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Significance and use of balanced scorecard as a means of strategic planning and management for Starbucks Hongkong

Number of Words : 2841

Number of References : 19


 Introduction 3
 Company Profile – Starbucks 3
 Balanced Scorecard and Starbucks 4
 Concept and Importance 4
 Financial Performance 5
 Internal Processes 7
 Customers 9
 Learning and Growth 10
 Recommendations 11
 Conclusion 12
 References 14


This study is undertaken to highlight the significance and use of balanced scorecard as a means of strategic planning and management (Kaplan & Norton, 2006). The company under question is Starbucks Hong Kong. Starbucks being an international company has well used the balanced scorecard as a tool to align its business processes with its mission and company vision. This study reflects how this company has benefited in terms of internal and external communication improvements and ease of measurement of company performance against its set long-term goals and strategies. As the name suggests, balanced scorecard has helped Starbuck balance its focus amongst the four aspects of the scorecard namely financial measures, internal process improvements, customer perspective as well as learning and growth needs. The scorecard approach will help Starbuck not only identify and measure parameters, but also set targets and corrective actions that need to be taken to achieve objectives.<br />

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