Background
Strategic objectives are a measure of attaining your vision and mission. They reflect the vision,
mission, and values of the business, as well as the outcomes of the business, as the outcomes of
the internal and external environmental analysis.
Scorecard Areas
Develop at least three strategic objectives for each of the four balanced scorecard areas.
Financial Objectives Measure Targets; Timeline/Metrics
Increase market share Total Revenue Increase 5% in first year
Market Share Growth: Apple's
financial goals may include
expanding the company's
market share in certain
product categories or
geographical areas. One such
goal is to expand market share
by some specified percentage
within some specified time
frame, such as doubling one's
portion of the smartphone
market in the next year. This
goal may be measured by
looking at how much of the
Revenue Diversification:
Apple's financial goals may
include expanding the
company's income streams as
a key strategic priority. This
goal might be evaluated by
tracking the proportion of total
income that comes from new
offerings within a certain time
period. Apple may aim to have
20% of its income come from
unproven products or
developing countries. To
achieve this goal, the business
Revenue Growth: A growth of
5% in annual sales is one
possible strategic target for
Apple's financial goals. The
percentage increase in annual
revenue would serve as a
marker for this goal. Reaching
this goal would need the
implementation of sales and
marketing techniques aimed at
increasing product demand,
entering new markets, and
releasing ground-breaking
new items.
3
market Apple controls in the
specified field or area. To
achieve this goal, you would
need to adopt marketing
techniques, release competing
items, and broaden your
distribution networks.
would need to look for ways
to expand, invest in R&D, and
enter other markets or sectors
in order to lessen its
dependence on any one thing.
Revenue Growth: Growing the
company's revenue might be
another important strategic
aim. Increasing the company's
yearly income, for example,
by a certain percentage within
a specified time period might
be the objective. The
percentage increase in
annualized revenue would
serve as a statistic for this
purpose. Reaching this goal
would include launching
cutting-edge goods,
penetrating untapped areas,
Average Revenue per User
(ARPU) Increase: Raising the
per-user revenue average
might be another important
strategic goal. This goal might
be tracked by looking at how
much money is made off of
each client. Apple might aim
to raise ARPU by a certain
percentage by a certain date.
In order to achieve this goal, it
will be necessary to execute
pricing strategies,
upselling/cross-selling
activities, and the provision of
Profit Margin Enhancement:
Increasing the company's
profit margin by 5% in the
first year is another possible
long-term target. The target
measure for this endeavor is a
rise in profit margin by a
certain percentage. In order to
achieve this goal, it will be
necessary to optimize cost
structures, reduce operational
expenditures, and improve
operational efficiency in order
to boost profitability and
financial performance.
4
and capitalizing on strategic
advertising and sales efforts to
increase sales.
value-added services in order
to raise average customer
spend and user income.
Customer Acquisition:
Obtaining more customers
might be a strategic goal for
Apple. The goal might be to
increase the client base by a
particular percentage or to
sign up a certain number of
people in a certain amount of
time. This goal might be
measured by the amount of
new business brought in
throughout the time frame. To
achieve this goal, we must
adopt strategic marketing
plans, aim to increase
consumer happiness, and
broaden our distribution
channels.
Profit Margin Improvement:
Apple may decide to make
raising the company's profit
margin a primary strategic
aim. The target profit margin
increase % will be used to
evaluate success. Apple might
aim to increase its profit
margin by 5% in a certain
amount of time. Improving the
company's financial standing
and maximizing profits would
need optimizing cost
structures, cutting operating
expenditures, and boosting
operational efficiency.
Market Share Expansion: As a
strategic goal, Apple
might aim for a 5% rise in
market share in certain
products or areas during the
first year. This goal may be
measured by looking at how
much of the market Apple
controls in the specified field
or place. Gaining a higher
market share may be achieved
by strategic advertising,
introducing rival goods, and
improving distribution
networks.
5
Customer Objectives Measures Targets: Timeline/Metrics
Increase customer value Increase profit contribution
per customer
Increase 5% in first year
Customer Satisfaction and
Loyalty: Apple should make
sure its customers are happy
and loyal to the company as a
whole. Goals might be
established to track and
increase customer satisfaction
indicators, including the Net
Promoter Score (NPS),
customer retention rate, and
feedback scores. Apple should
prioritize first-rate customer
support, responding quickly to
their inquiries, and improving
their overall satisfaction with
the company's goods and
services.
