Essay about Media General

929 Words Mar 28th, 2014 4 Pages
a) Media General wanted to design a balanced scorecard to apply to all divisions of the company not individual needs of operating units. This was a major task to accomplish given the size of the company and needed the help of outside consultants . The design process was critical to make this system work in order to have all employee’s buy into it. Media General knew they would need help designing a balanced scorecard to fit the company’s needs. The Balanced Scorecard Collaborative led by Dr. Robert Kaplan and Dr. David Norton was a consulting company used by Media General to help develop and implement the scorecard as a value-added management process. BSCol helped Media General learn how to use the balanced scorecard as a strategic …show more content…
b) Bill McDonell’s decision to use the Balanced Scorecard as a tool to implement strategy was made with two reasons in mind. Media General saw an opportunity to become a market leader by leveraging their three divisions as one and providing quality news and information via print, television, and online new sources. The problem with the idea was that the divisions were not aligned and performing as a cohesive unit. Additionally, Media General had only been focusing on measuring success through financial measures such as EBITA and Return on Assets. McDonnell saw BSC as a way to identify and quantitatively measure critical success factors (such as speed of news delivery) that would lead to improved financial performance. All divisions would be able see their own results and how it was aligned with the overall strategy of Media General. McDonnell’s comments five years after implementing the BSC approach recounts the need for a “common language” in communicating strategy and the ability to track performance in a formative manner.
d) The Balanced Scorecard was identified as the tool that would bridge the gap between the mission, vision and strategy conceived by the top executives of Media General and the operation and execution of news making activities at the division level. BSC’s ability to measure non-financial success factors as well as deliver timely feedback in performance

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