Topic
Business Model and Strategic Plan (Star Appliances)
Instructions
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.
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 SWOT analysis and supply chain analysis.
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
Evaluate potential alternatives to the issues and/or opportunities identified in the SWOT Analysis paper and table you completed in Week 3.
Create at least three strategic objectives for each of the four balanced scorecard areas. Base your solutions on a ranking of alternative solutions that includes the following:
- Identify potential risks and mitigation plans
- Analyze a stakeholder and include mitigation and contingency strategies.
- Incorporate ethical implications
Develop a metric and target for each strategic 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 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.
Format paper consistent with APA guidelines.
Answer preview
The balanced scorecard and communication plan for Star Appliances will go into detail on how the company will communicate with the entire workforce in the new division, and divergent shift, along with the top management staff. The communication channels that will be utilized is daily meetings on all shifts, phone calls, emails as well as bi-weekly meetings that will discuss the new division and any challenges that might be experienced. In addition to this, the bi-weekly meetings will discuss any ideas to assist improve or boost upon the new division. On the other hand, the balanced scorecard will demonstrate what the new division is attempting to achieve (Burris, 2014). After the new division gets a copy of the SWOT analysis that has been undertaken, along with the balanced scorecard, each employee at Star Appliances along with the shareholders will be given a copy of the same.
Word count: 1283