Write a 1,050- to 1,400-word strategic objectives summary. Include your balanced scorecard, communication plan, risks, mitigation plans and consideration of ethical implications of objectives.
Note: This assignment relates to the same business, your division, and your new product or service, which you identified in Week 2.
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 division and the outcomes of your SWOT 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
- 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
Create at least three strategic objectives for each of the four balanced scorecard areas. Develop a metric and target for each strategic objective using a balanced scorecard format. Example for shareholder or financial quadrant:
- Objective: Increase market share.
- Metric: The percentage of increase in market share.
- Target: Increase market share by 2% for each of the next 3 years.
Identify potential risks and mitigation plans.
Incorporate consideration of ethical implications of your objectives.
Outline a brief communication plan discussing how you will communicate the division’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