Term Paper on "Strategic Plan, Part III: Balanced Scorecard Tiffany"

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[EXCERPT] . . . .

Strategic Plan, Part III: Balanced Scorecard

Tiffany & Company is well-known for its lavish products like jewelry. It has continued to market itself as a house of style and taste. Tiffany designs, generates and sells watches, jewelry, and amazingly glasses. It also provides other chronometers, silverware, pens, natural leather products, perfumes, and curves. This study outlines the strategic plans for the company for the next three years in an attempt to improve its performance in the jewelry industry.

Shareholders value and financial perspective

The market share is targeted to increase by 1.5% per annum in the next three years. In order to achieve this, the company projects on increasing revenues through various methods between the year 2013 and the year 2016. This will lead to the long-term increase in the shareholders value as the value per share will increase. This is achievable by planning productivity strategy and growth strategy. These will be achieved through various actions. One of the steps that will be taken involves improving cost structure. This will be achieved by reducing cash expenses of the company by making sure that the raw materials are acquired in the possible minimum cost, employees work to their level best hence accomplishing their tasks without delays, and perfect execution of tasks (McLoughlin & Aaker, 2010).

In addition, the company targets to eliminate defects by ensuring the workers in the firms are professionals and experienced enough. Moreover, improved yield is another objective that will lead to improved cost structures. There will also be increased asset utilization by managing the currents

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assets and improving the assets hence reducing the bottlenecks. The company also targets in expanding income sources by introducing new brands, markets, and partnerships. In addition, customer value is to be enhanced in order to increase profitability in the current customers while attracting potential ones. The measures of growth will include cash flow rate, percentage growth in revenue, changes in share growth, net profit ratio, return on capital employed, and the added economic value (Michman & Mazze, 2006).

Customer Value Perspective

Customers are essential for the success of any business and, therefore, need to keep existing ones and bring new customers in a business. Therefore, the company projects on improving its customer care services, which involve offering quality products and services to the customers, attending to their order in the right manner and on time (McLoughlin & Aaker, 2010). The company's aim is to improve customer value by 2.5% each year in the three years. This will increase customers' satisfaction and hence it will lead to the retention of the existing customers and attraction of other potential customers to the firm's products. In addition, customer loyalty is another field that will be emphasized in these financial years between 2013 and 2016. Through quality products, fair pricing, and improved quality services, the company will be able to win customers' loyalty (Michman & Mazze, 2006). Response to customers' needs and efficiency will be looked into in serious terms to increase the company's reliability on customer and, therefore, improving the firm's image as viewed… READ MORE

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Quoted Instructions for "Strategic Plan, Part III: Balanced Scorecard Tiffany" Assignment:

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Strategic Plan, Part III: Balanced Scorecard

Develop the strategic objectives for your business (Tiffany*****s Event Management Company) in the format of a balanced scorecard. 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, includes strategic objectives in areas such as:

o Market share

o Revenues and costs

o Profitability

o Competitive position

*****¢ Customer Value Perspective, includes strategic objectives in areas such as:

o Customer retention or turnover

o Customer satisfaction

o Customer value

*****¢ Process or Internal Operations Perspective, includes strategic objectives in areas such as:

o Measure of process performance

o Productivity or productivity improvement

o Operations metrics

*****¢ Learning and Growth (Employee) Perspective, includes strategic objectives in areas such as:

o Employee satisfaction

o Employee turnover or retention

o Level of organizational capability

o Nature of organizational culture or climate

o Technological innovation

Develop at least three strategic objectives for each of the following four balanced scorecard areas identified above (Financial, Customer, Process, Learning and Growth). Your objectives should be selected, in part, based on an evaluation of a number of potential alternatives to the issues and/or opportunities identified in the SWOTT Analysis paper and table you completed in Week Three. Base your solutions on a ranking of alternative solutions that includes an identification of potential risks and mitigation plans, and a stakeholder analysis that includes mitigation and contingency strategies. You should also incorporate the ethical implications of your solutions into your selection.

*****¢ For each strategic objective, develop a metric and target using a balanced scorecard format. (For 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.)

Write a 900 word summary that explains your critical thinking on how you derived your objectives from your vision, mission, values, and SWOTT analysis

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