In the last blog- https://infyom.com/blog/balanced-scorecard-strategic-management-system-2 we have discussed two perspectives namely Financial Perspective and Internal Process perspective out of four perspectives of BSC. let's look at the remaining two perspectives.
We all know that the 'Customer is the king of market' and that's why we need to ensure that we have satisfied customer group in market.
Each organization serves a specific need in the market and this is done with a target group in mind. There are many points to focus like the Quality, Price, Service, and acceptable Margins on the products and/or services.
The organization always try to meet customers' expectation in the market and that's why any organization need to keep eyes on the market and ready to adapt changes quickly.
The existence of alternatives( competitors ) has a huge influence on customers' expectations and we need to focus on overall market trends to build satisfied buyers in the market.
This perspective answer the question:
"How attractive should we appear to our customers?"
In short we need to focus on three points-
- Target Group in Market
- Expectation of the Customers
- Our Competitors
after focusing on these points definitely, we will able to lure maximum potential customers in the market.
Learning and Growth Perspective
In today's comitative era, if we are not ready/capable to learn something new then it's next to impossible to survive in the market as 'nothing is constant only the change is constant '
Here the only knowledge is not important but advancing knowledge plays a vital role.
The organization's learning ability and innovation indicated whether an organization is capable of continuous improvement and growth in a dynamic environment or not. The dynamic environment subject to change on daily basis due to new laws, economical changes, technological changes, or even increasing competition.
This perspective answer the questions:
"How can we sustain our ability to achieve our chosen strategy ?"
To know more about the BSC please read my upcoming weekly Blog.