Strategic Market Planning
1.4 - Discuss the concept of balanced strategic planning and the approach outlined by the Balanced Performance Scorecard. What are the five common principles associated with implementing the balanced approach to strategic planning? The idea of having balanced strategic planning outlined by the balanced performance scorecard is to allow organizations to implement strategy rapidly and with great efficiency by integrating the measurement system with the management system. The balanced performance scorecard converts an organizations vision and strategy into a number of action measures that provide the basis for a strategic management and measurement system. The balanced scorecard approaches strategy from four complementary perspectives: financial, customer, internal process, and learning and growth. The five common principles associated with implementing the balanced approach to strategic planning are :- 1. Translate the strategy into operational terms.
2. Align the organization to strategy.
3. Make the strategy a part of everyone's everyday job.
4. Make the strategy a continual process, i.e. through every stage of the development, manufacture and distribution of a product. 5. Mobilize change through executive leadership.
2.4 - Describe the role that a code of conduct plays in ensuring ethical compliance within a firm. How should a code of conduct be developed, what should it contain, and what are the keys to ensuring that the code is successfully implemented? Codes of conduct are formal statements that describe what an organization expects of its employees. Codes of conduct define good practice by reflecting on the core values of rights, relationships, responsibilities, standards and safety. A code of conduct should be more than a list of rules for employees to adhere by. It should also be an expression of a company or organizations values and an extension of its policies. It should be well thought out, so as to be a...