INSTRUCTIONS: Please RESPOND to this answer from the Point of view as a student. Use credible sources and respond as if you are a manager of a marketing agency. Tell this student what your marketing agency would think of each of these answers from a Management perspective in about 4-5 paragraphs:
“Reaching your potential is not simply about dreaming or being idealistic, It is a process that involve specific actions, exercises, discipline and hard work. It is challenging, rewarding and unending.” Strategy formulation and implementation help companies, like Whitson Engineers, achieve our full potential. Implementation levers, balance scorecard, and forms of organizational structure are three concepts covered this week to help companies link strategy to performance measures.
Implementation Levers. Mechanisms used by strategic leaders to help execute a firm’s strategy are called implementation levers (Carpenters & Sanders, 2008, p. 242). Structure, systems and processes, and people and rewards are the main levers, and our company has experienced each lever in the StratSim. First, the company provided structure by assigning each employee a role and responsibility. For instance, Andy was in charge of marketing, Kanchan managed our finances, Kirstie overlooked the distribution and dealerships, and Morley handled our manufacturing. Each person was responsible for being an expert in their department as well as providing information on how our competitors were doing in that department. During the weekly meetings, we exchanged information and collaborated on how we can improve our firm’s preference and market share.
Balanced Scorecard. Robert Kaplan said, “The Balanced Scorecard (BSC) provides managers with the instrumentation they need to navigate to future competitive success.” This week the company plans to use the balanced scorecard to gauge for success. The balanced scorecard focuses on four perspectives: financial, external relations, internal business process, and learning and growth. All four perspectives are important and interdependent:
- The financial perspective involves strategy for growth, profitability, and risk when viewed from the shareholder’s or owner’s perspective.
- The external-relations perspective pertains to strategy for creating value and differentiation from the perspective of the customer
- The internal-business-process perspective reflects strategic priorities among processes according to their contributions to customer and shareholder satisfaction.
- The learning-and-growth perspective focuses on the organization’s priorities for fostering change, innovation, and growth (Carpenter & Sanders, 2008, p. 248).
Carpenter and Sanders’ explanation of the balance scorecard helped me understand its purpose and how to apply it to a business strategy. Learning and growth focus on the company’s culture, leadership alignment, and teamwork. As demonstrated on Exhibit 8.7 The Balanced Scorecard in the Context of a Strategy Map, you are able to see how each perspective impacts the next perspective until you reach the financial perspective. I learned that the alignment between the performance perspective and the learning perspective is carried out by means of performance drivers; and for the alignment between HR and processes, the performance drivers are human resources practices. Also, in the learning and growth this is the where you invest in your employees by rewarding and providing incentives. Some popular incentives are the following: bicycle commuter program, tuition reimbursement/assistance, 401k, professional development, and fitness membership. I like how the balance scorecard focuses on four categories within each perspective. As a company, we need to understand these key points: 1) company’s objectives, 2) how we will measure the objectives, 3)target for each period, and 4) what initiatives will we take to accomplish these objectives. As Kaplan said, “If you can measure it, you can manage it.”
Carpenter, M., Sanders, W. (2008). Strategic Management: A Dynamic Perspective. Upper Saddle River, N.J: Prentice Hall.