Norfolk Southern Balanced Scorecard Is A Business Strategic Planning System Used By Management

Norfolk Southern Balanced Scorecard Is A Business Strategic Planning System Used By Management

Length: 1153 words (3.3 double-spaced pages)

Rating: Better Essays

Open Document

Essay Preview

Norfolk Southern Balanced Scorecard
The Balanced Scorecard is a business strategic planning system used by management to make decisions based on information provided about the business from four different perspectives. The first of the four perspectives is the financial perspective. Which means that we evaluate our business and conduct research from the shareholders perspective. Next is the internal business perspective, which is an internal evaluation of what the business must be good at to excel. Next is the innovation and learning perspective which is an evaluation of the firm’s ability to continue to improve and create value. The final perspective is the customer perspective, which is looking at the business activities from the customers point of view. It is a bad idea to focus on anyone of these perspectives and it is generally believed that businesses that use this approach have a greater realization of success. While Norfolk Southern Corporation doesn’t necessarily use the official term balanced scorecard when making strategic decisions, I believe we cover the four perspectives currently.
The financial perspective has always been at the forefront of Norfolk Southern Corporation’s business strategy. The Norfolk Southern mission statement begins with, “NS aims to enhance the value of stockholders’ investment over time by providing quality freight transportation services…” (Norfolk Southern Corporation, 2015). This is the very first line of the mission statement. It shows us that Norfolk Southern Corporation is focused on the value of stockholder’s investment in our company. Over the last 5 years our stock value has gone from $59.47 to $104.68, almost doubling in value (Norfolk Southern Corporation (NSC), 2015). ...

... middle of paper ...

...m for improvement to claim the top position in customer satisfaction, Norfolk Southern remains among the top railways in customer satisfaction. The company has always understood that customer satisfaction is very important for the continues success of the railroad industry and our business.
While Norfolk Southern Corporation doesn’t officially subscribe to the Balanced Scorecard method, they do consider the four perspectives in their current business strategies. This can be seen in numerous examples throughout the railroading industry and internal business operations. There seems to be a balanced approach towards strategic decisions which has helped lead to Norfolk Southern’s recent success as seen by the significant increase in the stock value over the last 5 years. This balanced trend is expected to continue on for a long time as long as our success continues.

Need Writing Help?

Get feedback on grammar, clarity, concision and logic instantly.

Check your paper »

Strategies Employed by Organisations in the Contemporary Business Environment and Their Strategic Fit.

- 1. Problem statement Businesses in the contemporary business environment employ different strategies in their efforts to achieve strategic fit. This is true for businesses all over the world, including in Southern Africa. Do businesses in South Africa, particularly in the very competitive apparel retail and heavy construction industries, gather and utilize their different resources, whether human capital, technology, information or money, to address their obstacles strategically and ultimately achieve strategic fit....   [tags: business processes, research design]

Better Essays
871 words (2.5 pages)

Essay on Effectiveness Of The Performance Management Strategy

- Southern Company Wanda Lassiter Strayer University HRM 532 November 28th, 2016 Evaluate the effectiveness of the roles that the strategic leaders played in the formation of the performance management strategy. To evaluate (Goldsmith, p. 246-247) effectively in the role has a strategic leader, a leader has to build upon the work that has already been done before. The leadership action council formed project teams to look into issues and make suggestions on how to make it better. The teams were formed to review all areas of an organization to include the planning, leadership assessment, development, and education....   [tags: Management, Leadership, Strategic management]

Better Essays
1262 words (3.6 pages)

A Report On The Balance Scorecard Essay

- ACCOUNTING AND FINANCIAL MANAGEMENT ACC5502 A Report on the Balance Scorecard for Pioneer Company Name of Tutors : Dr. Bonnie Hampson University of Southern Queensland Queensland, Australia : Stanley Proctor UUNZ Institute of Business Auckland, New Zealand Due Date : 30 April 2015 Prepared by: Catherine C. Zaide Student Number at UUNZ : 703727 Student Number at USQ : U1076832 As requested by the accountant of Pioneer Company here is a report regarding the Balanced Scorecard and it’s use in assisting the company’s progress towards its objectives....   [tags: Balanced scorecard, Strategic management]

