Strategic Planning and Implementation Report 2022

RUNNING HEAD: STRATEGIC PLANNING AND IMPLEMENTATION
BEST BUY COMPANY
MANAGEMENT
STRATEGIC PLANNING AND IMPLEMENTATION

STRATEGIC PLANNING AND IMPLEMENTATION 1
Introduction
The report focuses on an organization named ‘Best Buy Company’. Emphasizing on
report structure, the first section includes the company overview. The next section includes
the environment analysis of the company. This part includes the analysis of general, industry
and external environment. The following section comprises of its organization structure and
its role in business performance. The passing part comprises of its competitive position and
its possibilities.
Business overview
Best Buy Company is an American company. Richard N. Schulze founded this
company in 1966. It deals in electronic products like laptop and Television. It has its units in
multiple countries including Canada, and Mexico. In United Nations, it has 1025 stores.
Globally, it has more than 210 stores (Vault, 2019). Based on employee reviews, it is
assessed that Best Buy Company provides fine working environment to its employees
(Indeed, 2019).
SWOT Analysis
SWOT Analysis includes the assessment of an organization’s Strengths, Weaknesses,
Opportunities and Threats. It benefits the company in better future planning and minimizing
its potential risks. Below is the SWOT Analysis of Best Buy Company.
Strengths: Best Buy Company has its presence in multiple countries like Canada and
Mexico (Vault, 2019). Failure in one country will not lead to overall business failure.
Therefore, its presence in multiple countries acts as its strength. Its employee high strength
also acts as strength for the company (Macrotrends , 2019). This is because it helps the
company in dealing accurately with its customers.
Weakness: Best Buy Company’s poor reviews on digital platforms act as a weakness.
This is because it is degrading company’s goodwill in the market (Trustpilot, 2019).

STRATEGIC PLANNING AND IMPLEMENTATION 2
Figure 1: Poor customer reviews
Source: (Trustpilot, 2019)
Opportunities: It has expended its products offering in its stores. It will give rise to
more potential customers and higher sales. Therefore, it acts as a chance for Best Buy
Company. The rising population of United States act as chance for the company (Heritage ,
2019). This is because it increases the potential customers for the company.
Threats: Best Buy Company faces mediate competition from its competitors. It
includes Walmart, Target, Costco and Amazon (Owler , 2019).
Resource assessment
Best Buy Company has employee strength of 125000 (Macrotrends , 2019). Its
employee’s acts as human resource. In the year 2019, it has earned revenue of $9.764B. This
states that it has adequate financial resources. This is because it is experiencing a continuous
growth in its annual revenue (Macrotrends , 2019).
Environment analysis
There are multiple internal and external environment factors that lay an impact on
Best Buy Company.
General
Best Buy Company offers multiple benefits to its employees. It includes competitive
pay, paid holidays, incentives, discounts, life insurance. It also provides educational training
and certification courses. Its high number of benefits has assisted the company in gaining