MR Balanced Scorecard
The balanced scorecard is a unique managerial technique that promotes scoring metrics that analyze the important factors of any business. This technique enables organizations to develop and track key business strategies and goals. There are four branches of this approach including the customer leg, financial leg, internal business leg and education leg. M&R followed this breakdown and created scorecards for sections under these four legs in order to implement change and create a new profit making strategy.
M&R's balanced scorecard approach demonstrated many strengths and can be useful for gaining competitive advantage within the oil industry. One strength of this approach was that the managers of each gas station was given the opportunity to adjust at a local level to customer needs and demands. This training allowed a decentralized approach that can be more flexibly...
This focusing effort gets everyone on board to a corporate vision that can be understood and eventually implemented by everyone at every level. This inside out approach focused on the fundamental business ideals that help create and maintain profitability and quality products and provide a solid organization for employees to work.
The balanced scorecard approach also demonstrated some significant weaknesses. The most obvious weakness is a lack of control by the centralized power structure that runs this organization. It may become more difficult to communicate and make additional changes to the organization as a whole due to the piecemeal approach taken on by the individual managers…
