scorecard is just a framework where any company can add its own perspective to the framework of balanced scorecard. Many critics mentioned that balanced scorecard became popular because of the advertisements of renowned people and reputed institutions (Norrekilt, 2003). Norreklit (2003) also believes that there is no cause and effect relationship between some of the segments of balanced scorecard specifically between customers and loyalty and loyalty and financial results. Another disadvantage of balanced scorecard is that it takes a lot of time and effort to prepare the balanced scorecard.

Conclusion:

Balanced scorecard is one of the performance measurements tools which are used by different companies for their performance management. Balanced scorecard by Kaplan and Norton had four perspectives that is customer perspective, financial perspective, internal business perspective and innovation and learning perspective. There were criticisms as well. Norreklit (2003) said that balanced scorecard did not have a cause and effect relationship which Kaplan and Norton defined. Norreklit is one of the critics of balanced scorecard. The question that was raised was that Is balanced scorecard useful for the retail companies such as Tesco. The answer is yes it is useful for the company. Sir Terry Leahy one of the executives of Tesco revealed that the success of Tesco lie in its balanced scorecard with its four perspectives and a long term strategy. The five year summary of Tesco shows that it has grown from strength to strength. One of the main objectives was to grow sales which are very much achieved by the company. Tesco is successful in preparing the balanced scorecard with a longer term perspective as well. Balanced scorecard has helped Tesco to measure its performance from the four perspectives of the balanced scorecard and also its community segment which it added in 2007. Tesco gives importance to customer loyalty and high quality but there some criticisms attached to it such as pricing and advertising, paying low wages to its employee. But when we look at a broader perspective balanced scorecard has helped Tesco to for a proper performance management and to achieve its objective and be a successful retailer in the world.