This presentation evaluates the business policies of Best Buy Company, including Minimum Segment Success Factors, VIRO Analysis, Sustainability Issues, and Stakeholder Analysis. It also provides measures for sustainability issues and a stakeholder analysis matrix.
Contribute Materials
Your contribution can guide someone’s learning journey. Share your
documents today.
BUSINESS POLICY REINVENTING BEST BUY: Case Study of Best Buy
Secure Best Marks with AI Grader
Need help grading? Try our AI Grader for instant feedback on your assignments.
INTRODUCTION •Business policy defines the roles and responsibility of top-level management, which influence organizational decision making process and organizational success •The presentation will evaluate the business policies of Best Buy Company •Best Buy is an American multinational consumer electronics corporation •The presentation will present the Minimum Segment Success Factors, VIRO Analysis, Sustainability Issues, Stakeholder Analysis to be implemented in the organization
BEST BUY INDUSTRY SEGMENT ANALYSIS •The most attractive segment is the high quality segment and high efficiency segment •The least attractive segment is the followed by low quality and high price (Wells & Ellsworth, 2017) •The potential entrants in the attractive segment with high quality
STRATEGIC GROUP MAP: BEST BUY (NOW) LowQualityHigh HighPriceLow Best Buy Circuit City Walmart HHGregg Amzon
Paraphrase This Document
Need a fresh take? Get an instant paraphrase of this document with our AI Paraphraser
STRATEGIC GROUP MAP: BEST BUY (IN 5 YEARS) LowQualityHigh HighPriceLow Best Buy Circuit City Walmart HHGregg Amzon Best Buy Amzon
BEST BUY: HIGH QUALITY SEGMENT MINIMUM SEGMENT SUCCESS FACTORS •Technology Related: Use of most advanced technology in the electronic products •Distribution Related: Use multichannel distribution strategy for enhancing sales volume(Wells & Ellsworth, 2017) •Marketing Related: Training to the employees for better store experience of the customers
BEST BUY: HIGH QUALITY SEGMENT(CONTINUED) MINIMUM SUCCESS FACTORS •Skills Related: Use best sales experts for effective store sales facility •Organizational Capability: Work with vendors for innovation and driven service •Geographic: More focus in international business success •Service Related: More informative interaction with the customers within the physical stores(Wells & Ellsworth, 2017)
Secure Best Marks with AI Grader
Need help grading? Try our AI Grader for instant feedback on your assignments.
VIRO ANALYSIS (CONTINUED) Wide Distribution Network •Maximize multichannel Product and Service Delivery (Wells & Ellsworth, 2017) •Customer convenience through smooth delivery of product •It will lead to sustained competitive advantage over the rivals Leading Edge Technology •Early adopters are coming to Best Buy •Best Buy could access to new and innovative technology •However, such technology is not inimitable and it can create only competitive parity
VIRO ANALYSIS (CONTINUED) Innovation •Launch more innovative and value driven electronic products •Customers can avail the innovative electronic products on both the website and physical store of Best Buy •Innovation can foster sustained competitive advantage over rivals Unique Vendor Groups •Investment made by vendor partners in the store will increase stock of variety of products •Vendor support will help in collecting unique electronic products (Wells & Ellsworth, 2017) •Unique vendor groups are directly responsible for fostering business innovation, which can lead to sustained competitive advantage
Paraphrase This Document
Need a fresh take? Get an instant paraphrase of this document with our AI Paraphraser
VIRO ANALYSIS (CONTINUED) International Growth •More focus will be given on international growth of business •However, international growth is not inimitable and not rare, which can lead create only temporary advantage over rivals Strong Online Sales •Best Buy will give strong focus on enhancing online sales over e- Commerce companies •However, online sale is not inimitable and not rare, which can foster only temporary advantage over rivals
VIRO ANALYSIS (CONTINUED) Competitive Pricing •Competitive pricingwill keep the price of consumer electronic products low •Best Buy will clear the misconception of the customers regarding the competitive pricing •Such pricing is not rare in the market, which can only lead to competitive parity Highly Skilled Store Staffs •Best Buy will employ highly skilled employees in the stores for more informative interaction with the customers •Such skilled employees are not inimitable and not rare in the market, which can only lead to temporary competitive advantage Increased Stock in Stores •Best Buy will increase the stock of electronic products in the physical stores for increasing store sales volume (Wells & Ellsworth, 2017) •It can lead to sustained competitive advantage over the retail rivals
SUSTAINABILITY ISSUES •E-Waste: The E-wastes of the consumer electronic products can have huge affect on the air, soil and water component of environment •Energy Consumption: High energy consumption by electronic products hamper the quality of environment
Secure Best Marks with AI Grader
Need help grading? Try our AI Grader for instant feedback on your assignments.
