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Best Buy SWOT - Research Paper Example

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The SWOT Analysis which simply stands for Strengths, Weaknesses, Opportunities and Threats is an examination of the business' internal and external environment and is useful for strategic planning (Internet Center for Management and Business Administration, Inc.)…
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Best Buy SWOT
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Extract of sample "Best Buy SWOT"

Download file to see previous pages In the case of Best Buy, the strengths are powerful scaling capability, the people: culture and passion, strong market share, (Judge), high level of community service and local involvement and customer service (OPPapers.com).
Best Buy Co., Inc. entered the business in 1996 when computers and internet are really gaining much popularity. It has "grown steadily and enhanced its business through inspired innovation" and "continually transforming into a dynamic, customer-driven, talent-powered company that focuses on enhancing our customers' enjoyment of technology" so that now it already has branches in U.S., Canada, Europe, China and Mexico (Best Buy). From one branch it was able to scale up its operation to cater to cross-country branches. With 155,000 employees, Best Buy is a hub of satisfied and energetic individuals with the strength of youth and innovation (Best Buy). Due to its strength in scaling up production and service, another branch in South America such as in Chile is very much possible. Best Buy always remembers to share its success with the community. It has strengthened its community partnership with the Best Buy Children's Foundation and other charitable programs (Best Buy). Best Buy also has increasing market share. Forbes.com reported an increase of sales by 1.7% in the first quarter of 2007, while competitor Circuit City experienced a plummet of 5.6%. (Farrell). The recent report also reveals that from March to December 2009, "Best Buy's combined online and offline share of the notebook computer and digital camera markets gained 5.5%, flat-panel televisions increased 5.2%, and desktop computers gained 4.7%" (Vertical Web Media.). The increasing market share enables Best Buy to expand its reach, even to foreign countries. It is coupled with popularity, which it can capitalize on once it opens in Chile. Lastly, Best Buy has an excellent customer service which makes shopping more convenient.
Opposite to the internal strength is the internal weaknesses. In the case of Best Buy, these weaknesses include too much bureaucracy, undifferentiated products or services and complicated shipping schedules (OPPapers.com). The absence of strengths on each of these aspects result to a business weakness, which can cause dismay to customers. Too much bureaucracy inside Best Buy results to lesser efficiency. If the hierarchy is so tall, transactions may take longer time to be accomplished. This problem is much worse given an operation in a foreign country such as Chile. The delay in delivery and logistics can harm the entire business. There is also the problem of undifferentiated products and services, which is primarily not beneficial to customers. Lastly, since there are already a lot of customers from around the world, Best Buy has not still found the best way of managing their logistics especially in shipping. This can cause delay and inconvenience on the part of the customers.
Looking at the external environment may "reveal certain new opportunities for profit and growth" (Internet Center for Management and Business Administration, Inc.). The opportunities present for Best Buy are increased preference for the brand, more categories to enhance the brand (Judge), and more expansion opportunities (OPPapers.com) and the increasing use of computers and internets in other countries. The gaining of greater market share for Best ...Download file to see next pagesRead More
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