BUS 475 Phoenix Week 3 Hoosier Media Balanced Scorecard Paper

Balanced Scorecard Template BUS/475 Version 9 University of Phoenix Material Balanced Scorecard Template Note: Hoosier Media is to be used as a resource for this Week 3 assignment as a carryover from Week 2. Background Strategic objectives are a measure of attaining your vision and mission. They reflect the vision, mission, and values of the business, as well as the outcomes of the intenral and external environmental analysis. Scorecard Areas Develop at least three strategic objectives for each of the four balanced scorecard areas. Financial Objectives Measures Targets Customers Objectives Measures Targets Internal Business Process Objectives Measures Targets Copyright © 2018 by University of Phoenix. All rights reserved. 1 Balanced Scorecard Template BUS/475 Version 9 Learning and Growth Objectives Measures Targets Reflection Assess, in no more than 350 words, trends, assumptions, and risks of Hoosier Media, Inc.’s business model after completing the strategic objectives for each area. Copyright © 2018 by University of Phoenix. All rights reserved. 2 RUNNING HEADER: HOOSIER 1 Internal and External Environmental Analysis Devyn Kwiatkowski 4-8-2019 RUNNING HEADER: HOOSIER 2 Introduction The individual assignment for the current week focuses on the external an internal environment of a business. However, as a student, I have learned to analyze the effects of both the internal and external environment that is linked to business operations. In the current scenario, I operate on behalf of a consulting company whose primary objective is to assist different forms of business to improve their operations strategically. The company was recently hired by Hoosier Media Inc which is a newspaper company. The subscription and circulation of the clients’ newspaper ended up declining thereby soring the revenues to a low of 30% in five years. The revenues from the online ads on the other hand increased, but at the moment, they contribute to about 5% of the business income which is not enough for the company to sustain itself. I have been given a task to provide a comprehensive analysis of the internal and external operations of the business. The step will enable me to apply whatever I have covered in class for the last two weeks. Criticize how the company adapts to changes. Change is good for the going concern of any business operation, especially when the financial health of the business is deteriorating. Adapting to change to enable the company to stay on top in the financial performance is not an easy task. The board of management in Hoosier Inc needs to revisit its mission and vision statement to improve on the performance of the firm. Hoosier team Inc. management recognizes the company’s potential and success of its online advertisement services. The administration also needs to develop a relationship with the customers and even improve on the online presence before it conducts a SWOT analysis and do an evaluation of the competitors based on both the economic and environmental concerns (Ginter, Duncan & Swayne, 2018) RUNNING HEADER: HOOSIER 3 Highlight the economic, legal and regulatory forces. Economic trends Three factors are linked to the decline of income which includes regulatory elements, legal forces, and the ongoing market trends. Creativity is therefore needed when it comes to drawing of a map to ensure that the firm maps out a success objective for going concern. Hoosier Inc should, therefore, analyze the economic changes between the internet ads and alterations within the paper. The company should examine its leadership structure to stay on top with the current dynamic economic trends. Regulatory and legal forces Hoosier needs also to reconsider regulatory and legal factors that are behind the changes and move forward. According to the media regulations, the amendments in the United States constitution highlights that it is illegal to deny one freedom of speech or that of having a press conference. In the United States, freedom has certain restrictions like especially when using defamatory statements. The usage of internet has become a trend since more and more people are gaining access to the platform making them have access to any data and information on the platform. The company needs to consider becoming part of the online trend through becoming part of the system upgrade on its website, being part of the participants in the social media platforms and also having an application that will enable the users to access from any location. The findings need to be deliberated by the board and action taken to ensure that there is definite progress within the institution. RUNNING HEADER: HOOSIER 4 Discuss the primary internal organizational considerations. When changes within an organization are being considered, it can have both a negative and positive effect on the workforce. Specifically, for Hoosier Inc., some internal issues are to be addressed. i. The lack of productivity can be attributed to a lack of leaders who could not institute the necessary change(s). Hoosier Inc. can easily discover within its archives any cultural differences both in the internal and external units of the business that need to be addressed which has played a vital role in