Question 1 (Marks: 30) Read the following extract from a ClO magazine article and then answer the questions that follow:

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Question 1 Marks 30 Read The Following Extract From A Clo Magazine Article And Then Answer The Questions That Follow 1 (90.76 KiB) Viewed 31 times

Question 1 (Marks: 30) Read the following extract from a ClO magazine article and then answer the questions that follow: "Strategy is all talk, no action. Every company is certain it has a rock-solid strategy (see, it's right there in the company newsletterl). But going from paper to execution is where most companies fail-nine out of 10, to be exact, according to Robert Kaplan and David Norton, who in 1990 developed the Balanced Scorecard concept - a set of measures to track customers, internal processes, learning and growth. Kaplan: "Let's use Mobil [a Balanced Scorecard client] as an example. At the highest level, they have their mission statement: To offer the number-one buying experience for consumers when they purchase gasoline. The next level would be the vision: To become the most profitoble integrated oil and gas refining marketing company. The specifics when you get in the financial perspective are, - we will grow revenue 2 percent faster than the industry average. - we will get an increasing share of our revenue from non-gasoline products and services. Now you're getting very specific. The customer piece is, We will be the number-one station of choice for customers in these three targeted segments who value a great buying experience. And that's already a choice because it says, in effect, we're going to charge higher prices, and we're not going to appeal to the price-sensitive customer because we're going to offer the best buying experience for those segments of the population who value not just the purchase of the gasoline but also quick service, quick purchase and a quick payment. Then you get to measures, which pick up on how well you are delivering." Source: https://www.cio.com/article/2441871/q-a ... orate-html [Accessed 10May 2022]. Note: In your answers, you will be awarded more marks for integrating the theory and points from the news article than if you discuss them separately. Q The independent Inst Tute of Education (Pty) Ltd 2022 Page 4 of 8 21÷22 2022 Q.1.1 Explain the concept of strategic planning with reference to Mobil. (10) Q.1.2 Evaluate Mobil's objectives using the SMART criteria as part of the Balanced (10) scorecard methodology. Q.1.3 Suggest omni-channel retailing as an option for Mobil's non-gasoline products. (10)