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Performance Measurement - Essay Example

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Introduction Performance measurement is today increasingly quite an important aspect in business management and strategic planning. Johnson (2010) believes that any company or organization which operates devoid of performance measurement is akin to “an airplane flying without a compass, a Formula One race car driver guiding his car blindfolded or a CEO operating without a strategic plan”…
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Performance Measurement

Download file to see previous pages... employees, business owners as well as customers. This paper seeks to address the issue of measurement within the context of SWOT, PESTEL and Porter’s Five Forces Analysis in response to Jengo Limited. The paper further illuminates on how budgeting would benefit Jengo Ltd’s in planning and controlling its inventory, recruitment and cash management activities. Finally, it zeroes on how a balanced scorecard approach to measuring performance would benefit this company. SWOT analysis Broadly speaking, SWOT analysis is used to evaluate and aid in project formulation and strategic plans (Bohm 2008, p. 3). Just like Bohm notes, SWOT analysis should be used in mapping out an organization’s Strengths and Weaknesses of the products and services and assess the extent to which they are in tandem and how they could possibly be improved. Beyond this, SWOT analysis is used to reflect on the Opportunities and Threats exposed by information accrued usually through evaluation of the external environment and through comparative studies (Bohm 2008, p. 3, Habour 1997, p. 38). POSITIVE NEGATIVE INTERNAL Strengths 1. Financially sound with good profit margins 2. Established name among customers 3. Offers quick modern services 4. Initiates Brand strategies 5. Many distribution channels 6. offers long-lasting, fashionable clothes by a variety of established designers 7. Sound management Weaknesses 1. Few branches across the United Kingdom 2. Poor planning in terms of staffing and training 3. Integration of operations worldwide 4. High prices 5. No product differentiation 6. Poor planning in budgeting and documentation EXTERNAL Opportunities 1. Emerging Markets in other parts of the United Kingdom and elsewhere 2. A number of interested companies to be shareholders including palisade Plc 3. Can use e-marketing strategy to further enhance market base 4. Support from Palisade Plc Threats 1. Stiff Competition from other clothing business providers in the United Kingdom 2. Competition from similar Business offering same services at cheaper prices 3. Government Regulation –business overregulated Porters Five Forces Analysis of Jengo This framework was developed by Michael Porter. The tool essentially enables businesses to deal with dynamic markets, gauge competitive ground and make decisions regarding entering target markets successfully (Friedman 1999, p. 5, Hoffman 2001). Further, it enables in identifying partner as well as implications that joint ventures may pose (Bradford & Duncan 1999). This is done by evaluating the following five key areas as espoused by Porter: New Entrants: At the moment for Jengo, there seems to be many potential businesses that may want to venture into clothing, fashion and design business. Buyer’s Power: The buyers that Jengo has seem to be solid. However, they seem to complain about prices. Alternatives should be provided since they may shift their loyalty. Substitute Products and Services: Certainly, there are alternatives to what Jengo does and this may invite donors to look elsewhere. Power of Suppliers: The suppliers for Jengo are few and this means that they determine a great deal especially in strategy formulation within the company. Current Competition: Competition does exist as there are many companies who offer the same products even at lower prices. Factors to investigate: Preparing ...Download file to see next pagesRead More
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