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Custom Cost Management and Strategy Essay

Nowadays, it is obvious that changes in the business and industrial environment have a great influence on the nature of competition. In order to succeed, organizations’ and companies’ leaders must take into consideration the changes that occur in the current business environment, such as global competition, new forms of management, advanced technology, the Internet, e-commerce, etc. It is worth mentioning that the global competition has altered people`s thinking and business and personal approach to the customers. The research asserts that such issues as ethics of management or planning have captured the minds of business leaders and their subordinates (Hugon & Muslu, 2010). In order to succeed, business owners are searching for new and effective approaches in their business strategies in order to achieve their goals in an efficient and effective manner.

Dunkin’ Donuts is one of the largest retail coffee industries. It has brand recognition in the USA, as well as all over the world. The company was founded in 1950 by William Rosenburg in Quicy, Massachusetts, and in 1989, it was acquired by Allied Domecq (Rangaswamy, 2007). Dunkin’ Donuts has about 6,000 coffee shops worldwide and sells 4 million doughnuts and 2.7 million cups of coffee every day.  These figures are really a great evidence of their successful work that gives the opportunity to compete in the world market and achieve the company`s goals.

The Balanced Scorecard (BSC), which has obviously become a strategic performance management tool, is used in managerial accounting and employee performance measurement and management in Dunkin’ Donuts daily operations (Steele et al., 2012).  Ittner & Larcker (2001) assert that the BSC is one of the greatest achievements that has improved greatly a strategy-centered performance measurement system. The BSC allows managers to pay attention to critical success factors and rewards them for achieving these critical factors in their future work (Blocher et al., 2010). Thus, the BSC helps managers provide for better teamwork and motivate their employees.

Code: Sample20

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