Get Those Business School Ratings Up!
Response to the following problem:
You are the dean of the business school at North Central University. You have recently gone through a strategic planning process involving representatives from all your stakeholder groups (students, staff, faculty, recruiters, alumni, administration, etc.). The result is a newly refined strategic plan, including a mission statement, underlying values, specific objectives and strategies, and assessment outcomes (performance measurements). One of your objectives is to increase the ranking of your business school by Business News, a magazine that annually ranks business programs in your region. Given your understanding of the Balanced Scorecard approach and the material covered in this textbook, answer the following questions:
1. Even though it takes longer, is it wise to involve various stakeholders in developing your strategic plan? Why or why not?
2. What are some likely strategies that might be implemented to increase your business school ranking? Explain.