CAREER CONNECTION: Final Strategic Plan - Rite Aid Corporation

May 30, 2016

Balanced Scorecard and Communication Plan for Rite Aid Corporation

Introduction

In definition, a balanced scorecard is the performance metric that is used in a strategic management to recognize and also improve various interior functions as well as their resulting external effect. The balanced scorecard tries to measure and also provide feedback to the organizations for the reason of assisting in implementing strategies and also objectives. Balance scorecard is necessary for the development of a healthy business mounting place as said by Sagar, P., & Singla, A. (2004). This is a fundamental key for coming up with the goals and also targets of the company together with vision, mission and also the known SWOTT Analysis.

In this term paper I will relate Rite Aid Corporation values as well as mission, vision and also SWOTT Analysis having the four viewpoints of the scorecard that are, monetary performance as well as customer knowledge, interior business procedure and also learning and growth.

According to Sagar, P., & Singla, A. (2004), a communication plan is extremely important to the achievement of the latest division. The plan can assist in solving problems, creating new ideas, go over the threats and also to keep everyone knowledgeable on what is actually going on in the new division so everybody do understands what is going on in the new business. 

Communicating having shareholders is significant since these are the people that are actually looking for the return on their speculation from Rite Aid Corporation and all its own divisions, new or even old. If they are well informed of what is going on and also how the plan is be put into practice and running, along with the percentages that the fresh division is attempting to each and also accomplishing, then they are probable to empower even more. 

Shareholder Value 

Financial Perspective or Shareholder values strongly whereby the well distinct vision and mission statement will actually facilitate this company in achieving its goal. The objectives of Rite Aid Corporation would be implemented as an everyday routine so as to augment the performance of this company. The first and leading responsibility of this company is to look for its customer satisfaction as well as benefit operation, increased net revenues and also to attain the financial constancy.

In evaluating the financial constancy of the company, an individual needs to calculate the Operating cost as well as earnings per share, the growth revenue and also return on interest and the capital. “If we succeed how we will look to our stakeholders”, (Sagar, P., & Singla, A. (2004)

Customer Value Perspective

It is true that the customers actually determine the success of the corporation. The ups and also downs in the market share of the corporation and the delivery of services and also products actually relates to customer satisfaction.

In addition to this, the more the customer satisfied and connects with the company, the more will be the augment in the brand picture in the market, but there need to be consistency in the value and also quality of the product. It is the sensibly of Rite Aid to create consciousness in the public and should as well provide benefits over them, time to time. “To realize our mission, how must we come into sight tour customers” (Sagar, P., & Singla, A. 2004). The company should then organize survey as well as time to time, so as to have a thought of the customer’s taste. For this the company has to really monitor their brand value in the market persistently

Strategic Objective

The primary part of the strategic objectives is the financial. Rite Aid objectives here are exceptionally simple and that is to develop revenue. One way that this corporation will measure is just by increasing its market shares. Take for example in the initial year the corporation want to have like a 2% increase, and in the year two the corporation want 4%, and in the year 3 the corporation want 6%. It is true that all of these do sound low but it is an objective that the corporation aims to achieve and also break, plus they are excellent to measure its success over three years of new division. In the subsequently part, customers, the corporation want to increase the business by just focusing on the clients more than ever as said by Fisher, D. (2016).

Many ways that the corporation can measure this is just by the preservation of the customers that it has already and the augment of new customers that are actually being added. The metric for this would be the customer revenue and also the market place distribution. The target for this is amid the first year (10%) and also the third year (25%). This market distribution the corporation is looking for in the primary year is 5% and also up to 13% over the third year. The subsequently part of this strategic objectives is operations and also process. The company needs to have a steady operation and also processes to make the fresh division reach its own full possible. One way the corporation is going to do this is just by increasing the accessibility of its new services direct to the clients. 

This clearly means having staff that are available around the clock 24 hours per day to assist the customers with products that have well purchased. Another good way to do this is to have employees that can speak dissimilar languages so Rite Aid can assist every customer that has acquired its products. The procedure of getting this being done is to hire precious, great, trustworthy and also intelligent people from all over the world as indicated by Fisher, D. (2016).

After sometime the corporation can make use of these employees as well as their ideas to assist come up with the way to assist in getting better the customer experience even more. With this the corporation wants to augment customer retention by just teaching them and also helping them grows with them. 

Outline and conclusion about our communication plan model

Rite Aid communication plan is incredibly important to make use of along with its strategic objectives. Checking on the entire essay, it is true that communication is so critical to the achievement of business, if it is communication by means of emails as well as phone calls or even daily and also weekly meetings. Fisher, D. (2016) indicated that communication with the shareholders is just as significant so they know what is happening with their shares and also if they want to invest even much in the company. Rite Aid strategic objectives are as well a key element on the achievement of the new division. In summing up, these objectives will actually assist the corporation in seeing where it is strong and also where it needs to get better. Rite Aid objectives will modify along with the moment but they will actually stay true to its mission and also core attitude.

References