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Strategic Management: Balanced Scorecard - Research Paper Example

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 This paper analyses strategic planning and management requires businesses and organizations to align their business activities with its mission, vision and the strategy by enhancing the internal and external communications. Achieving the organizations' goals require constant monitoring…
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Strategic Management: Balanced Scorecard
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"Strategic Management: Balanced Scorecard"

Download file to see previous pages This is opposed to the usual traditional approach where the financial performance was considered in assessing business performance. Balanced scorecard looks at four perspectives of the business: financial perspective, customer perspective,, internal business processes and learning and growth perspective. The Doll beverage company in aiming at responding to customers’ needs in soft drinks and becoming a leading soft drink manufacturer must look into all these perspectives simultaneously. Since Doll Beverage Company is a small company with intention to grow, its managers have to ensure that the financial results promote growth and profitability. In this case, the company will have to analyze their financial data in a timely manner and incorporate the findings in the decision making to ensure shareholders get value for their investment. The three areas that could be checked include: First is increasing its revenue sales to increase its income. Doll Beverage company can have a target if increasing its revenues by 15% each year so that it translates to increased income by about 7%. The value to shareholders will therefore be achieved. Secondly, the growing their market share is also important in enhancing financial perspectives. The fact that the company is still young means that it can increase its operations in both domestic and foreign countries to realize better performance. The management should for instance aim at increasing the market share by 5% every year through opening of new outlets in at five jurisdiction each year. The last premise that could be used in enhancing financial performance is through increasing profitability. Shareholders return is directly related to the level of profitability (Pearce & Robinson, 2009). Doll management should strive at reducing operations cost by 10% through cutting unnecessary costs hence increasing the profitability. Profitability can also be enhanced through improving the company’s efficiency in operations (Pearce & Robinson, 2009). The second perspective of the balanced scorecard is the perspective of the customers. In a competitive industry, customers will be interested in the value for their money through demanding high quality drinks at relatively lower costs. The perspective can be accomplished by ensuring that the customers’ demands and tastes are incorporated in the manufacturing. This is in line with the Dolls beverage mission. The following ways can be used to enhance the customer value perspective: Customer satisfaction- satisfied customers will remain loyal to the business and ensure continued repeat purchase. To satisfy customers’, Doll Beverage must remain committed to the mission of maintaining social dynamics and ensure that the customers’ requirements are considered when manufacturing the soft drinks. Customer satisfaction could result into increased purchases by more than 10% through attraction of new customers from the competitors. New customers could lead to increased profitability by roughly 5% annually. Customer retention- satisfied customers will prefer Doll’s Beverage at any time and this could ensure that the sales levels are maintained. It will also ensure that the competitors do not increase their market share by reducing Doll’s customers. Sales level will remain constant if customers are retained. Moreover, customer value will influence customer satisfaction.   ...Download file to see next pagesRead More
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