Facebook
Kaplan and Norton (1993) introduced the balanced scorecard as an implement for management that enables the effective execution of strategies prompted by an organization. The Balanced Scorecard supports the employment and management of all company activities in harmony with their strategic inference. This is done by connecting organizational activities that are non-financial and functioning with fundamental chains to the organization's long-term strategy. The balanced scorecard's four perspectives include: the financial perspective, customer perspective, internal process perspective and learning and growth perspective. The foundation of the different perspectives of the balance scorecard is with regard to the vision, mission and strategic objectives of an organization. In the case of Facebook, the strategic objectives include: brand management, consumer satisfaction, financial prosperity, growth, and innovation.
Facebook, whose main business operation is social media marketing, has to consider the different aspects between financial outcomes and social media growths. By making use of a social media marketing balanced scorecard, it becomes possible to evaluate and assess the diverse short-term benefits and long-term benefits for Facebook Inc. Comparable to the original balanced scorecard by Kaplan and Norton, the social media balanced scorecard as portrayed takes into account metrics from four different perspectives. These include: the financial perspective, the brand perspective, the innovative perspective and consumer perspective.
For the financial perspective, Facebook Inc.'s strategic objective is to capitalize on the organizational assets, enhance the operational productivity and increase the revenue generated in a financial year. Facebook intends to invest in talent and ad-tech investments to generate revenue. In addition, the strategic objective is to attain the 1 billion users landmark for its products, and thereafter, monetize them through advertising and marketing. On the other hand, for consumer perspective, Facebook Inc. believes in coming up with products for consumers that enjoy such products fervently.
The brand perspective of the company takes into account the existence of positive growth and ascendancy for its product offerings and trademark. Strategy objectives of Facebook Inc. encompass the continuous growth of the company and service provision to its prevailing communities as well as businesses, in addition to helping them attains their full-level potential. Lastly, a key aspect of Facebook Inc.'s innovative strategy is incessant pursuit of product development and enhancement. This is by placing emphasis on every diminutive detail that goes along with the product to the consumer market. This is through action plans, such as the provision of free basic internet services to individuals across the world, lacking access to it.
Balance Scorecard
The balanced scorecard is a tool for management that facilitates the efficacious implementation of strategies instigated by an organization. This is an implement that has been measured expansively in study as well as practice (Figge, Schaltegger & Wagner, 2002). By linking organizational activities that are non-financial and functioning with fundamental chains to the organization's long-lasting method, the Balanced Scorecard supports the appointment and administration of all corporate activities in agreement with their strategic implication. In theory, value-based sustainability management makes an endeavor to take into consideration the matter of business offerings and impacts on sustainability in an integrative way (Figge, Schaltegger & Wagner, 2002). It suggests that for companies to improve sustainable development, it is suitable for commercial performance developments in all three extents of sustainability, which include: social, economic and environmental, in a coordinated way.
The Balanced Scorecard is considered to be a proper and efficient component when it comes to alignment. It can facilitate budget synchronization or management purposes by interconnecting strategy to administrators or supervisors, offering them a proper course. Similarly, it can aid executives to be able to supervise strategic advantages and creativities, interconnect and financial activities (Kumari, 2011). The vibrant representation of strategic significances by the Balanced Scorecard facilitates the implementation of strong and effective principles for the planning of a budget. At the time of executing the Balanced Scorecard, it is important to cease on placing emphasis on the significance of intentions linked to the budget to the advantage of intentions that are linked to the Balanced Scorecard, while minimizing the extent of elements contained in the budget. If this is not undertaken, it will only increase the amount of work and also escalate frustrations (Figge, Schaltegger & Wagner, 2002).
The conception of the balanced scorecard is centered on the supposition that the effective use of investment capital is not the determining factor, anymore, for competitive advantages, but rather progressively soft aspects, for instance, knowledge formation, intellectual capital or even exceptional consumer orientation that have come to be more significant. The balanced scorecard's four perspectives include: the financial perspective, customer perspective, internal process perspective and learning and growth perspective.
i. Financial Perspective
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