A Balanced Scorecard for a Targeted Corporation - Case Study Example

A Balanced Scorecard for a Targeted Corporation (Name) (University) (City) A Balanced Scorecard for Target Corporation ee Organization management in the present contemporary business environment has become a point of concern. A lot of organizations are currently utilizing strategic planning to help improve the quality and quantity of production. In this regard, performance management which focuses on a specific strategy has turned out to be the legitimate prerequisite for both public and private companies. This type of management does not however, utilize all mandatory tools that are required to facilitate service delivery. Managers and other company executives require accurate information to help run organizations effectively. Strategic planning can sometimes fail due to lack of sufficient and valid information to be utilized. Consequently, the development and use of a balanced scorecard which focuses on a strategy becomes a refuge for many organizations. A well-adjusted scorecard is an administration process that allows various organizations to decode vision and strategy into effective action (Isoraite, 2014). Sensible scorecards play a pivotal role in business management. The effectiveness of a balanced scorecard depends on its objectives. As such, this retrospect essay focuses on creation and application of a balanced scorecard for targeted corporation. The above created scorecard focuses on four basic components that enable the smooth running of an organization. Essentially, an organization can either succeed or fail due to the financial management, customer services, the internal business operations and the ability of the worker to learn and grow. I decided to choose on the four components because there are specific activities which have to be done to ensure that the organization runs smooth. Firstly, the finance section is a critically section that requires accuracy and transparency. As a result, an organization has to establish how to act sufficiently towards there shareholders (Jung, 2014). Shareholders help in boosting the capital of any business organization. An organization has an obligation of formulating an effective strategy on how to act towards the shareholders in order to become financially successful. I therefore, formulated specific objectives that can help in achieving this financial success. Secondly, I chose on customers since they equally play a fundamental role in an organization. Customers are the determinants of the prosperity of the company (Jung, 2014). The company cannot realize high market sales if the produced products are not satisfactory to the customers. Consequently, the company has to derive a way based on how to act towards customers in order to achieve they specific objective. Thirdly, an organization has to focus on the prosperity in terms of learning and skills acquisition by its workforce. This aspect is critical since the daily growth of the workers in terms of skills acquisition leads to quality production. To achieve this aspect an organization has to focus on fostering various potentials which can lead to the realization of the set vision (Jung, 2014). An organization has to ensure that the workers are equipped with current knowledge about market situation in order to learn various changes. This aspect can be easily achieved when an organization adopts fusion of modern technology in production. The last aspect in the developed balanced scorecard focuses on the internal business operations. The organization’s internal business operation plays a vital role in the prosperity of the organization (Isoraite, 2014). Internal operations determine the type of the finished product that will be obtained from the manufacturing process. It also helps in the establishment of proper communication channels in an organization. Apparently, an organization has to come up with various ways on how to improve their services to satisfy their customers and the shareholders (Isoraite, 2014). These ways many comprise of various activities. The activities might be guided by current market situations. The Strategic Objective for Samsung Company The current world time is tamed with stiff business competition. Companies are focusing on formulation of the specific ways in which it can achieve maximum sales in the global market. To compete, globally a company need to adopt a strategy which focuses on innovation. The chosen strategy has to remove all restrictive and discriminatory practices which can hinder its success. This is fully achieved by use of a balanced scorecard (Jung, 2014). Samsung has a strategic objective in achieving global marketing performance (Lee, 2015). It has come up with various ways which will help in achieving the global market ownership. This will in turn lead to greater sales by the company. The objectives were formulated in regard to the financial situation of the company, business processes learning and growing and the customer satisfactory. The guiding aspects in the achievement of the global marketing include but not limited to the following. Firstly, the company focuses on producing various brands of electronic which can sale in the global market (Lee, 2015). Production of quality brands will help in customer satisfaction which will in turn make the Samsung products to sale in the global market. Secondly, the company has a guiding principle of brand leadership (Lee, 2015). Brand leadership helps in the production of reliable and durable electronic products which are better than products from similar companies. It has a strategy to focus on premium brand which has a consistent identity. Thirdly, the company has a strategy of strengthening partnerships through depth understanding of customer channels (Lee, 2015). The company has a focus on understanding various channels which can be utilized to easily reach various customers. It has a plan to extensively use the internet. Lastly, the company has a plan of using advanced marketing expertise based on the acquired skills (Lee, 2015). The Samsung Company through learning and growth aspect plans to use skilled marketing personnel to help achieve their strategic goal. Three Specific Objectives within each of the Four Perspectives of the Unit Financial Perspective The financial perspective focuses on the appropriate way of handling the shareholders in order for the organization to succeed financial. As a result, this can be achieved based on the following three objectives. Increasing the Shareholder Value The organization has to find a way of increasing the shareholder value in order to gunner enough money to help it gain financial stability. This objective can be achieved by using one quantified target metric. The quantified target metric has to focus on improvement of the quality of production (MacLellan, 2015). The level of production in the organization has to increase with focus to quality and reliable production. This will help in the increase in the value of sales which cause price increase for the shares. Increasing production quality will target manufacture of the most current devices that are durable and reliable for use by the customers (MacLellan, 2015). This will eventually make the organization gain its financial stability. Revenue Increase This is the second objective of the financial perspective. This objective can be achieved enabling efficiency development of