Chadwick Inc. Case Study & Case Study

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Continuing with the Customer Perspective, the second goal is to position Norwalk as the industry leader in ethical drug manufacturing, a goal which can be most accurately measured through market share analysis. In a fractured industry like pharmaceuticals, market share is an invaluable asset, and this long-term strategic objective is best assessed through the Balanced Scorecard. The third goal of the Customer Perspective is to actively seek the input of customers and distributors who often have viable ideas for the adaptation of existing compounds for alternative applications. This goal is measured by tallying the total number of new compound applications suggested by customers and/or distributors. Shifting to the Financial Perspective, the first goal is to expand Norwalk's internal capabilities in terms of compound research and development (R&D), a goal which is measured by tracking the percentage of divisional expenditures allocated to the R&D department. Increasing the R&D infrastructure used by Norwalk to identify and develop new compounds is another example of long-term goal which cannot be readily quantified simply through monthly ROCE reports. The second goal of the Financial Perspective is to harness the power of social media to rebrand Norwalk as the leader in ethical drug manufacturing, a goal which can be measured by tracking the percentage of divisional expenditures allocated to the marketing department. This long-term strategic policy is best assessed by the Balanced Scorecard because marketing campaigns such as this often involve the exploitation of intangible resources. The third goal of the Financial perspective harkens back to the traditional method of ROCE measurement, by setting a target of either meeting or exceeding current levels of ROCE on investment portfolios, R&D projects, and other capital expenditures.

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Norwalk Pharmaceutical Division Balanced Scorecard

Financial Perspective

Customer Perspective

Goal 1: Expand Norwalk's Internal Ability to Identify New Applications for Existing Compounds

Measure 1: Dollars and Percent of Spending on Research and Development

Goal 1: Develop Brand Loyalty and a Build a Loyal Consumer Base

Measure 1: Customer Retention Rates

Goal 2: Rebrand Norwalk Pharmaceutical as the Leader in Ethical Drugs Through an Innovative Social Media Campaign

Measure 2: Dollars and Percent of Spending on Marketing

Goal 2: Position Norwalk's Pharmaceutical Products as the Standard Brand Name in the Drug Market

Measure 2: Market Share (Measured as a Percentage)

Goal 3: Maintain and Improve Existing Levels of Return on Capital Investments in R&D and Other Aspects of Norwalk's Operational Structure

Measure 3: Return on Capital Employed (ROCE)

Goal 3: Open the Lines of Communication with Customers to Identify Potential Uses for Existing Compounds

Measure 3: Total Number of New Applications Suggested by Customers

Internal Perspective

Innovation and Learning Perspective

Goal 1: Grow Norwalk's Internal Ability to Formulate New Compounds, and Develop New Applications for Existing Compounds

Measure 1: Number of Products in Development

Goal 1: Increase the Sales Ratio of Products Created from New Applications, Suggested Either by Distributors or Customers

Measure 1: Percentage of Sales From New Applications

Goal 2: Refine the Developmental Cycle to Improve Efficiency and Effectiveness

Measure 2: Average Time in Each Stage of Development Cycle

Goal 2: Maximize Efficiency When Delivering New Products to Market

Measure 2: Gross Margin on New Products

Goal 3: Transition Norwalk from its Current Reliance on a Key Drug Brought to Market in the 1960's to a State of Progressive Innovation

Measure 3: Percentage of Sales From New.....

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