Net Promoter Score (NPS)
Improvement: Increasing the
company's NPS might serve as
a strategic goal related to
Apple's patrons. NPS
evaluates how satisfied and
loyal a consumer base is.
Apple might aim to raise its
NPS by a particular
percentage or to meet some
other metric. To achieve this
goal, we must improve the
customer service they get,
eliminate their complaints, and
go above and beyond their
expectations.
Customer Experience
Excellence: Apple may set
"customer experience
excellence" as a long-term
goal in order to better serve its
clientele. Aiming for a steady
Net Promoter Score (NPS) of
80 or above would be one way
to gauge success in this area.
Timelines for this goal might
be established on an annual
basis, with efforts to
constantly assess and enhance
the quality of service across
all points of contact with
customers.
Product and Service
Innovation: One of Apple's
strategic goals may be to
Customer Retention Rate:
Increasing customer loyalty
might be another of Apple's
Increase Customer
Engagement: Increasing client
participation in Apple's goods
6
encourage the constant
development of new products
and services. Apple might aim
to meet or surpass consumer
expectations by introducing
groundbreaking new features,
technologies, and designs. The
number of patents filed, the
pace at which customers adopt
new goods or parts, and
customer feedback on product
quality and innovation all
indicate whether the firm has
achieved its goal.
strategic goals regarding its
clientele. The proportion of
consumers who continue to
buy Apple goods and services
after an introductory period is
one metric that Apple may
aim to enhance. This goal
would center on delivering
first-rate Apple goods,
services, and support to retain
existing consumers and attract
new ones (Cooper, R. G.
(2011).
and services might be a
strategic goal (Cooper, R. G.
(2011).. The goal might be to
increase the number of active
users or the average daily time
they spend using the service.
Delivering captivating
experiences that keep
consumers engaged and build
long-term loyalty might be the
focus of quarterly or biannual
goals related to this purpose
(Alagaraja, M., & Shuck, B.
(2015).
Personalization and Customer
Engagement: Apple may
choose to make improved
personalization and consumer
involvement a primary focus.
The business might set out to
meet each consumer's specific
wants and requirements via
individualized service.
Customer Lifetime Value
(CLV) Growth: Apple
may make maximizing
Customer Lifetime
Value(CLV) a major company
goal. CLV is a metric that
evaluates how much money a
client brings throughout their
whole engagement with a
Enhance Customer Support
Effectiveness: Improving the
efficiency of Apple's customer
service may be another
important strategic goal. A
high percentage of customer
problem resolution, say 95%
or above, might be the goal.
Average response time, first-
7
Methods like boosting client
interactions on digital
platforms or in-store
experiences, providing better
user interfaces, and mining
consumer data to provide
more targeted suggestions are
all avenues toward this goal.
Apple may evaluate success in
this area by tracking the
percentage of visitors
who purchase or the
percentage of customers who
are happy with their
customized experience.
business. By applying
techniques to boost customer
engagement, cross-
selling, upselling, and
cultivating long-term
connections with its clientele,
Apple might aim to raise the
average CLV.
call resolution rate, and
customer satisfaction with
support contacts are a few of
the customer support metrics
that are evaluated
continuingly as part of this
goal's timetable. This goal
might be accomplished
using tools, including
continuous improvement
efforts, training programs, and
technological advancements.
Internal Business Process
Objective
Measures Targets: Timeline/metrics
Decrease lead times for new
contract implementation.
Project implementation time
frames
Decrease time by 3% in first
year
Lead Time Reduction:
Decreased implementation
timelines for new contracts
Project Time-to-Completion
Reduction: Apple's internal
business process may include
Process Streamlining:
Streamlining Apple's internal
business processes to reduce
8
might be a strategic goal for
Apple's internal business
process. One such goal is to
shorten the time it takes to put
in place a contract by a certain
percentage (say, 10% in the
first year). The length of time
it takes to go from signing a
contract to the moment it is
fully operational would be
used to gauge progress toward
this goal. To achieve this goal,
we would need to streamline
internal procedures, improve
departmental collaboration
and communication, and
pinpoint areas for
improvement in order to speed
up the timeframe for
implementing the contract.
the acceleration of project
completion as one of its
primary goals. The typical
project duration from its
inception to its realization
might be used to gauge
progress toward this goal.
