Strategy Implementation for Best Buy

Research Best Buy (http://phx.corporate-ir.net/phoenix.zhtml?c=83192&p=IROL-IRhome).

Please complete the following sections of a Strategic Audit

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Analysis of Strategic Factors.(Strategic Factor Analysis Summary) is based on IFAS and EFAS tables, and since we will need to understand your choices, you are required to submit the three tables in Excel format in one separate file from Word . No comments are needed on the IFAS and the EFAS tables, comments are needed on the SFAS table, (please submit one Excel file that will include three separate sheets, one for the IFAS, one for the EFAS and one for the SFAS). Two files are to be submitted: One Excel file one word file. Solution Preview
Strategy Implementation: Best Buy

Abstract

This research paper is related to the Best Buy Company. With the help of this paper, I am going to describe the strategies of Best Buy. Basically, Strategic Analysis includes three types of study, i.e. IFAS (Internal Factor Analysis Strategy), EFAS (External Factor Analysis Strategy) and SFAS (Strategic Factor Analysis Strategy). Internal factors analysis and external factor analysis are related to strengths, weaknesses, opportunities and threats. By means of the following paper, I am going to recapitulate the variety of issues and limitations that are allied with the strategic evaluation of the Best Buy.

This paper presents the effect of the strategic issues and factors on the growth and development of the company. After analyzing the internal and external factors, I am going to explain the strategic alternatives, recommendations, implementation and evaluation of control of the strategies to resolve the problems of the company. The economic, political, social and financial factors also affect the implementation of the strategies on the company’s problems. In order to accomplish the analysis of the strategies, I have collected the latest facts and figures from various Internet sources and library research.

Table of Content
Abstract……………………………………………………………………………………………2
1. Company Overview……………………………………………………………………….4
2. SWOT Analysis……………………………………………………………………………4
a. Internal Factor Analysis of the Company (IFA) ………………………………….4
i. Strengths…………………………………………………………………..4
ii. Weaknesses………………………………………………………………..5
b. External Factor Analysis of the Company (EFA) …………………………………6
i. Opportunities………………………………………………………………6
ii. Threats……………………………………………………………………..7
3. Strategic Factor Analysis of the Company (SFA) ………………………………………..7
a. Analysis based on different factors………………………………………………..8
4. Recommendations…………………………………………………………………………9
5. Strategy Implementation…………………………………………………………………..9
6. Evaluation and Control…………………………………………………………………..10
7. Conclusion……………………………………………………………………………….10
References………………………………………………………………………………………..11
Appendix…………………………………………………………………………………………13

Company Overview

Best Buy Co. was established in the year 1966 and situated in Richfield, Minnesota. Earlier, it was called by the name of Sound of Music, Inc. In the year 1983, its name was changed to Best Buy Co. (About Best Buy, 2009). This company together with its number of stores works as a largest retailer of the customers for electronic, entertainment software, Appliances, Services and Home office, etc. in United States and Canada (Boyle, 2006). The company also operates in China and Mexico. The company has more than 1150 retail stores. Presently there are more than 155,000 employees working in the company (Best Buy, 2009).

SWOT Analysis

In this challenging world, Best Buy Co. is facing various problems and challenges and the employees of the company are also affected by these challenges. The market requirements of the retail industry are swiftly changing and there is a ferocious competition in the environment, where the company is operating. In order to recognize the challenges and prospects of the internal and external environment of the company, we have to accomplish a SWOT analysis.

Internal Factor Analysis of the Company (IFA)

The Internal Factor Analysis refers to all the factors within an organization, which impart strengths or causes weaknesses of a strategic nature of the Best Buy Company.

Strengths

Strong Brand Image and Reputation: According to the Discount Store News, Best Buy Company was selected as the ‘Specialty Retailer of the Decade’ in 2001 (DSN Retailing Today, 2001), in the top 10 most generous corporations of America by Forbs …

Solution Summary
The solution examines strategy implementation for Best Buy. The Strategic Factor Analysis Summary is examined.To continue with the answer check on mycoursewriter.com/

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