Strategy Composition IP3
Deborah enters your office ready to discuss the project. She discusses her feedback on the plan thus far. She states that your team is doing an excellent job researching and you’ve been keeping her up-to-date on your findings. She commends you for your focus on effective management strategies because your team has been looking at every aspect of the company and considering both internal and external pros and cons. She asks that your team now apply the findings to develop a strategic framework so that the company can begin its global expansion programs. You decide that Deborah has brought up another good point and decide that the balanced scorecard would make a good part of strategic framework.
A balanced scorecard suggests that we view the organization from four perspectives (the learning & growth perspective, the business process perspective, the customer perspective, and the financial perspective).
Briefly discuss the four perspectives of the balanced scorecard and analyze what each means to your organization.
In addition to the balanced scorecard, provide an overview of two other strategies that would be part of your company’s strategic framework for global expansion.
Why is it important to combine different strategies when pursuing global expansion?
Strategy Composition IP3
discuss the four perspectives of the balanced scorecard and analyse what each means to your organization
Management duty can be challenging, especially when choosing the right and effective management strategy (Kumar, Lahiri, and Dogan, 2018). Managers follow several golden rules, consistency, accuracy, clarity, good communication, and transparency. A balanced scorecard is one of the effective management strategies proposed in the organization. The balanced scorecard is involved in strategic planning and management, for instance, measuring and monitoring progress, communication with the project team on the requirements, and prioritizing the project products and services (Akhavan, Philsoophian, and Karimi, 2019). The strategic management method promotes balanced performance, where according to research, the process is the most used tool in management.
The balanced scorecard has four main perspectives that mean they would mean the world to the organization. Financial, customer-stakeholder, internal process, and organizational capacity are the main types of a balanced scorecard. For the four perspectives of a balanced scorecard to be compelling, a strategic map is required, which connects with the organization’s strategic objectives (Jassem, Azmi, and Zakaria, 2018). A financial perspective is mainly used to view an organization’s financial performance and how it uses its resources. The financial resources available for the project should promote customers’ and stakeholder’s satisfaction. Another perspective includes the customer and stakeholders, where the organizations’ performance is measured from stakeholders’ perspectives (Akhavan, Philsoophian, and Karimi, 2019).
The customer and stakeholder’s perspective are very applicable in the organization, especially in promoting customer value, customer and stakeholder satisfaction, and retention (Kumar, Lahiri, and Dogan, 2018). For instance, through the use of advanced technology to enhance value creation and improve customer services. The internal process is another perspective that views the organization’s performance through internal activities, quality, and efficiency of the organization’s products and services (Jassem, Azmi, and Zakaria, 2018). Organizational capacity is the east perspective that involves the organization’s ability to be competent through technology, capital, infrastructure, and human resource team. The view helps the organization improve and invest in factors that would develop its capacity, such as technology and creating a rich culture.
Provide an overview of two other strategies that would be part of your company’s strategic framework for global expansion.
For global expansion, strategies such as proactive and not reactive would be essential for the organizations. A proactive approach is required, especially when getting ready to enter the global market. Partnering up is another important strategy, especially with companies and partners that understand potential risks and getting advice (Jassem, Azmi, and Zakaria, 2018). Another approach includes adopting a clear product strategy by testing the company’s products, monitoring new product developments in the market, and expanding the sale of products into other regions and counties. The last strategy includes gaining revenue, investing, repeating the same growth process, and global expansion.
Why is it essential to combine different strategies when pursuing global expansion?
Global expansion is the top goal of any organization, although it can be stressful. Today’s high competition rate and the advancement in technology require an organization to use several different management strategies to attain the desired goal. More than one and another method mostly due to the high rate of risks and uncertainties. Having a different approach reduces the risks involved in global expansion, maintains high competition, and has an alternative if one process fails (Kumar, Lahiri, and Dogan, 2018). On the other hand, for constant growth and development, different techniques are required and improved performance.
Akhavan, P., Philsoophian, M., & Karimi, M. H. (2019). Selection and prioritization of knowledge management strategies as proportionate with organizations’ level of maturity using fuzzy TOPSIS approach, case study. VINE Journal of Information and Knowledge Management Systems.
Jassem, S., Azmi, A., & Zakaria, Z. (2018). Impact of Sustainability Balanced Scorecard Types on Environmental Investment Decision-Making. Sustainability, 10(2), 541.
Kumar, V., Lahiri, A., & Dogan, O. B. (2018). A strategic framework for a profitable business model in the sharing economy. Industrial Marketing Managemsent, 69, 147-160.