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Improving Business Performance by Using Strategy Maps

   

Added on  2020-12-10

7 Pages1469 Words111 Views
IMPROVING BUSINESSPERFORMANCE (1)
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Table of ContentsINTRODUCTION...........................................................................................................................1MAIN BODY...................................................................................................................................1CONCLUSION................................................................................................................................4REFERENCES................................................................................................................................5
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INTRODUCTIONImproving business performance is the key functions of organisation which is related toserving consumer satisfaction and maximizing profits. The report will outline about strategymaps which is an effective management tool that asst the firm in regulating its performanceaccording dynamic market trends. MAIN BODYStrategy maps is an effective management tools as it establishes strategic goals fororganisation which are focused on four different elements that is financial, customer, internalbusiness functions and learning and growth. However, in accordance to maps tit is important foran organisation to manage its successful growth in all four elements for mapping improvement inbusiness performance (Rahimnia and Kargozar, 2016). The perspective is strategic maps areinterrelated to each other and sets target for firm. Apparently, it is considered as most prominenttools of business, because it aims at gathering of essential and reliable information which relatesto cost effectiveness of company and its services. Further, the mapping and its process is basedon vision and mission statement f organisation that clearly identified alignment of strategicobjective.Strategy map of enterprise focuses on financial perspective which aims at maximizingshareholder values because these are the key investors of business and share huge interest inprofits and losses of firm (Valmohammadi and Sofiyabadi, 2015). On the other hand consumeperspective in mapping helps the organisation in innovating products and services as per buyer'sexpectation in order to meet their demand. In addition, it is an effective management toolsbecause it the entity to inspire loyalty of buyers by increasing expertise and implementingoptimize technology. This strategy assists the organisation in gaining consumer trust which helpsin raising shareholders value. 1
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