Balance Score Card - Morrisons

Introduction1

About Morrisons1

Balanced Scorecard2

Financial perspective3

Customer perspective4

Learning and Growth perspective6

Internal business process perspective7

Benchmarking8

Conclusion10

References12

Balance Score Card - Morrisons

Introduction

The retail industry of UK is very large and competition is extreme as it includes some best companies of the world such as Tesco and Sainsbury.

About Morrisons

Morrisons is the fourth largest retailer of food in UK according to the sales of the company. The annual turnover of company is more than £16bn which makes it a tough competitor in food retailing sector. The number of stores of Morrisons across UK is 439 which range in sizes from 8,000 to over 40,000 square feet. The company has a strong and loyal customer base as the number of customers visiting the stores weekly is more than 11 million. Currently more than 132,000 employees serve these customers. Morrisons has created a difference and value for its customers by offering not only unique but fresh and high quality food in reasonable prices when compared to market.

Vision:

To be different and better than ever before by capturing the key initiatives and opportunities that arises in the market in order to ensure continuous growth.

Strategy:

Long term growth of the company that is sustainable is the current strategy. It also aims to provide services and values through its traditional strengths of fresh and high quality food. The company also aims to continue capitalizing on the strength and capability of vertical integration. The purpose of implementing all above mentioned strategy is to fulfil the customer needs and meet their demands. This is also done to cater to quickly changing market demands. The current strategy is also aligned to the mission of the company which is to be 'Different and Better than Ever'.

Values:

Thinking Fresh and implementing newer things through a better way

Greater shopkeeping by setting the highest standards

Commitment to sell and serve

Working as a team and bringing best of our people

Balanced Scorecard

The balance score card approach also helps the company in breaking the bigger goals into smaller and achievable segments of goals. Drury (2004, pp. 100) define the balanced score card as the measure of the performance of the strategy of any company by using an integrated set of perspectives. Balance scorecard is also the source of providing a comprehensive view to the top management about each organizational unit of the company. However the question of measuring the future performance is challenging and complex. This issue is addressed by Kaplan and Norton (2001, pp. 22) as they recognize the need of measuring the performance. This is because of the facts that less than 30% of the companies are able to implement their targeted strategies. Kaplan and Norton identify four major reasons of failure of strategy which are people, resources, vision and internal barriers to the organization.

In this regard the researchers designed a framework which addresses the four perspectives of the company which are:

Financial

Customer

Internal Business Processes

Learning and Growth Perspectives

In this assignment, the Morrisons will be assessed on the basis of above mentioned perspectives in order to evaluate the current and future ...