Strategic Plan, Part III: Balanced Scorecard
Tiffany & Company is well-known for its lavish products like jewelry. It has continued to market itself as a house of style and taste. Tiffany designs, generates and sells watches, jewelry, and amazingly glasses. It also provides other chronometers, silverware, pens, natural leather products, perfumes, and curves. This study outlines the strategic plans for the company for the next three years in an attempt to improve its performance in the jewelry industry.
Shareholders value and financial perspective
The market share is targeted to increase by 1.5% per annum in the next three years. In order to achieve this, the company projects on increasing revenues through various methods between the year 2013 and the year 2016. This will lead to the long-term increase in the shareholders value as the value per share will increase. This is achievable by planning productivity strategy and growth strategy. These will be achieved through various actions. One of the steps that will be taken involves improving cost structure. This will be achieved by reducing cash expenses of the company by making sure that the raw materials are acquired in the possible minimum cost, employees work to their level best hence accomplishing their tasks without delays, and perfect execution of tasks (McLoughlin & Aaker, 2010).
In addition, the company targets to eliminate defects by ensuring the workers in the firms are professionals and experienced enough. Moreover, improved yield is another objective that will lead to improved cost structures. There will also be increased asset utilization by managing the currents assets and improving the assets hence reducing the bottlenecks. The company also targets in expanding income sources by introducing new brands, markets, and partnerships. In addition, customer value is to be enhanced in order to increase profitability in the current customers while attracting potential ones. The measures of growth will include cash flow rate, percentage growth in revenue, changes in share growth, net profit ratio, return on capital employed, and the added economic value (Michman & Mazze, 2006).
Customer Value Perspective
Customers are essential for the success of any business and, therefore, need to keep existing ones and bring new customers in a business. Therefore, the company projects on improving its customer care services, which involve offering quality products and services to the customers, attending to their order in the right manner and on time (McLoughlin & Aaker, 2010). The company’s aim is to improve customer value by 2.5% each year in the three years. This will increase customers’ satisfaction and hence it will lead to the retention of the existing customers and attraction of other potential customers to the firm’s products. In addition, customer loyalty is another field that will be emphasized in these financial years between 2013 and 2016. Through quality products, fair pricing, and improved quality services, the company will be able to win customers’ loyalty (Michman & Mazze, 2006). Response to customers’ needs and efficiency will be looked into in serious terms to increase the company’s reliability on customer and, therefore, improving the firm’s image as viewed by the customers. In order to measure the success of customer perspective aspects like returned orders, number of new customers, number of complaints, market share, customer satisfaction index among others will be assessed.
Process or Internal Operations Perspective
Currently, Tiffany Event Management Company is performing well but needs to improve in the future with the changing world. The internal operation ought to increase by 9% by the end of the predetermined time in order to achieve the company’s targets. These are to be achieved by improving the main company proficiency in its operations of designing and coming up with unique jewelry. The technology use is also to be improved in order to provide customers with modern fashions of jewelry such as rings, chains, bungles, and many others. In terms of manufacturing and the firm will improve its excellence to develop high quality goods and performance (McLoughlin & Aaker, 2010).
Financial accounting and management will be improved for accountability purposes where all the assets and processes will be accounted for in a proper manner. Unit costs should be reduced by ensuring reduction in material wastage, recycling waste products, and reducing defects. For this performance to improve, the workers will need to be motivated by fair wages and salaries, fair employee appraisals, and proper working conditions. The facets be used to rate the internal perspectives include improvements in efficiency, amount of recycled waste, morale improvement, increased productivity, and amount reworking (Michman & Mazze, 2006).
Learning and Growth (Employee) Perspective
Tiffany Event Management Company has a potential of improving and creating a new value in its products, which have all along been of high quality. The company’s objective is to bring new items in the industry to conform to the needs of the changing world and technology entirely. The number of new products for the company is targeted to be 10% of the present products. In addition, the current products will be improved continuously to suit consumer needs. Since technology keeps on changing day by day, the company targets to remain informed about the changes in technology and produce products using the latest technology available at each time (McLoughlin & Aaker, 2010).
This is targeted to increase the quality and the customer to these products. In order to accomplish the above-mentioned strategies, the human resource department will work on improving the quality of labor by employing qualified professionals and improving the skills of the current labor force by training them and having them attend conferences to gain new knowledge and ideas. In addition, the products will be diversified in order to cover a large market in the jewelry industry. In order to measure the success of the Learning and Growth (Employee) Perspective the metrics to be used include the number of new products, amount of income from new products, employees’ suggestions, strategic plans acquired, and the level of training level and employee empowerment (Michman & Mazze, 2006).
McLoughlin, D. & Aaker, D.A. (2010). Strategic Market Management: Global Perspectives.
New York, NY: John Wiley & Sons
Michman, R.D. & Mazze, E.M. (2006). The Affluent Consumer: Marketing and Selling the Luxury Lifestyle. Upper Saddle River, NJ: Greenwood Publishing Group
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