Introduction
Best Buy is a prominent retail chain in the United States of America. The company is in the limelight due to its growth and some remarkable acquisition initiatives with the passage of the time. In the presence of immense competition, the company is looking to make the difference through effective product, market, and competitive strategies. Due to different trends in the market, the integration is necessary, and the company has to make some key decisions to sustain the growth process. Obviously, there is a need for a good m mission statement for the company.
Using the case as your guide, write a Mission Statement for Best Buy. Explain the decisions you have taken to create this statement.
“The mission of the company is to come up with a prominent electronic product line for the customer through transformational leadership and increase the customer engagement to integrate needs and enable the satisfaction.”
Of course, there are some key decisions that the company has to consider to make or declare this mission statement. In the competitive and dynamic business environment, the management of the company has to think bigger, to make the difference and come up with products, which are to be placed effectively. The first key decision of the company is to enhance the visibility of the brand or product portfolio. For Instance, deriving insights room the best buy case, the management decides the increase in the brand portfolio to beat the online competitors. The online business in the retail industry is increasing, and to integrate with some new trends, the company has to depict some new outputs to gain an edge over the other competitors.
Furthermore, relative to the mission statement of the company, the key decision is to accelerate the market for high-quality entertainment accessories such as storage media, data, power cables and webcams. The company needs to focus on the storage devices, as competitors such as Wal-Mart, Target, Apple, and many others have diversified their business with this particular focus. Interestingly, it is related to the needs of customers, and ultimately, it is also triggered by the mission statement of the company.
Thus, to diversify the business regarding products; there is a need to change the organizational structure through transformational leadership. The new structure of the company will help to create a flexible culture of the company, which can absorb the change to meet the customer needs and justify the satisfaction.
In what ways do you think that the company’s Mission evolved from the days as Sound of Music in 2012 when Hubert Joly orchestrated his “Renew Blue” turnaround strategy
The mission statement of the company has been evolving due to the intention of Hubert Joly. From the sound of music to 2012, he thought about the process of the company and came up with some new decisions and strategies. Joly presented its turnaround plan m, named renew blue, which depicted the transformational approach (P 32, Para 5). For Instance, the CEO focused on the implementation of strategies regarding the operational improvements. Due to his cognition, he was able to identify the key aspects regarding improvement. Shaping employees’ behavior, establishing the organizational culture and technological adaptation are three main factors, which brought the efficiency in the operational process. It was a comeback strategy by the best buy, which expressed attraction for transformational leaders. Reinvigorating the customer experience was possible due to the new product line in the consumer electronics retail industry (P 33, Para 5). The systematic customer segmentation was a good approach of this company to make products, which can meet the needs of target customers. On the other hand, the company improved the internal process through energizing employees through open discussion policy or open communication process (P 34, Para 4). Understanding the need of workers was necessary for the company to produce products, which enables the customer satisfaction (P 35, Para 2). The company built the exclusive brand, which portrayed the justification of Renew Blue. It was the evolvement of the company’s mission.
According to data in the case, what key trends were influencing the consumer electronics industry in 2012? You will need to consider all six areas of the PESTEL model and then write about the most significant factors
PESTLE Analysis
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Political
The political system in the country was stable in 2012, which provided many organizations to expand the business in different regions. The expansion efforts a were supported at that time due to the political stability and flexible government rules and regulations
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Economical
The income level of customers was increased, and due to the need for electronic goods in the country, the company intended to create the space in different stores to pace the electronic products. The buying power of customers was moderate, and in the developed economy, it justified decisions of the company.
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Social
In the consumer electronics industry, different competitors such as Target, Wal-Mart, Apple, and Amazon were differentiating through containing the emotional and sentimental attachments with customers. Customers liked to integrate with new technological trends, usability, and benefits. The society seems assertive in adopting new trends, and online sales were enhanced accordingly.
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Technological
In the increasingly competitive consumer-electronic industry, firms adopted online business models to grab the immense range of customers, Best Buy, after emerging in the circuit city, has gained success along with the 5.5 percent increase in the market share (P 29, Para 3). The research and development process revolved around the technology of electronic goods, which was the symbol of the success.
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Legal
The business rules and regulations were flexible at that time, and it enabled the rapid expansion and growth of electronic retailers. Best Buy faced several lawsuits a due to allegations of women discriminations, and accordingly, the management changed the culture of hiring recruitment and accommodation to prevent from different complex implications.
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Environmental
The efficient operational initiatives by many firms in this industry have helped to reduce energy cost. The blue renews strategy indicated this particular target, as far as the awaited operational improvements were concerned.
Significant Factors
The most significant factor regarding this case was the implementation or execution of all strategies, made by the management of the company. Another factor was the change, which is triggered by new trends of market and customers. The company gained the competitive advantage in the competitive industry through differentiating the process in the internal business environment.
Conclusion
In the end, it is to conclude that Best buy has evolved with the passage of the time due to some strategic initiatives and decisions. The success of the company can be ensured due to integration with new trends and continues improvement in the consumer-electronic retail industry. Environmental factors are necessary to consider for the management of the company to make some key decisions and gain the advantage over other competitors.
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