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Assignment on perspective of balanced scorecard
Assignment on perspective of balanced scorecard
Summarize the balanced scorecard
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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 …show more content…
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). We have also paid dividends of $0.50 (+/- .09) per share 11 times, since August of 2011 (Norfolk Southern Corporation Dividend Date & History, 2015). Our business has historically been very successful much of the time when looking at the business from a shareholder perspective. In fact when the 2014 Annual Report was released, CEO Charles “Wick” Moorman said recently, “Our performance during the year demonstrated the increasing demand for our services, the growing value of freight rail transportation in the marketplace, and Norfolk Southern’s progress in enhancing service to meet the needs of customers and create long-term value for shareholders. (Vantuono, 2015)” It is clear that our executive management values the shareholder perspective when making strategic planning …show more content…
The railroad in its simplest form is a delivery company. We deliver goods to businesses so they can produce the products they sell to the people. Norfolk Southern understands the importance of being a link in the supply chain. If the goods we deliver do not arrive on time, our customers will not be happy and they will lose business. If this happens frequently enough, we will lose their business. Our vision statement is, “Be the safest, most customer-focused, and successful transportation company in the world” (Norfolk Southern Corporation, 2015). Being the most customer focused means knowing our internal business to serve our customers’ needs. In order to adequately fill our customers’ needs we must be aware of our internal weaknesses. In the 2014 Q4 Earnings Call, CEO Wick Moorman
This part of the assignment will discuss balanced scorecard that has been implemented by UK National Health Service (NHS), how it has influenced and impacted upon the performance measures of this organisation.
In the mid 1980s, and into the 1990s, business leaders realized that a renewed focus on quality was required to continue to compete in an expanding global market. (NIST, 2010) Consequently, several strategic frameworks were developed for managing, and measuring organizational performance. Among them were the Malcomb Baldrige National Quality Award, which was created by and act of congress and signed into law by the President in 1987, and The Balanced Scorecard, which is a performance management tool that was born out of research conducted in the late 1980s and early 1990s by Robert S. Kaplan, and David P. Norton published in 1996 (Kaplan, 1996). Initially the renewed emphasis on quality management systems was a reaction to the LEAN approach
In a competitive environment where market is changing instantly, organizations are in a fix to design a strategy that could market their products enticing the consumers to buy their products and services. Market is the arena for business gladiators who fight out for maximum share and profitability and this is possible only through effective marketing strategy. Competing in present economy means finding ways to break out of commodity status to meet customers’ needs better than competing firms (Ferrell and Hartline, 2010). The intensity of competition has increased after the introduction of media and internet where the companies present their product in the best way through advertisements, product reviews, blog entries, etc. With the advancement in technological innovations, companies have found various ways of providing services to the consumers in a cheaper and effective way and this has resulted in communication revolution in late 1990’s as the cellular technology was unfold in most of the regions. Singtel Optus Pty Limited (Optus) is one such company that has evolved during this period as a leader in integrated communications and this paper is assumed to make an analysis of the company’s marketing strategy and its financial position in the market industry.
We understand the importance of our missions and the trust our customers place in us. With this in mind, we strive to excel in every aspect of our business and approach every challenge with a determination to succeed.
However, RLK’s competitors are downsizing and outsourcing R&D and exploiting on the cost advantages. If RLK decides to invest more money into R&D and should the new product stall on launch, they face the danger of becoming bankrupt.
