Mark & Spencer Essay Example | Topics and Well Written Essays - 2250 words

Mark & Spencer - Essay ExampleIn this respect, firstly the genuine objectives and outline of the organization has been identified and based on which the future objectives and the ways in which they can be measured are prepared. While preparing this, the four perspectives of equilibrate scorecard has been taken into consideration. The objective mainly concentrates on gaining profitability in the business, increasing customer satisfaction and base, increasing the employee satisfaction and retention and finally creating determine for the stakeholders. In order to achieve these objectives, the strategic map has been developed and recommendations have been made to the board of directors. equilibrise scorecard has been proved to be the most efficient way in designing strategies, through which the organisational objectives can be achieved. At the same time this organizational objectives will be conveyed to the departmental level. The focus can also use this in reviewing the strategies and making changes to them. Table of Contents Executive Summary 2 1. Introduction 4 2. The vision and strategy 4 3. Balanced Score Card 6 3.1 monetary perspective 7 3.1.1 Objectives 8 3.1.2 Measures 9 3.2 Customer Perspective 9 3.2.1 Objectives 9 3.2.2 Measures 10 3.3 upcountry business Perspectives 10 3.3.1 Objectives 11 3.3.2 Measures 11 3.4 Learning and Growth perspective 11 3.4.1 Objectives 11 3.4.2 Measures 12 4. Strategy Map 12 5. Recommendations 13 6. Use of Balanced Scorecards 14 Reference list 16 1. Introduction Balanced scorecard can be defined as the set of measures that has been selected carefully and derived from the strategy of the organization. The measures that are selected under the balanced scorecard are the tools via which the leaders can communicate with the external stakeholders and the employees regarding the motion and the outcome drivers through which the organization will succeed in achieving the strategic objectives and mission. In simple terms, balance d scorecard is a useful tool for three things like a strategic management system, a management system and a communication tool (Niven, 2011). Over 129 years, Marks and Spencer (M&S) has developed from a hit market stall to a multi-channel retailer. The organization is now operating in more than 50 territories with oer 82,000 people (Marks and Spencer plc, 2013a). The organization is true to the foundation values and offers the customers, products that are relevant to their choice and preferences. They aim to quit excellent shopping experience to the customers. This study focus on using balanced scorecard for develop a strategic map for the organization. 2. The vision and strategy The vision of M&S is to expand their foreign presence and develop into a multi-channel retailer, so that they are accessible to a large arrive of customers make up all around the world. In order to achieve this vision, the company has adopted a large number of activities and has been making good progr ess over the time. The strategies that they follow are discussed below In order to improver their focus on the business of United Kingdom (UK), they have initiated activities like trusted food, perfectly edited, Cheshire oak tree and concept of new home. Trusts are the most important aspect that is given importance by the customers opus choosing a brand. The customers turn towards M&S because of their responsibly sourced and high quality food. In order to