University Management Report: Balanced Scorecard for Furniture Firm

This report presents a balanced scorecard analysis of a furniture company, aiming to provide insights into its strategic management and performance. The report begins with an introduction to the balanced scorecard, highlighting its importance in aligning business decisions and setting performance metrics. It then details the furniture company's strategic objectives, categorized into financial, customer and stakeholder relations, and internal goals, including learning and growth perspectives. The report outlines specific measures, targets, and initiatives for each objective, such as revenue growth, customer satisfaction, and employee training. The analysis considers factors like market competition, housing demand, and the company's global expansion plans. The student's position emphasizes innovative design, technology implementation, and employee training to enhance the company's competitiveness. The report addresses potential counterarguments and discusses the future competitive landscape, emphasizing the need for innovation and customer-centric strategies. References to relevant academic sources are included to support the analysis.

Running head: MANAGEMENT
Topic: MANAGEMNET ASSIGNMENT
Students Name:
Student ID:
University Name:
Author Note:

1A BALANCED SCORECARD OF A FURNITURE COMPANY
TABLE OF CONTENTS:
1. A balanced scorecard:.........................................................................................................2
2..................................................................................................................................................3
3..................................................................................................................................................3
4..................................................................................................................................................3
5..................................................................................................................................................4
6..................................................................................................................................................4
Reference:..................................................................................................................................5

2A BALANCED SCORECARD OF A FURNITURE COMPANY
1. A balanced scorecard:
A balanced scorecard is essential for the proper alignment of business decisions and to
properly device a plan of action for the company. The balanced scorecard would a
performance metric, it would improve various internal functions of the business of John and
Deborah’s corporation. It would help the management to set targets, and find out key
performance indicators, in this case, for the company’s global expansion plans.
Balanced scorecard:
Balanced Scorecard
Strategic
Priorities
Objectives Measures Targets Initiatives
Financial goals There must be effective
utilization of existing
resources of the company
such as workshop, labor
and equipment. It would
also include existing
retail spaces.
The return of investment
should be another factor.
Long term profitability of
the company
Growth in sales of the
company (Iritani et al.,
2015).
The furniture
company must
properly utilize
its existing
resources and
ensure proper
asset allocation
for both
movable and
immovable
assets.
The furniture
company must
try to maintain
a minimum of
operating
profit of 25%
per year.
Revenue
growth of 25%
within the first
2 years.
Appoint a Chief
Financial
Officer and
ensure a proper
sales audit,
increase new
Product
Development,
undertake
investment.
Client and
Stakeholder
relations.
The company must
distinguish its product
portfolio. It must ensure
proper customer service
and include all
stakeholders in every
process of product
development.
The company
must give value
to the Customer
It must insure
proper
customer
service and
satisfaction
from its product
line.
The online
catalog
business must
have positive
customer
ratings.
The company
must ensure
proper customer
participation in
every step of the
lifecycle of the
product.
Hire a business
development
manager for the
catalog business

3A BALANCED SCORECARD OF A FURNITURE COMPANY
Internal goals Proper Research and
Development of new
furniture styles to
incorporate the
contemporary designs.
Implement proper
vertical integration
(Lebherz & Hartmann,
2017).
Develop
manufacturing
efficiency and
quality
Become a top
furniture brand
Become a
global trend
setter.
A good product
design team and
a marketing
team.
Developing
Learning and
Growth
Perspectives
The furniture must have a
proper development and
training center for its
staff, it must bring in
expertise to implement
product lines.
The company
must
Investment in
new
Technology to
improve the
quality of
furniture.
Implement
annual training
programs for
its employees
to better hone
in their skills
and to
understand
upgrades in
Technology
and trends
(Wang, He &
Xu, 2017).
Organizational
Change
Management
personnel.
IT Development
and training.
External training
of employees
Training and
skilling
department.
2. To remain competitive, the furniture company must be focused on innovative design and
implement proper management decisions. The company must focus on improving its online
furniture catalogue business. It must hire new personnel and implement innovative strategies
to stay ahead of market competition from higher end brands. The company must focus on its
primary segment that is the upper middle class, they must consistently work with customers
to better understand the market demand.
3. The company has a good chance for competing in the global market. The company has a
good understanding of the local market, and has developed a niche segment for itself. The
company also has a strong design team that is very engaged in the design process. It also
faces tough competition from higher end brands who have been aggressively marketing to the
target consumer, the company also faces a slowdown in the domestic and global housing
market (Borisov, Bezrukova & Shanin, 2018).
4. The primary factors that influenced this report are, the housing demand slowdown, leads to
home renovations taking a hit. As it enters the global market it faces competition from global
established players, who are very price competitive and engage in aggressive marketing

