For any company to grow, it has to consider two very important factors; consumer satisfaction and up-to-date technological change. In today’s technological era, new and better versions of computers, phones and other electronic gadgets are flooding the market with better and improved features. Apple Inc. faces competition from other companies such as Nokia, Microsoft and Samsung among others. With the introduction of Nokia Lumia which was developed by Nokia in collaboration with Microsoft, Apple faces the challenge of better smartphones with better OS. It is therefore imperative that they consider their speed in which they develop new technological gadgets. They should also consider the customer, who is the sole reason that the business prospers. Providing products that meet the consumer’s expectation is vital. The I-phone series is one of the most sought after gadget and they should ensure that they produce the best quality.
When developing a balanced scorecard, two objectives have to be considered because of the nature of the business. The objectives are phrased as questions so that different prospective ways are considered to fulfill their objectives. The first question to consider is “to achieve our vision, how should we approach change and improvement of our products?” Changes in technology are seen on a daily basis. For Apple to achieve this objective, they have to consider the importance of the scorecard since it will give a wholesome perspective on the targets. It will consider the changing chip designs, smartphone applications among others to completely cover all bases.
The second objective ought to be considered is, “is it important to meet the shareholders to succeed financially?” The presence of the Board of Directors during meetings is important since the qualms raised by the investors -the most important decision maker in any company- are settled immediately and that is one way to restore confidence for people to invest more in the company.
References
Apple Inc. website. Retrieved from http://www.apple.com/pr/library/2003/03/20Apple-Enhances-Corporate-Governance.html
Balanced Scorecard Institute, Balanced Scorecard Basics. http://www.balancedscorecard.org/BSCResources/AbouttheBalancedScorecard/tabid/55/Default.aspx