Better Essays
1165 words (3.3 pages)

Rio Tinto's Business Strategy and SWOT Analysis Essay example

- Introduction Background on RIO TINTO Rio Tinto is a global mining and metal company. Their focus is on the finding, mining and the processing of the Earth’s minerals resources to maximise the value of their shareholders (customers). Rio Tinto has the people, the capabilities and the resources to apply a world’s hunger for minerals and metals that are used in the everyday life, in the diverse of products – for the mobile phones to cars. Rio Tinto’s global footprint is that there are working 66,000 people for Rio Tinto in more than 40 countries across six continents in the world , including their businesses in countries like Asia, Europe, Africa and Southern America....   [tags: minerals, efficiencty, customers]

Better Essays
2734 words (7.8 pages)

Foreign Market: Strategies for Managing Hong Kong Business Essays

- This report was written to advise the manufacturing company Alvernian on the various strategies required in order to succeed in a foreign market. Hong Kong will be highly efficient for business processes and is strongly recommended as the prime location for Alvernian due to its economic viability and success. Therefore, geographic position will maximise opportunity for capital advancement and establish strong national and international business networks. Extensive research has been conducted on various strategies, elements and methods required to work internationally in Hong Kong....   [tags: Alvernian, financial and human resources]

Better Essays
2447 words (7 pages)

Essay on Strategic Management And Business Research

- Balance Scorecard – A Complement to the Strategy Map Companies are constantly reinventing themselves in the name of profit. There are a number of different strategies companies implore to create success. Whether it is the expansion into international markets, new technologies, or sustainability the goal is to create a strategy that allows the business to successfully compete. There are numerous strategies capable of generating abnormal profits or can take a company into bankruptcy. The spectrum holds no magic formula as a variety of resources and capabilities are necessary to successfully compete....   [tags: Strategic management, Balanced scorecard]

Better Essays
1877 words (5.4 pages)

Competitive Strategic Approaches used by Starbuck Essay

- ... Starbucks believes that its clients’ needs, or rather preferences, are diverse and if it has to make a difference from the standard products their competitors are offering, then it has to diverse the products and the services offered. In ensuring that this is happening, Starbucks offer diverse products and ensures too that the methods it uses to distribute these different products is also diverse. Note it has successively served airlines, hotels learning institutions, select retailers and many more diverse customers....   [tags: ideology, business, social responsibility]

Better Essays
1155 words (3.3 pages)

Strategic Thinking : The Success Of Any Business Essay

- Q1. Why Is Strategic Thinking So Important To The Success of Any Business. Answer. Strategic Thinking involves going to take what the company became more successful making a series of measures. A company usually has a year to go through a strategic planning process, create a file, in essence, the management team uses this guidance in the new year. Companies should strive to make strategic thinking an ongoing, year-round process. In the heart of strategic thinking is to predict a major shift in the competitive market and the ability to determine the new opportunities....   [tags: Management, Strategic management]

Better Essays
724 words (2.1 pages)

Essay about Analysis Of Hr As A Strategic Business Partner

- Analysis of HR as a Strategic Business Partner What is Strategic Business Partner. According to the Cambridge Business English Dictionary, a strategic business partner can be defined as: “An arrangement between two companies or organizations to help each other or work together, to make it easier for each of them to achieve the things they want to achieve: A way of breaking into the market would be to form a strategic partnership with a large player that is already successful in the sector” ("strategic partnership - definition in the Business English Dictionary - Cambridge Dictionaries Online (US)," n.d.)....   [tags: Strategic management, Management]

Better Essays
804 words (2.3 pages)

Strategic Planning For A Business Development Committee Essay

- Strategic planning is used to ensure that organization’s actions relate to their mission and goals (Berman, 2006). My organization does do strategic planning on a yearly basis when each committee creates work plans that will be utilized for the year. One particular committee that is in need of strategic planning would be our business development committee. My organization runs a main street program and we have four committees each with different goals that work on programming. The business development committee is fairly new and has a weak membership....   [tags: Strategic management, Balanced scorecard]

Better Essays
1567 words (4.5 pages)