4A BALANCED SCORECARD OF A FURNITURE COMPANY
strategies. Since the furniture company seeks to expand globally, the company has to face a
lot of competition. My position is that, the company must become innovative in its design
approach, it must implement new technologies, implement management best practices, and it
must train its employees in line with its global expansion ambitions.
5. To someone who would dispute my position, I would refer to the global furniture market,
which is suffering from the housing market slowdown. As such the company must have an
innovative and tactical approach in order to increase its market share and improve its brand
image in the eyes of the customer (Guimarães et al., 2016). It must deliver new furniture
designs at a price that is competitive with others, it must have a proper research and
development team that would work closely with the management to offer value oriented
products that are high on design.
6. The global market place in the future is very competitive, the customer is spoilt for choice
and has access to a lot of information which relates to new trends in design, new furniture
materials, sustainability in the sourcing of raw materials and environmental impact of
products. As such company’s need to be on edge so as to deliver the best to the customer
(Qiu, Cano-Kollmann & Mudambi, 2017).

5A BALANCED SCORECARD OF A FURNITURE COMPANY
Reference:
Borisov, A. N., Bezrukova, T. L., & Shanin, I. I. (2018, August). Management methodology
of effective development of furniture industry enterprises. In International
conference" Economy in the modern world"(ICEMW 2018). Atlantis Press.
Retrieved from: https://www.atlantis-press.com/proceedings/icemw-18/25904954.
Guimarães, J. C. F. D., Severo, E. A., Dorion, E. C. H., Coallier, F., & Olea, P. M. (2016).
The use of organisational resources for product innovation and organisational
performance: A survey of the Brazilian furniture industry. International Journal of
Production Economics, 180(C), 135-147.
Retrieved from: https://ideas.repec.org/a/eee/proeco/v180y2016icp135-147.html
Iritani, D. R., Silva, D. L., Saavedra, Y. M. B., Grael, P. F. F., & Ometto, A. R. (2015).
Sustainable strategies analysis through Life Cycle Assessment: a case study in a
furniture industry. Journal of Cleaner Production, 96, 308-318.
Retrieved from: https://www.sciencedirect.com/science/article/pii/S0959652614004892
Lebherz, M., & Hartmann, J. (2017). Applying the value grid model to the furniture industry:
the example of IKEA.
Retrieved from: http://www.diva-portal.org/smash/get/diva2:1080841/FULLTEXT01.pdf.
Wang, L., He, J., & Xu, S. (2017). The Application of Industry 4.0 in Customized Furniture
Manufacturing Industry. In MATEC Web of Conferences (Vol. 100, p. 03022). EDP
Sciences.
Retrieved from:
https://www.matec-conferences.org/articles/matecconf/abs/2017/14/matecconf_gcmm2017_0
3022/matecconf_gcmm2017_03022.html
Qiu, X., Cano-Kollmann, M., & Mudambi, R. (2017). Competitiveness and connectivity in
design innovation: a study of Norwegian furniture industry. Competitiveness Review:
An International Business Journal, 27(5), 533-548.
Retrieved from: https://www.emeraldinsight.com/doi/abs/10.1108/CR-03-2017-0025