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National City Corporation’s Vision and Mission Statement inspired by the Balanced Score Card:
The recommendations will begin with a newly articulated vision and mission statement for National City Corporation’s future. The new vision is created by using principles discussed in the Balanced Score Card. The Balanced Scorecard will help management measure whether operational activities of a company are aligned with its larger-scale objectives in terms of vision and strategy. The Balanced Scorecard groups performance measures in general categories (perspectives). These perspectives should aid in the gathering and selecting appropriate performance measures for National City. Four general perspectives have been proposed by the Balanced Scorecard:
• Financial perspective;
• Customer perspective;
• Internal process perspective;
• Learning and growth perspective.
The financial perspective examines if the NCC’s implementation and execution of its strategy are contributing to the bottom-line improvement of the company. It represents the long-term strategic objectives of the organization and thus it incorporates the tangible outcomes of the strategy in traditional financial terms. The three possible stages as described by Kaplan and Norton (1996) are rapid growth, sustain and harvest. Financial objectives and measures for the growth stage are integral to NCC’s recommended strategy. The measurements should stem from the development and growth of the organization which will lead to increased sales volumes, acquisition of new customers, growth in revenues etc. Some of the most common financial measures that are incorporated in the fina ...