service delivery in the organization (Kaplan, 2013). This will qualify to be a quantified metric since it will enable quick service delivery in the organization. The appropriate target value and the action for this metric is to increase investment in the intangible assets (MacLellan, 2015). The intangible assets will help in long-term revenue growth. Additionally, it will focus on reducing more aggressive costs in order to boost the short term results (Kaplan, 2013). Cost Reduction The organization has to maximize on cost reduction. The quantified target metric is the reduction of the cost of purchases for production and maintenance processes (Kaplan, 2013). The organization has to major on purchasing the most affordable production materials. The appropriate target value and action for this metric is the establishment of the most affordable and reliable production materials (Kaplan, 2013). The organization however, does not have to compromise production cost to purchase of fake materials. Counterfeit materials will lead in quality reduction of the manufactured products. Customer Perspective This perspective focuses on the appropriate treatment of the customers in order to achieve the set objectives of the organization. In this regard, the following three objectives will help the organization achieve customer satisfaction. Improvement of the Brand Image The organization has to make sure that the brand image being used is the most appropriate. The quantified target metric associated with objective is carrying out market research to establish the most appropriate brand image (Isoraite, 2014). The organization has to use the customers in their research. The customers will have various specifications and preferences on how the brands should appear so that to satisfy them. The appropriate value and action for this metric therefore, is the gaining of brand stability in the market. The target of the organization will be achieved if it establishes appropriate image for its brand. Increasing Reward Programs The organization has to increase reward programs in order to gain customer loyalty across the world. The quantified metric for this objective is carrying out various global promotions to help reward customers (Isoraite, 2014). This will also help in marketing of the company products. At the end, the company will have a lot of loyal customers. The appropriate action and plan for this metric is rewarding customers who make more purchases of the products (MacLellan, 2015). The purchases will lead to capital and profit acquisition. Global Market Expansion The organization has to expand market in various countries around the world. This can be achieved by setting up various manufacturing industries in all countries across across the world (MacLellan, 2015). Additionally, the organization can adopt faster and efficient marketing strategy that can reach all people around the world. Consequently, the appropriate action and plan for this metric is the establishment of a multinational company and use of internet marketing strategy (Kaplan, 2013). This will help in customer attraction and achievement of the organization’s goals. Learning and Growth Perspective This strategy focuses on the fostering of various company potentials which can help in learning and growth to help achieve the vision for the organization. It can be achieved based on the following three objectives. Optimization of the Workforce Optimizing workforce can be achieved by increasing the number of workers in the organization (Kaplan, 2013). Essentially, this is the quantified metric for this objective since increase workforce will reduce bulky allocation of duties to the few available workers. When an organization increases its workforce, the level of productivity goes up (MacLellan, 2015). Increase in productivity leads to sufficient market sales which aids in realization of the vision of the organization. Initiate use of Modern Technology Incorporating modern technology in the production processes will foster quality and quantity production (Jung, 2014). The organization has to employ workers who are well versed with modern technology. Additionally, the organization has to provide avenues in which their workers can get training on modern technology. The avenues may include holding various conferences and training sessions (Jung, 2014). Improving Communication Strategies The company has to use appropriate channels which can help all workers to receive the communicated message. Communication is a vital aspect in an organization. It helps the workers to establish market trends which guide them in the production of the most appropriate item. This will be achieved by use online billing and communication (Jung, 2014). The organization has to establish an online communication strategy. Internal Business Process Perspective The internal processes in an organization play a fundamental role since they act as the driving force for the organization. Failure of the internal processes leads to the collapse of the organization. Achievement of the smooth internal processes focuses on the following three objectives. Improvement of the Marketing Strategy The company has to device a way of improving marketing strategy to reach all people across the globe. Marketing will make the organization to be known in various parts of the world (MacLellan, 2015). The products of the organization will not appear strange to customers. The appropriate marketing strategy to use will incorporate both online and physical marketing agencies (Lee, 2015). Online marketing will present pictures of the products manufactured on the internet and the physical marketing agencies will present the real products to customers. This will lead to increase in sales and customer satisfaction. Introduction of the Business Cards Business cards will help in the capital acquisition form various stakeholders of the organization. The business cards will be sold at an affordable price to shareholders and other stakeholders in the organization (Lee, 2015). Selling of these business cards will aid into revenue acquisition for the organization. This will be the appropriate plan and action for the quantified metric since it will help in the achievement of the set goal. Increasing the Economies of Scale The quantified target for this objective is to gain the percentage decrease in the redundancies (Lee, 2015). When an organization gains the percentage decrease in the redundancies, it becomes easy for the organization to settle in for the appropriate program. As such, the appropriate plan and action for this metric is the acquisition of the integrated program since it leads to the achievement of set goals (Kaplan, 2013). References Isoraite, M. (2014). The Balanced Scorecard Method: From Theory to Practice. Intellectual Economics Journal no. 1(3), p. 18-28 Jung, C. S. (2014). The Analysis of Strategic Management of Samsung Electronics Company through the Generic Value Chain Model. International Journal of Software Engineering and Its Applications Vol. 8, No. 12, pp. 133-142 Kaplan, R. S. (2013). Conceptual Foundations of the Balanced Scorecard. Harvard Business Journal Vol. 7 pp. 7-321 Lee, G. (2015). Global Marketing Strategy. International Business Journal vol. 12, No. 4 pp. 100-239 MacLellan, B. (2015). The Balanced Scorecard Developing, Measuring, and Communicating Organizational Strategy. Harvard Business Journal vol. 15 pp. 33-67 Read More