Strategic Management, Benchmarking and The Balanced Score Card (BSC): An Integrated Methodology

Nowadays, globalization and competitiveness are major challenges in almost all organizations and managers are seeking modern approaches to gain more competitive advantages. Considering these circumstances, issues such as strategic management, benchmarking and balanced score card (BSC) become important. In this paper, benchmarking and its role in strategic management have been demonstrated. BSC and its development process have also been addressed and finally, a new methodology has been proposed, based on the integration of the above approaches. The proposed methodology seems to be able to empower strategic management. Also, BSC and benchmarking make it possible to have vertical decomposition and horizontal integration from mission to business results.