Applying the Balanced Scorecard to Manufacturing
Response to the following problem:
Martin, Inc., manufactures pleasure and fishing boats. Management's goals and objectives for the company are:
1. Goal: To be the industry leader in market share in North America.
Objectives:
• Maintain sufficient cash balances to assure liquidity and solvency
• Expand sales within current markets
• Introduce products into new markets
2. Goal: To provide excellent customer service.
Objectives:
• Provide boats that meet customer needs
• Meet customer needs on a timely basis
• Exceed customer quality standards
3. Goal: To be the industry leader in product innovations.
Objectives:
• Bring new boats and features to the market before competitors
• Increase efficiency and productivity faster than competitors
Required:
For each of these objectives, provide one measure of performance the company could use.