Best_Buy_Swot_Analysis

------------------------------------------------- University of Phoenix Material Organizational Planning Worksheet Complete each section below and cite your sources when necessary. 1. Name a Fortune 500 company in the following textbox: Best Buy | 2. List the company’s internal and external stakeholders in the following chart: Internal stakeholders | External stakeholders | Richard Schulze, co-founder (USAToday, 2013) | Customers | Hubert Joly, CEO (USAToday, 2013) | Suppliers | Sharon McCollam, CFO (Lee, 2012) | Shipping Services | Store Employees | Competitors | 3. What is the company’s mission and vision' "Our formula is simple: we’re a growth company focused on better solving the unmet needs of our customers—and we rely on our employees to solve those puzzles. Thanks for stopping. " (Making a Fortune, n.d) | “Making life fun and easy for consumers” (Zoom Share, n.d.) | 4. Company goals List at least one company goal that can be accomplished through a strategic plan: “To be the best consumer electronics outlet in the US and beyond” (Hoovers, 2013) | List at least one company goal that can be accomplished through an operational plan: To become a larger internet retailer | 5. Insert a SWOT analysis in the following chart: Strengths | Weaknesses | Recognizable brand name | Large storefronts, which make quick trips difficult | Non-commission paid sales staff | High overhead | Large online presence | Products often appear in disarray | Opportunities | Threats | More online growth | Large supercenters, such as Wal-Mart | Other big name electronics stores going under | Electronic discounters and resellers | More high end items | Stiffer online competition | 6. Insert strategic and operational plans: ------------------------------------------------- Open stores in at least 2 new countries per year | Already top retailer in US. This will cover the “beyond” aspect | This will increase revenue, which gives the top people job security and allows the lower level employees the ability to keep a job. It will create more customers and give suppliers more orders, which causes shipping services to move more items, which means more revenue for both groups. This will put more pressure on competitors to keep up. | Increase incentives and promotions for shopping online. | Increasing internet sales will make Best Buy a larger internet retailer | This will increase revenue, which gives the top people job security and allows the lower level employees the ability to keep a job. It will create more customers and give suppliers more orders, which causes shipping services to move more items, which means more revenue for both groups. This will put more pressure on competitors to keep up. | References References Hoovers. (2013). Best Buy Co., Inc. Company Profile. Retrieved April 1, 2013 from http://www.hoovers.com/company-information/cs/company-profile.Best_Buy_Co_Inc.a37b085cc4ac62ce.html Lee, T. (November 12, 2012). New Best Buy CFO draws praise. Retrieved from http://www.startribune.com/business/179041271.html'refer=y Making a Fortune. (n.d). Best Buy. Retrieved from http://www.makingafortune.biz/list-of-companies-b/best-buy.htm USAToday. (March 25, 2013). Ex-chairman Schulze returns to Best Buy. Retrieved from http://www.usatoday.com/story/money/business/2013/03/25/schulze-best-buy-chairman-emeritus/2017531/ Zoom Share. (n.d.). Best Buy Goals/Strategies. Retrieved from http://www.bestbuyis300.zoomshare.com/2.html