revenue (Barney & Hesterly, 2009). ii. With each generation, a new wave of technological advances occur, and that comes with new styles and designs. If the company is unwilling to change and adapt to the newer generation, revenues will begin to flow. A survey of Hoosiers printed ad from over the past five years should be looked at, and internally, employees should have the ability to adapt and develop new ideas, innovations, and branding for the organization. Discuss the external organizational considerations The competition level, political and social conditions, technological factors, economy, customers and the resources are some of the company’s external factors that may influence the performance of the company from the outer dimension (Hatch, 2018). The company’s external factors are further divided into socio-cultural, economic forces, political forces, legal and governmental factors and the natural environmental factors which need careful evaluation. Hoosier Inc. needs to reduce the number of paper advertisements since its income has considerably declined over the years. RUNNING HEADER: HOOSIER 5 The primary focus should be the ads posted on the internet to help in increasing the traffic and views on the website. Currently, only about 5% of the company’s revenue comes from the internet ad campaigns. i. Technological aspect: To increase the revenue, Hoosier Inc. needs to add more of their online advert content to enable readers to get reliable sources of information. The company needs to adjust its systems to fit the current technological aspects which will enable it to produce the latest contents that would sell well in the market. ii. Customers and suppliers: The customers and suppliers play a bigger role towards the success of the company. Hoosier, therefore, needs to build a brand image with both clients to ensure continued cooperation with the suppliers and increased sales as a result of customer loyalty. Production of better online content, quality products customer satisfaction will result in more repeat purchases. iii. Legal aspect: The changes in the government policy may have either a negative or positive impact on the company’s operations. Hoosier needs to adhere to the government laws and regulations through by paying the taxes promptly and having the necessary license to enable it to operate without interference. iv. The community also has some of the cultural norms that it would not nee the company to interfere or violate. The company will, therefore, have to produce contents that will be in line with the socio-cultural norms. For a peaceful coexistence, the company also should not show any political affiliation which may tamper with its operations. The company should refrain from engaging in political issues to allow it to have a peaceful relation with the residents. Hoosier also has to reconsider how it relates with the community to ensure that there is a peaceful co-existence. RUNNING HEADER: HOOSIER 6 v. Competition: The level of competition determines how Hoosier will price its output thereby becoming a factor in the determination of profit margin. The business has to ensure that it establishes itself and break into the competitor’s markets to capture the bigger maker share which will increase its competitive nature. Identification of the major issues and the company opportunities faced based on personal analysis Hoosier Inc has different issues affecting its performance thereby making it have to comply with coming trends. The technological advances have given the customers many opportunities through televisions, phones, tablets, and their smartphones (Hatch, 2018). Hoosier, on the other hand, loses revenue through the printed ads by not catching up with the trends in technology. Purchase of the real newspaper has become a trend of which the customers get their news via the social media and other websites. In case Hoosier decides to follow the suggested directions, the opportunities may then become boundless thereby increasing the income through affecting the proposed changes. Conclusion Hoosier Inc. needs to think about its mission statement to help in bringing the company in line with its objectives for the betterment of the future of the institution. My thoughts accompanied by the insights on the management of Hoosier Inc will signify an increase in the customer subscription and also more site traffic due to the ad campaigns. I, therefore, believe that Hoosier will respond with positivity on the outlined recommendations. RUNNING HEADER: HOOSIER References Barney, J. B., & Hesterly, W. S. (2009). Strategic management and competitive advantage. Upper Saddle River, NJ: Pearson Education. Hatch, M. J. (2018). Organization theory: Modern, symbolic, and postmodern perspectives. Oxford university press. Ginter, P. M., Duncan, W. J., & Swayne, L. E. (2018). The strategic management of health care organizations. John Wiley & Sons. 7

You don't know how to answer this question. We can help you find the right answer.

We assure you an A+ quality paper that is free from plagiarism. Order now for an Amazing Discount! Use Discount Code "save15" for a 15% Discount!

Get Started

No need to wonder who can do my homework. You can always reach our team of professionals to do your homework at a low price.