Balance Scorecard for Apple Company Essay

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Background

Strategic objectives are a measure of attaining your vision and mission. They reflect the vision, mission, and values of the business, as well as the outcomes of the internal and external environmental analysis.

Scorecard Areas

Financial ObjectivesMeasuresTargets: Timeline/ Metrics
Increase market shareTotal Revenue5% increase in the first year
  • Growth in revenues
Percentage increase in revenues10% increase in the first year
  • Wider profit margins
Total company profits5% increase in the first year
  • Higher returns on invested capital.
Price in company shares10% increase in the first year
Customer ObjectivesMeasuresTargets: Timeline/ Metrics
Increase customer valueIncrease profit contribution per customer5% increase in the first year
  • Timely development and delivery of solutions
Design quality products on time10% increase in the first year
  • Remove potential causes of customer dissatisfaction
Seek customer feedback on the company performance5% decrease in the first year
  • Improve customer retention.
Develop products that retain customers20% increase in the first year
Internal Business Process ObjectivesMeasuresTargets: Timeline/ Metrics
Decrease lead times for new contract implementationProject implementation time framesDecrease time by 3% in the first year
Improve company processesStreamline the process of approving internal operations5% increase in the first year
Optimize the quality of company products and servicesReduce wastage of raw materials3% decrease in the first year
Capacity utilizationEmploy technology in supply chain5% increase in the first year
Learning and Growth ObjectivesMeasuresTargets: Timeline/ Metrics
Decrease employee turnoverFacilitate regular training and opportunities for development4% decrease in the first year
  • Create a robust company culture
Assess employee adaptation to company culture10% increase in the first year
  • Attract the best talent in the industry
Test the quality of company products5% increase in the first year
  • Improve business productivity
Improve the overall production lead timeReduce by 10% in the first year

Relevance of the Objectives And Timelines

Successful projects and ventures are based on realistic, actionable, measurable, and variable milestones. In the corporate sector, production, customer satisfaction, retention, financial, and customer objectives are set and actualized within specific timeframes (Qa’dan and Suwaidan, 2018). The objectives listed above act as a stepping stone in the guidelines of running the Apple company across the financial, customer, internal business process, learning, and growth fronts. First, increasing the market share will enable the company to generate more revenue and increase value and profits. The expansion in market share will correspond to increased profit margins and the value of company shares in the equity markets.

The success of any corporation is highly coupled with customer satisfaction. As a result, the customer-centered objectives will help them steer the company in the right direction. The most important goals in this regard will be increasing customer value, reducing factors that inhibit customer satisfaction, delivering products and solutions on time, and improving customer retention. The goals are formulated to be achieved within stipulated times, which will guide the company in achieving success. It is impossible to project the success of a project before its inception, but it is possible and necessary to set achievable goals.

Internal business operations and processes are critical to its success. Apple is not an exception, and the objectives will guide the company in ensuring it grows profitably. First, the times taken to implement new contracts tend to be long, which will be reduced in the first year. This will ensure the company delivers products and solutions on time, leading to earlier payments and revenues. Learning and Growth Objectives will guide the company in developing and implementing learning materials that are geared toward the success of its business goal. Concisely, the timelines will guide the management in tracking the implementation of the goals and objectives. It would be impossible to establish continuity or measure the success of the company’s objectives without revising progress against periods. The stated times are a reference point for the company management to identify the direction in which it is heading for proper evaluation.

Reference

Qa’dan, M. B. A., & Suwaidan, M. S. (2018). . Social Responsibility Journal. Web.

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IvyPanda. (2024, April 2). Balance Scorecard for Apple Company. https://ivypanda.com/essays/balance-scorecard-for-apple-company/

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IvyPanda. (2024) 'Balance Scorecard for Apple Company'. 2 April.

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IvyPanda. 2024. "Balance Scorecard for Apple Company." April 2, 2024. https://ivypanda.com/essays/balance-scorecard-for-apple-company/.

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IvyPanda. "Balance Scorecard for Apple Company." April 2, 2024. https://ivypanda.com/essays/balance-scorecard-for-apple-company/.

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