Lee Wilson, chief of staff for the Retail Bank, concurred with this view: Technology would also be used as a tool through which the company would achieve effective communication with its business partners, such as retailers and distributors. And as we were building the scorecard, we found that we could relate each measure to one of those three themes.
What do you think Bill Gates is buying for all that money? We now realized that a necessary condition to produce new sales was for our salespeople to have more customer contacts.
It is through effective distribution that Coracle would reach the market. Since the sales of the new product were way below what Jean Morris had anticipated, It Is apparent that the new product had registered poor performance in the market.
These include creation of a marketing plan and implementation of marketing strategies within the next one month. Integrated Chemical bank bal scorecard case study will allow the company to communicate similar messages to the market through various promotional media.
I want to see a graphical presentation of the BBS that gives us a five-year view of the Journey, and to be able to view short-term performance in terms of progress towards our five-year targets.
Hegiras wanted to transform the bank Into a market-focused organization hat would be the financial service provider of choice to targeted customer groups.
David Norton, one of the co-authors of the initial BBS article, was brought in for a presentation to the senior management group. By the end ofthe entire group had reached consensus on a complete scorecard for the New York Markets division see Exhibit 4.
It is evident from the case study that the marketing challenge involved retailers, distributors and as well as consumers.
This reveals that there was inadequate awareness within the market about the functional benefits and the cost savings, which would result from the purchase and use of Coracle in clarification of residential pools.
Historically retail banking had emphasized efficient collection and processing of deposits. The group worked hard and generated good ideas and analysis. Although we have raised our consciousness about strategic measures, the measures are not yet integrated. The customer representatives also would need ready access to information on all the banks relationships with each customer.
And to do that we need measures that are actionable. The incentive system for the banks employees would also have to be changed to encourage the new behavior and skill acquisition. The four or five people who ran the branch districts knew I was going to have to report out on the measure to Jack Stack and Mike Hegiras.
I see the BBS as a very valuable tool for the management team, but one that needs to keep evolving. The company must determine if its marketing and management goals are met. The decision making processes within Sorer Chemical are inhibited by the dilemma that was faced by Morris and her colleague marketers.
People learned that the senior executives at the bank were not going to stop caring about this 8 measure.
It is the safety concerns which would be attributed to the low financial performance of the company. The Balanced Scorecard is one of a set of tools we are using? Each objective in the Retail Banks BBS was similarly linked in a series of cause-and-effect relationships that told the story of how the banks strategy would be accomplished.
If residential pool owners were aware that Coracle would result in cost saving due to its less frequent use, they would have chosen it as opposed to its competitors. The clarifier market, within residential pools, is depicted as untapped. He wanted to know the defining characteristics of profitable and unprofitable customers so that he could begin thinking about how 7 unprofitable accounts could be made profitable by changing earnings credit, or minimum balance, or perhaps introducing fees and better control over fee waivers.
When asked how he expected to implement such dramatic and extensive strategic change, Hegiras said: Customers were demanding new investment and insurance products and far more convenient ways to do their banking.
The trend lines were clear. This supports the decision of the company to venture into the residential pool market.Oct 30, · The balanced scorecard tracks all the important elements of a company’s strategy—from continuous improvement and partnerships to teamwork and global scale.
And that allows companies to. strategic map and balanced score card with case study.
Scorecard Framework Template. Each shows a roughly equal bal. More 80% nonfinancial. every organization’s management * Chemical Bank and Brown & Root coincide with norm. the scorecards are approximately The Chemical Bank and Rockwater measures are nonfinancial.
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Chemical Bank Bal Scorecard case study. Topics: Strategic management, Soren Chemical Case Study Position Statement The main problem, as depicted within the case study, is the significantly low sales of Soren Chemical’s new product, Coracle. Since the sales of the new product were way below what Jen Moritz had anticipated, it is apparent.
The research was conducted through the exploratory case study method. The choice of a case study is one of the like Chemical Bank, tested the hypotheses more quali- their annual report that discusses the fiscal year in bal-anced scorecard terms.
Critical reﬂection on the Balanced Scorecard The detailed description of the case study gives a good impression of how the development and implementation of a Balanced Scorecard may be managed. Chemical Bank Bal Scorecard case study Essay Business School Rev.
June 10, Chemical Bank: Implementing the Balanced Scorecard In earlyMichael Hegarty, head of the Retail Bank Division of Chemical Banking Corporation, was overseeing a .Download