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Resource: Exhibit 7-1 in Ch. 7 of Strategic Management
Develop the strategic objectives for your business in the format of a balanced scorecard.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.
Step 1: Consider the following four quadrants of the balanced scorecard when developing your strategic objectives. Make sure each and every one of these items are specific and measurable in your balanced scorecard.
·Shareholder Value or Financial Perspective, includes strategic objectives in areas such as:
oRevenues and costs
·Customer Value Perspective, includes strategic objectives in areas such as:
oCustomer retention or turnover
·Process or Internal Operations Perspective, includes strategic objectives in areas such as:
oMeasure of process performance
oProductivity or productivity improvement
·Learning and Growth (Employee) Perspective, includes strategic objectives in areas such as:
oEmployee turnover or retention
oLevel of organizational capability
oNature of organizational culture or climate
Step 2: Develop at least three strategic objectives for each of the following four balanced scorecard areas identified above (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 Three. 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.)
Step 3: Write a 700- to 1,050-word summary that explains your critical thinking on how you derived your objectives from your vision, mission, values, and SWOTT analysis.
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