BUS/475 Final strategic plan .............Phyllis Young
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Running Head: Strategic Plan- Balanced Scorecard
Strategic Plan- Balanced Scorecard
Nicholas Hall
University of Phoenix
BUS/475
Petra Yurchich
Strategic Plan- Balanced Scorecard
The balanced scorecard happens to give an in-depth analysis of the strategic objectives of the Walmart New Division. In this, it is important to note that an effective strategic plan must account for impacts that are always experienced from different perspectives in the operating environment of the business (Caraway, 2015). In this specific balanced scorecard, there happens to be four separate perspectives that are analyzed for all the stated strategic perspectives. To start with, the financial perspective will deal with the issues that are centered on profitability as well as the competitive positioning of the organization. Secondly, the shareholder value perspective happens to deal with the overall customer experience.
Additionally, the internal operations perspective is focused on the process of improving the operation effectiveness of the organization. Lastly, the learning as well as the growth perspective happens to be focused on improving the image of the organization the image of the organization by developing stronger relationships with the workers as well as the society in general (Dess, 2012). The Walmart New Division is taking a strategic approach that happens to be designed in a way that will develop a strategic approach that happens to be designed towards creating a rapid growth and each of the four perspectives are always important to analyze independently.
Shareholder value
The common goal of any organization is always to improve its stakeholder’s wealth as well as giving them some of their best quality services to their customers through the Walmart new division. For purposes of sustaining growth Walmart New division, the focus of the division should be focused on developing its market share in market that it serves (Caraway, 2015). The division plans on the process of establishing new outlets in different locations to make its services better and efficient for the customers. Additionally, through the process of advertising both locally and digitally, the company will be in a position to create greater brand recognition that will eventually help in the process of generating higher organizational revenues.
Customer value
The process of developing a positive experience happens to play a key role in the grand scheme of the whole strategic plans. From the fact that most of the divisions’ customers will be the common customers of the company, organizational sales will increase, as the customers will offer referrals to the division as a result of efficiency and effectiveness. For purposes of attracting new customers, the division will offer discount to all of its new customers while giving an incentive to the old customers for purposes of letting the other groups of individuals aware of new division and the efficiency in the organization through the division (Dess, 2012). Additionally, it is important to note that improving the loyalty of the customers happens to be amongst some of the important goal from the customer value perspective. In this, it is important to note that a key social media communication channel will be used to market the division and its activities thus allowing for rapid communication within all customers (Ferrell, Fraedrich, & Ferrell, 2015). The other objectives will be to increase customer satisfaction, increase loyalty and increase customer retention.
Internal Operations
New divisions are supposed to come up with new ways of improving the internal operations for purposes of providing the capital that is needed to sustain the long-term growth of the division. Walmart New Division has come up with a commitment on improving the return on assets ratio. All the equipments in the organization and division are supposed to be operating a peak performance for purposes of enabling the company to remain profitable (Dess, 2012). As a result of this, a detailed analysis of the organization’s assets will be carried. Walmart is a global leader in the food industry and it will come up with one of the best and most effective ways of serving its customers. As the organizations’ division grows, the processes identified will give the company an opportunity to position its prices lower than its competitors who offer the same services (Ferrell, Fraedrich, & Ferrell, 2015). Additionally, the other objectives of the new division will be to maximize on efficiency, streamline the installation procedures and reduce the go-backs.
Learning and growth
The process of developing a mutually beneficial relationship with the customers happens to be one of the main goals in the strategic plan. Walmart New Division will come up with a new rewarding system that will reward its workers who blend well with the robotic machines in the first 3 months. The main of the program will be to encourage employees learn to work with the new robotic system and stay in the company for the longest time possible (Dess, 2012). The purpose of this program will be to offer advancement opportunities for the employees to learn on the operations of the new division and robotic system and will make the employees to contribute towards the success of the strategic plan. Additionally, it will be important to increase the manager skill level, decrease attrition, and maximize tech resources in the organization.
