Economic Themes (2011) 49 (2) 4, 193-217
Stevo Janošević, Vladimir Dženopoljac
Abstract: The paper deals with R&D strategy formulation by the Balanced Scorecard framework application. Bearing in mind the nature of R&D activities, the ability to adequately formulate R&D strategy becomes more significant. The paper starts with in-depth analysis of the Balanced scorecard (BSC) conceptual framework. The increasing importance of intangible assets is especially emphasized in terms of its impact on BSC origin and on its posibilities to be used in the phase of strategy formulation. Afterwards, the role of R&D in business strategy will be analyzed. The market conditions, the competitive position of a business and the state of technology determine the role of R&D within a business strategy. At the end of the paper, the application of BSC on R&D strategy formulation will be discussed. The focus is on the impact of R&D on value creation process having the strategy as a core planning decision.
Keywords: Balanced scorecard; R&D; intangible assets; business strategy
FORMULATING A COMPANY’S R&D STRATEGY WITH BALANCED SCORECARD
Stevo Janošević, Vladimir Dženopoljac
Abstract: The paper deals with R&D strategy formulation by the Balanced Scorecard framework application. Bearing in mind the nature of R&D activities, the ability to adequately formulate R&D strategy becomes more significant. The paper starts with in-depth analysis of the Balanced scorecard (BSC) conceptual framework. The increasing importance of intangible assets is especially emphasized in terms of its impact on BSC origin and on its posibilities to be used in the phase of strategy formulation. Afterwards, the role of R&D in business strategy will be analyzed. The market conditions, the competitive position of a business and the state of technology determine the role of R&D within a business strategy. At the end of the paper, the application of BSC on R&D strategy formulation will be discussed. The focus is on the impact of R&D on value creation process having the strategy as a core planning decision.
Keywords: Balanced scorecard; R&D; intangible assets; business strategy
