Signature Assignment

Balanced Scorecard and Communication Plan

Sytoria Maldonado

BUS/475

Professor Mark Romejko

March 19, 2018

El Parish Lounge aims to have a greater dominance in the market where it will be possible to achieve significant positive development within the industry. It aims to bring a new taste to the market, which was initially missing. Therefore ensuring that it is successful in the market will be a key priority for the business success. Different processes, therefore, will be integrated to ensure that it is very successful. The Swott analysis has highlighted important elements which the business need to consider in ensuring that there is a better environment under which the new product in the market is successful by utilizing the already available company brand image. In evaluating the overall engagement and performance of the new product in the market, it is important to put into focus key elements that can be able to create a well-enabled environment under which crucial measures within the organizational environment can be achieved. A balanced scorecard is crucial in this case where it is easier to develop strategic objectives, which will ensure that there is a better market performance of El Parish lounge product.

Balanced scorecard

The balanced scorecard provides a well-engaged environment where it is easier to understand the progress of the business through the valuation of strategic objectives that have been put in place. It is important to understand the underlying goals that have been developed in each sector where it is possible to achieve a greater level of success where it would be possible to ensure that the new product is good engagement in the market. The balanced scorecard that is developed in this case depicts the goals both short and long-term of El Parish product directly based on the company existing vision, mission, and values of the business and the outcomes of the swott analysis conducted (Asiedu, 2015).

The balanced scorecard emphasizes on important elements that define organizational engagement under which it is possible to achieve positive development within the business. The scorecard measurements include financial, learning and growth, customer and business measurement.

The learning and growth perspective focuses on a number key development elements within the business environment. It is based on creating a better focus on important processes within the organizational environment, which help in ensuring that the product is produced based on the underlying quality guidelines, the strategic objectives that will be considered in this case will include

Improve employee skills

Improve employee operational environment

Develop specific workforce competencies

Customer perspective puts into focus on company relations with its customers. Different approaches are put in place to ensure that there exists a better relationship between an organization and customer. The strategic objectives that are considered in this case include

To engage new target market

Improve market share

Develop improved customer relations

Business perspectives

The business perspective in a balanced scorecard focuses on the internal processes that the company has developed to ensure that the product being developed is effective engaged. There is need to ensure that there is a significant environment under which it is much easier to outline the strategic objective which will improve the product wellbeing in the market. The strategic objectives, in this case, will include

To diversify workforce

Integrate high-level technology in the workplace

Integrate high-level inventory management

Financial perspective is a crucial perspective, which focuses on the organizational performance where there is need to put into consideration important organizational development processes. The strategic objectives that will be based on this case include

Increase profit margins

Develop profitable growth rate

Maximize revenue

Balanced scorecard strategic objectives and metrics

Potential risks

El Parish lounge is relying on the success of other products within the business and the existing market demand for product change. Therefore, the different line of product that El parish has considered is risky especially based on the changing preferences in the market. Low-level engagement in the market will automatically limit the overall influence that the new product in the market will have. Less market involvement in the product development will automatically create a very risky business engagement.

Mitigating plan and stakeholder analysis

Understanding the target market preference and the changes in the market will create a well-enabled environment where it will be possible to achieve positive organizational development. Thus, market research will be able to provide a detailed business environment where it will be possible to achieve positive business engagement. The success of EL Parish lounge will improve the business brand and engagement within the market. The main risk that the company should consider is a financial risk, which needs to be countered in developing a positive business environment where it will be possible to achieve positive business development. The business production process should be flexible to accommodate any changes in market preferences (Peteraf, Gamble & Thompson Jr, 2014).

The stakeholders involved in this process are key to ensuring that it is successful. The management and employees are main stakeholders who need to work effectively together for positive product engagement in the market. Thus, limiting the costs and maximizing the revenues should be the main aim of all stakeholders involved in the product development.

Ethical implications

Customer confidentiality is an important ethical consideration that should be effectively taken into focus to improve the quality of service delivery, especially when making complaints or suggestion. The customer feedback survey developed should only focus on issues rather than personal information, which will improve customer participation in providing the business with development ideas.

Communication plan

Communication plays an important role within business environment since it is the medium under which key decisions within the organizational environment can be made. It is important to ensure that as an organization, key measures are put in place to ensure a better organizational engagement. The communication plan that will be adopted in this case will be based on the virtual environment since the audience will integrate all employees under the new division across different target locations where they will be engaged to interact with customers (Wagner III & Hollenbeck, 2014). The purpose of the development of a communication plan will be to ensure that all stakeholders which include new division employees and the company management are to ensure that there is a significant understanding on the strategic objectives that have been highlighted in this case. The channel for communication this case will include teleconferencing. This is the only able method where the company can be able to engage all employees in the new division who are in the field. It is very easy and effective method where meetings explaining the strategic objectives that have been developed can be discussed.

References

Asiedu, E. (2015). Developing Market as a Source of Competitive Advantage: The Role of Management Tools. Elixir International Journal of Management Arts. ISSN, 36319-20.

Wagner III, J. A., & Hollenbeck, J. R. (2014). Organizational behavior: Securing competitive advantage. Routledge.

Peteraf, M., Gamble, J., & Thompson Jr, A. (2014). Essentials of strategic management: The quest for competitive advantage. McGraw-Hill Education.

Saeidi, S. P., Sofian, S., Saeidi, P., Saeidi, S. P., & Saaeidi, S. A. (2015). How does corporate social responsibility contribute to firm financial performance? The mediating role of competitive advantage, reputation, and customer satisfaction. Journal of Business Research, 68(2), 341-350.