The four perspectives of the balanced scorecard include financial, customer, business process, and organizational capacity. Balanced Scorecard First proposed by accounting academic Robert Kaplan, the balanced scorecard is a management system that allows an organization to focus on big-picture strategic goals. VRIO is a holistic framework to assess the business. The VRIO framework will help assess reality based on four key elements that make up its name (VRIO): value, rarity, imitability, and organization. The model breaks down industries and markets by analyzing them through five forces VRIO Framework The VRIO framework is a tool that businesses can use to identify and then protect the factors that give them a long-term competitive advantage. Published for the first time by Professor Michael Porter in his book “Competitive Strategy” in the 1980s. Porter’s Five Forces Porter’s Five Forces is a model that helps organizations to gain a better understanding of their industries and competition. This is a critical step that helps organizations identify potential threats and weaknesses that can be used in other frameworks such as SWOT or to gain a broader and better understanding of the overall marketing environment. PESTEL Analysis The PESTEL analysis is a framework that can help marketers assess whether macro-economic factors are affecting an organization. It will also alert you to the challenges your organization might face in the future. It can aid in identifying the problematic areas of your business so that you can maximize your opportunities. However, care must be taken when scoring to ensure that businesses do not focus their efforts in the wrong areas.Ĭonnected Business Frameworks SWOT Analysis A SWOT Analysis is a framework used for evaluating the business’s Strengths, Weaknesses, Opportunities, and Threats. Action priority matrices can utilize a wide range of parameters specific to business operations.An action priority matrix is separated into four quadrants, according to the degree of effort and the potential benefits of a specific task.An action priority matrix allows businesses to prioritize efficient and intelligent decisions.Low impact, low effort fill-in activities should be delegated, outsourced, or avoided completely. This is a useful strategy for businesses seeking to boost morale or build momentum quickly. As a general rule, quick wins should be prioritized and the remaining time spent on major projects. Once each task has been scored, plot them on the matrix according to their assigned values. For example, a task with a score of 4.9 is categorized as a thankless task while one with a very similar score of 5.1 is a major project. When scoring, businesses must use common sense when values fall close to quadrant boundaries. While the exact scoring system is less important, many choose to use the school grading model (A to F) or a simply 1-10 scale. To categorize specific tasks, assign scores based on the effort and subsequent benefits of each task. Impact can be measured quantitatively (profitability, revenue, cost) or qualitatively (morale, brand image, customer perception). In the action priority matrix model, effort can denote such things as cost, time, organizational obstacles, or any obstacle that might impede a task being performed. Thankless tasks (high effort, low impact) – otherwise known as hard slog tasks, they should be avoided wherever possible.While they are low in effort and in most cases essential, their impact is minimal. Fill-ins – (low impact, low effort) – including tasks such as filing, data entry, and email.As a result, they have the potential to negate several smaller and quicker wins. Major projects (high impact, high effort) – major projects yield great returns but they are often time and resource-intensive.Quick wins (high impact, low effort) – the most desirable tasks because of their ability to deliver a worthwhile return for relatively little effort.Conversely, those who make poor choices devote themselves to time and resource-intensive tasks that hinder growth. Those who make wise choices on which tasks to pursue first maximize return on investment. The APM has important implications for businesses. The action priority matrix (APM) is a diagrammatic representation that clearly illustrates which activities must be finished on time and which can be left until a later date. Understanding the action priority matrix.Digital Business Models Podcast by FourWeekMBA.Business Strategy Book Bundle By FourWeekMBA.An Entire MBA In Four Weeks By FourWeekMBA.100+ Business Models Book By FourWeekMBA.
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