Morrisons PLC
In the UK, Morrisons PLC is one of the largest grocery store chains with the company serving over nine million customers at their 400 retail stores. At the heart of the firm's strategy, is to deliver quality products at affordable prices. For over 100 years, this has helped the company to be able to reach out to a large demographic of consumers. However, globalization has been leading to increased amounts of competition in many markets. This has been causing the firm to face greater pressures in adjusting with these new challenges. To overcome these issues requires utilizing the balanced scorecard to analyze the strengths and weaknesses of the company. This will be accomplished by focusing on: the different measures, how they are interconnected, which ones are leading / lagging indicators, how this can help in managing risk and what other control system could be implemented. Together, these different areas will identify specific tools that the firm can use in adjusting with a host of challenges. (Morrisons 2012)
For each measure explain and justify why you have included a particular item. That is how it helps achieve the objective, consider actions that could be taken to achieve these indicators, (activities and tasks)
Under the balance scorecard, there is a focus on four different measures that are utilized to include: financial, customer, the internal business process and growth / learning. The basic approach is to use specific measures to reach predetermined targets for each category. This helps the firm to determine where quality improvement is taking place and deciding precise goals. In the case of financial measures, there is a focus on those tools that can help the firm to increase shareholder value. This was included because it will identify specific financial related areas that need to be focused on. The customer is when there is an emphasis on how the firm is seen by clients...
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