...consisting of four perspectives – financial, customer, internal process, and learning and growth – represents the primary strategic dimensions of any organization. The strategy map provides a visual framework that integrates the organization's strategic objectives across these four perspectives. The strategy map is the most powerful way of communicating the strategy; it shows how intangible assets are transformed into tangible ones, often financial outcomes (Norton & Russell, 2005). The top half (the financial and customer perspectives) are essentially outcomes — or rather what the organization aims to achieve financially and for the customer. The bottom half of the map represents the inputs — or rather those processes/activities that must be delivered exceptionally well if the outcomes are to be realized and, consequently, the strategy implemented. Westpac’s vision is to be one of the world’s great companies, helping their customers, communities and people to prosper and grow. The mission is to earn all of the customers’ business. The focus is on: delighting the customers; having the right people in the right roles; and the reputation. Westpac do their business amongst the customer base. They want to achieve the highest levels of customer satisfaction and loyalty. They want to deepen their relationships with their existing customers, and continue to acquire new customers. Finally, they would get more profits and enhance shareholder value. From a financial perspective, the top objective...
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...Improvement is to give homeowners a one stop home service experience with minimal effort and a stress-free environment. Our vision is to grow our home care concept with an innovative approach and strategic measures that will provide a service that is currently only available to the elite homeowner of the world but at a price for the average working class. The organization can capitalize on the intangibles aspects of the business, customer service and appreciation, friendly attitude, and customer satisfaction. Saeed Home Improvement will deliver quality products in a timely manner with the best customer service in the industry. This is extremely important since our business brings us into direct contact with the homeowner on a daily basis. There are several opportunities to take advantage of in exceeding the homeowner’s expectation. This objective will derive from the company mission statement which clearly outlines the importance of the customer, employees, and vendors. The strategic tool of chose for collecting and reporting information to managers on four specific areas of the business is the balanced scorecard. The internal and external communication of the organization will improve with the assistance of this tool. The balance scorecard helps a business or organization to achieve long-term prosperity by monitoring the performance of the financial perspective, internal operation perspective, customer’s perspective and learning and growing process against the strategic...
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...organization’s strategy” (2013). The Balanced Scorecard offers management a system to use in plotting strategic objectives through four perspectives. The financial perspective is determined by the outcome of management’s implementation of the internal processes perspective, customer perspective, and learning and growth perspective. Aon Corporation is the “leading provider of risk management, insurance and reinsurance brokerage” (Aon, 2014). Using the Balanced Scorecard my operating segment, Benefit Marketing Solutions, can examine an implement each of the four perspectives by obtaining information on how we can achieve Aon standards in the operation of our business segment. Implementing the Balanced Scorecard, I will assess how our financials can improve by achieving the objectives of maximizing company profits, increasing our gross profit margin per client, and decreasing our accounts payable days. The first factor I will investigate is our customer perspective and how increasing customer loyalty, customer exposure, and customer education will improve upon our financials. The second factor I will investigate is the internal perspective and how effective company alliances, effective customer service, and effective payment of claims improve upon our financials. Finally, the third factor I will investigate is the learning and growth perspective and how decreasing employee turnover, increasing employee satisfaction, and educating our employees will ultimately help us achieve...
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...scorecard will allow the following to be identified: the mission statement, the vision statement, the objectives, the values of the company, and mainly the SWOT analysis. The balanced scorecard is often times considered an excellent perspective as it relates to learning the financial perspective, internal perspectives and the consumer. In this paper, I will attempt to discuss the objectives, target audience and performance measures. Also, in this paper, I will discuss the mission, SWOT analysis and vision of All Eyes on Me. Financial Perspectives “While defining the financial perspective, the main concern is the company image as perceived by their stakeholders at a time when they are already successful” (Kaplan & Norton, 2005). All Eyes on Me will have to develop a strategy (marketing) that will show an increase that is compared against its’ competitors. The competition research or market survey is an essential strategy that is used to develop a successful marketing plan. All Eyes on Me should also take an additional step to ensure that all of it’s’ competitors are included in the survey; this will give a better insight on how they can compete. The company should be able to gather information from feedback of the customers, the needs of the customer, the profits that are...
