Balanced Scorecard Strategy, Importance and Implementation Plan
Balance scorecard plays a key role in formulating strategies in the business organizations. In today’s competitive world, most of the organizations use the balance scorecard to measure the performance of the organization on the basis of traditional financial figures as well as non financial measurements (Chiu, Tsai & Chung, 2007). This post by the experts of assignmenthelpexperts.com discusses about the balanced scorecard and how company can use it to deliver high performance in the market.In the competitive world, organizations use balance scorecard to predict future financial success with the help of financial as well as non financial measurement. Balance scorecard was developed in 1992 by Kaplan and Norton. They proposed balance scorecard as a kind of managerial system which assist the organization to carry out the strategies. It is a most influence management instrument, which helps the organization to measure performance (Niven, 2005). Balance scorecard helps the organization to transform vision and strategies into objectives and measurement indicators.
The balance scorecard helps the organization for the long term investment in customers, employees, in new product development and in system. An organization can use the effective balance scorecard to deliver high performance in the market with the help of four interrelated perspectives such as financial, customers, internal business process and learning and growth (Hubbard, 2004).
Financial Perspective:
Financial perspective is an important component of balance scorecard in the for-profit, public and non-profit organizations. In the for-profit organizations, the measures in financial perspective help the organization management to find out that strategy execution in the organization improve the financial performance and bottom line results. In the public and non-profit organizations, financial perspective ensures the management that organization achieving their desire result with effective and efficient manner with cost minimization (Niven, 2005). In order to deliver high performance in the market, financial perspective helps the organizations to maximize assets utilization, revenue and profitability in the market.
Customer perspective of balance scorecard also helps the organization to deliver high performance in the market. In the customer perspective, organizations identify the customer and market segments for competition with other market players. The customer perspective helps the organization to compare their core customer outcome measures such as satisfaction, loyalty, retention, acquisition and profitability to targeted customer and market segments. Most of the organizations chose value proposition to create differentiation from competitors by the operational excellence, product leadership and customer intimacy (Hubbard, 2004). These help the organizations to measure customer perspective and also help organizations to deliver high performance in the market.Internal Processes Perspective:
In the internal process perspective of balance scorecard, organizations identify the key processes by which organizations can add values for the customers in order to sustain in the market. By this perspective, an organization can identify those processes and develop their best possible measures that help organization to deliver high performance in the market.Organization can choose any discipline to deliver high customer satisfaction in the market. In order to satisfy customers, organization has to identify entirely new internal processes that help the organizations to deliver best products to the customers (Niven, 2005). In internal processes perspective, an organization can improve their service delivery system, community partnership and reporting etc. This can be helpful to organization to deliver high performance in the market.
Learning and Growth Perspective:
By developing learning and growth perspective, organizations can deliver high performance in the market. The learning and growth perspective provides the framework to identify that the objectives are achieved or not. The objectives of learning and growth perspective are the drivers of achieving excellent outcomes in the first three scorecard perspective (Hubbard, 2004).Thus, from the above discussion, it can be concluded that balance scorecard helps the management and employees to achieve success and long term goals of the organization. Balance scorecard helps the organization to achieve competitive advantage and deliver best products and services to the customers in the market. By the four perspectives of balance scorecard such as financial, customer, internal processes and learning and growth, an organization can measure the performance and try to develop strategies to attract customers in the market.
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Human Resource Information System Definition
This post by our assignment help experts is to help our readers know more about what is human resource information system, its application and concern in its usage.Human Resource Information Systems are like any other information system used to gather, store, retrieve, analyze, store data related to human resources of an organization. HRIS helps managers take HR decisions more objectively and helping develop a fair human resource management system in an organization. This system also helps in evaluating whether HR strategy and organizational strategy are in sync with each other. Normally HRIS works on a computerized system with hardware and customized software as per the needs of the information system required by the organization.
HRIS helps organizations keeping track of employee information, streamlining and managing recruitment and selection, managing performance appraisals, keeping skills inventory of human resources, payroll management etc. What would comprise in a HRIS of a company would depend upon the nature of the companies and its human resource requirements. Companies like Oracle, SAP provide pre-package software solutions for the HRIS.
There are concerns regarding usage of human resource information systems in the companies. Biggest concern in privacy and security of the data of the employees. HRIS can give easy access to all employees’ information if not properly secured. As many managers do not understand the IT security related issues, this could be a big threat in implementation of HRIS in a company. Companies shall thoroughly evaluate security and privacy concerns while the time of implementation.Many companies are realizing the importance of having an effective HRIS and this has helped in continuous growth in implementation of HRIS in many big size companies. Slowly, even mid size companies are also deploying HR Systems.