Southwest Airlines has always proudly identified themselves as a low cost airline. They have successfully been able to incorporate Human Resource management, merger and acquisitions, financial performance and allocation of resources as part of their corporate strategy. When it comes to the meat and potatoes, Southwest Airlines has implemented a corporate value-creating strategy. Ultimately, because of this strategy, Southwest is surpassing its competitors and gaining a larger share of the market. Furthermore, this strategy is adding perceived value to its products and services by taking advantage of the economies of scope (Bradley, 2016). The airline’s business units can take advantage of their differentiation by lowering their cost structure. For example, Southwest Airlines 714 fleet consist of only one type of aircraft, the Boeing 737. The advantage of having one type of aircraft is extremely cost efficient as the airline only has to train mechanics to repair one type of aircraft and they only have to store parts for one type of aircraft therefore lowering overhead and human resources expenses which translates into lower fares to its passengers (Southwest,
1. Continental Airlines, like other companies in the airline industry, is a volatile organization. However, Continental has many strengths that have allowed it to prevail through tough times and avoid complete ruin. The CEO of Continental Airlines played an important role in reviving the company. His “Go Forward Plan” vocalized the strategy of the company and focused on every aspect of the organization. Continental has a well-defined target market, providing services to upper-class and business travelers. The company has also been able to operate in the face of adversity (such as 9/11) due to effective decision-making.
A Balanced Scorecard can be defined as a “performance management tool which began as a concept for measuring whether the smaller-scale operational activities of a company are aligned with its larger-scale objectives in terms of vision and strategy” (Wikipedia 2009, ¶ 1). Scents & Things will need to develop a balanced scorecard that will assist in meeting and help define the company’s values, mission, vision, and SWOT analysis. The balance scorecard is made up of four perspectives; financial, customer, learning and growing, and internal process. This paper will define each of the four perspectives objectives, performance measures, targets, and initiatives. The paper will also show how the perspectives relate to Scents & Things vision, mission, values, and SWOTT analysis.
The Balanced Scorecard is a strategic planning and management system used to align business activities to the vision and strategy of the organization by monitoring performance against strategic goals. It is used extensively in business and industry, government and non-profit organizations worldwide to provide a framework that not only provides performance measurements, but helps planners identify what should be done and measured.
Norfolk Southern Railway Corporation was formed in 1982. This company has been around under many other names throughout the history of the United States, with the constant mergers and acquisitions in railroading history. In northern Indiana the railroads were originally New York Central and Pennsylvania Railroad, these two lines merged to become Penn Central. Penn Central went bankrupt and the United States government merged them with other railroads to form Conrail. In the early 2000’s the government then sold portions of Conrail to the largest railroads in the country and Norfolk Southern purchased the Chicago Line which runs through northern Indiana. This is only a small portion of the company’s history but is the part that is important in context to Norfolk Southern Elkhart yard, where I am currently employed.
Best Buy, one of the biggest consumer electronics retailers in the world, provides products from smartphone, computers to large electronic appliances. It aims at offering a large variety of products with outstanding customer service at a comparably economical price. Yet, it has been facing internal and external challenges in the recent years. Bottom line and the share price are slightly catching up after a fall in 2013 but still barely satisfying the shareholders and customers are changing their purchasing habits which may threaten its future.
Without a successful business strategy put in place the company would fail and be unable to compete with competitors. There would be on way of knowing what resources are required. No planning for the future of the business. If there are no targets set out to achieve there would be no way of measuring how successful the company has been.
The first aspect of the balanced scorecard is the financial perspective, which is responsible for answering the following questions: “To succeed financially, how should we appear to our shareholders?” Our finance objective for Google is to increase net revenue. Google’s revenue has shown a steady growth over the years. Google’ s revenue in 2011 was 37,905,000 and in 2012 it was 50,175,000. In one year, Google manage to exceed its 2011 revenue by 12,270,000. Google, is currently in their fourth quarter of 2013. Each quarter’s revenue in 2013 is noticeably greater than the quarters in 2012. In the third quarter of 2013, Google generated total revenues of 14,893,000, compared to 2012 third quarter of 13,304,000
At the same time a balance score card intergraded with Accounting Information System allows the companies to collect rightfull information, analyse the data and make evidence based decisions. (Marr, 2010).
On the other hand, most factors prove otherwise. The retail industry does not have high Economies of Scale to be exploited in general . Yet, it is impossible to run department stores like Metro on a small scale . A large retail space, inventory, and warehouse are necessary to host a specialized portfolio of brands and products to better attract both customers and suppliers. Heavy capital requirements and operational expen...