Home > Free Essays > Business > Strategy > Best Buy’s Strategies and Performance
Rate

Best Buy’s Strategies and Performance Report

Exclusively available on IvyPanda Available only on IvyPanda
Updated: May 7th, 2019

Introduction and background

Best Buy is considered to be the largest US technology and entertainment retailer. Company’s vision statement is “Making Life Fun & Easy” (Walden, 2006, p. 34). The company has managed to achieve this goal and make everything possible to satisfy its clients.

The company has come through a number of conditions which have led it to where it is at the moment. The company was established in 1966 as a single music store and due to the successful practices, like leveraging competencies, implementing low prices, building “a hybrid strategy of low end and top end product offerings” (Why Best Buy has always had the best strategy, 2008, p. 22), introducing new digital products, blending of “building new skills to keep pace with technological change and acquiring new stores in new territories, along with leveraging retailing skills” (Why Best Buy has always had the best strategy, 2008, p. 22), and forcing current customer-centered strategy, it has become a leader at the American market among the entertainment retailers.

Customer-Centricity and the Management Ideas for Achieving Set Goals

Therefore, the company has put a goal, to become a customer-centered company by means of achieving the following human resource philosophies, (1) recognizing employees’ talents, (2) developing HR capabilities for employees’ personalization, (3) focusing on strategic differentiation, and (4) applying leadership in the business, and directing those at achieving a set aim (Walden, 2006, p. 35). To achieve the set goal, it is important to implement managerial practices and use adequate decisions.

Management Science Theory

The company should implement management science theory in order to make decisions maximum effective and profitable. The use of quantitative techniques in making decisions helps mangers implement necessary tools which perfectly fit the situation (Jones & George, 2011, p. 62). Leverage and building along with Hamel and Prahalad matrix helps the company achieve the goals it has. Living in the modern world, management should use all the possible sources of decision making.

Programmed and Non-Programmed Decisions

Best Buy should use both programmed decision making and non-programmed ones. The main idea of programmed decision making is to use the practices and strategies which were successful for other companies and can be implemented by Best Buy. Non-programmed decisions should also be covered as these decisions are unique and directed only at the specifics of the company functioning (Jones & George, 2011, p. 214).

Planning and Strategy

The contemporary world is changing fast, however, it is impossible to implement desired customer-centered approach without careful planning and constant revision of those strategies. The main idea of planning is identification and selection of appropriate goal, while strategy is a “cluster of decisions about what goals to pursue, what actions to take, and how to use resources to achieve goals” (Jones & George, 2011, p. 247). Best Buy managers should create a plan and constantly revise it with the purpose to understand which goals have already been achieved and which new and more innovative strategies may be used for meeting company needs. SWOT analysis is one of the best techniques to revising company needs.

Conclusion

Management science theory in making decisions, programmed and non-programmed decision making and planning and strategies reconsideration may improve Best Buy’s performance at the market in case they are referred to in a proper way. To achieve a desired customer-centricity, Best Buy should use innovative developments in management.

Reference List

Jones, G. R., & George, J. M. (2011). Contemporary Management. New York: McGraw-Hill Higher Education. Walden, J. (2006). Best Buy: Customer-Centric Innovation. Human Resource Planning, 29(3), 34-36.

Why Best Buy has always had the best strategy: Two new roads in search of continuous renewal. (2008). Strategic Direction, 24(4), 21 – 23.

This report on Best Buy’s Strategies and Performance was written and submitted by your fellow student. You are free to use it for research and reference purposes in order to write your own paper; however, you must cite it accordingly.
Removal Request
If you are the copyright owner of this paper and no longer wish to have your work published on IvyPanda.
Request the removal

Need a custom Report sample written from scratch by
professional specifically for you?

Writer online avatar
Writer online avatar
Writer online avatar
Writer online avatar
Writer online avatar
Writer online avatar
Writer online avatar
Writer online avatar
Writer online avatar
Writer online avatar
Writer online avatar
Writer online avatar

certified writers online

Cite This paper
Select a referencing style:

Reference

IvyPanda. (2019, May 7). Best Buy’s Strategies and Performance. Retrieved from https://ivypanda.com/essays/best-buy-3/

Work Cited

"Best Buy’s Strategies and Performance." IvyPanda, 7 May 2019, ivypanda.com/essays/best-buy-3/.

1. IvyPanda. "Best Buy’s Strategies and Performance." May 7, 2019. https://ivypanda.com/essays/best-buy-3/.


Bibliography


IvyPanda. "Best Buy’s Strategies and Performance." May 7, 2019. https://ivypanda.com/essays/best-buy-3/.

References

IvyPanda. 2019. "Best Buy’s Strategies and Performance." May 7, 2019. https://ivypanda.com/essays/best-buy-3/.

References

IvyPanda. (2019) 'Best Buy’s Strategies and Performance'. 7 May.

More related papers
Psst... Stuck with your
assignment? 😱
Hellen
Online
Psst... Stuck with your assignment? 😱
Do you need an essay to be done?
What type of assignment 📝 do you need?
How many pages (words) do you need? Let's see if we can help you!