Balanced Scorecard

SUMMARY FOR THE STRATEGIC OBJECTIVES Name: Grade Course: Tutor’s Name: (05 November, 2010) Summary for the strategic objectives A summary on how I used my critical thing in relation to vision, mission, values and the SWOTT analysis to derive the strategic objectives. The mission, vision and SWOTT analysis ideas were fundamental in deriving my strategic objectives; the mission provided the current position of the company by defining the customer’s critical processes and the hints on performance levels. This outlined the process of realizing the vision in comparison to its core values. The vision helped to develop the strategic objectives in that considered the future position of the company by defining the purpose of its existence and providing a long term guideline. The vision led to designing of specific, measurable, achievable, and relevant and time bound. The company’s vision and mission statements were extremely useful in providing the framework for the scorecard, and the general guideline of the strategic objectives, these statements highlights the aspects of the customers and the management targets. The mission leads to a sense of customer satisfaction by outlining the immediate customer needs and values. The longer term vision and mission enabled the my thoughts and formulation of strategic objectives, measures(practical actions), metrics and the control mechanisms(targets) of the balanced score card. The customer needs and values acted as the guide for defining the strategic objectives. The values have statements that determine how the company relates to the customers. These are statements about how scorecard takes into consideration the loyal customers, suppliers and the internal business community. The SWOT analysis provided the balanced source of the strategic objectives by specifying the measures and metrics. The SWOTT provided an analysis of factor by considering strengths, Weakness, opportunities, Threats and Trends. In my critical thinking I considered the following factors Legal & Regulatory issues, Economical aspect, Technological innovations, strategic plans, processes &system development, Organization goals, and the Established Company culture. The SWOTT analysis provided the basis for deriving the strategic objectives based on the following Company strengths; Contacts and business licenses offered resistance to competition from outsiders, the downturn provided a good business environment, customers were accurately targeted, group sales registered high sales, high efficiency from online contract signing, high profits generation due to a unique merchandise, and high quality products. The weaknesses of the business acted as the source of measures for checking the objectives these included the following; costly contracts that hampered negotiations, reduced demand due to low income, high costs of innovations, eminent group conflicts on the stores, online contract sales may result to delays in case the consigners demand for the hard copy, the set goals may result to low turn over and the uneconomical company culture that favored production of different types of products for different generations. The SWOTT opportunities were very essential when I was formulating the metrics for the strategic objectives, the business opportunities in my context included the following; the company charged fees irrespective of the sale of goods because of the availability of its attractive contracts, the economy favored segments that consume low cost products leading to high purchases from the consignment stores, the innovations enabled the sale of a wider range of goods to online targets while mailing was restricted to past customers, customers were attracted to unique products hence the cause of increased purchases from the sites, the combination of automatic and manual system to compliment each other, however the automatic contract printing raises credibility and eliminates future conflicts ,the company could charge fees on the listing of products since this was a trend in the consignment stores, the cultural diversity encouraged purchases. I employed critical thinking in deriving the objectives that would help develop mitigation plans for the following potential risks; contracts faced legal suits operational failures, economical market decline due to unworthy products, innovations could result into legal...