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

Mark & Spencer - Essay Example In this respect, firstly the current objectives and strategy 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 balanced 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 values 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. Balanced scorecard has been proved to be the most efficient way in designing strategies, through which the organizational objectives can be achieved. At the same time this organizational objectives will be conveyed to the departmental level. The management can also use this in reviewing the strategies and making changes to them. Table of C ontents Executive Summary 2 1. Introduction 4 2. The vision and strategy 4 3. Balanced Score Card 6 3.1 Financial 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 Internal 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 performance and the outcome drivers through which the organization will succeed in achieving the strategic objectives and mission. In simple terms, balanced scorecard is a useful tool for thre e 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 single market stall to a multi-channel retailer. The organization is now operating in more than 50 territories with over 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 deliver excellent shopping experience to the customers. This study focus on using balanced scorecard for developing a strategic map for the organization. 2. The vision and strategy The vision of M&S is to expand their international presence and develop into a multi-channel retailer, so that they are accessible to a large number of customers present all around the world. In order to achieve this vision, the company has adopted a large number of activities and has been making good progress over the time. The stra tegies that they follow are discussed below: In order to increase their focus on the business of United Kingdom (UK), they have initiated activities like trusted food, perfectly edited, Cheshire Oak and concept of new home. Trusts are the most important aspect that is given importance by the customers while choosing a brand. The customers turn towards M&S because of their responsibly sourced and high quality food. In order to