Academic journal article Global Journal of Business Research

Balanced Scorecard for Entrepreneurial Strategic Marketing in Colombia

Academic journal article Global Journal of Business Research

Balanced Scorecard for Entrepreneurial Strategic Marketing in Colombia

Article excerpt

ABSTRACT

The article formulates a Balanced Scorecard (BSC) based upon research outcomes. It enables knowledge centric entrepreneurs hips in Colombia to implement strategic Marketing practices. The research project explores entrepreneur is marketing rationale through fieldwork and data analysis. Marketing rationale was defined within knowledge management and consumer behavior theory based on the three elements of the Wheel of Consumer Analysis framework (WCA): 1.Environment: Knowledge acquired from the outside, 2.Affective and Cognitive: Specialized training and procedures, formal and non-formal education obtained thorough technical instruction, competences implemented and experienced as routines and finally. 3. Behavior: transferring that knowledge across business areas and embed it the final product. Factor analysis helped establish equivalences between hypotheses and strategies by relating latent variables derived from the correlation of WCA elements to unravel underlying assumptions based on local idiosyncrasies to interpret those latent variables. Strategic mapping for technology based entrepreneurs hips identified customer benefit as the common thread to manage business tensions created by the need to obtain growth and profitability at the same time.

JEL: M14; M16

KEYWORDS: Balanced Scorecard, Marketing Strategy, Marketing Education

(ProQuest: ... denotes formulae omitted.)

INTRODUCTION

This paper proposes a Balanced score card as educational interface at the National Learning Service System (SENA). The goal is to increase knowledge for Colombians. We consider the study of marketing rationale as the process by which an entrepreneur interprets the environment in order to survive and compete by engaging in strategic options. The theoretical framework used to interpret the entrepreneur's Marketing rationale as a consumer's perception was the Wheel of Consumer Analysis (WCA). WCA is often used to analyze market segments, industries and individual consumers. Hypothesis testing provided guidance throughout the research process and more specifically during its initial stages by testing the adaptability of (WCA) to entrepreneurs as opposed to ultimate consumers. In later stages of the research, the establishment of equivalences between hypotheses and strategies helped the undertaking. It strengthened business consolidating activities committed to foster an entrepreneurial culture that is triggered to innovate and competition within an organizational learning framework.

In 1957, an integrated effort from organized workers, Entrepreneurs, The Catholic Church and The International Labor Organization lead to the creation of SENA, the National Learning Service System. It is a public establishment with an independent legal persona, patrimony and management structure. It is adhered to the Social Protection Department of the Republic of Colombia. SENA provides integrated education tailored to incorporate people in productive activities contributing to social and economic growth through technological development. It fulfills the government's technical and social intervention function to the worker's community through 116 education centers countrywide and involving 1,098 country municipalities (The Inter-American Centre for Knowledge Development in Vocational Training, 2011).

By December 2006, a total of 4,148,809 students attended SENA's education centers. Some 433,885 of those attendees pursued a formal degree and 3,714,924 pursued continuing education. Combined, they utilized 12,750,278 hours of class time. By comparing these results with SENA's 2002 statistics a student training coverage increment of 263% is observed (SENA, 201 la).

Between 2002 and 2006, once a thorough priority exercise had been performed, a (2007-2010) Strategic Plan called Knowledge for Colombians was formulated. The strategic plan included SENA's most relevant concerns including: its orientation, organizational structure, management performance, situational analysis, restrains and outcome appraisal. …

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