Strategic Plan, Part III: Balanced Term Paper

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In order to measure the success of customer perspective aspects like returned orders, number of new customers, number of complaints, market share, customer satisfaction index among others will be assessed.

Process or Internal Operations Perspective

Currently, Tiffany Event Management Company is performing well but needs to improve in the future with the changing world. The internal operation ought to increase by 9% by the end of the predetermined time in order to achieve the company's targets. These are to be achieved by improving the main company proficiency in its operations of designing and coming up with unique jewelry. The technology use is also to be improved in order to provide customers with modern fashions of jewelry such as rings, chains, bungles, and many others. In terms of manufacturing and the firm will improve its excellence to develop high quality goods and performance (McLoughlin & Aaker, 2010).

Financial accounting and management will be improved for accountability purposes where all the assets and processes will be accounted for in a proper manner. Unit costs should be reduced by ensuring reduction in material wastage, recycling waste products, and reducing defects. For this performance to improve, the workers will need to be motivated by fair wages and salaries, fair employee appraisals, and proper working conditions. The facets be used to rate the internal perspectives include improvements in efficiency, amount of recycled waste, morale improvement, increased productivity, and amount reworking (Michman & Mazze, 2006).

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Learning and Growth (Employee) Perspective

Tiffany Event Management Company has a potential of improving and creating a new value in its products, which have all along been of high quality. The company's objective is to bring new items in the industry to conform to the needs of the changing world and technology entirely. The number of new products for the company is targeted to be 10% of the present products. In addition, the current products will be improved continuously to suit consumer needs. Since technology keeps on changing day by day, the company targets to remain informed about the changes in technology and produce products using the latest technology available at each time (McLoughlin & Aaker, 2010).

This is targeted to increase the quality and the customer to these products. In order to accomplish the above-mentioned strategies, the human resource department will work on improving the quality of labor by employing qualified professionals and improving the skills of the current labor force by training them and having them attend conferences to gain new knowledge and ideas. In addition, the products will be diversified in order to cover a large market in the jewelry industry. In order to measure the success of the Learning and Growth (Employee) Perspective the metrics to be used include the number of new products, amount of income from new products, employees' suggestions, strategic plans acquired, and the level of training level and employee empowerment.....

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