Benefits of Introducing the Indicators-based Balanced Scorecard as Strategic Controlling Instrument for Implementation of Corporate Strategy from Four Different Perspectives

Bachelor Thesis from the year 2015 in the subject Economics - Other, grade: 2,1, University of Applied Sciences Bremen, language: English, abstract: Nowadays, many companies should not only discuss about how to obtain profits from their products, which are successfully sold to their customers, but also they should be forced to use any other aspects that are able to give more impact for their long-term success. For examples, discussing about quality of their products, relationship between them and their customers and employees, and the production process as well as marketing. Those are the challenges for all managers who are not only struggling in achieving company¿s targets - high profits but also in achieving customer, employees and stakeholders satisfaction. Schermerhorn (2011, p. 16) generally sees the role of managers in a company and stated that all managers, regardless of their titles, levels, types, and organisational settings, are responsible for the four primary management functions which are defined by Lewis, et al. (2007) as planning, organising, leading, and controlling.
a) Planning should be described that managers have tasks in setting targets and in defining actions that are necessary to achieve the targets of their companies.
b) Organizing involves determining the assignments to be done and how those assignments would be managed and coordinated to reach the company's targets.
c) Leading should be defined that managers should be able to guide, to motivate, and to lead the employees in order to effectively and efficiently achieve company¿s targets.
d) Controlling requires the managers to monitor process of planning, leading and organising whether its process may be able to help reaching the targets, targets have been achieved as expected and applied strategies have been effective or not.
It is difficult for managers to accept the challenges. Therefore, managers need to seek out an approach which is able to help them finishing their tasks and involves not only one aspect but any other aspects, such as customers, shareholders, internal business processes and employees. For other aspects, Tesarovicova (2008) clarified that a higher return on the funds and an increase of the company value is expected by shareholders and owners since customers expect a higher value and quality of products. Nevertheless, the problem appears where to reconcile conflicting demands of individual interest groups are not easy. [...]