Business nowadays has been really tough. Imagine all the companies out there who are entering the marketplace. No matter how small or large the corporation is, it takes a good marketing strategy for it to be successful enough. As competition gets tougher, newer methods are employed and formulated. These are often used to improve the company ‘s total performance and to have a good management system.
In 1992, Kaplan and Norton developed a marketing approach that quantifies both the financial and non financial aspect of an organization. This method is popularly known as the balanced scorecard approach. It creates feasible measures that will assess whether the company is moving towards its goals and objectives. By employing balanced scorecard performance measures, you will be able to make the right decisions according to the economic data as well as the evaluation you have obtained. This will guide you throughout the planning and the decision making portion. Moreover, it will help you in finding ways to improve your customer relationship and your attitude towards your employees. It is not only focused on the stake holders or the top management. It also involves the employees and the staff which should not be taken for granted. They play a large role in the success of a project that is why they should also be assessed and monitored. Moreover, business managers should have a view of the past performance and be able to compare it with the present. And this will definitely strengthen the organization in the future to come.