1. In a 750 words summary, I am looking for you to explain your critical thinking on how you derived your objectives from your vision, mission, values, and SWOTT analysis. I also want you to include information on how the Balanced Scorecard helped you to create those objectives, and come to your conclusions. In short, I want to be sure that you are taking information from your SWOTT and moving into action, in terms of your mission/vision! And, finally, I am looking for some version of a balanced scorecard.
(Hint: It is very important in strategic planning to link objectives back to the overall goals of the organization. It might be helpful to go back to your "SWOTT" chart and see how the Strategic Objectives that you have created link back to your original ideas)**
2. Using knowledge gained from the assignment Strategic Direction Evaluation, develop the strategic objectives for the consignment store in the format of a Balanced Scorecard. The strategic objectives are measures of attaining the vision and mission for the consignment store. As you develop them consider the vision, mission, and values for the consignment store business and the outcomes of the SWOTT analysis.
3. Be sure to consider all of 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:
Market share
Revenues and costs
Profitability
Competitive position
Customer Value Perspective, includes strategic objectives in areas such as:
Customer retention or turnover
Customer satisfaction
Customer value
Process or Internal Operations Perspective, includes strategic objectives in areas such as:
Measure of process performance
Productivity or productivity improvement
Operations metrics
Learning and Growth (Employee) Perspective, includes strategic objectives in areas such as:
Employee satisfaction
Employee turnover or retention
Level of organization capability
Nature of organization culture or climate
Technological innovation
4. Develop at least three strategic objectives for each of the following four Balanced Scorecard areas identified above (Financial, Customer, Process, Learning & Growth). For each strategic objective, develop a metric and target using a Balanced Scorecard format.
5. Include your balanced scorecard matrix
(For example, a strategic objective in the shareholder or Financial Perspective is "Increase in 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 in Market share" could be "Increase market share by 2% for each of the next three years" of an increase of 2% per year for 3 years.)
(For an example of a balanced scorecard, see Exhibit 6-1-Strategic Management: Formulation, Implementation, and Control, 9th e
Management: Formulation, Implementation, and Control, 9th edition by Pearce and Robinson).
see attach file for a copy of the SWOTT table from solution # 258494 and an example of a Balance Scorecard.. DO NOT USE THE SAME EXAMPLE
