Project Plan

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BUS/475 v11

Balanced Scorecard Template

BUS/475 v11

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Balanced Scorecard Template

Background

Strategic objectives are a measure of attaining your vision and mission. They reflect the vision, mission, and values of the business, as well as the outcomes of the internal and external environmental analysis.

Scorecard Areas

Develop at least three strategic objectives for each of the four balanced scorecard areas.

Final Objectives	Measures	Targets: Timeline/ Metrics
Increase market share	Total Revenue	Increase 5% in first year
Distribution of Apple products in a large demographic	Increase revenue by gaining maximum market share	Increase percentage profit by creating offers on new products
Increase impact of the organizational structure	Ensure the organization works well to promote general revenue	Ensure the top-level management analyzes market metrics when determining price of products
Impact the market with new innovations	Increase revenue by having more products to sell	Increase company revenue by distributing innovations in wide area

Customer Objectives	Measures	Targets: Timeline/ Metrics
Increase customer value	Increase profit contribution per customer	Increase 5% in first year
Increase luxury item mentality for customers	Increase in sales as customers emulate expensive lifestyles	Increase profits in the first year as the items find a ready market
Innovate products that suit customers in the new environment	Innovation of wearable technology that enhances	Create large profits in first year of implementing health awareness products
Increase the brand’s impact to many customers	Promote large profits by enhancing customer base	Ensure new customers adopt he brand’s influence

Internal Business Process Objectives	Measures	Targets: Timeline/ Metrics
Decrease lead times for new contract implementation	Project implementation time frames	Decrease time by 3% in first year
Decrease the limitation of limited distribution network	Set strict timelines for market outreach	Decrease the constraint of small distribution network
Decrease the constraint of limited retail stores	Implement new techniques of advertising	Decrease the profit loss encountered by limited distribution
Decrease the limitation of high prices	Aim to acquire new customers by making the price affordable	Decrease project limitations

Learning and Growth Objectives	Measures	Targets: Timeline/ Metrics
Decrease employee turnover	Facilitate regular training and opportunities for development	Reduce by 4% in first year
Provide products middle and lower classes	Promote product adoption by creating more functionality	Reduce customer skepticism of the high prices
Decrease limited company control	Ensure study is conducted for large markets	Reduce limited customer outreach
Decrease issues of brand pricing	Restructure pricing to acquire new customers	Promote the organizational structure

The objectives listed are appropriate since Apple Inc. already has a large market share. The distribution of the products would be suitable in large demographics due to the brand’s impact on the globe. Apple products are already highly valued by a majority of the world’s population. This increases the company’s profits margin. The company should thus aim to acquire new customers in more countries and continents since people have a high respect for their products. The objective of impacting the market with new innovations is suitable since it would be possible to enhance the company’s outreach. Apple products already have much sales due to their luxury features. The company can gain new customers by ensuring the high prices match the product’s features.

The company can implement new innovations by enhancing the value of its products. Apple’s brand impact can get improved by ensuring customers in new environments can get acquired. Innovation should be the main objective of Apple Inc. since the current digital environment already has new capabilities for its products. The field of health awareness could promote Apple Inc.’ s sales since the majority of the world’s population have adopted healthy living. Apple Inc. already conducted research that determined that its “wearables and home accessories” were widely adopted by the market (Leswing, 2020). This creates a large market for the company to gain much profits. It would be possible to continue the company’s high sales since the devices already proved their capability to produce profits. The fact that the Apple watches cannot sync with Android phones (Leswing, 2020) creates more profits since customers have to purchase both products.

The metrics and timelines are appropriate for the proposed strategic plan since the company is already capable of reaching new markets. Decreasing time by 3% would be possible in the first year since the company already has a functional organization structure. The company’s leadership would be able to implementing strategies of acquiring new customers by promoting product development that suits customer expectations. Increasing the company’s revenue by 5% in the first year would be possible since the existent customers are always ready to purchase new products regardless of the prices.

References

Leswing, K. (2020). Apple’s fastest-growing business segment, which includes AirPods and Watch, is now bigger than Mac. Retrieved 1 February 2021 from https://www.cnbc.com/2020/01/28/apple-wearables-home-and-accessories-segment-now-bigger-than-mac.html.