Essay Business Model And Strategic BALANCED SCORECARD Week 4

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Pages: 5

Business Model and Strategic Plan Part III: Balanced Scorecard and Communication Plan
Nichole Brown
BUS 475
Professor James Pepitone

The Business Model and Strategic Plan Part III: Balanced Scorecard and Communication Plan of Nicks Skin Care Products partnered with Marriott Hotels. This model and strategic plan will show how a company must employ researchers and marketers to create new ideas or products that will make his or her company stand out above competitors and get the attention from consumers. In the case of Nicks Skin Care, Marriott will offer guests a joyful and uplifting sensory experience through NICK’s Aromatic Wood Collection – a line that balances Nutmeg essential oil with the sweetness of Orange and Tangerine essential oils. NICKS a high-end amenities will be available in all Marriott Hotels properties throughout the US and Canada. Management will come up with a strategic plan on the direction of the company, which will include a balanced scorecard. A balance scorecard, which is an alternative approach linking operational and strategic control, developed by Harvard Business School professors Robert Kaplan and David Norton, is a system they named the balanced scorecard. According to Pearce, J. A. II. (2013) “The balanced scorecard is a management control system that enables companies to clarify their strategies, translate them into action, and provide quantitative feedback as to whether the strategy is creating value, leveraging core competencies, satisfying the company’s and generating a financial reward to its shareholders. . An organization is required to evaluate their performance in four key categories. The four key categories are financial perspective, customer value perspective, internal operations perspective, and growth perspective. These sets of measures are linked to the company’s strategy to link their long-term goals with tangible goals and actions. Financial Perspective Financial Perspective Shareholder value or financial perspective includes strategic objectives in area such as market share, revenues and costs, profitability, and competitive position.” The financial objective of Nicks is to remain committed to cost efficiency while improving the company’s competitive position. Nicks’ mission statement is to fulfil the beauty needs of the diversity of skins that make up the tapestry of our world by creating high-quality hair, body and skincare products, made with natural ingredients. To achieve the company’s mission and strategic financial objective, Nicks must remain focused on revenue growth by expanding revenue opportunity. With expansion plans in the next five years the company; ensure that fundamental training and development for new employees are in place. Customer value perspective includes strategic objectives in areas such as customer retention or turnover, customer satisfaction, and customer value.” Nicks management will determine how the company appears to their customers. Without customers, the company would not be in business. Customer satisfaction will not only improve the competitive position of the company but also increase market share. Services must be consistent with mission, values, and goals of the organization. Within customer value perspective, the company would hope to increase client satisfaction 15% each year for the next five years. This will ensure a successful start to the new merger. Management is responsible for hiring, training, and developing the most qualified caretakers within the facility. For Nick’s products, the customer perspective is the most important part of the scorecard. The majority of the company’s focus is on their customer’s satisfaction. The Internal Operations or internal operations perspective includes strategic objectives in areas such as measure of process performance, productivity or productivity improvement, and operations metrics.” Operations metrics allow the managers and employees know how will Nicks is running