Best Buy Case Analysis: Vision, Mission, Goals, Objectives

Best Buy Case Analysis
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Strategic Management
In any organization or company, the critical factor considered for successful business operation is how the overall administration of the company is done. It requires skills, personnel and well-laid strategies for success to be realized. The management, therefore, must possess the required knowledge and expertise to enable them to operate the business efficiently. Effective competition finds its root from the strategic planning and management (Hill, Jones & Schilling, 2014).
In this study, Best Buy Company is taken as a case study. The analysis will be done based on the Company's strategic management plans. Furthermore, the key competition points employed by the company both internally and externally are of great interest for the study. At the end of the study, it will be found out how the company's economic and social organization affects the production of the business (Hitt, Ireland &Hoskisson, 2012).
General
Best Buy Company is a leading company with branches in America, Canada, China, and Turkey. It deals with electronics retail consumptions. Its vision is to be a service-oriented firm. On the other hand, the mission of the company is to make technology deliver on its promises to customers in the best capacity possible. To realize this mission, Best Buy Company sensitizes people on the use of technology and how it helps in improving their lifestyles.
Objectives
* Best Buy Company has the following key strategic objectives in its operations and marketing process:
* To market various products to customers in line with the centricity operating model.
* To cater for the needs of the lifestyle of the consumer for various groups.
* To exceed customers' needs and expectation while providing end-to-end solutions and
* To be the leading company in technological advances.
The objectives call for measures and strategies to ensure the goals of the organization are realized. They are based and derived to enable the company to be at par in competition. The goals of the Company includes:
* To accomplish a sustained growth and expansion of the company and
* To have sustainable earnings of the business's employees.
Corporate Governance
Best Buy Company has had a well-organized leadership strategy in which all the workers' needs are catered for. The corporate governance strategies employed by the company makes it unique in the competition field with its competitors such as Circuit Company and many others. Many of the companies find it hard to treat their employees well and at the same time compete with opponents in realizing the set goals and revenue. Through the leadership of Best Buy Company, there has been a mutual relationship between employers and the employees. Their plights have well been addressed.
The set ethical codes of conduct are equally of great importance. The ethics help define the relationship between employers, employees, and consumers. Economically, there are goals set for the organization's employees to meet. These objectives assist in determining the level of productivity among the employees in the company. Besides, the company operates within the legal framework as dictated by the laws of the country (Freeman, 2010). Therefore, there is no infringement of freedoms and rights to employees. The legislation and codes of ethics define the corporate roles, relationship and responsibilities to ensure a conducive working environment.
In recruiting its employees, Best Buy Company provides that the employees are thoroughly trained and well fashioned with the laws of the company. Training is also given to the employees concerning the ethical conducts. The codes of conducts addressed to them are the acceptable modes of behavior within the enterprise. Besides, the relationship between customers and roles in achieving the set targets are also emphasized (Hill, Jones & Schilling, 2014).
External Environment
Best Buy Company operates within the environment full of competitors. Competition, however, is common to businesses. It has advantages in itself. First, competition helps to ensure that a Company realizes its weak points to adjust on. Secondly, it ensures that consumers get the right commodities and services. They will only buy from Companies that fully address their needs. Third, competition helps in ensuring that a company realizes its potential for maximum output realization.
Some of the companies causing threats to Best Buy Company include Circuit City, Costco, BJ, HH Gregg and Ultimate Electronics among others. There are also some online competitors like Amazon.com that pose competition threat to Best Buy Company. In spite of all these competitor companies, Best Buy Company has still been able to be the best. The success is purely due to the strategic management plans in place (Barney &Hesterly, 2008). The central idea is that Best Buy Company is service oriented Company working entirely to ensure that the consumers' needs are not only met but exceeded too.
Despite the competition, Best Buy Company has still been able to spread its branches across other countries. The number of its employees has also increased. Several media techniques have been used by the Company to ensure that it is effective in competition. Online shopping that was introduced in Best Buy Company has been of great advantage to the company's revenue. Not only the company has benefitted from online buying but also the consumers. Online marketing makes the market nearer to consumers. They don't have to travel long distances to the physical locality of the Company.
Best Buy Company works in ensuring that the needs of the customers are fully met. Customer relation is emphasized to ensure that no complaints such as poor service from customers are witnessed. Technological research and advancement ensure that the customers get the service they deserve (Freeman, 2010). The company also does not target only the affluent but the entire population. It is not selective in its dealings but values the customers fairly and treats them respectfully.
Internal Environment
Internally, the Company faces variation in culture due to diverse backgrounds. However, the outlined ethical codes can harmonize the differences. Another significant challenge within the company is the low level of resources. The small level of resources makes the Company have stagnant or low rate of expansion to other locations of interest. Retaining talents in the Company is another challenge that affects the Company. Some competitor Companies like Circuit Company offer a large sum of money to ensure they get the services of some gifted talents within Best Buy Company.
The commodities that Best Buy Company deals with also affects the company internally. The commodities are not necessities in life. Rather they are discretionary items. Therefore, customers are not bound to buy them. For this reason, the affluent are the leading target of the commodities on sale. The internal strategies are, therefore, of great concern. It is further worsened that Best Buy Company do not have pricing-competition structure that other companies take advantage of.
SWOT
The Strengths, Weaknesses, Opportunities and Threats (SWOT), determines the level of growth of the enterprise. It is important to note that the strength of the Best Buy Company relies on its vision. The company works to ensure that it is purely service oriented in its operational activities. Best Buy Company is,...