Strategic Plan Part 3: Balanced Scorecard and Communication Plan
The following attachments below are Strategic Plans Part 1&2 based on my assigned company of the Rite Aid Corporation and their new service division of a health and fitness club. I am needing help with a continuation of this class project that has to be based on the following:
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, include professional citations and references of work cited, including web links of sites you researched information from.
Side Note: My current instructor that I have will only allow us to go over the total maximum word count of 25%, for example, since the maximum word count is at 1,400, I can go up to 1,750 total maximum (1,400 x 0.25 = 350 + 1,400 = 1,750), or points get deducted off if going over too much. Word count excludes cover and reference page words. Appreciate any help and assistance I can get on this and thanks!
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