Download file to see next pagesRead More
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