4 Case Study Firm’s Background
7.2 Forming Objectives…
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7.2 Forming Objectives
This is the BSC full map with themes and objectives in Figure 14 and Figure 15 with the explanation of the objectives:
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New Channel Strategy
Revenue From Web-Store
Increase Existing Market
Attract Young Adults to Join Web-Store Cool Purchasing Experience in Web-Store
Trend Leader in Web-Store
Build Best Relations
Attract non-web Retailers to Join Web-Store Attract Hospitals & Administration to Join Web-Store
Attract Designers to Join Web-Store
Corporate Social Responsibility
Most Health-Conscious Company
Most Visible Corporate Socially Responsible Firm
Build Relations New Channel
Build Designers’ Relations Build Retailers’ Relations
Build Web-Store
Build Hospitals’ Relations & Government Relations
Motivated and Prepared Office Workforce
Skills of Communication and Web-Store Management
Strategic Information Availability
F i n a n c i a l C u s t o m e r I n t e r n a l L e a r n i n g
Revenue Increase
Motivated and Prepared Factory Workforce
Skills to Manufacture New Product
Figure 14. New Channel Strategy BSC
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Niche Innovator Strategy
Revenue From New Product
Create New Market
Attract Sight-Impaired People with New Product Attract Organizations for Sight-Impaired People with New Product
Innovation Management
Build Sight-Impaired People Relations Build Sight-Impaired People Organizations’ Relations
Motivated and Prepared Management Team
Skills to Market New Product Strategic Information Availability
F i n a n c i a l C u s t o m e r I n t e r n a l L e a r n i n g
Revenue Increase
Figure 15. Niche Innovator Strategy BSC
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7.2.1 Financial perspective
1. Revenue increase theme
“Revenue from Web-Store” objective. Its goal is to increase revenues from web-store sales.
“Revenue from New Product” objective. Its purpose is to increase revenues from introduction of the new products for sight-impaired people.
7.2.2 Customer perspective
1. Increasing existing market theme,
“Attract young adults to join web-store” objective. This strategic objective aims at attracting university students and young professionals to buy the clothing items from the company’s newly established web-store. For such an attraction the buying experience should include three constituents: feeling of individuality, feeling of fashionable purchase, and understanding, that the price level on the web-site is between lower priced clothing items in average web-stores, and high- priced items in real stores.
“Cool purchasing experience in web-store” objective. This objective is partly overlapping with the previous one. Still, the “cool purchasing experience” focuses explicitly on the website usage experience by customers. It includes such constituents as vast choice at the web-store, easy and smooth buying process, and good personalized advice on the web.
“Trend leader in web-store” objective. It emphasizes the importance to follow social trends, such as selling clothes, produced from all natural ingredients, from fabric to dyes, selling skin-friendliest clothes, and standing on the forefront of the corporate social responsibility, demonstrating the firm’s commitment to contributing to the society, and local community, in particular.
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“Attract non-web retailers to join web-store” objective. Its goal is to become a partner of non-web retailers, selling them innovative new-to-the-market products, in order to advertise the firm’s brand and its products to customers, so that afterwards the customers could directly purchase from the website with the bigger variety of products and services.
“Attract hospitals and administrations to join web-store” objective. Its purpose is to build long-lasting relations with medical institutions, selling them innovative products to satisfy their needs in a more effective way. The other leverage on hospitals can be local and central governments, that provide financing to the hospitals, so cooperating with them directly can increase financing to hospitals to buy the necessary equipment.
“Attract designers to join web-store” objective. The goal of this objective to make the brand, and the clothes’ web- site itself attractive to young and talented designers all over the world, so that they were willing to create clothing specially for the firm’s website. Possible measures to attract young designers can be offering them free promotion, and other public relations’ activities to help them become popular.
3. Creating new market theme,
“Attract sight- impaired people with new product” objective. It emphasizes addressing the demand on clothes of people, whose demand has never been addressed before. They are sight- impaired people. Of them we pick two categories: color- blind people, and completely blind people. Thus we aspire to become the first and very important partner of those people in creating specific clothes, and services for their greatest convenience.
