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Competitive and Strategic Analysis - Assignment Example

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Functional strategy: This strategy defines how the employees should undertake the activities and roles in an organization or business. The management of the organization has the role of formulating such strategies and it is the role of the employees in the various…
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Competitive and Strategic Analysis
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Download file to see previous pages Corporate strategy: Corporate strategy on the other hand is the overall and general scope as well as the direction that a corporation takes in relation to its activities in the various departments. It is not specific, but gives a glimpse and idea on how all the operations of the various departments contribute to the general good performance of the corporation.
Business strategy: Business strategy refers to the choices and decisions made in a company or corporation to realize a long-term value while at the same time achieving the desired objectives of the company or the corporation in question. It is the means of maximizing the outcome in a companys production system or in realizing the maximum profit from a company.
At Best Buy, the functional strategy is vital in the marketing department because it is in this operational department that the customers will be able to familiarize themselves with the company and get to purchase the products. Any strategy put in place in this department is important because it affects the entire business outcome of the company. Marketing thus is the functional division of this company that is useful as the company does not produce its own electronics fully and yet it is a retailer competing with thousands of other retailers. Packaging the marketing team with the right and consistent information will thus affect the entire outcome of the company and affects all other departments. The function essential to the goal of 2014, which is expanding the number of stores, is proper marketing in the new zones of operation. The marketing strategy should be so that it captures the tiny little details and appeals to customers all across the boards as it redefines Best Buy as the best brand in the market. The marketing team should advertise the company as the best brand available in the market and at the same time gives customers the incentives necessary to have the goods and electrical items from the ...Download file to see next pagesRead More
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