5 pages/≈1375 words
Business & Marketing
Strategic Plan Part 3: Balanced Scorecard and Communication Plan (Editing Sample)
a completed paper was provided, and the client just needed it to be re-written in own wordssource..
Strategic Plan Part 3: Balanced Scorecard and Communication Plan
Balanced Scorecard Paper
Around the world, firms utilize a tool known as balanced scorecard in implementing as well as monitoring their strategies. In particular, a balanced scorecard tool utilized by Vanguard in its quest to monitor their activities of their new division including Virtual Advisor Services as well as evaluating performance. Four elements are of the balanced scorecard used to measure performance include internal, client, financial, as well as innovation and learning. Without a doubt, an exploration of these elements is sure to reveal ways through which Vanguard averts over concentration in any division, which could influence the realization of the overall strategic plans.
Virtual Advisor Services balanced scorecard
The following is the balanced scorecard for Vanguard’s Virtual Advisor service
SHAPE \* MERGEFORMAT
Strategic objectives for Financial Perspective
Some of the strategic objectives that will be pursued by Vanguard include hitting 10 billion in managed assets, cut down operating cost, as well as upholding a competitive market position. It is beyond doubt that these factors are vital to Vanguard’s aspiration to achieve financial well-being. Nevertheless, the stakeholders leading the achievement of the objectives include the top-level management team. This includes the firm’s CEO as well as the Board of Directors. Financial analysts and the marketing team from the organization support the top-level management team. in particular, the marketing team is tasked with undertaking market research and identifying the target market for the organization. The aim of the marketing team involves developing a proper understanding of the market to facilitate aggressive penetration of the market and thus more Virtual Advisor clients. This is achieved in collaboration with the marketing team, which aids in establishing attractive pricing to oversee the company’s competitive edge in the market. As well, the firm’s financial analysts are involved in evaluating the financial position including operating expenses as well as making recommendations on ways to enhance overall profitability. The Board of Directors gives the green light to the CEO to implement the identified strategic objectives.
The CEO’s decision to lower operating costs will likely not be approved by the company’s Board of Directors even as the financial analysts speculate that doing so by 2 percent annually for 5 years would still see the firm realize profits. in such a case, the CEO would need to have a contingency plan in place. Moreover, the CEO is well aware of the potential pitfalls that arise when Vanguard fails to keep its pricing low to match competitors’ and thus maintain a competitive edge. In fact, if competitors manage to undercut Vanguard with respect to market pricing the firm would be required to lower expense ratios of its funds by 0.1 percent to ensure retention of its value and avoid a price war. It must be pointed out that such a decision would likely lead to considerable losses in the firm. More so, maintain a favorable market position as well as low cost leader status in the industry for the near future is increasingly dependent on keeping costs low. It must be noted that achieving this objective requires increase in assets under management. As new clients join the firm, there is likelihood of them bringing in funds and Virtual Advisor looks to have in excess of 10 billion assets under management within 5 years. it follows that attracting new customers as well as enabling them to transfer assets will be critical to attaining the identified objectives.
Strategic Objectives for Customer Value Perspective
The following are the strategic objecti...
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