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...Introduction to Quality Chapter 1 The History and Importance of Quality In a broad sense, quality assurance refers to any planned and systematic activity directed toward providing consumers with products (goods and services) of appropriate quality belong with the confidence that products meet consumers’ requirements. Quality assurance has been an important aspect of production operations throughout history. * The Age of Craftsmanship During the middle ages in Europe, skilled craftsperson, adequately trained by craft guilds, served as both as manufacturer and inspector. Quality assurance was informal; every effort was made to ensure that quality was built into the final product by the people who produce it. These themes which were lost with the advent of industrial revolution are important foundations of modern quality assurance efforts. * The Early Twentieth Century In the early 1900s, the work of Frederick W. Taylor, led to new philosophy of production. Taylor’s philosophy was to separate the planning function from the execution function. Managers and engineers were given the task of planning, supervisor and workers took on the task of execution. Inspection was the primary mean of quality control during the first half of the twentieth century. * Post- World War II After the war, during the late 1940s and early 1950s, Quality was not a priority of top managers. Top management showed little interest in quality improvement on the prevention of defects...
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...their individual roles in the production-marketing value chain. ANS: T PTS: 1 DIF: Difficulty: Easy NAT: BUSPROG: Analytic TOP: A-head: Defining Quality KEY: Bloom's: Knowledge 2. The transcendent definition of quality provides a means by which quality can be measured or assessed as a basis for practical business decisions. ANS: F PTS: 1 DIF: Difficulty: Moderate NAT: BUSPROG: Analytic TOP: A-head: Defining Quality KEY: Bloom's: Comprehension 3. According to the product perspective of quality, larger number of product attributes are equivalent to higher quality. ANS: T PTS: 1 DIF: Difficulty: Easy NAT: BUSPROG: Analytic TOP: A-head: Defining Quality KEY: Bloom's: Knowledge 4. The user perspective of quality judges a product based on how well the product performs its intended function. ANS: T PTS: 1 DIF: Difficulty: Easy NAT: BUSPROG: Analytic TOP: A-head: Defining Quality KEY: Bloom's: Knowledge 5. According to the manufacturing perspective of quality, quality is based on the relationship of product benefits to price ANS: F PTS: 1 DIF: Difficulty: Moderate NAT: BUSPROG: Analytic TOP: A-head: Defining Quality KEY: Bloom's: Comprehension 6. Inspection was the primary means of quality control during the first half of the twentieth century. ANS: T PTS: 1 DIF: Difficulty: Easy NAT: BUSPROG: Analytic TOP: A-head: History of Quality Management KEY: Bloom's: Knowledge 7. During the 1940s and 1950s, after the world war...
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...insurance offerings and expanding the market needs. It sold a various forms of insurance in the health, life, casualty, property and automotive areas. Customer segments of the firm’s services are divided into two groups of agents and brokers as well as end-customers. Over the last couple of years, the growth of premium income in German industry is somewhat instable. The declining growth rates had affected German insurance industry due to some reinforcing trends: 1) Worse economic climate such as increasing economic downsizing, increasing unemployment and fluctuations in real income. 2) Higher taxes and social welfare levies. 3) Increasing competition resulting from the deregulation of the European market. 4) Extensive satisfaction of the demand for insurance in German. CUP Corporation had enjoyed remarkable growth despite economic downturns. However, the increasing competition and increasing client price sensitivity in the private insurance market has led to the shorter contracts and more cancellation of existing contracts among customers that is varied by the intensity of the products. Particularly, CUP Corporation is facing some problems regarding to the customer loyalty as well as in the corporate area. In customer loyalty problems, there is increased in the “lapse rate” which refers to the customers who are shortening or cancelling the contracts compared to the total amount of contracts which is varied to the range of products. It is reported...
