Answered: Can you help me to write balance…

Principles Of Marketing

17th Edition

ISBN:9780134492513

Author:Kotler, Philip, Armstrong, Gary (gary M.)

Publisher:Kotler, Philip, Armstrong, Gary (gary M.)

Chapter1: Marketing: Creating Customer Value And Engagement

Section: Chapter Questions

Problem 1.1DQ

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Can you help me to write balance scorecard definition? What are the four perspectives of BSC and explain? Make a table for that four perspectives. Justify and explain of BSC for Sheng Siong.

I will provide you a sample in image how to do it. So you can take a reference from there but do not copy anything. Just check how to do it please dont copy.

Transcribed Image Text:Implementation Proposal Balance Scorecard A balance scorecard is a framework by Kaplan & Norton where it is used to monitor and measure the success of their strategies and determining how well they are performing. Having a BSC helps the company to minimize information overload by limiting measures used and tunneling on what are the most important perspectives to look at. The four perspectives of a BSC includes, Financial: Examining how well the company is using their financial resources, financial performances. Customer: Assessing how well the company understands their customers and the process of meeting their needs. Understanding how the customers see the brand. Internal Business: Monitoring the quality and efficiency of the innovations or operations. Innovation and Learning: Focuses on human resource management and information technology Goals Increase Sales Financial Perspectives Grow Profitability Goals Measures and target Increase in revenue (+10% increase in net income) Sales growth (10% increase) Internal Business Perspectives Measures and target Goals Customer Perspectives Increment in consumers traffic with new services Increase Customer satisfaction. Goals Measures and target Measuring online traffic of pre and post implementation of the new Al technology. (+15% new visitors) Decrease in customers complaints and increases in positive feedbacks from customers (Satisfaction survey) Innovation and Learning Perspective Measures and target Providing fast customer services Offering new sustainable product The amount of downtime happening during sales before and after the proposed strategy. (0 downtime) Number of new sustainable products that can be sold under Shopee's brand (5 new products) Send employees to learn about the technological trends Have a product innovation team market share. Measuring the time to develop the newest Al technology to implement into the website/ application. (2 months) Number of employees with at least a masters in product innovation/ development. (2 leaders for the team) Justification and explanation of BSC 1. Financial: Increasing in revenue and broaden profitability ultimately is the goal of all businesses, and it can better appeal to the shareholders. 2. Customer: Having increment in traffic and customer satisfaction helps Shopee to be viewed as the go to eCommerce online retailing service and being a trusted company to purchase products from. 3. Internal Business: Excelling in providing a fast customer service and offering new products helps Shopee to appeal to the customers more effectively. 4. Innovation and Learning: Sending employees to learn about technological trends and having a product innovation team allows business to constantly create value and improvement, which allows Shopee to constantly stay competitive and sustain their

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