Sarah Is a Dressmaker Who Operates a Small Online Marketplace

Essay

Sarah is a dressmaker who operates a small online marketplace. Her business, Fancy Knits, has grown beyond Sarah's capacity to handmake all requested items herself. She knows she will soon have to outsource her sewing to another company or individual. When she outsources, she will be able to continue to grow her business and expand it into new markets. Sarah has a dedicated clientele she would like to engage with in more meaningful ways, so she is considering an increase in her social media presence. Sarah has big hopes and dreams, and she would like her business to continue to be successful without trying to expand too quickly. Sarah knows that proper planning and adoption of a strong strategy provide her with the best chance of success.
a. What is a strategy map, and why do businesses use them? Would Fancy Knits be able to utilize a strategy map in their strategic planning?
b. If the company decides that they would like to focus on customers during their next fiscal year, then what would an appropriate objective be on their balanced scorecard? Would this perspective directly impact any other balanced scorecard perspectives?
c. Which strategy does the objective you created best reflect: cost leadership or product/service differentiation? If you were talking to Sarah, what current strategy would you recommend she keep using?