Apple might have a plan like
decreasing the average project
duration by 15% by a certain
date. To achieve this goal, it
will be necessary to create
effective project tracking and
monitoring methods, optimize
project management
techniques, improve team
cooperation, and increase
communication.
time needs might be a key
strategic goal. The average
processing time for critical
operations might be cut by 3%
in the first year. This goal
might be measured, for
example, by tracking how
long it takes to produce a
product, manage a supply
chain, or provide customer
service. To accomplish this
goal, it would be required to
identify bottlenecks, eliminate
extra procedures, and make
process changes.
Standardization and
Automation: Implementing
contracts more efficiently and
Resource Allocation
Efficiency: One strategic goal
may be to
Cycle Time Reduction: One
strategic goal may be to speed
up non-negotiable processes.
9
consistently might be another
major goal. Shortening cycle
times may be a goal, and to
that end, some aspects of the
contract implementation
process might be automated,
including contract
documentation, approval
procedures, and data input.
Successfully automating a
certain proportion of contract
implementation tasks would
be a measure of this goal. To
achieve this goal, you'd need
to automate as much of the
process as possible, set up
uniform procedures, and use
technology to handle contracts
more effectively.
streamline allocating and
using project resources. This
goal might be evaluated based
on the project completion
rate within their allotted time,
money, and manpower
constraints. Apple can aim to
have a 90% success rate in
resource allocation by a
certain date. To achieve this
goal, it will be necessary to
establish efficient resource
planning and allocation
techniques, perform frequent
evaluations of available
resources, and maximize
resource usage to guarantee
on-time project completion.
Key processes or project
milestones might have a one-
year aim of a 3% reduction in
cycle time. The time taken to
complete a whole cycle, from
start to finish, would be a
statistic for this goal. Apple
may want to speed up its
product development and roll-
out of new features. To this
end, it would be necessary to
simplify operations, reduce
cycle times, and improve
cooperation and coordination
via technology.
Cross-Functional
Collaboration: If Apple
wanted to improve contract
implementation, it might
Streamlined Project Approval
Process: Apple
should standardize its
approval procedures for new
Decision-Making Efficiency:
Apple may make it a corporate
priority to streamline
its decision-making processes.
10
create a strategic goal to
increase cross-functional
communication. The plan
may facilitate better
coordination and cooperation
across the many teams (such
as sales, legal, finance, and
operations) participating in the
implementation process. This
goals metric might be
determined by surveys or
analyses of how well
cooperation is received by
internal stakeholders.
To achieve this goal of
streamlined contract execution
and shorter lead times, it will
be necessary to develop
frequent communication
channels, encourage
information exchange, and
push for cross-departmental
collaboration.
projects. The time taken for
project ideas to go through the
approval process and be
granted the relevant
authorizations might be used
as a metric for this goal. Apple
may shorten the typical
clearance process by 20%
within a certain time frame.
To achieve this goal, project
managers and stakeholders
must analyze and streamline
approval procedures, establish
transparent standards and
criteria for project assessment,
and improve their ability to
communicate with one
another.
The average time
spent making crucial company
choices might be cut by 3% in
the first year. The time it takes
to go from identifying an
alternative to having it
approved or implemented
would be used to gauge
progress toward this goal.
We must develop transparent
decision-making frameworks
to achieve this goal, provide
decision-makers
with sufficient authority, and
enhance communication and
information flow.
11
Learning and Growth
Objectives
Measures Targets: Timelines/Metrics
Decrease employee turnover Facilitate regular training
and opportunities for
development
Reduce time by 4% in first
year
Enhance Employee
Engagement: Increasing
employee enthusiasm might
be a key strategic aim for
Apple's learning and
development goals. Using
surveys and other forms of
feedback, the goal may be to
boost employee engagement
by a specified amount in a
certain amount of time. To
achieve this goal, we must
promote a culture of
acknowledgment and
appreciation in the workplace,
as well as provide possibilities
for professional progress.
