Career connection final strategic plan

Running head-STRATEGIC PLAN PART 3: BALANCED SCORECARD AND COMMUNICATION PLAN 1

STRATEGIC PLAN PART 3 2

BALANCED SCORECARD AND COMMUNICATION PLAN

Sharitza Bailey

BUS/475

October 17th, 2016

Prof. Linda Mc Kee

BALANCED SCORECARD AND COMMUNICATION PLAN

This is the balanced scorecard and communication plan for Amazon.com Inc. and its new web technology division. The balanced scorecard will analyze the strategic objectives in the context of key trends, assumptions, and risks. It will also show what the company is trying to achieve. For the communication plan, its primary purpose was to enable interaction both internally (staff) and externally (customers). The communication strategy allows each to know what the other is thinking hence helping in improving efficiency and coordination. Communication with stakeholders ensures they have access to information about the company and the company has their feedback to enhance service delivery. The main channels will include meetings, emails, phone calls and discussions between both staff members and customers.

Some of the key trends include; increase in the use of online shopping as more people have access to the internet and devices such as computers and smartphones. Also, most customers want to interact with the companies they are doing business with to enhance their experience and satisfaction and also customer focus such that the clients get what they want quickly. The assumptions made include; the company has a large enough market share that will sustain this new division, it will generate the required revenue to ensure profitability, it will enhance customer value and satisfaction, it will improve the companies efficiency and effectiveness and it will improve learning and growth among employees and increase innovation. Risks involved include the market share not being big enough to sustain the new division and make the company profitable, the customer not responding well to the new product, not meeting performance standards and a decrease in productivity.

They must also consider the ethical implications that their product may have on members of the society. They should have high ethical standards to protect its reputation ensuring that the operational moves they do work towards improving the lives of people and maintain environmental sustainability. Unethical practices may have an adverse effect in the opinion of customers as well as negative effect on market share.

Strategic Objectives

The first will be the financial target whereby the goal would be to increase revenue. We would do this by increasing market share by ensuring that it grows by 10% annually for the next three years which will also enhance its competitive advantage especially after the introduction of the new web technology. The division is based on customer focus, concentrating on the customer to ensure his or her satisfaction and experience when interacting with the company or using its product. This will be measured by retaining the customer it already has, gaining new clients and undertaking customer surveys and questionnaires to enhance customer experience and feedback.

Target is to tap into new markets and increase customer revenue by 10% every year for the next three years. For processes and internal operations, it would be ideal to have stable operations and process to ensure the new division will reach its full potential by enhancing the accessibility of the products, having personnel available around the clock to assist customers. In the last part of strategic objectives is learning and growth. The primary objective is to decrease employee turnover enabling them to grow with the company. This can be achieved by hiring high quality, dependable and intelligent personnel to undertake what is to be done. As the new division starts, the employees will be trained to enable them to know the goals of the company. With time these employee’s ideas will be used to enhance customer experience. These are great tools to measure the success of the new division.

Balanced Scorecard-Shareholder Value

Objectives

Metric

Target

Initiative

Increase market shares in the online shopping market

Increase market share to 40% of online shopping market

Increase market share by 10% per year for the next three years

Use of the new web technology where they do not require the internet

Improve competition in the online shopping industry

Control 70% of the online sales

Increase online sales by 25% per quarter after launch of the web technology

Start web technology

Decrease costs to increase revenue

Reduce cost by $ 300 million

Average $15million reduction per quarter.

Improving efficiency of the various task and employing the use of technology.

Balanced Scorecard-Customer Value

Objective

Metric

Target

Initiative

Increase the number of customer undertaking online shopping

Improve access to people with mobile phones by 30%

Increase sales by 5% per quarter for 3years

Give information on how to access the web technology

Improve customer interaction

Improve customer service in international markets

Improve quality and responsiveness by 50%

Reduce complaints by 40%

Increase flexibility and innovation by 5% per quarter

Show a 10% decrease in complaints per half year

Send out surveys and questionnaires

Create a dedicated customer hub for international markets

Balanced Scorecard-Process and internal operations

Objective

Metric

Target

Initiative

Increased efficiency of supply chain

Increased efficiency of supply chain by 20%

Increase production rates by 4% per year

Do away with platforms or areas that are not performing

Increase resources

Have sufficient resources

Show a 5% increase in resources available annually for five years

Diversify markets and customer base

Improve communication internally

Improve flow of commands and feedback by 50%

Enhance communication by 10% annually

Conduct surveys within the organization

Balanced Scorecard-Learning and Growth

Objective

Metric

Target

Initiative

Improve employee job satisfaction

Decrease employee turnover by 5%

Decrease turnover by 2% per year

Create a healthy working environment

Enhance technological innovation

Enter 2 emerging technical markets

Enter 1 technical market per year

Acquire small startup companies that have a head start in latest technology

Enhance training of new employees

Increase internal promotion by 15%

Promote 5% of the employees per year

Train promising employees to be managers.

Conclusion

The above strategic objective state what the company strives to achieve concerning measures of performance, how the company will know that it has achieved its objectives including the targets which are broken down into smaller goals to be accomplished within a defined period. The above table shows how the goals are broken down into a balanced scorecard format which includes customer, shareholder value, process and internal operations as well as learning and growth focusing on both the clients and external environments as well as internal ones that make sure that the companies objectives are achieved.

References

Burris, T. (2014). Six Strategic Business Objectives. Retrieved from http://smallbusiness.chron.com/six-strategic-business-objectives-14492.html on October 12, 2016.

Mission vs. Goals vs. Objectives vs. Strategy vs. Executions vs. Tactics. (2000 to 2014). Retrieved from http://www.aef.com/industry/careers/memos/8022 on October 12, 2016.

The balanced Scorecard—Measures that drive performance. (1992, January 1). Retrieved from Accounting, https://hbr.org/1992/01/the-balanced-scorecard-measures-that- drive-performance-2 on October 12, 2016.

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