Strategic Management - Balance Scorecard - the Importance of the Balanced Scorecard as a Framework for Setting Long Term Goals

STRBES-C

STRATEGIC MANAGEMENT:

ASSIGNMENT FOUR:

DUE: 2007-09-17

Strategic management: Assignment 4:

Content Page p.

Question 1: Balance Scorecard: 1-3

1. Introduction: 1

1.1 The importance of the balanced scorecard as a framework for setting 1-3

long term goals:

1.1.1. Financial Perspective: 1

1.1.2. Customer Perspective: 2

1.1.3. Internal Operations Perspective: 2

1.1.4. Innovation and Learning Perspective: 2

1.2. Balanced Scorecard efficacy as a strategic control tool: 2-3

1.3. Conclusion: 3

Question 2: Coca-Cola's Strategies: 4-5

2. Introduction: 4

2.1. Coca-cola's Strategies: 4-5

2.1.1. Generic strategies: 4

2.1.2. Grand strategies: 5

2.1.3. Conclusion: 5

2.2. Recommended strategy for Coca-Cola: 5-6

2.2.1. Introduction: 5

2.2.2. Recommendation for a Divisional structure for Coca-Cola: 5-6

2.2.3. Conclusion: 6

2.3. Leadership and Culture: 7-9

2.3.1. Introduction: 7

2.3.2. Link between leadership, culture and strategy and its importance in strategy 7-8 Implementation:

2.3.3. Conclusion: 8-9

3. Reflection: 10

4. Reference list: 11

5. Bibliography: 12

Question 1: Balance Scorecard:

1. Introduction:

Coca-Cola is the most successful product in the history of commerce. It chronicles the history of one man's vision to create a product that would be at once "delicious and refreshing", and of the people responsible for its unique appeal. Cokes familiar bottle shape and flowing script, has made it one of the world's most widely recognised trademark symbols. Hundreds of millions of people all over the world, enjoy this soft drink millions of times a day, disregarding all barriers of race, religion, language, culture and class.12

A Balanced Scorecard is an approach to strategic management that provides a clear prescription as to what organisations like Coke should measure in order to "Balance" their financial perspective. A Balanced Scorecard can be thought of as something that is a Management System not only a Measurement System which enables clarification of a Coke's vision and strategy, enhancing their ability to translate its vision and strategy into actions and providing feedback around its internal processes and external outcomes to continuously improve its strategic performance and results.1

1.1 The importance of the balanced scorecard as a framework for setting long term goals: 3

The Balanced Scorecard enables