Training Completion Rate:
Increasing the percentage of
workers who complete their
training might be a strategic
goal for Apple's learning and
development initiatives. One
metric that may be used to
evaluate progress toward this
goal would be the proportion
of workers who complete
mandatory training courses
within the allotted time limit.
Apple may aim for a 95%
training completion rate by the
end of the year. This goal
would center on making
available interesting and
Time-to-Competency
Reduction: Reducing the time
it takes for people to become
competent in their professions
might be a key strategic target
for Apple's learning and
development goals. One
possible plan is to cut the
typical time to competence in
half during the first year on
the job. This goal might be
assessed by looking at how
long recruits can reach full
competence in their careers,
starting from the date of
employment. Effective
onboarding programs,
12
useful training for workers and
giving them the means to
finish it Pfeffer, J., & Veiga, J.
F. (1999).
extensive training tools, and a
streamlined learning curve for
new hires contribute to this
goal.
Develop and Retain Top
Talent: Investing in the growth
and success of key employees
may also be a strategic goal.
One such goal is to keep the
voluntary turnover rate among
employees at a certain
percentage below the industry
average. To achieve this goal,
the organization will need to
put in place measures such as
giving extensive training and
development programs,
providing competitive pay and
benefits, and outlining distinct
career routes for workers to
follow.
Skill Development and
Knowledge Enhancement:
Apple might make it a
business goal to help workers
improve their knowledge and
abilities. The number of
workers who enroll in and
complete certification or
training programs might be
used to gauge progress toward
this goal. Apple may aim for a
particular percentage increase
in certified workers by a given
date. To achieve this goal, it
would be necessary to provide
workers with access to
various learning opportunities,
including seminars, classes,
and mentoring schemes.
Professional Development
Acceleration: Boosting
workers' opportunities for
personal and career growth is
another possible strategic aim.
One possible goal is to shorten
the time it takes workers to
learn new skills or
competences by 4 percent in
the first year. This goal might
be measured, for example, by
the typical length of time it
takes workers to complete
appropriate forms of
certification or training. To
achieve this goal, the
organization would need to
provide its workforce with
access to a range of training
13
and development options,
including virtual classroom
instruction, in-person
seminars, and mentoring
schemes.
Strengthen Leadership
Development: Apple may
establish a long-term goal to
improve its internal program
for cultivating future leaders.
One such goal is to enhance
the rate at which high-level
jobs inside an organization are
filled from within by a certain
percentage in a given amount
of time. To achieve this goal,
it would be necessary to put
resources into leadership
development programs, to
identify people with
leadership potential, and to
provide such employees
enough opportunities to hone
Internal Mobility and Career
Progression: Increasing
opportunities for advancement
inside an organization is
another possible goal. This
goal may be evaluated by
tracking how many workers
are promoted or given
additional responsibilities.
Apple could aim to increase
the number of promotions
from inside the company by a
certain percentage in a certain
time period. To achieve this
goal, organizations must
provide workers with defined
pathways to advancement, as
well as coaching, training, and
Knowledge Transfer
Efficiency: Apple may make it
a business priority to enhance
internal communication and
information sharing.
Employees' time spent
acquiring and implementing
new information might be cut
by 4% in the first year. The
time it takes for workers to
incorporate newly learned
skills into their regular work
might be used as a measure
towards this goal. To achieve
this goal, organizations need
to establish efficient
knowledge management
systems, encourage workers to
14
their talents. opportunity to exhibit their
talents and take on more
responsibilities.
engage in cooperative
learning, and spread the word
about the benefits of
knowledge sharing.
Below, explain in 350-525 words:
Why these objectives are appropriate for the project.
Why these metrics and timelines are appropriate for your strategic plan.
