Development of Retail Industry Discussion 2022

Running head: MANAGEMENT
Management
Name of the Student
Name of the University
Author Note

1MANAGEMENT
Executive Summary
The overall purpose of the following report is to measure how the two management approaches
like the benchmarking and balanced scorecard will effectively contribute to the overall well
being of the organization. The organizations definitely want some ways through which they can
benefit in the most ways and their profits can grow. In order to do this, they must find out their
flaws and align their efforts with their strategic vision. These factors have been discussed and the
use of these two management approaches has been done in the light of the retail industry. Some
examples from the organizations have been highlighted in this discourse as well.

2MANAGEMENT
Table of Contents
Introduction......................................................................................................................................3
Framework One...............................................................................................................................3
Balanced scorecard......................................................................................................................3
Framework Two...............................................................................................................................6
Benchmarking..............................................................................................................................6
Conclusion.......................................................................................................................................9
Recommendations............................................................................................................................9
References List..............................................................................................................................11

3MANAGEMENT
Introduction
The management approaches are very crucial for the organizations to implement and
become successful in their ventures. The retail industry is regarded as one of the largest
industries in the world and much experimentation has taken place in order to fix the different
issues within the industry (Hansen and Schaltegger 2016). The primary headache of the
organizations is to run the organization in a manner that they can evaluate the performance of
their employees and make recommendations on how the entire situation can be improved.
The importance of the management approaches is huge in this discourse and managers
must address this issue in the most positive manner. The implementation of these two
management approaches namely benchmarking process and the use of the balanced scorecard
will be discussed in this paper to address the issue of organizational success. The organizations
working within the retail industry often tend to use these management approaches so they can
come up with the most fitting solutions for the overall success of the organizations.
The primary aim of the organizations would be the sustainable business and this will
cater to the overall success of the organization by all the means. In this report, the applications of
these two processes in the retail industry will be highlighted and the gaps will be highlighted as
well.
Framework One
Balanced scorecard
Before progressing with the applications of this framework of balanced scorecard, one
must understand the importance of this particular approach. Balanced scorecard is a very
important and effective framework through which the overall performances of the employees