BALANCE SCORECARD
INTRODUCTION:
A Conceptual Framework for Managing Lodging Brands: A Balanced-Scorecard Approach Abstract:
The issue of brand management remains a formidable challenge for lodging organizations and lodging brand managers. This challenge is partly due to the fact that effective brand management requires an all-inclusive and comprehensive organizational approach. This paper proposes a framework that uses the balance scorecard (BSC) as the basis for brand management. The framework proposes both a proactive and reactive approach to brand management through the use of performance measures or perspectives, which form the underlying components of the BSC. These are the financial perspective, the customer perspective, process perspective, and the learning perspective. The paper enhances and expands this BSC framework by including a brand maintenance and enhancement component.
The concept of balance scorecard was introduced by Kaplan & Norton (1992, 1996, 2007) and they argued that that balance scorecard is a useful tool that tells managers how organization is performing in relation to strategic objectives of organization. Kaplan & Norton(1992) state the four perspectives which are financial perspective,customer perspective,internal business process perspective and learning and growth perspective.These four perspectives are used by managers in order to measure and analyze information. Kalpan and Norton explain these four perspectives which are effective in brand management and manger should make these perspectives to address both short and long term objectives of organization before making decision of marketing mix of that brand. One can effectively manage their brand image by using these four perspectives.Aaker (1991) find that by providing high product differentiation leads to the firm to charge high price from customers. Most