Because they align with the company's overall financial goals and the market dynamics in
which it operates, the objectives, measurements, and timelines selected are extremely suited for
Apple's strategic plan. This is because Apple has chosen these objectives. Apple's goal of
increasing revenue is very important to the corporation because it directly affects the company's
long-term financial health and viability. Apple has the potential to grow its company and make
the most of its chances in the market if it sets a goal to achieve a five percent rise in its annual
revenue within the first year. This purpose is reasonable because it compels the organization to
determine the factors that drive growth, create novel goods and services, and devise and execute
efficient methods for sales and marketing (Edmans, A. (2021). In addition, the company's
dedication to providing value to consumers and maximizing returns for shareholders is shown in
adopting a revenue-focused objective.
Apple also needs to focus on increasing its profit margin. The corporation hopes to boost
its profitability and financial efficiency by aiming for a 5 percentage point improvement in its
profit margin. This is the right goal for Apple to have since it will push the company to find ways
to reduce expenses and increase productivity. It secures Apple's long-term financial
15
sustainability and shareholder value by directing attention away from generating revenue and
maximizing its operations' profitability. Apple's long-term strategy involves increasing the
company's market domination and growth, which can be advanced through increasing market
share. Apple's first-year goal of a five percent growth in market share reflects the company's
desire to strengthen its standing in the market. This is a good goal for Apple since it will force
the company to attract new clients, penetrate untapped areas or product categories, and dominate
the competition. This reflects the company's dedication to providing excellent products, services,
and client experiences.
Apple's strategic strategy is consistent with the objectives' measurements and timetables.
Apple has chosen a concrete and measurable goal of a 5% rise in revenue, profit margin, and
market share during the first year as a means of tracking its success. Timelines are reasonable
and doable, providing the organization enough time to put plans into action and see results.
Apple can now evaluate the efficacy of its strategic efforts and make informed decisions thanks
to this set of indicators and associated deadlines. In addition, Apple may compare its results to
those of rivals and market expectations because these measurements are consistent with industry
standards and benchmarks. Apple can show its financial strength and market leadership by
tracking and reporting on these measures to investors, stakeholders, and the wider market.
In conclusion, Apple's strategy plan is well-suited to the chosen targets, measures, and
timescales of increasing revenue, improving profit margins, and increasing market share. They
give a transparent basis for measuring performance and holding employees to account, while also
supporting the company's financial objectives and reflecting market conditions. Apple can propel
its financial success, keep its competitive edge, and generate long-term value by focusing on
these goals.
16
References
Alagaraja, M., & Shuck, B. (2015). Exploring organizational alignment-employee engagement
linkages and impact on individual performance: A conceptual model. Human Resource
Development Review, 14(1), 17-37.
https://journals.sagepub.com/doi/pdf/10.1177/1534484314549455
Bovet, D., & Martha, J. (2000). Value nets: breaking the supply chain to unlock hidden profits.
John Wiley & Sons. https://books.google.com/books?hl=en&lr=&id=dJsFh-
LIKEkC&oi=fnd&pg=PR7&dq=Apple+Revenue+Growth:+Growing+the+company%27
s+revenue+might+be+another+important+strategic+aim.+&ots=U6qnqQpFqw&sig=-
v5mdClZnm3qg5Mdp2JU8M23-og
Cooper, R. G. (2011). Perspective: The innovation dilemma: How to innovate when the market is
mature. Journal of Product Innovation Management, 28(s1), 2-27.
https://onlinelibrary.wiley.com/doi/abs/10.1111/j.1540-5885.2011.00858.x
Edmans, A. (2021). Grow the pie: How great companies deliver both purpose and
profit–updated and revised. Cambridge University Press.
https://books.google.com/books?hl=en&lr=&id=DGlHEAAAQBAJ&oi=fnd&pg=PR17
&dq=Apple+Revenue+Growth:+Growing+the+company%27s+revenue+might+be+anot
her+important+strategic+aim.+&ots=wf8JWWn5HF&sig=ArT2pF-
lkSwxoaEZqIzfsYsYpGs
Pfeffer, J., & Veiga, J. F. (1999). Putting people first for organizational success. Academy of
management perspectives, 13(2), 37-48.
https://journals.aom.org/doi/abs/10.5465/AME.1999.1899547
The post Sample Business Finance Paper on Apple Inc Company Balanced Scorecard Template appeared first on Essay Homework Help.