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Customer Relationship Management Role, Strategy or Paper, CRM in FMCG
Due to the competition in the market, the customer relationship management plays the very important role in any business. The most of the business success and failure depends upon the customer. Customer relationship management strategy of any organization helps in increasing profit, Brand Value or Image, Market Share or expansion, Growth and stable and maintaining cost of organizations. The many companies like Nokia, Wal-Mart, Pepsi, Coca- Cola and Sony etc are having strong Customer relationship management. These companies provide low cost and durable products to customers as they know that if the customers are happy then company sales will be increase day by day.Customer relationship management role is the becoming very important tool for Fast moving consumer goods ( FMCG). Fast moving consumer good means providing excellent quality products with very low cost. In fact Fast moving consumer goods are very small like soft drink company coca- cola they sell the soft drinks in large amount then the profit will be automatically large.
In the present scenario, customers are the key part of the market of any business. If the relationship with the customer is good then it helps to increase the business at retail stores. For maintaining good relations with the customers, companies providing additional or effective services to customers like free home delivery of minimum quantity of products within five miles. This type of marketing attracts the old customers and new customer automatically adds at the retail stores. In the present scenario, the customer needs or requirements are changing day by day. Customers always prefer go retail store that have different and good quantity of Fast moving consumer goods. Due to the high need and consumption of FMCG products, customer relationship management plays a very important role for retaining customers.
In the above discussion, we can say that Customer relationship management is the very important role in Fast moving consumer goods and we have provided the guidelines how to write customer relationship management paper. If you still not understand the role of CRM, then do contact us, we are best assignment help services that can solve any assignment related to management subjects. Please check our sample work for your satisfaction. We are very good knowledge of APA, Harvard, MLA and AGCL referencing style and we use in text referencing. We assure that our work would be original and there will not be any plagiarism. Please call us or e-mail us for solve your assignment or tell us your number we will call you. We also, assure you that your e-mail address and phone number will be 100% secure and will not tell to anyone. So do not wait and contact us ASAP and get good grades with guarantee.
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Marketing Strategy Planning, Marketing Strategy of General Motors
Marketing Strategy plays the one of the most important role to achieve company goals and objectives. The main objective of the marketing strategy is Customers satisfaction and increases the sales with less cost of the any product with good quality as compare with the competitive market.To more understand the concept of marketing strategy let we take General Motors. General
Motor is the one of the best automobile company in the word. General Motors manufacturing the cars and trucks in the international market. GM brands of vehicles are Chevrole, Buick, Holden, Opel, Wuling and Vauxhall, Cadillac. Due to the presence of the lots of automobile companies, The General Motors is facing very high completion.
Marketing Strategy is the balance way that is used by the company for increasing sales and profit with customer’s satisfaction and less expanses. Marketing strategy of the General Motors mainly Used the segmentation, target and positioning strategy.
General Motors segmentation strategy is main aim to target the different groups. In this GM think that the whole market is single market so the General Motors design the car with the different range of cost and its design the strategy according to the Income, Age, Family, occupation. In the target strategy, the GM targets the upper, middle and lower class group and sells the products to customers according to the need and income. The positioning strategy of the company is change time to time by the Upper management and it’s always according to customer’s requirement.In above we provide the basic principal of the market strategy of the General Motors. Marketing Strategy is plays the very important in the business and the business success and failure always depends upon on the marker strategy.
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Organisational Strategy and Organisation Structure
Assignmenthelpexperts.blogspot.com is further to our different posts on strategic management perspectives. Organization structure and strategy should support each other otherwise it could be very difficult for an organization to achieve it strategic goals. As evident from the McKenzie 7S model that Structure and strategy are just two of the many interacting aspects of organizing.Organization structure is an integral part in an organization strategy. Traditional approaches to organization structure have been like Simple, Functional, Multidivisional and Matrix (team and project based). Recent approaches toward organization structures have been Network and Virtual Organizations. Environments are becoming increasing turbulent and require new approached towards design the structures of organizations. As Clegg (1990) argues that traditional approaches were more keeping in mind stability, rationality, planning, control, command, centralization etc. while new approaches are more towards disorganization, charisma, spontaneity, empowerment, participation.
Mintzberg (1979) propose that an organization can be thought of being made as six building blocks which are ideology, strategic apex, middle line, techno structure, support staff and operating core. Based on this, Mintzberg proposed six organization configurations that are simple structure, machine bureaucracy, professional bureaucracy, divisionalised, adhocracy, and missionary.
Simple structure is more CEO control and has strategic apex as key part of its organization. Machine bureaucracy has large regulated tasks and processes and has techno structure as main part of organization. Professional bureaucracy has operating core as its main parts. Divisionalised structure is based on more standardization of output.Organization structure is a constant trade off between centralization and devolution, efficiency and effectiveness, task and process, formality and informality. As a strategist, one has to constantly evaluate structure of the organization with organizations’ strategic goals.
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