The Balanced Scorecard
The main objective of developing the balanced scorecard is always to consider the targets, objectives, metrics, and the initiatives of perspectives that have been discussed above. Each of the provided objectives is supposed to possess a goal that is measurable and that can be achieved over a definite time period (Ferrell, Fraedrich, & Ferrell, 2015).
| Objective | Metric | Target | Initiative | |
| Shareholder | 1. Increase market share | 1. % Market share | 1. Increase 15% annually | 1. Add 2 salesmen per location |
| 2. Increase market presence | 2. #New markets | 2. Expand to 1 new market every quarter | 2. Open new office in Los Angles | |
| 3.maximize profitability | 3. % Operating cost | 3. Reduce operating cost by 5% quarterly | 3. New job routing to maximize fuel efficiency in trucks | |
| Customer | 1.increase customer retention | 1. % Retained | 1. Retain 70% customer base annually | 1. Offer additional services (customer advocate) |
| 2.increase customer satisfaction | 2. | 2. | 2. | |
| 3.increase customer loyalty | 3. % Multi location contracts | 3. 6% discount on multi location contracts | 3. Customer loyalty program | |
| Process | 1.maximize efficiency | 1. % Install time | 1. Reduce install time by 10% | 1. Implement parts tracking |
| 2.streamline install procedures | 2. Lead time | 2. Reduce install lead time to 48hours | 2. Add 2 new processors to enter contracts | |
| 3.reduce “go backs” | 3. % “Go backs” | 3. Reduce “go backs” 25% | 3. Implement install complete checklist | |
| Learning/Growth | 1.increase manager skill level | 1. Training time | 1. Increase training time 20% | 1. Schedule training monthly |
| 2.decrease attrition | 2. % Attrition | 2. Decrease employee attrition 2% annually | 2. Employee incentive program to reward sales goals and admin targets | |
| 3.maximize tech resources | 3. % Certified | 3. Increase # of certified technicians 5% annually | 3.Schedule certified training monthly |
Communication plan
Communication happens to be one of the most important elements in any organization as it allows the management of any organization to pass whatever message they would wish to pass to their stakeholders (Laudon & Traver, 2013). Additionally, communication plays an important role in determining the channel of communication that an organization is supposed to adopt for purposes of making their new division popular among its target customers in the market. As such, in this, it would be appropriate for Walmart to use the following communication plan and channels towards reaching its target population (Ferrell, Fraedrich, & Ferrell, 2015).
Walmart will employ a number of individuals who will make face to face communication by making customers know more about the new division that will be opened by the organization. Additionally, the organization will also employ the use of public service announcements like the use of television and radio in making sure that they pass their message to the target customers within the right time (Laudon & Traver, 2013). Again, he organization is also planning to employ the use of Internet based capabilities like the organizations social media platforms and its websites in passing any information that they would wish to pass to their customers and other related stakeholders in the organization. The use of News media, press releases and articles will also be employed in the process of making the organization communicate effectively to its target population in the market.
It is also important to note that the organization will employ the use of brochures and newsletters as well as videos and meetings for purposes of passing the right information to the target customers within the market that they will serve (Ferrell, Fraedrich, & Ferrell, 2015). The organization will also employ the use of employee opinion survey as well as customer opinion survey in the process of communicating to the stakeholders what should be adopted as well as making sure that all the stakeholders the importance of the new division to the target consumers and to the existing consumers.
Risk and mitigation plans
To make sure that the division will not be affected by any risks that it might be faced with, it is important to employ the right risk and mitigation plans that will be used to prevent any risks from happening to the organization. In this, it is important to note that the organization might employ the use of an appropriate anti-virus that will protect any external intrusion in to the system (Dess, 2012). On the other hand, if by any chance the system is hacked, a manual back up plan will be important, as it will help in making sure that the operations of the organization and of the division will continue without any interruptions.
Consideration of ethical implications of objectives for your new division
The operations of the new division will be carried out while considering the ethical implications of the objectives of each of the organization. One of the ethical implications is that of the effects that each operation will have on the environment as well as the relationship that the organization will create with the customers (Caraway, 2015).
References
Caraway, B. (2015). OUR Walmart: a case study of connective action. Information, Communication & Society, 19(7), 907-920. doi:10.1080/1369118x.2015.1064464
Dess, G. G. (2012). Strategic management: Text and cases. New York: McGraw-Hill/Irwin.
Ferrell, O. C., Fraedrich, J., & Ferrell, L. (2015). Business ethics: Ethical decision making and cases. s.l.: Cengage learning.
