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9. Research Limitations
A. The Limitation of Time.
Any research, that deals with Balanced Scorecard, requires a long time period to show whether both themes and objectives are selected correctly. The same comment refers to the measures. The time spent on the thesis is much less than the period, sufficient for a complete study.
B. The Limitation of Market Data Available.
To choose the target market correctly, a respective research should be conducted. Such a research must include statistical analysis, numerous interviews, and analysis of related marketing research papers. The author considered such a task extensively time-consuming, and mostly useless.
Whether the target market was selected correctly or not, one of the purposes of the study was to trod the path for creating unique solutions for small enterprises, using the Blue Ocean Strategy, so that the followers could use the developed thinking patters as a sample.
C. The Limitation of Practical Experience.
This study is the first to combine Blue Ocean Strategy and Balanced Scorecard. There were neither studies alike nor real-life examples of such combinations in the past. So, this study’s applicability isn’t easy to predict.
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1. Future Research
A. Combination of Blue Ocean Strategy and Balanced Scorecard.
This paper proposes a new combination of the Blue Ocean Strategy and the Balanced Scorecard.
Its uniqueness is in its’ supposed effectiveness: the Blue Ocean Strategy is a new trend in the strategic science, and the Balanced Scorecard is considered to be the most effective tool for implementing a strategy. As such, further studies with practical application of the theoretical models will be highly useful to see the whole life cycle of such a combination, to identify its strong and week points.
B. The Extension of this Methodology to Other Industries.
The case-firm in this study belongs to the textile industry, but the model developed is a very general one, and can be applied to different types of organizations. The further study of this model in other areas can identify common characteristics of the model, and variables, peculiar only to certain industries.
C. Geographical and Cultural Differences.
The further studies should also identify, how geographical and cultural differences might affect the success of such a model.
D. Modification of The New BSC using Kaplan and Norton’s Concept of Alignment.
It is highly recommendable to do a separate research upgrading the Balanced Scorecard developed in this paper to the level analyzed in Kaplan and Norton’s book “Alignment. Using the Balanced Scorecard to Create Corporate Synergies”. Thus the BSC will also consider the corporate
headquarter’s factor in the process of strategy implementation.
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