Marketing Strategy Paper 2 Ritik Garg
“Brand Report Card” vs “The Balanced Scorecard: Measures that Drive Performance”
The Balanced Scorecard: Measures that Drive Performance
Balanced scorecard is a strategic tool for management to track and measure progress of its activities to create future value. The balance scorecard facilitates executive management to develop a strategic view of the organization to focus on factors such as: future vision, strategic action plan, financial results, organizational structure and operating processes, employee skill developments, and customer loyalty and retention.
I agree with these perspectives of evaluating an organization as it provides a balanced and comprehensive view of an organization’s objective and its capability to achieve it. Traditional criteria of considering only financials, is a rudimentary way and could provide false information about the overall health, as others factors such as customer satisfaction, employee satisfaction, and innovation might be low.
However, a weakness of the Balanced Scorecard is that it overlooks the lack of integration between top-levels and operational levels’ measures, which may lead to strategic problem. Additionally, the BSC does not evaluate the significant changes in external conditions. As pointed out by Norreklit (2003), balanced scorecard fails to incorporate stakeholders such as suppliers and public authorities, which may be important to some firms. Also it is unable to address the questions related to the competitors’ movements. But due to its inherent flexibility there is a scope for improvement and evolve with time.
The Brand Report Card:
Keller lays out ten characteristics that brands need to incorporate and share and gives a rounded view of assessing a brand. Building and managing brand equity is an important element to succeed and sustain growth; therefore, managing the brand equity becomes a business priority. However, few managers are able to step back and assess objectively their companies’ brands in terms
The Balanced Scorecard: Measures that Drive Performance
Balanced scorecard is a strategic tool for management to track and measure progress of its activities to create future value. The balance scorecard facilitates executive management to develop a strategic view of the organization to focus on factors such as: future vision, strategic action plan, financial results, organizational structure and operating processes, employee skill developments, and customer loyalty and retention.
I agree with these perspectives of evaluating an organization as it provides a balanced and comprehensive view of an organization’s objective and its capability to achieve it. Traditional criteria of considering only financials, is a rudimentary way and could provide false information about the overall health, as others factors such as customer satisfaction, employee satisfaction, and innovation might be low.
However, a weakness of the Balanced Scorecard is that it overlooks the lack of integration between top-levels and operational levels’ measures, which may lead to strategic problem. Additionally, the BSC does not evaluate the significant changes in external conditions. As pointed out by Norreklit (2003), balanced scorecard fails to incorporate stakeholders such as suppliers and public authorities, which may be important to some firms. Also it is unable to address the questions related to the competitors’ movements. But due to its inherent flexibility there is a scope for improvement and evolve with time.
The Brand Report Card:
Keller lays out ten characteristics that brands need to incorporate and share and gives a rounded view of assessing a brand. Building and managing brand equity is an important element to succeed and sustain growth; therefore, managing the brand equity becomes a business priority. However, few managers are able to step back and assess objectively their companies’ brands in terms