Apple Inc. is a multinational company that designs and sells consumer electronics such as personal computers, phones as well as computer soft wares. The company is known for its exciting products design and its updated technology. Because of this, it has gained brand recognition and high customer loyalty as compared to other tech-related companies. This paper examines Apple Inc. balance scorecard and its impact on all stakeholders, and the communication plan
A balanced scorecard is a framework that focuses on helping organizations build themselves through innovation hence elevating them to new levels of performance. It also assists the leaders to make critical decisions in line with its strategic objectives ( Kumari, 2011) . Apple Inc. is one of the largest companies in the high-tech market, and it uses the balanced scorecard to plan long-term performance in the following ways. Historically, Apple Company has been known for its focus on technology and products. However, over the years the idea of customer satisfaction has become a core tenet of the company. To achieve this, the company designs products that have multiple functions in one for the customer get value for their money. The iPad, for example, gives the users value for their money as it can be used in browsing, listening to music and making voice calls. Instead of collaborating with customer-survey companies such as the J.D. Power & Associates to measure the level of customer satisfaction, the company makes its survey as a way of fulfilling their customer wishes. Apple Company also believes that employees commitment and alignment is essential in achieving its objectives. The company, therefore, conducts comprehensive employees’ survey twice per year in each of its organizations. The survey which involves the random selection of employees is concerned with determining how the staff understand the company's goals, objective and the strategy. Moreover, the survey helps in determining how the employees comprehend their procedure and to what extent they can use them in ensuring the overall success of the company.
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Market share is also another essential indicator of the performance of a high tech company. This is because increasing many shares in the market not only helps in increasing the profits but also influences other stakeholders they collaborate with. Apple company has expanded its market opportunities by introducing products that have high performance, quality, relative price and most importantly reliable. Due to this outstanding product innovation, iPhone and related products segment grew by 58 percent increasing its market share in the international market ( Hitt, Ireland, & Hoskisson, 2012). Shareholder value is also an important performance indicator that company uses to drive the results it wants. The company has introduced measures that focus towards the customers grows and sales growth. These measures delve into creating more growth as opposed to creating more investments for the company. This will ensure that the company succeeds in the highly competitive tech industry that has well- funded and experienced business owners.
Strategic Objectives
While the four balanced scorecard helps the Apple Company manage its long-term performance, it also helps it keep track of the set objectives and goals. Apple company mission and vision in the recent years has expanded. Its vision, aspirations now lies in fundamental values such as product excellence, innovation, price and international marketing ( Hitt, Ireland, & Hoskisson, 2012). One of the objectives of the company is to continue creating products that are groundbreaking in the international market. Having been a trendsetter in the electronics market, the company plans on introducing the high-quality product to its customers. This is because the company believes in doing meaningful work that adds value to the customer and company’s image. To achieve this, Apple needs to build a great team that believes in a strong culture of research and development. To accomplish this, the team will have to operate without complacency and not letting the current success of the company limit their creativity and growth.
In the fast-changing world, technology is will also keep on changing, and even the non-tech companies will not be left behind. Apple Company, therefore, must continue leading the surge in the innovative world to maintain the brand loyalty. To achieve this, Apple must study the market to understand what the consumers want to be improved in the recent products as well as what they would want to have. To increase its market share, Apple must expand its chains of stores worldwide. The apple store accounts for the majority of the company sells. This can be achieved by making their products available in other retail channels for easier accessibility since the demand is always very high. Besides, it should ensure that electronic devices such as mobile phones are available in online stores and e-commerce websites. Apple objective is also to be able to sustain a premium price that goes hand in hand with the products quality. This will enable it to compete with other tech-related companies that sell their products at a relatively high price. The company can achieve this by selling their product depending on the brand and quality.
SWOT Analysis
Most of the Apple company customers are middle-income earners who have a more disposable income to spend on Apple's products. Thus, to maximize in making more profits, the company should continue reinventing products that meet the demands of the consumers. They should use strategies such as the big data to continuously monitoring what the customers need hence surprising them with new products. Besides, Apple should work in minimizing the prices of most of their products. This is important in increasing the profit maximization goal of the company. To decrease future threat regarding competition, it should also increase its investment in countries such as China which has been occupied by most of the competitors. Apple company also make billions of profit every year, it has an opportunity therefore of exerting positive impact in the society. Despite showing a high commitment to respecting the rights of the workers and meeting its obligation like paying taxes. The company has an opportunity of developing organizations that cater to the needs of the poor in the society.
The above strategic objectives are fundamental to helping the company focus on finding a right balance between serving customers and making right profits margin. Moreover, they will help understand their importance and relevance in helping the company achieve its goals. To deliver the message, then down to top approach will assist in dissemination of information as compared to the top-down approach. According to Khan, Alam, and Alam (2015), dialogue at the grass root level is essential as employees are likely to engage in stimulating conversation. This kind of communication when integrated into the employees’ daily routine will help in inspiring them work towards the goal of the company.
In conclusion, Apple company has always strived in developing a balanced scorecard that fits all their need. However, various challenges such as resistance to change, communication and organizational weaknesses often make the company delay in achieving its strategic objectives. It is therefore essential for the top management to train the staff on the need to maintaining a positive organizational culture.
References
Hitt, M. A., Ireland, R. D., & Hoskisson, R. E. (2012). Strategic management cases: competitiveness and globalization . Cengage Learning.
Khan, U. A., Alam, M. N., & Alam, S. (2015). A critical analysis of internal and external environment of Apple Inc. International Journal of Economics, Commerce, and Management , 3 (6), 955-961.
Kumari, N. (2011). Balanced scorecard for superior organizational performance. European Journal of Business and Management , 3 (5), 73-86.
