Kaplan and Norton’s notion of strategic management systems Case Solution
Thus, if the company would not be able to control its operation, then the overall vision would not be achieved.
From the three measures discussed in the balance scorecard, it is determined that without the proper resources to utilize the measures, the company would be unable to meet its overall objectives. Therefore,the resource under this case is the use of people to generate the results, as without the top quality management and workforce, there would be no concern to meet the strategic planning process. Thus, this measure is considered to be a prerequisite to implement all the other measures in order to achieve the strategic vision of the company.
|Financial Perspective||Prosper financial health||Proper transparency of financial results|
|Customer Perspective||Increase Customers and retention rate.||New product introduction, innovation, attractive prices|
|Internal Process Perspective||Improve operational efficiency||Technological innovation, proper flow of operations|
|Learning Perspective||High skilled management and workforce||Highly competent workforce with minimum time to adopt new things.|
Porter’s five forces
Bargaining power of buyer
This approach is used to identify the power that a buyer possesses to pressurize a particular firm to manage the price or if it would not, then the buyer has the ability to switch towards the other product. Such trend is mostly available in a perfect competition in the market when reach firm competes against the defined prices in order to regain its buyer.
Bargaining power of supplier
It is one of the important approaches to consider because without retaining a particular supplier, every firm would suffer the pressure on the price and as a result, it would decrease its profit margins if the supplied material would be high. Thus, in the case of the bargaining power of the supliers, the trend is most likely to incur in a monopolistic economy, where only few companies hold the market under control under the strong suppliers.
Threat of new entry
This approach is mostly used in a perfect competition, where an emerging industry would be considered as a threat for the existing one due to the fact that it may give a tough competition based on the price and would not allow the old school to sustain the operations in the future. However, the trend is not available in a monopolistic competition.
Threat of substitutes
Under the concept of new substitutes in the market, it has been analyzed that this practice would only incur if the related would not offer the prices acceptable for the customers. Therefore,new alternative product would be introduced and it would offer the prices suitable for them. Thus,this practice would only incur in the perfect competition where the companies are associated with price wars.
This approach is based on the competition among the market players, where each company competes against another companies operating in the same industry. This practice is highly appreciated in a perfect competition, where most of the companies have the power to utilize the resources in order to take considerable advantage over other. In contrast to it, the industry rivalry is low in a monopolistic economy where few players hold the market and do not allow the emerging companies to compete against them………………
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