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TESCO BSC
Tesco Balanced Scorecard
FINANCIAL PERSPECTIVE
MEASURES
MEASURES
Growth
Market share
More stores, more locations
Sales volume
Online sales volume
Profitability
ROCE measures
Variety
Product channels
Costs/profit margins
Affordability
Price comparisons
Security
Debt reduction
INTERNAL Business PERSPECTIVE
LEARNING/INNVATION PERSPECTIVE
MEASURES
MEASURES
Integrity
Cultural consistency
Development
Training expenditures
Middle-management promotion levels
Consistency
Staff retention
Reporting regularity
Diversification
Changes in department outputs
Explanation and Justification of Proposed Measures
From the financial perspective, the company has set itself goals of continued and even stronger growth, and profitability is also specifically mentioned by the CEO in his review of the company's 2011 annual report (Tesco, 2012). Likewise, the specific measures listed for these goals -- market share, sales volume, ROCE measures, and profit margins -- are all referenced by the CEO in his assessment of the company's current position, its future desires, and its real future outlook, and they are also generally associated with financial performance and strength (Tesco, 2012; Quiry et al., 2011). Reducing debt will add to financial security during a time of continue global economic uncertainty. Moving to the customer perspective, the CEO again specifically identifies store growth and the newer online sales department as measures for the company's...
Variety and affordability are not specifically cited by the CEO as goals, however these are widely recognized in the retail sector as important aspects of business success and would especially be so for a company retailing such basic and common goods as Tesco (Walters & Hanrahan, 2000). Increasing product channels are mention as a specific action that the company is engaged in, however, making it an effective measure for the goal of variety, and price comparisons in different regions for various products is a clear and obvious measure for determining relative/competitive affordability.
From the internal business perspective, the goals of integrity and consistency are both widely recognized as important values for both ethical and pragmatic reasons, with close control over the integrity of an organization and the consistency of its operations leading to higher quality and better levels of legal and ethical compliance as well as creating greater cost efficiencies and promoting stronger and more sustainable development (Crane & Matten, 2007). Consistency in culture is the primary means of generating integrity, and can be measured in a number of direct and indirect ways, and the labor turnover rate/staff retention level is one of the most direct measures of the degree to which an organization can "stay the course" (Crane & Matten, 2007). The regularity of reporting at higher levels of the organization in terms of timeframe and detail will also serve as a useful measure of overall consistency. In terms of learning and innovation, ongoing development of personnel can be measured directly through the resources devoted to training programs, and indirectly through the degree to which middle managers are developed to the point that they can be promoted. Changes in levels of department output can also be…
References
Crane, A. & Matten, D. (2007). Business Ethics. New York: Oxford University Press.
Quiry, Fur, Y., Salvi, A., Dallochio, M. & Vernimmen, P. (2011). Corporate Finance. New York: Wiley.
Tesco. (2012). CEO Review. Accessed 29 April 2012. http://ar2011.tescoplc.com/chief-executive's-review.html
Walters, D. & Hanranhan, J. (2000). Retail Strategy. New York: Macmillan.
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