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¶ … Balanced Scorecard (BSC) is special strategic performance management framework that enables organizations to effectively manage as well as measure the process of strategy delivery (Kaplan & Norton,1992). The concept was proposed by Robert Kaplan and his counterpart David Norton as has so far been voted as one of the most important business ideas of the last couple of decades.The idea involves the application of four generic viewpoints/perspectives that covers the major focus areas of the organization.In this paper, we develop the strategic objectives for McDonald's in the format of a balanced scorecard. The strategic objectives are important as measures for attaining the corporation's vision and mission.
An overview of McDonald's Corporation
From the moment of its inception as well as the opening of its very first store in San Bernardino, California, McDonald's has upheld a vision of quality products, service as well as innovation. McDonald' has worked tirelessly to differentiate itself as well as adjust to the contemporary market conditions which are fast-paced. The employment of the balanced scorecard can make the company whether the turbulent and highly competitive market environment. Through...
The company need to differentiate itself as a consequence of the competition in the fast-food industry. The competition is probably the biggest obstacle that the company faces.The company's main competitors include Burger King, Wendy's, Subway Taco Bell and KFC. Even though stores such as Subway, Taco Bell and KFC don't deal in similar line of products with McDonald's, they do provide a competitive rate of cost reduction. Health counsciousness has taken root in consumers and they therefore tend to make healthier choices.
Balanced Scorecard Perspectives
Financial perspective
The financial perspective deals with the financial objectives of the organization and is important in allowing the managers in the tracking of the level of financial success as well as shareholder value. In this perspective the company needs to focus on sales as well as profitability. McDonald managers must identify the financial areas that need improvement. The company should therefore increase market share,…
References
Dentch, C (2009). Speed = profits McDonalds speeds orders by seconds to keep customers
Kaplan, R.S. And D.P. Norton. 1992. The balanced scorecard - Measures that drive performance. Harvard Business Review (January-February): 71-79
Speizer, Irwin. (2006). McDonald's Consistency Begins with an Education at Hamburger University. Workforce Management Online. http://www.workforce.com/section/11/feature/24/37/85/243790.html
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