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Management
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English (U.S.)
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Topic:
Being the Best and the Importance of Internal Analysis
Essay Instructions:
As we continue in Chapter 3, I would like for you to review the "Being the Best" case on page 85 of your text. This would help you in further understand the concept of assessing the external business environment for Opportunities and Threats using an actual scenario. The case has six Discussion Questions on page 86 related to the case that I would like for you to answer and submit.
Please let me know if you have any questions. Enjoy the case!
The questions are attached
- What examples of environmental scanning do you see in this case? What role do you think environmental scanning played in the company’s evolution? What role will it need to play in the company’s future?
- Using the five competitive factors approach and the information in the case, do a brief industry-competitive analysis.
- What types of information do you think Dunn might want from each of the five general environmental sectors?
- What opportunities and threats do you think are facing this industry?
- Best Buy has 2,600 stores in Europe and China (and has stores in Canada) and is looking to global markets for growth. As the company goes more internationals, what types of external information will it need?
- Update the information on Best Buy: number of stores, revenues, profits and employees. Are these numbers increasing or declining?
Part 2
Discuss why an internal analysis is important. Please be specific and use an example of how a company can be at a disadvantage if they do not perform an internal analysis (strengths and weaknesses) on their company.
Essay Sample Content Preview:
Being The Best
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Being The Best
1. What examples of environmental scanning do you see in this case?
Technological, economic and social scanning.
What role do you think environmental scanning played in the company's evolution?
Environmental scanning enabled the company to expand in the initial stages. This element revealed itself when Dick Schulze, the board chair, realized how advertising, low prices, and wide selection increased revenues. Moreover, identifying shoppers and demographic assessments facilitated the company to connect to its consumers. This technique has enabled Best Buy to expand its products and venture into exercise and health equipment besides musical and electronic instruments.
What role will it need to play in the company's future?
In the future, environmental scanning should aid Best Buy in determining whether it is using resources properly. In addition, the technique should assist the company in maximizing opportunities, strategizing, and helping the business to remain competitive.
2. Using the five competitive factors approach and the information in the case, do a brief industry-competitive analysis.
Competition in the industry
Best Buy competes with established companies like Costco, Dell, and Walmart. The rivalry is vigorous, with firms competing on quality, convenience, and prices.
The potential of new participants in the industry
The electronics industry has a low barrier to entry. Since Best Buy began, many new players have entered the market. However, Best Buy has an advantage of brand recognition due to its numerous stores.
Power of suppliers
Best Buy has control over its products. However, the company began selling private label goods and may lack complete control over the prices.
Power of customers
Customers have substantial bargaining power in the electronics industry due to the existence of various options. However, Best Buy's policy of maintaining low prices gives it an advanta...
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