THE BALANCE SCORECARD: TESCO STORES

INTRODUCTION
The Balanced Scorecard (BSC) is a performance measurement tool that originated in the business worlds. Performance measurement is a way to track performance over time to assess if goals are being met. Organizations measure their performance to monitor how they’re doing in achieving their overall mission and goals.
The BSC was originally developed as a performance measurement system in 1992 by Dr. Robert Kaplan and Dr. David Norton at the Harvard Business School. Unlike earlier performance measurement systems, the BSC measures performance across a number of different perspectives—a financial perspective, a customer perspective, an internal business process perspective, and an innovation and …show more content…

This is essential for the company to provide good and quality services to customers towards the company’s success.
According to Marr, B. (2009), an essential component of Tesco’s performance data is its customer knowledge. Customer perspective in this case is the Tesco’s key component in achieving the excellent performance to be the top global leader in retail industry. Rather than offering a wide range of products and services at good price, Tesco is very concern in delivering the best quality service to its customer and in maintaining the loyalty among customers. For that reason, Tesco’s customer perspective is aiming to earn lifetime loyalty from its customer, customer can get what they want with good prices, do not needs to queue and with great staff lend a hand.
Today, Tesco operates one of the most successful loyalty programmes ever created that is Clubcard scheme. Its loyalty programme called Clubcard which was introduced by Tesco in 1994. With over 14 million users the Clubcard scheme allows Tesco to collect detailed transaction information on two thirds of all shopping baskets processed at their tills.
For the people perspective, Sir Terry Leahy maintains that to ensure people understand how they can contribute, training and education is essential. Tesco develop the people perspective to create an environment where people will believe that there is an opportunity to get on, interesting job are offers