Please rewrite in your own words and add in the columns from the attached BSC chart for Learned and Growth section only
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Learning & Growth Perspective
Our company has a growth and learning strategy controlling its internal operations with an aim of better market shares, employee development and company general expansion. First, we ensure that we have the most competent employees to handle their automotive manufacturing, sales, marketing and research. They use the skill evaluation KPI that is based on the product value and customer value to evaluate the value of our team. The growth and learning strategy is also evident from the information capital. With the high competition in the vehicle manufacturing industry, we have to remain knowledgeable on what the changing markets demand from us, and what improvements will assist us remain ahead of our competition. Thirdly, the organization capital is a great learning and growth strategy for Company B. We have to understand our culture as designed by our priorities and values, our leadership, from market leadership, to real administrative leadership and the teamwork perspective for our growing automotive industry (Cole, 2011).
Company B has workable solutions in databases, networks and systems. First, the firm has high caliber communication, and all departments have worked well. The production processes of all motor companies are made through very keen consideration of minute details. The screws of one part must fit into the slots of the other and the size, weight and design requirements must be completely compatible. The question of whether the facilities embrace state of the art communication is unanswered, but such a high tech industry must be having the best of the communication models (Cole, 2011).
Company B competitive engineers, marketers, administrators and finance specialists. It is evident because the company has taken a second place in the market niche of a very competitive industry. In addition, it has been able to produce some of the very competitive qualities of vehicles. Thirdly, we have succeeding in remaining within budget, improving our market and ensuring growth. Company B has creative and enlightened producers, and training has not been emphasized. We agree that our firm should always prioritize on training to ensure increased scope of personnel and utilize talents and creativity fully. The following are some of the human capital strategies embraced at Company B (Cole, 2011).
Skill and Training
At company B, skill is enhanced progressively considering the dynamics of the locomotive industries. The high levels of competition require that we have a superior brand which is presented to the market professionally. This is the main reason why the mission and vision statements of our company declare our orientation towards our customers and quality leadership. The main KPI methods include monitoring of the time of production, ensuring quality through quality control, both internal and external, as well as increases streamlining of the products. To deliver the required standards, our employees must be enlightened. One of the strategies that we have embraced includes reducing the sizes and increasing the comfort of our vehicles. Without the professional touch of quality, these two strategies are doomed to fail, but we have maintained the goal and have established customer satisfying brands. Another initiative is increasing technology provided to our dealership salespeople to ensure that they have the most support possible.
The financial performance of the company is an effective indicator of the finance department, the sales and marketing and the customer satisfaction levels. It tells more about the valuation processes and how effective they are. Financial performance is still one of the critical dimensions taken into account, but involves analyzing an entire ‘financial perspective’ rather than just short-term metrics. We have categorically used it to improve the shareholders perspective, but it is clear that it is the skill of our finance department that has made this progress through their skilled financial analytics. The company has the customer priority strategy, and our customer care has been instrumental in the development of the strategy. Employee skill, in short, has been instrumental in improving our customer perspective as well as the shareholder’s perspective (Cole, 2011).
Company B has thoroughly utilized research as a tool to create enhanced knowledge to ensure our desired levels of growth. Our COGS report has been instrumental in detailing the costs directly attributed to the production of locomotives that have been sold in each period. Market research is the most useful research tool (Gibbons, & Kaplan, 2015). Company B has its priority set to the customer target. Market leadership cannot be achieved at Company B without understanding the level of competition, relative the market demands and size. It is through knowledge that we have We recognize the potential gains associated with product differentiation, and have experienced the positive benefits of developing and enhancing products to meet consumer demands (Cole, 2011).
Through the market research, we have learned and continue learning that our major competitors are company A, company C and Company D. Company A and Company D provide a lesser threat to the market, but company C is the major threat. Company C has been able to take a 50.7% of our market domain, leaving only under 59% to be shared between us, Company A and Company D. For every model of vehicle we produce, each of these companies produces a competing brand, and we have the knowledge that we are competing for the same clients. We realized that two years ago our product had been commoditized, since it was just like any other product. We enhanced our creativity, reduced the cost and improved the quality of our product. Knowledge of the market has, therefore, enhanced our market size and improved our growth (Cole, 2011).
