The First Step in Developing a Balanced Scorecard Is to Clarify

question 41

Essay

The first step in developing a balanced scorecard is to clarify the strategic focus.As part of the process,many organizations develop a strategy map.Assume you are asked by your supervisor to develop a strategy for your organization.You have determined that the following strategies have been established by the company.
$\bullet$ Achieve operational excellence
$\bullet$ Develop trained workforce
$\bullet$ Infuse corporate culture of quality throughout workforce
$\bullet$ Develop reputation for quick turnaround
$\bullet$ Retain and grow customer base
$\bullet$ Manage customer relationships
$\bullet$ Increase profit
Required:
Prepare a strategy map using the four balanced scorecard perspectives.

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Definitions:

Raw Materials

Basic materials that are used in the production process to manufacture goods, often transformed or combined with other materials in the manufacturing process.

Automatic Merchandising

A retailing strategy that involves the use of self-service and vending machines for selling products directly to customers.

Direct Selling

A sales strategy in which products are marketed directly to consumers, bypassing traditional retail locations.

Merchant Wholesalers

Businesses that buy goods in large quantities from manufacturers or importers and sell them to retailers or other businesses, but not to the general public.