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...Research proposal Consumer choice of service provision in services industries Birgit Rettinger Author: Dipl.-Kffr. Birgit Rettinger Doctoral Student ESCP-EAP European School of Management Berlin Chair of Marketing (Prof. Dr. Frank Jacob) Heubnerweg 6 14059 Berlin Germany T: ++49 (0) 30 / 3 20 07-129 F: ++49 (0) 30 / 3 20 07-118 birgit.rettinger@escp-eap.de I. Introduction In the past decade the range of service provision modes in services industries has increased considerably especially as information technology got increasingly sophisticated. Accordingly, the phenomenon of multiple service provision options, owned by one company and providing similar services simultaneously is relatively new (Neslin et al. 2006). Moreover, modified consumer habits and lifestyles have led to altered attitudes concerning modes of service provision. At the same time, there has be a growing call for a paradigm shift to customer focus and value creation (see for instance, Sheth and Sisodia 2003). In line with this, the notion of the consumer‟s part in value creation has changed. Consumers now are seen as actively involved in creating value instead of being only passive responders (Beckett and Nayak 2008; Vargo and Lusch 2004; Xie et al. 2008). II. Statement of the Problem and Purpose of the Study The research is intended to focus exclusively on the consumer‟s perspective concerning the choice of service provision in services industries. This is regarded as consistent...
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...performance, customer knowledge, internal business processes, and learning and growth” (Pearce & Robinson, 2009, p. 202). The Serenity Corner needs to develop a balanced scorecard in order to assist in defining the company’s mission, values, vision, and SWOTT analysis. Herein, the four perspectives, financial performance, customer knowledge, internal business processes, and learning and growth will be discussed as they relate to The Serenity Corner’s mission, values, vision, and SWOTT analysis. Shareholder Value/Financial Perspective “If we succeed how we will look to our stakeholders” (BSI 2009, ¶5). The Serenity Corner will need to look at its asset utilization, customer satisfaction, increased net revenues, minimizing store production, and achieving financial stability. One way to measure these items is to monitor Earnings per share, Operating cost, revenue growth, Return on interest, and Return on capital. Implementing the objectives and performance measuring tools into the company’s daily routing, The Serenity Corner will be able to achieve the company’s goals that were defined in the mission and vision statement. Customer Value Perspective “To achieve our mission, how must we appear to our customers” (BSI 2009, ¶5). The Serenity Corner is a new company to the downtown area. Our customers at The Serenity Corner will be the ones determining the success of the company. Customer satisfaction, increase in market share, the delivery of products and services that are consistent...
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...Contrast the Customer Service Compare or contrast the customer service, customer satisfaction, and customer success philosophies of supply chain management. Define Customer Service (logistic perspective) “A customer service program must identify and prioritize all activities required to meet customers logistical requirements as well as, or better than competitors.” And in a “cost effective manner”. Bowersox The three elements of basic Logistics Customer Service are: availability, operational performance and service reliability Customer Satisfaction (logistical perspective) delighting the customer and turning the satisfied customer into a loyal customer Customer Success Philosophies (logistical perspective) Similarities * Customer “A focus on customer success represents a major commitment toward accommodating customers” Bowersox * Good customer service scores are typically given if the customer is responsive to the customer – this in turn could equate to high customer satisfaction. * Customer Satisfaction is tied to the success of the customer. Differences * “The difference between customer service and customer satisfaction is that one is a cause, while the other is the effect or result of that cause.” e-how http://www.ehow.com/about_6700664_difference-customer-service-customer-satisfaction.html * Customer satisfaction results when customer expectations have been met, this is not necessarily the case in Customer Service. Why does...
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... Table of Content I . Introduction……………………………………………………………………………3 II. The balanced scorecard………………………………………………………………..3 III. Financial perspective…………………………………………………………………3 a) Market share……………………………………………………………………...4 b) Revenues and costs……………………………………………………………….4 c) Profitability……………………………………………………………………….4 IV. Customer value perspective…………………………………………………………..5 a) Customer retention or turnover…………………………………………………...5 b) Customer satisfaction……………………………………………………………..5 c) Customer value…………………………………………………………………...5 V. Internal operations perspective………………………………………………………..6 a) Measure of process performance…………………………………………………..6 b) Productivity or productivity improvement………………………………………...6 c) Operations metrics…………………………………………………………………6 VI. Research and development perspective………………………………………………6 a) Employee turnover or retention…………………………………………………..6 b) Nature of organizational culture or climate………………………………………6 c) Level of organizational capability………………………………………………..7 VII. Conclusion…………………………………………………………………………..7 Appendix A: Financial perspective………………………………………………………8 Appendix B: Customer value perspective………………………………………………..9 Appendix C: Internal operations perspective……………………………………………10 Appendix D: Research and development perspective…………………………………...11 References………………………………………………………………………………..12 Business Model and Strategic Plan Part III: Balanced Scorecard I. Introduction: ...
