Develop the strategic objectives for your new division of the existing business in a balanced scorecard format in the context of key trends, assumptions, and risks.
The strategic objectives are measures of attaining your vision and mission. As you develop them, consider the vision, mission, and values for your business and the outcomes of your SWOTT analysis and supply chain analysis.
Consider the following four quadrants of the balanced scorecard when developing your strategic objectives:
Shareholder Value or Financial Perspective, includes strategic objectives in areas such as:
Revenues and costs
Customer Value Perspective, includes strategic objectives in areas such as:
Customer retention or turnover
Process or Internal Operations Perspective, includes strategic objectives in areas such as:
Measure of process performance
Productivity or productivity improvement
Impact of change on the organization
Learning and Growth (Employee) Perspective, includes strategic objectives in areas such as:
Employee turnover or retention
Level of organizational capability
Nature of organizational culture or climate
Nature of organizational culture or climate
Develop at least three strategic objectives for each of the four balanced scorecard areas identified (Financial, Customer, Process, Learning and Growth). Your objectives should be selected, in part, based on an evaluation of a number of potential alternatives to the issues and/or opportunities identified in the SWOTT Analysis paper and table you completed in Week 3.
Base your solutions on a ranking of alternative solutions that includes an identification of potential risks and mitigation plans, and a stakeholder analysis that includes mitigation and contingency strategies. You should also incorporate the ethical implications of your solutions into your selection.
For each strategic objective, develop a metric and target using a balanced scorecard format. (For example, a strategic objective in the shareholder or Financial Perspective is to increase market share. A metric to actually measure this strategic objective of market share increase is, "The percentage of increase in market share.' The target is the specific number to be achieved in a particular time period. The target for the metric of "Increase market share" could be "Increase market share by 2% for each of the next 3 years" of an increase of 2% per year for 3 years.)
Outline a brief communication plan discussing how you will communicate the company's strategic objectives that includes the following:
Define the purpose.
Define the audience.
Identify the channel(s) of communication and why you selected that channel.
Write a 1,050- to 1,400-word strategic objectives summary. Include your balanced scorecard and its impact on all stakeholders, and the communication plan.
Format paper consistent with APA guidelines.
This material may consist of step-by-step explanations on how to solve a problem or examples of proper writing, including the use of citations, references, bibliographies, and formatting. This material is made available for the sole purpose of studying and learning - misuse is strictly forbidden.Financial Value Perspective
The first and foremost strategic objective of Green Living Spa is the financial value perspective. Green Living Spa aims at consistently earning revenue by increasing market share yearly, and achieving double-digit growth. This will be done through setting a target of 20% increase in sales bi-yearly, through expansion of products and services. The change in sales will be monitored through income statements and financial reports of the company. Overhead costs will be set at a target of 15% reduction within 2 years, which will be done through comparing product pricing and buying in bulk. The reduction in overhead costs will be monitored through the annual profit statements.
Focusing on revenue and the appearance to shareholders is essential for success. This will be achieved by increasing revenue, reducing overhead, and renegotiating delivery partner fees. If these objectives meet their targets using assigned measures and initiatives shareholders should see guaranteed returns on their investments. This will offer new and current investors higher confidence and increased long-term revenue for the company. Increse in revenue 2% yearly will be done through constant focus on the customers, their needs and requirement and keeping close relationship with the clientele. Increase in revenue will be assessed through Profitability analysis of cashflow over revenue.
Customer Value Perspective
Customer value perspective will focus on increasing the reputation of the brand and company through free upgrades for clients, and measure will be client referrals. The targets are all customers...