Balanced Score Card
University of Phoenix
Fast Food Business:
The restaurant business is about customer interaction and delivering services, the business not only cares about its customer’s health, but also that of the environment. The building will be LEED certified, commonly known as “green,” using sustainable, resource efficient models of renovation and operation. Green buildings are designed to reduce the overall impact of the built environment on human health and the natural environment by: efficiently using energy, water, and other resources; protecting occupant health and improving employee productivity; and reducing waste, pollution and environmental degradation. The employees' skill levels are an internal factor that affects the management style of a quick service restaurant. The hiring strategies that a management team applies in a fast food restaurant will be greatly influenced by the skills the employees need. A fast food restaurant requires vibrant and fast employees who can withstand long hours of work. The management team may decide to employ youthful individuals who can keep up with the fast pace of the business and train them on the job. Management would pay them a lower rate than more experienced workers while they undergo training. A few factors that are critical to success in the fast-food industry are timeliness of the food, quality of the food, quantity of the food and customers responsiveness. A global economy opens new markets for both buying and selling; as such, the way companies do business, and the way consumers interact with companies, must change. These changes are the internal and external factors of globalization. Internal factors of globalization include how the firm changes its practices to compete on a worldwide scale. Production, development, customer service and marketing strategies are all internal factors of globalization. SWOT Analysis
* Availability of new customers.
* Failure of competitors.
* Expanding market for existing and potential products.
* High Price and low quality product and service of competitors. Threats
* Poor relationship with suppliers.
* Entry of low cost competitors
* Entry of high quality competitors
* Significant slowdown of market growth.
* Changing taste and habit of customers.
* Highly Skilled Workforce
* Good reputation in the market
* High quality product and service
* Backed by strong management team
* Financial Resources.
* Quick time to market
Strong brand image and loyalty amongst customers
Lack of direction
Weak management team
Products with decreasing demand
Poor image in the market place
Weak financial position
* Poor quality product/services
The value proposition will be:
* It gives the user the flexibility. Any time open and can order anything he desires of the best quality. * The customer care is very friendly and easily accessible, so the becomes easy for the user. * It also provides the innovative menu card to take for home delivery orders. * It allows the user to sit at home and eat quality food if he cannot come. The Strategic objectives of our venture can be compared with different measurement areas for Balance Scorecard as follows: a. Financial Perspective: Generating revenue, Profit margins, growth in operating cash flows can be bind with financial goals of measurement of Balance Scorecard. b. Customer Value Perceptive: Customer satisfaction, Market Share and Customer loyalty can be bind with the customer goals of measurement of the Balanced Scorecard. c. Internal Operation Perceptive: Direct Distribution Performance or Supply chain Performance and Cost of Manufacturing can be bind with internal business processes (Operations) goals of measurement...
References: Anthony, R. N., & Govindarajan, V. (2007). Management control systems (12th ed.). Boston: McGraw-Hill/Irwin.
Balanced Scorecard. (n.d.). Retrieved from http://www.teamtechnology.co.uk/balanced-scorecard-overview.html
George, J. M., & Jones, G. R. (2005). Understanding and Managing Organizational Behavior. (5th ed.). NJ: Pearson Custom Publishing.
Heathfield, S. M. (n.d.). 360 Degree Feedback: The Good, the Bad, and the Ugly. Retrieved from http://humanresources.about.com/od/360feedback/a/360feedback_2.htm
Madison, D. (n.d.). Creating the “To Be” Process. Retrieved from http://www.bpminstitute.org/resources/articles/creating-be-process
Process Excellence. (n.d.). Retrieved from http://www.wipro.com/services/consulting-services/Process-Excellence.aspx
Search.com. (2012). Retrieved from http://www.search.com/search
Six Sigma Benchmarking. (n.d.). Retrieved from http://sixsigmabenchmarking.com/
The Six Sigma Management Kit. (n.d.). Retrieved from http://www.sixsigmamk.com/
Toolpack Consulting. (n.d.). Alternative Performance Reviews. Retieved from http://www.toolpack.com/performance.html
Please join StudyMode to read the full document