To make sure that the performance levels should be high in the target environment, one should consider using the Balanced Scorecard approach. As a result, the needs of customers, employees, suppliers, and other stakeholders will be met. Furthermore, the reconsideration of the company’s approach toward the use of resources will allow enhancing the sustainability levels and leaving a smaller ecological footprint. Consequently, the philosophy of the Triple Bottom Line will have to be adopted. Finally, to make sure that the required changes should remain consistent, one will have to use an elaborate system of reports as the means of controlling and monitoring the changes. Thus, the opportunities for the unceasing growth and rise in competitiveness level will be created.
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The mission of the company is to create the environment in which the needs of diverse customers can be met, and where every employee can engage in the unceasing personal and professional growth. In other words, the organization aims at providing all stakeholders involved with new opportunities. The advertizing framework of marketing will be used as the key business model that will help promote the business. The opportunities for enhancing the comfort of customers and providing them with a chance to experience high quality of a comparatively small prince is the primary value proposition.
The Balanced Scorecard approach sets the foundation for making the internal and external aspects of the company’s operations compatible, thus, contributing to the consistent rise in the efficacy of an organization. The specified outcome is especially important for the overall functioning of the organization since it needs to embrace the specifics of its customers’ culture, at the same time preserving its identity and creating the environment in which it could evolve. Thus, the adoption of the BS-based strategy will allow developing a substantial competitive advantage in the context of the global economy realm.
It is assumed that the organization will succeed in attracting the target population. It could be argued that the risks of facing high competition levels are rather troubling. However, with successful leadership strategy based on the principles of transforming people’s perception, as well as encouraging them to be innovative and think critically, one will be able to enhance the corporate performance significantly and, thus, make the firm’s quality as its essential competitive advantage. Thus, the premise for success will be created.
Marketing and Information Technology
Creating the environment in which the active economic progress becomes possible is rather challenging without efficient tools for information management. It is essential to make sure that an organization is able to receive feedback from customers and communicate its messages to the target audiences successfully. Furthermore, the dialogue within the firm, particularly, between its staff members and managers, should remain consistent. For these purposes, the adoption of innovative technologies such as social networks, Big Data, and content marketing should be deemed as an essential step in furthering the firms’ marketing strategy, whereas the active use of corporate networks must be viewed as a necessity for enhancing the information management and cooperation processes in the corporate environment.
Monitoring and Controlling Tools
The introduction of efficient control tools is a crucial step in improving the quality of the company’s performance. Thus, the adoption of a device that will allow evaluating the performance of the staff members is crucial in the case in point. Particularly, it is strongly suggested that a combination of control charts and reports should be deemed as an important addition to the company’s strategy due to the opportunities for forecasting and spotting the issues that may pose a threat in the future.
At this point, one must mention that the process of controlling the staff’s productivity and the overall performance of the organization must not be a frustrating experience for the former (David & David, 2016). Seeing that the well-being of the organization hinges on the motivation of the staff, including the control tools that may disrupt their performance does not seem reasonable.
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The application of a balanced scorecard, in turn, should be viewed as an essential step in carrying out the assessment of the company’s current strategic plan. While the identified approach has its inherent flaws, it provides extensive opportunities for aligning short-term goal with long-term ones since it helps embrace a range of factors affecting the progress of the two (e.g., the identification of customers’ needs and the introduction of a framework for cross-cultural communication). Furthermore, the fact that the framework provides an opportunity to see the key business processes from four perspectives, i.e., the “financial performance, customer knowledge, internal business processes, and learning and growth” (David & David, 2016, p. 290), should be listed among the essential advantages that justify its adoption as the framework for assessing the strategic plan of the organization.
Options for Strategic Plan Evaluation
As far as the assessment of the company’s strategic plan is concerned, it will be reasonable to use the Strategy-Evaluation Assessment Matrix (David & David, 2016). The framework provides extensive opportunities for determining whether the current approach contributes to the further attainment of the corporate goals, as well as the management of customers’ needs. Particularly, the matrix offers a chance at connecting the external and internal issues associated with the performance of the company. For instance, the alterations within the context of the organization can be assessed along with the changes to its competitive position in the realm of the global market. Thus, the corrective actions that should be taken to attain the expected success will be determined successfully. In other words, the External and Internal Factor Evaluation Matrices (EFEM and IFEM) must be deemed as the most appropriate tools for defining the outcomes of implementing the BS approach (David & David, 2016).
The ethical aspects of the firm’s performance should also be addressed since the identification of possible ethical dilemmas and concerns will help avoid a range of stumbling blocks for the company’s performance future. For example, the active promotion of the company’s vision, philosophy, and ethics as the key principles based on which the decision-making process should occur in its environment will allow preventing the instances of corporate fraud. Therefore, it is crucial to build a profound corporate philosophy that will be viewed as the cornerstone for decision-making and introduce the target population to the principles of corporate responsibility, customer-oriented standards, etc. Therefore, the introduction of a coherent leadership framework that will provide the employees with a role model that they can follow and a set of rigid ethical standards that they will have to meet will serve as the means of reducing the threat of staff making unethical choices.
Triple Bottom Line
Finally, the concept of the Triple Bottom Line must be mentioned as the foundation for the company’s successful functioning. The current changes to the company’s performance are bound to have a rather mild impact on the planet since the principles of sustainable use of resources and lean management as the tool for reducing waste will be used. Similarly, people will not be affected negatively since the organization focuses on the needs of all of its stakeholders. Finally, the profit margins will be expanded significantly due to the opportunities for attracting new customers and enhancing the firm’s competitiveness.
David, F. R., & David. F. R. (2016). Strategic management: A competitive advantage approach, concepts (16th ed.). New York, NY: Pearson Education.