Resources: Strategic Planning Outline and Week 4 textbook readings
Create a minimum 1,050-word strategic objectives summary.
Include your balanced scorecard and its impact on all stakeholders, and the communication plan.
Identify key trends, assumptions, and risks in the context of your final business model.
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 business and the outcomes of your SWOTT 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:
oRevenues and costs
·Customer Value Perspective, which includes strategic objectives in areas such as:
oCustomer retention or turnover
·Process or Internal Operations Perspective, which includes strategic objectives in areas such as:
oMeasure of process performance
oProductivity or productivity improvement
oImpact of change on the organization
·Learning and Growth (Employee) Perspective, which includes strategic objectives in areas such as:
oEmployee turnover or retention
oLevel of organizational capability
oNature of organizational culture or climate
Evaluate potential alternatives to the issues and/or opportunities identified in the SWOTT Analysis assignment and table you completed in Week 3.
Create at least three strategic objectives for each of the four balanced scorecard areas. Base your solutions on a ranking of alternative solutions including the following:
·Identify potential risks and mitigation plans.
·Analyze a stakeholder and include mitigation and contingency strategies.
·Incorporate ethical implications.
Develop a specific metric and target for each strategic objective using a balanced scorecard format.
Example: a strategic objective in the shareholder or financial perspective is to increase market share. A metric to actually measure this strategic objective of market share increase is, “The percentage of increase in market share.” The target is the specific number to be achieved in a particular time period. The target for the metric of “Increase market share” could be “Increase market share by 2% for each of the next 3 years” of an increase of 2% per year for 3 years.
Outline a brief communication plan discussing how you will communicate the company’s strategic objectives including the following:
·Define the purpose.
·Define the audience.
·Identify the channel(s) of communication and why you selected that channel.
Format your assignment consistent with APA guidelines.