Design a balanced scorecard and linked strategy map and evaluate the techniques used - Essay Example

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Individual End-of-Module Report Executive Summary This study is based on balanced scorecard and its utilisation as a performance management tool for Thornton Chocolate Company. The balanced scorecard discussed in this study also considers the key performance indicators of the company…
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Download file to see previous pages Thornton Chocolate Company has been going through a rough phase, as the company has to deal with consecutive losses. In this scenario development of balanced scorecard and strategic map for guidance become necessary for the company. A comprehensive discussion on balanced scorecard and the key performance indicators, targets, and objectives of the company are also ascertained to develop a strategic map for the company. The strategic map will put forward the strategies by which Thorntons Chocolate Company can pull up sales, minimise cost and increase their market share in the industry. The balanced scorecard has identified the unfavourable effect of performance indicators and stated strategies to pull up company’s performance. Table of Contents Executive Summary 2 Introduction 4 Vision and Mission of Thorntons Chocolate Company 5 Strategic Direction 5 Balanced Scorecard 7 Balanced Scorecard and Thornton Chocolate Company 9 Strategic Map 12 Recommendations 13 References 15 Appendices 16 Appendix 1 16 Appendix 2 16 Appendix 3 18 Appendix 4 19 Appendix 5 20 Introduction Thorntons Chocolate Company was established in the year 1911, in Derbyshire, UK. The company was established by Joseph William Thornton and after the recent takeover of Cadbury it became the largest independent confectionary and chocolate company. Thorntons Chocolate Company has more than 360 cafes and shops and apart from this, it also owns 230 franchises that offer commercial, internet and mail order services. The revenue of the company decreased to ?217,144 million in 2012, which was ?218,255 million in 2011. This reveals a decline in revenue by 0.51percent and the company is also running at a loss since past few years. Thorntons Chocolate Company is listed on the London Stock Exchange and it has more than 4200 employees. Presently the company holds around 7.9 percent of market share in the chocolate industry of UK, which the management expects would increase in the coming years (Jennings, 2005). Reasons like dull marketing, dismal display, or unappealing packaging are being put forward for escalating profit warnings for Thorntons Chocolate Company. The company however, blames it on the climatic condition and snow. Britain’s largest chocolate company has revealed a decrease of 23 percent in chocolate sales in the recent times. The franchises and shops are struggling hard to sell their products in the market. Even the share prices have fallen by 30 percent in the last 1 year, which is also posing as a profit warning for the company. Thorntons Chocolate Company was one of the best selling brands on High street, but the future projections do not reveal the same picture (Jennings, 2005). This study aims to develop a balanced scorecard for Thorntons Chocolate Company and link it to a strategic map. Keeping in mind the recent turn of events and financial position of the company, the balanced score card would be developed and strategic map would be prepared, so that the management of the company can identify ways of reviving the company’s position and pull it up to the place that Thorntons Chocolate Company had, as one of the largest Chocolate makers (Haberberg, 2008). Vision and Mission of Thorntons Chocolate Company Thorntons Chocolate Company enjoy a 100 years of heritage of treating its customers with delicious confectionaries and chocolate. The vision of the company is “ ...Download file to see next pagesRead More
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