Balanced Scorecard & Communication Plan
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Balanced Scorecard and Communication Plan
Jamie Raatz
BUS/475
June 30, 2014
David Akerman
Balanced Scorecard and Communication Plan
“The balanced scorecard is a set of measures that are directly linked to the company’s strategy. It directs a company to link its own long-term strategy with tangible goals and actions. The scorecard allows managers to evaluate the company from four perspectives: financial performance, customer knowledge, internal business process, and learning and growth” (Pearce II & Robinson Jr., 2011, p. 194). We have developed the balanced scorecard shown below to help translate our strategy for ‘Clean-Gro’ into operational terms.
As seen above, each category (financial perspective, internal operations perspective, learning and growth, and customer value) contains sub categories for key trends, assumptions, and risks. With these objectives, it is our purpose and hope that we will be able to proactively approach the issues and opportunities we believe to be the most important within Scotts Miracle-Gro. We will be sharing this information with executive board members as well as potential retail stores. We intend to effectively communicate our desired outcome for any issue including competitive pricing, technological training, and the current volatile market. As for pricing, our expected profit margin for the first year is roughly $250,000. We plan on distributing 10,000 containers of product throughout different retail outlets with an introductory price of $25.
With customers in search of a competitively priced, all natural product, we believe ‘Clean-Gro’ will be able to satisfy the demand. As previously stated, our new formula can also be manipulated to be used in other product lines. The Scotts Miracle-Gro company is aware of our customer’s sensitivity to the all-natural products – specifically, families with small children or pets.
Out internal operations perspective indicates a key trend involving our global impact. It has...
Jamie Raatz
BUS/475
June 30, 2014
David Akerman
Balanced Scorecard and Communication Plan
“The balanced scorecard is a set of measures that are directly linked to the company’s strategy. It directs a company to link its own long-term strategy with tangible goals and actions. The scorecard allows managers to evaluate the company from four perspectives: financial performance, customer knowledge, internal business process, and learning and growth” (Pearce II & Robinson Jr., 2011, p. 194). We have developed the balanced scorecard shown below to help translate our strategy for ‘Clean-Gro’ into operational terms.
As seen above, each category (financial perspective, internal operations perspective, learning and growth, and customer value) contains sub categories for key trends, assumptions, and risks. With these objectives, it is our purpose and hope that we will be able to proactively approach the issues and opportunities we believe to be the most important within Scotts Miracle-Gro. We will be sharing this information with executive board members as well as potential retail stores. We intend to effectively communicate our desired outcome for any issue including competitive pricing, technological training, and the current volatile market. As for pricing, our expected profit margin for the first year is roughly $250,000. We plan on distributing 10,000 containers of product throughout different retail outlets with an introductory price of $25.
With customers in search of a competitively priced, all natural product, we believe ‘Clean-Gro’ will be able to satisfy the demand. As previously stated, our new formula can also be manipulated to be used in other product lines. The Scotts Miracle-Gro company is aware of our customer’s sensitivity to the all-natural products – specifically, families with small children or pets.
Out internal operations perspective indicates a key trend involving our global impact. It has...