Balanced Scorecard and Communication Plan: Tyson Foods, Inc.

In today’s business world, companies are constantly trying to keep a competitive edge and lead their industry. Tyson Foods, Inc. is not any different. As globalization expands from company to company, Tyson Foods must pursue other avenues to remain competitive. To do this they must have strategic goals and implement effective strategies to meet their goals. With the expansion into aquaculture, Tyson Foods has created a balanced scorecard that will model the measurements of the strategic management performance within the division. This will allow communication between the new division and the others while at the same time staying in line with the mission and vision of Tyson and their aquaculture division (“Tyson: Study Up On Tyson”, 2015). The Balanced ScorecardAccording to Pearce (2013), “The balanced scorecardis a set of measures that are directly linked to the company’s strategy. It directs a company to link its own long-term strategy with tangible goals and actions.” In combination with the mission and vision, the strategies will be broken down into four separate perspectives: Shareholder/Financial Value, Customer Value, Internal Operations, and Learning and Growth. The shareholder/financial value will focus on the growth of income and productivity. Customer value will define the channels through which valuefor costumers is built and the motives that motivate the buying of the new product. This will include customer satisfaction, retention, and new customer acquisition in this specific market segment. The Internal Operations will measure the available resources and identify directions forimproving the product’s quality. The Learning and Growth perspective aims to focus on the human and technological structure needed to ensure the implementation of the strategy and offers
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Business Model and Strategic Plan Pt. 33the foundation for the remaining others, as the resources are the building blocks to achieve the planned objectives(University of Phoenix, 2015). Appendix B shows the balanced scorecard for Tyson’s new aquaculture division that will help guide the company in the correct path to achieve the goals that the company hopes to achieve. Along with this, they hope to see the profits and return on their investment