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...and strategy, enhance external and internal communications, and evaluate organizational performance in comparison to achievement of strategic goals. One of BSC’s major benefits relate to causal relationship mapping from nonfinancial performance measures to key financial measures monitored by TCCB. Nonfinancial measures of TCCB are classified into Learning and Growth Perspective, Internal Business Process Perspective, and Customer Focus Perspective. Categorization of Measures into Balanced Scorecard Perspectives Learning/Growth Internal Business Processes Customer Service Financial -Employee Training Hours -Employee Satisfaction -Employee Turnover -Sales Calls to Potential Customers -Referrals -New Products Introduced -Cross-sells -Customer Satisfaction -Customer Retention -Thank-You Calls/ Cards to New and Existing Customers. -Number of Products per Customer -New Accounts -Number of New Customers -Loan Balances -Deposit Balances -Noninterest-Income -New Loans Created As I begin with my categorization of the Learning/Growth Perspective, I listed Employee Training Hours, Employee Satisfaction, and...
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...basic concept of the balanced scorecard is how businesses use it to monitor and guide their performance. Key Performance Indicators (both cover and leading) are fragmented into 4 areas of focus: Financial, Customers, Operational and People. These indicators are checked on a regular basis and prearranged as a Scorecard for determining current company status. Strategic management is a continuous process that evaluates the business and industries in which the organization is involved, appraises its competitors, and fixes goals to meet all the present and future...
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...Measures Tangible Assets Lagging Indicators (aka: outcome measures, historic measures) Information Age Financial plus non-financial Measures Non-tangible assets (invisible assets) Leading Indicators (aka: performance drivers, predictive measures) 5 The Balanced Scorecard Framework 6 The BSC reflects the balance between: Short and long term objectives Financial and non-financial measures Lagging and leading indicators (i.e., outcome measures vs performance drivers) External and internal performance perspectives 7 Some Generic BSC Measures Perspective Financial Customer Internal Business Learning and Growth Measure Return on investment and economic value-added Satisfaction, retention, market, and account share Quality, response time, cost, and new product introductions Employee satisfaction and information systems availability BALANCED SCORECARD PERSPECTIVES AND OBJECTIVES CUSTOMER - Customer Satisfaction - Effective Service/Partnership 8 FINANCIAL - Optimum Cost Efficiency of Purchasing Operations MISSION VISION STRATEGY LEARNING AND GROWTH -...
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...providing services (i.e., leasing) rather than simply selling a product, which of these is most important in the carpet industry? The conventional economic arguments for providing services argue that the value of the option comes from higher margins, stable revenue streams and long-term customer relationships. For the carpet industry, the long-term relationship aspect of the argument is most important. The industry is unique such that the each and every customer (building owner) in the industry has to continue availing the product and services of the industry for a long time, until the building ceases to exist. Thus the business of the customer is a repeat business. In traditional product selling approach the industry stakeholder (carpet manufacturer) gets the business every few years, typically 7-10 years. Due to the large gap in time when the business happens in a traditional market, it may not be possible for the manufacturer to maintain the relations with the customers to secure the repeat business. The long-term customer relationship aspect of the services model enables the seller of the service to maintain the relationship with the customer and get the repeat business after expiry of the lease thereby increasing the retention rate. 2. What is your assessment of Interface’s Evergreen Services business model in 2002? Why is Interface having difficulty in selling Evergreen Service Agreements? From 1995, when Interface started offering the Evergreen Services to the customers...
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