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Strategic Planning Essay

1299 words - 6 pages

Strategic Plan, Part III: Balanced Scorecard
BUS 475
March 25, 2013

Strategic Plan, Part III: Balanced Scorecard
The Relaxation Hut needs to design and implement a balanced scorecard to be able to assist in being able to define the organizations values, mission, vision and SWOTT analysis. The balanced scorecard is “A set of four measures directly linked to a company’s strategy: financial performance, customer knowledge, internal business processes, and learning and growth” (Pearce & Robinson, 2009). I will cover the four perspectives in this paper, financial performance, internal business processes, financial performance and growth will all be discussed as they directly ...view middle of the document...

According to "What Is The Balanced Scorecard?" (2013), “To achieve our mission, how must we appear to our customers.” Increase in market shares and customer satisfaction along with an increase in public awareness to the point of engaging he community support along with being able to improve the image of the store are what’s driving the strategic objective.
The Relaxation Hut’s objectives are to develop performance tools that can measure the success and how to achieve these goals. The organization has to be able to monitor the consumer’s satisfaction by keeping up to date with consumer surveys, increase in market shares, promotional, store brands awareness along with discovering new items at a much lower price. One way to get more consumers is to expand the company to more cities and also be able to have a consumer reward program. These types of activates and expressly designed to make the consumer happy.
Process/Internal Operations Perspective
According to "What Is The Balanced Scorecard?" (2013), “To satisfy our customers, at which processes must we excel.” The Relaxation Hut’s strategic goals need to designed in a way so as to meet the internal consumers’ needs and gain satisfaction. Any good strategic goal has to be designed with the purpose of making sure that the organization is running smoothly, also in a way that helps to reach and achieve what has been stated in the vision and mission statements. The Relaxation Huts strategic goals are in help improve on business processes, procedures and efficiencies and to acquire business and services options, and also improving on store marketing of the services and products.
Strategic objectives have to monitored every day to make sure of the successful outcome for the organization. The Relaxation Huts best way to ensure this is design a new set of performance tools that can measure the objective and making sure they are achieved. The organization has to decrease the duplicate services or items that are being offered, Be able to monitor revenues that are coming in from any new program, orders are indeed on time, an increase in service and products that are being purchased by the vendors and also to ensure consumer and employee satisfaction using surveys. The Relaxation Hut needs to put in place a purchasing program along with a newer marketing scheme that will help in bringing in new customers.
Learning and Growth Perspective
According to "What Is The Balanced Scorecard?" (2013), “To achieve our mission, how must our organization learn and improve.” Looking at it in this perspective is considered the rock or foundation on how this balance scorecard is designed and it will also include employees training and the organizations cultural about how these are directly related to self-motivation and self-improvement. In this area of the balance scorecard will be a focus on further improvements and also addressing the technological needs. The Relaxation Huts strategic objectives have to...

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