13 - Private-Sector Organizations Flashcards
What is the main focus of Northwestern Mutual’s new strategy?
Offering comprehensive financial security to end-use customers
This shift was from a focus on superior insurance products to a broader financial security approach.
What strategy did Media General adopt to enhance its operations?
Convergence strategy, coordinating different media outlets for unified quality information
This involved merging traditional and digital media platforms.
What problem did Volvofinans aim to solve with a strategy map?
Lack of understanding of the company’s strategy among employees
This led to a decline in employee satisfaction and commitment.
What is Northwestern Mutual’s core premise?
Doing what’s best for its policy owners
This is central to its mutual company structure.
What significant change in regulation affected Northwestern Mutual’s strategy in 1999?
Enactment of the Gramm-Leach-Bliley Act
This allowed direct competition between insurance companies and banks.
What is the vision of Northwestern Mutual?
To become the premier company helping clients achieve lifelong financial security
This vision leverages the company’s traditional strengths.
What is the Balanced Scorecard used for in Northwestern Mutual?
To communicate and monitor the success of its broader strategy
It also enhances employee engagement and fosters a performance culture.
What are the four financial objectives of Northwestern Mutual?
- Deliver strong product value
- Insurance revenue growth
- Investment product revenue growth
- Aggressive management of operating fundamentals
These objectives support the overarching goal of financial strength.
What does the customer perspective of Northwestern Mutual’s strategy map emphasize?
Differentiation as a world-class provider of leading products and relationship-based services
It includes expert advice and needs-based planning.
What was a key internal process theme for Northwestern Mutual?
Expanding the network of specialists
This involved improving recruiting, retention, and productivity of financial representatives.
How did Northwestern Mutual address employee engagement?
By linking the Scorecard to new project-funding proposals
This integration led to a 21% improvement in project success metrics.
What was a significant outcome of the Balanced Scorecard rollout at Northwestern Mutual?
Improved employee understanding of company business direction
Surveys showed many employees saw a clear link between their jobs and company objectives.
What is Volvofinans’s mission?
Support sales of Volvo and Renault products in Sweden through competitive sales-financing solutions
This mission drives the company’s operations and strategic objectives.
What did Volvofinans do to improve its strategy implementation?
Developed a new IT system for the Balanced Scorecard
This facilitated easier circulation and usage of the Scorecard across the company.
What themes were included in Volvofinans’s strategy map?
- Motivated and involved coworkers
- Win/win with Volvo dealers
- Growth and efficiency strategy
These themes were essential for aligning objectives and processes.
What was the outcome of the inclusive strategy map development process at Volvofinans?
Stronger employee grasp of company strategy and improved morale
This led to increased lending amounts and contracts in force.
What did the process perspective of Volvofinans’s strategy map emphasize?
Product leadership and operational excellence
It focused on improving product development and customer loyalty.
Fill in the blank: Northwestern Mutual was founded in _______.
[1857]
True or False: Volvofinans is owned solely by Ford Credit International.
False
Volvofinans is jointly owned by Ford Credit International and Swedish Volvo dealerships.
What was a key outcome of the strategy implemented by Volvofinans?
Expansion of market share in new-car financing through Volvo dealerships in Sweden
This led to significant increases in lending amounts and the number of contracts in force.
What innovative product did Volvofinans launch to support customers?
Volvo Carloan, an insurance plan that pays customers’ monthly auto-loan bills if they lose their jobs or develop a long-term illness
Over 100,000 customers signed up for the plan by mid-2002.
What recognition does Volvofinans hold?
Member of the Balanced Scorecard Hall of Fame
In what year did Media General’s transformation begin under J. Stewart Bryan III?
1990
What was Media General’s mission statement?
To be the leading provider of high-quality news, entertainment, and information in the Southeast
What strategic approach did Media General adopt to achieve synergy?
Convergence
What was the main challenge faced by Media General’s cross-functional BSC team?
Defining its customers and recognizing their different needs
What was Media General’s goal regarding content?
To provide ‘accurate, compelling, and relevant content’
What internal strategic theme involved promoting public trust?
Promote public trust and identity
What does the ‘create and acquire new products and services’ subtheme aim to achieve?
Identify and exploit new growth opportunities
What was a key objective in Media General’s internal processes?
Deliver high-quality service
Fill in the blank: Media General’s strategy map was adopted in _______.
2002
What was a significant result of Media General’s strategy map?
Facilitation of massive culture change
What percentage revenue gain did Media General’s interactive media division experience in 2002?
42.5 percent
What did operational excellence in Media General focus on?
Boosting efficiencies and improving cost and asset management
What does the financial perspective of Media General’s strategy include?
Revenue growth from new products, services, and advertising revenues
What was Media General’s revenue in 2002?
$837 million
How many daily newspapers does Media General publish?
Twenty-five
True or False: Media General’s television stations reach more than 30 percent of U.S. households.
True
What is a core customer expectation that Media General aimed to fulfill?
Integrity and fairness
What was the primary goal of Media General’s convergence strategy?
Coordinate different media to provide quality information from a unified perspective
