The company I chose to write about is Samsung. Samsung is among the most well-known tech companies. They produce technology such as cell phones, tablets, computers, laptops, TVs, smartwatches, home appliances, and so much more. They sell their items on the internet, in big tech stores such as Best Buy and even retail stores such as Walmart. The balanced score card and strategy map offer the best results for this company because not only is the company concerned with financial performance but also customer satisfaction. There are four principles that relate to this technique. Blocher and Hicks (2019) state that they include financial performance, customer satisfaction, internal processes, and learning and growth. Secondly, not only should the firm be concerned with monetary gain and customer satisfaction, but that their manufacturing facilities are building in the most cost effective way to produce the best product. This in turn is like a cycle that feeds into customer satisfaction and means monetary gains for the company in the future. Technology companies in particular should always be concerned about the future because they are the future. New technology is coming out every year. If they want to stay in the same leagues as their competition, they must develop a strategy map and follow, releasing new technology often. This takes a lot of planning and precision work.
Blocher, E. J., & Hicks, M. (2019). Accounting for decision making: Text and study guide. Boston, MA: McGraw-Hill.