4. Qualities of Long-Term Objectives Criteria used in preparing objectives Acceptable Flexible Measurable Motivating Suitable Understandable Achievable
5. What is the Balanced Scorecard? The Balanced Scorecard is a set of measures that are directly linked to the company’s strategy. It directs a company to link its own long-term strategy with tangible goals and actions.
7. Exhibit 6-2: The Balanced Scorecard Vision and Strategy Financial ‘ To succeed financially, how should we appear to our shareholders?” Customer “ To achieve our vision, how should we appear to our customers?” Internal Business Process “ To satisfy our shareholders and customers, what business processes must we excel at?” Learning and Growth ‘ To achieve our vision, how will we sustain our ability to change and improve?”
22. Ex. 6-7: Vertical and Horizontal Integrations Textile producer Textile producer Shirt manufacturer Shirt manufacturer Clothing store Clothing store Acquisitions or mergers of suppliers or customer businesses are vertical integration Acquisitions or mergers of competing businesses are horizontal integrations
25. Turnaround Strategy Involves a concerted effort over a period of time to fortify a firm’s distinctive competencies, returning it to profitability