Purpose of Assignment
Students will have the opportunity to develop a Balanced Scorecard. This in turn will allow them to create effective strategic objectives to be included as part of their overall strategic plan. They will also be presented with the task of creating a brief communication plan that will be used by their proposed division to efficiently distribute information with regard to their strategic initiatives.
Assignment Steps
Resources: Strategic Planning Outline and Week 4 textbook readings
Createa minimum 1050-word strategic objectives summary.
Include your balanced scorecard and its impact on all stakeholders and the communication plan.
Identifykey trends assumptions and risks in the context of your final business model.
Developthe 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.
Considerthe following fourquadrants of the balanced scorecardwhen developing your strategic objectives:
Evaluatepotential alternatives to the issues and/or opportunities identified in the SWOTT Analysis assignment and table you completed in Week 3.
Createat least three strategic objectives for each of the four balanced scorecard areas. Baseyour solutions on a ranking of alternative solutions including the following:
Developaspecific metric and target for eachstrategic objective using a balanced scorecard format.
Example: a strategic objective in the shareholder or financial perspective is to increase market share. A metric to actually measure this strategic objective ofmarket 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.
Outlinea brief communication plan discussing how you will communicate the company’s strategic objectives including the following:
Formatyour assignment consistent with APA guidelines