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Strategic management usually deals with the arrangement of managerial decisions along with actions that assist in determining the performance of an organization in a long run. The process of strategic management involves better understanding of the environmental factors,…
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Download file to see previous pages BestBuy Company Incorporation is a multinational retailer that deals with selling of computer electronics, mobile phone products and various other appliances. Other than the retail stores, the company is also involved in the operations related to call-center and online retail transactions. In order to maintain the smooth flow of the organizational operations, requirement for strategic management frames is observed to be a vital part for BestBuy. Few examples can be cited from BestBuy, where application of strategic management has been depicted. Considering the fiscal year 2001, BestBuy Company has acquired the Magnolia Hi Fi Inc., which is a retailer of audio along with video products. In this aspect this strategic decision was undertaken in order to access upscale consumer segment. This is an example of strategic change within the domestic environment of the company (BestBuy, “About Best Buy”).
In accordance with the strategic change during the fiscal year 2002, BestBuy acquired Future Shop Ltd for better prospect. Future Shop is considered as Canada’s largest retailer and has been acquired with an objective to retain the company’s brand equity and also increase its consumers’ base. Another example can be cited from the field of its operation that reflects about the initiative taken by BestBuy Company as an approach to strategic management. The US based BestBuy stores have provided the customers’ with the facilities of differentiated product categories such as computing and mobile phones, entertainment, services, consumer electronics and appliances among others. (BestBuy, “About BestBuy”).
The mission statement of the BestBuy Company is identified as “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. ...Download file to see next pagesRead More
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