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“Attract organizations for sight- impaired people with new product” objective. This objective looks more comprehensively at the new market: on the one hand it seeks to create another leverage to push the sight- impaired people buying more by making them better informed through the special organizations, they happen to be members of (like medical institutions, they are registered in, or clubs and societies, organized on the basis of their sight disorder); on the other hand, the objective sees the organizations, as customers themselves. For instance, on different events the organizations might want to buy the goods for their members, or stand out with other initiatives, that will involve buying special clothing from the firm.
7.2.3 Internal Perspective
1. New channel theme,
“Build web-store” objective. Its goal is to create a new channel of sales, and make it the principal one; and, afterwards, to make the customers fully enjoy staying at it. To achieve this goal, the web-site should constantly be upgraded to build customers’ positive choice experience, bring the fresh breath of fashion anytime, and create the feeling of individual experience by visitors.
o To build the choice experience, the web- site should offer a big variety of options in different categories, and very well designed web architecture.
o To bring the fresh breath of fashion anytime, the firm has to create the impression of coolness of the clothes, sold on the web-site.
o To create the feeling of individual experience by visitors, the web-site should be equipped with unique functions, and offer social experiences.
2. Build relations theme,
“Build designers’ relations” objective. It is aimed at building long time relations between the designers and the company, in order to guarantee the constant supply of high quality
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designer works over time (in other words, to recruit and save the best talents). To attract designers, advertising should be used, and to retain the designers, different public and economic activities, such as competitions and percentage of sales can be applied.
“Build retailers’ relations” objective. The goal of the objective is to become an indispensable supplier to the non-web stores. To become such, the firm should be winner in all of the categories of services to a retailer. First of all, it should be a unique supplier, offering goods, that nobody else offers. Second, it must be a reliable supplier, with a strong commitment to its promises. Third, it must be a solutions’ partner to a retailer, consulting it on various operational and marketing issues. Fourth, the firm should build awareness among retailers constantly, informing them about new products, and new services.
“Build hospitals’ & administrations’ relations” objective. In its implementation steps, it repeats all of the “build retailers’ relations” objectives,- they are: be a unique supplier of medical stuff, be a reliable supplier, be a solutions partner to hospitals and administrations (local and central), build awareness of hospitals and administrations.
3. Corporate Social Responsibility theme,
“Most health-conscious company” objective. The goal of this objective is to create the image of the most caring-about-people clothing company, by using all the natural ingredients, from fabrics to dyes.
“Most visible Corporate Socially Responsible firm” objective. The purpose of this objective is to follow the latest trend to be a CSR company, and to make it a part of the company’s image. To reach the position of CSR leader, the company should move in several major directions: become a recycling leader, using skills and resources partly for charitable
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purposes, implementing interesting projects, that can attract everybody’s attention, helping communities through everyday SOP.
4. Innovation Management theme,
“Build sight-impaired people relations” objective. With this objective the firm has to make best friends with the sight- impaired people, providing them with comfort and attention, that they lack in their everyday life. Here the firm is building relations with color-blind people, and completely blind people. To do that, the firm should make the web- site mostly easy-to-use for those people, and bind them to the firm by providing different social events and activities uniquely to the sight- impaired people.
“Build sight- impaired people organizations’ relations” objective. The aim of this objective is to use such organizations as an additional leverage to inform the sight- impaired people about the new products, and to make the organizations themselves customers of the company. To achieve these goals, the company can do various promotions.
7.2.4 Learning perspective
1. Motivated and prepared office workforce team theme,
“Skills of communication and web-store management” objective. The objective’s purpose is to build the abilities of each office employee to operate the web-site efficiently and being able to communicate successfully with clients.
“Strategic information availability” objective. It aims at creating everybody’s awareness of the firm’s strategy, and stimulating everybody’s effort to come up with new more effective ways of achieving the goals set.
2. Motivated and prepared factory workforce,
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“Skills to manufacture new product” objective. The purpose is to make the workforce capable of producing the new product.
3. Motivated and prepared management team,
“Skills to market new product” objective. The purpose is to teach the management team of the company to find new clients and communicate the strategic goals to other employees.
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