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 Create a minimum 1,400-word paper with the following elements: Include your balanced scorecard and its impact on all stakeholders, and the communication plan. 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. Note: this is the same division and product/service from your individual assignments in weeks 2 and 3. Consider the following four quadrants of the balanced scorecard when developing your strategic objectives: Shareholder Value or Financial Perspective, which includes strategic objectives in areas such as: Market share Revenues and costs Profitability Competitive position Customer Value Perspective, which includes strategic objectives in areas such as: Customer retention or turnover Customer satisfaction Customer value Process or Internal Operations Perspective, which 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, which 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 Create at least three strategic objectives for each of the four balanced scorecard areas, with a specific metric and target for each strategic objective, using the balanced scorecard format. Example for financial perspective/quadrant: Objective: increase market share Metric/Masurement: the percentage of increase in market share, compared to the previous quarter Target (specific number to be achieved in a particular time period): Increase market share by 2% for each of the next 3 years. Identify potential risks and describe your mitigation plan (solutions). Describe ethical implications of your solutions. Outline a brief communication plan discussing how you will communicate your division’s strategic objectives to employees and other stakeholders including the following: Define the purpose. Define the audience. Identify the channel(s) of communication and why you selected that channel. Format your assignment consistent with APA guidelines.
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