Organization Capital – Culture
Our culture is quality prioritized. Company B also produces the best quality of vehicles with constant improvements to ensure that customers are satisfied completely. Our company has been able to beat commoditization through differentiation of our vehicle brands. Even with the completion having almost similar products to ours, our creativity have been giving some difference. As a result we have been able to beat two of our competitors with a superior market share, and currently analyzing how to improve our product to eliminate the competition posed by Company C.
Our culture is also defined by customer prioritization. The improved products are aimed at increasing the customer satisfaction levels. Our customer care is a team of skilled communication team that has provided the basis of customer experience improvement. The knowledge perspectives KPIs take into consideration the levels of customer satisfaction. Market research aims at improving brands and responding to complaints and compliments to ensure that our vehicles are satisfying our customers. Our growth perspective is focused on the market, dominantly the customers.
The general perception and the perception of our products matter most to us. Our company embraced differentiation soon after the market research showed that our products have been commoditized. The differentiation has earned back a reputation for product quality. Cost leadership is also common with our products, which ensure that a reputation that we are more expensive than our quality is not spread. The company ensures originality, and if anything, other companies copy us. This is to ensure that we retain our reputation of creativity (Cole, 2011).
Brand leadership is prioritize at company B. safety of our vehicles has been ranked higher than those of competitors. We have researched on the impact industry in which we venture, understood vehicles and engineering designs that can make out product clearly the best for the target client. Market leadership is another priority for company B. The company has some of the priorities set including competitor analysis. Competitor analysis aims at beating the competition in what they do. We have eliminated the competitive threats of Company A and Company D through the understanding of their models and differentiations. The dynamics of company C makes it hard to beat, and they still do better in the market. They have a larger market share and their products are also as creative as ours (Cole, 2011).
Alignment & Teamwork
The Automotive industry is one that requires high levels of teamwork in production and sales. The process of production requires that a vehicle have all parts assembled. The parts are manufactured from different specialized production segments within the plant. The agreement of measurements has been an issue with most locomotive producing firms, and has caused repetition of complex process that take time, or melting of already designed parts for remodeling. Our engineers are quite conversant with the challenge. The communication channel has been clear of obstacles, and production of most or all parts of a certain model of a vehicle is done in the same plant to avoid compatibility barriers due to miscommunication (Carpenter, & Sanders, 2006).
The teamwork strategy at Company B extends to all departments, from the administration, to logistics and production. Decisions are mainly made from the administration, but the technically enlightened professionals are involved in the decisions. If, for instance, the decision entails the modeling of a new brand, the logistics have to be aware, for instance, the marketing departments and the market researchers must approve of the design, or at least provide ideas of what the reports suggest about the market. The finance department must also approve that the company has sufficient resources to venture into the proposed development. Efforts of learning and growing in alignment and teamwork require the participation of all departments (Carpenter, & Sanders, 2006).
Company B has its priority on growing market wise and beating the competition. They aim at market leadership and cost leadership. It is clear that the main aim and focus is on the customer. All the other strategies are focused to improve the customer strategy. The company also over emphasizes on the market research. The other focus is the shareholder perspective. It also takes a larger priority at Company B. For comprehensive growth, there are some things that should be done. The suppliers are also considered to a lesser extent Carpenter, M. A., & Sanders, W. G. (2006).
A comprehensive people strategy can improve Company B’s learning and growth. The employees are considered to very limited extent. The company needs to embrace strategies that keep the best of their talents and brings in more creative workforce. In addition, some focus should be given to communication, which should be fast, secure and reliable. The excess focus on competition can be reduced and the efforts channeled to quality and market analysis (Gibbons, & Kaplan, 2015).
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