Hi Label is a large retailer that sells designer wedding clothing. It is part of a global chain of stores owned by many individual shareholders, each of them having small shareholdings, and a couple of financial institutions. The pricing of the items in the store varies from mid-range to high-range. Hi Label is situated in a thriving city with an abundance of job opportunities that has led to an influx of young people. The city is dotted with high street fashion stores as well as designer wedding clothing stores.

Required
1. Who are the main stakeholders with whom Hi Label’s management needs to establish and maintain relationships? Why is it important that relationships are developed and maintained with each of these stakeholders?
2. Based on its management accountant’s suggestion, Hi Label decides to establish a balanced scorecard. Which performance measures would feature on Hi Label’s scorecard?