Critical Success Factors of Best Buy

Running head: CRITICAL SUCCESS FACTORS OF BEST BUY
CRITICAL SUCCESS FACTORS OF BEST BUY
Name of Student
Name of the University
Author Note

1CRITICAL SUCCESS FACTORS OF BEST BUY
Table of Contents
Introduction......................................................................................................................................2
Company overview..........................................................................................................................2
SWOT analysis................................................................................................................................2
Balance scorecard............................................................................................................................2
Critical success factors....................................................................................................................2
Evaluation of segments in order to achieve the CSF.......................................................................2
Conclusion.......................................................................................................................................3
References........................................................................................................................................4

2CRITICAL SUCCESS FACTORS OF BEST BUY
Introduction
Critical success factors refer those activities that need to be accomplished in order to
achieve success for the organization (Netland, 2016). Businesses use these factors in order to
ensure that they achieve their organizational success by laying down the plans, objectives that
needs to be accomplished by the company and incorporating the same in the marketing plan. The
company chosen for the purpose of the study is Best Buy U.S. the aim of the study is to highlight
the importance of having critical factors for becoming successful (www.bestbuy.com, 2019). The
study will discuss about the chosen organization, SWOT analysis for the same, a balanced
scorecard will be prepared for the company to understand the critical success factors, a
discussion on the CSF and an evaluation of the organization in order to achieve the CSF.
Company overview
The Best Buy Company is a multinational company of America providing consumer
electronics and has its headquarters in Minnesota. It belongs to the retail industry of consumer
electronics. The company’s major products include consumer electronics and it operates across
different other countries. The company’s core values include- unleashing the power of its people
through creating a positive attitude in them which makes them ready to face all challenges, the
company believes in integrity and humility and also in maintaining proper work life balance and
also letting them have a friendly workplace.
SWOT analysis
Strengths Weakness

3CRITICAL SUCCESS FACTORS OF BEST BUY
Brand loyalty
Market leader
Wide ranges of products
Easy customer accessibility to products
Warranty policy
Service plans
Brand awareness of there in many places
High competition
Price reduction
Scandals and controversies
Threats
Online competition is high
Auction sites
Government regulation variations
Many competitors in US.
Opportunities
Increase global accessibility
Newer stores
New technologies
Online media and other social media marketing
techniques
Figure 1: SWOT analysis of Best Buy
Source: (Created by author)
From the above chart, SWOT analysis of Best Buy can be understood. The major
Strengths of the company is that it is a market leader of the electronics industry. The company
enjoys brand loyalty of its customers by becoming the most bought and best bought brand. The
company reaches its customer easily through media. The brand provides a wide variety of
products to its customers such as Modal, Rocketfish and others. The main weakness is that it is