Create a Balanced Scorecard and Strategy Map for the company (TESCO) Essay - 1

Create a Balanced Scorecard and Strategy Map for the company (TESCO) - Essay Example Strategy map has been prepared on the basis of analysis done while preparing the balance scorecard. The strategy map is drawn in order to show how strategic objectives identified through balance scorecard and KPIs will work together in helping Tesco Plc achieve its business objectives. In the final part, on the basis of analysis done in the report, suitable recommendations are given to enable Tesco to improve business performance in a comprehensive manner. For last 20 years, interest in performance measurement and management (PMM) has increased among scholars and companies at an exponential rate (Valmohammadi and Servati, 2011). In such context, Kaplan and Norton (1996) proposed the concept of Balance Scorecard (BSC) in order to formulate a performance management framework, which can measure performance of all important business activities. Haapasalo, Ingalsuo and Lenkkeri (2006) stated that companies use the balance scorecard in order to formulate strategy map, which in turn provides direction to strategic initiatives. It is evident from the theoretical argument that companies use balance scorecard and strategic map as composite unit in order to control performance outcome and shape business strategies. In similar context, balanced scorecard and strategy map can be applied to Tesco in order to understand dimensions of their business strategies. Before going further into the main discussion, the study will discuss business operations of Tesco Plc so as to develop a functional background. Tesco Plc is a renowned British multinational general merchandise and grocery retailer, which has established more than 6000 retail stores across the globe (Tesco Plc, 2014). In UK, Tesco Plc is regarded as the largest retail chain, while worth of the brand is above  £2.6 billion (Tesco Plc, 2014). The company was established in 1919 and is headquartered at Cheshunt, Hertfordshire, England (Tesco Plc,