Develop strategic objectives for new division of business

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Reference no: EM13814540

Business Model and Strategic Plan Part: Balanced Scorecard and Communication Plan

Identify key trends, assumptions, and risks in the context of your final business model.

Develop the 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 and supply chain analysis.

Consider 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

Impact of change on the organization

Learning and Growth (Employee) Perspective, includes strategic objectives in areas such as:

Employee satisfaction

Employee turnover or retention

Level of organizational capability

Nature of organizational culture or climate

Technological innovation

Develop at least three strategic objectives for each of the four balanced scorecard areas identified (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 3.

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.)

Outline a brief communication plan discussing how you will communicate the company's strategic objectives that includes the following:

Define the purpose.

Define the audience.

Identify the channel(s) of communication and why you selected that channel.

Write a 1,050- to 1,400-word strategic objectives summary. Include your balanced scorecard and its impact on all stakeholders, and the communication plan.

Reference no: EM13814540

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