SUSTAINABILITY ISSUES (CONTINUED) •Exposure to Hazardous Chemical: Exposure of the employees to hazardous chemical can be risky for their health •Hazardous materials: Hazardous materials used in the consumer products can have high impact on the environment
MEASURES FOR SUSTAINABILITY ISSUES •Recycling: Best Buy has already taken initiatives of recycling for minimizing the amount of e-Waste (Wells & Ellsworth, 2017) •Energy Efficiency: The organization will source energy efficient consumer electronics for environmental sustainability
MEASURES FOR SUSTAINABILITY ISSUES (CONTINUED) •Eco-Leveling of Products: The organization will start eco-leveling of consumer electronics for ensuring environment friendly materials •Regulations: The organization will be adhered with strict regulations for protecting the employees from hazardous chemicals of electronic products
Paraphrase This Document
Need a fresh take? Get an instant paraphrase of this document with our AI Paraphraser
IMPORTANT STAKEHOLDERS: STAKEHOLDER ANALYSIS •Company Owner: Funds and Frame business Policy •Manager: Manage business operation for achieving business success •Employees: Input their effort towards achieving organizational success •Customers: Ultimate target to sale products (Wells & Ellsworth, 2017)
IMPORTANT STAKEHOLDERS: STAKEHOLDER ANALYSIS (CONTINUED) •Suppliers: Source unique consumer electronics materials •Government Authorities: Frame legal policies for business •Communities: Must consider communities' support •Media: Spread positive image in the market
STAKEHOLDER ANALYSIS: MATRIXStakeholder NameImpactInfluenceWhat is important to the stakeholder? How could the stakeholder contribute to the organization? Interest in organizational success? Strategy for engaging the stakeholder Company OwnerHighHighEffective business efficiency and Business Profit Funding and Policy Formation HighSmooth and Profitable business Operation ManagersHighHighEffective business operationPolicy framing and implementation of policy for organizational success HighProper rewarding for their success in managing business EmployeesHighMediumPositive workplace and organizational productivity Effective and Efficient performance to organizational success MediumProper motivation through rewards CustomersLowLowHigh quality consumer electronic products High volume of purchaseLowProviding high quality and affordable consumer electronic products SuppliersMediumHighProviding high quality consumer electronic products to Best Buy Sourcing best quality materials to the organization MediumProper relationship and frequent order place Government AuthoritiesHighHighBusiness operation as per legal constraints Setting legal standards for the business MediumTax payment in timely manner and legal adherence CommunitiesLowMediumEnvironment and Social friendly business operation Positive Support for the business LowPositive support for the community MediaLowHighLatest news and Current affairsPublishing positive news for other stakeholders LowPositive relationship ShareholderHighHighHigh Profit from businessHuge Investment for business operation HighFair return on investment
Secure Best Marks with AI Grader
Need help grading? Try our AI Grader for instant feedback on your assignments.
STAKEHOLDER ANALYSIS: POWER/INTEREST GRID WITH STAKEHOLDERS
CONCLUSION •Best Buy is considered to be in most attractive segment of retail industry having high quality and affordable price •The organization will focus on high innovation and value driven business •Best Buy has already concentrated on recycling process for minimizing the issues of sustainability •The important stakeholders of the organization should be managed closely for keeping up organizational success
REFERENCE •Wells, J., & Ellsworth, G. (2017).Reinventing Best Buy.Harvard Business School. Retrieved 4 February 2018, from https://www.hbs.edu/faculty/Pages/item.aspx?num=50946
Paraphrase This Document
Need a fresh take? Get an instant paraphrase of this document with our AI Paraphraser