Internal and External Factors Within Best Buy Essay example

2178 WordsMar 18, 20109 Pages
External/Internal Factors External and internal factors come in many forms that can impact a business in different ways. Assessing external and internal factors that an organization may face can be vital to the planning function of management. As with any organization, there are always four functions of management. These functions are planning, organizing, leading, and controlling (Bateman & Snell, 2009, p. 19). Within the organization, Best Buy, which is known to be an electronics store, has their own external and internal factors. Founded in 1966 as Sound of Music and incorporating in 1983 to become Best Buy, Inc. (Ask.com, 2010, para. 1), accounting for 19% of the market (Metaweb, 2010, para. 1), has become one of the…show more content…
The stakeholders include other employees, end customers, vendors, investors, and the community. Relationships built upon these individuals feed the understanding of the company’s changing needs. Best Buy promotes and open source technique that allows the employees to determine what works best based from first-hand experience. Like any successful business, Best Buy has to be on the cutting edge to succeed in today’s market. They do this by exploring what technologies and services other companies display all around the world. Best Buy also pays attention to the changing of times, realizing what’s dated and what is on the cutting edge. In 2006, Congress passed a law that required television signal providers to abandon analog broadcasting ultimately switching to digital. Best Buy was the first store completely to rid the option of buying television analog equipment. Best Buy also understood the growing global market for the gaming media. By partnering themselves with manufacturers and the Entertainment Software Rating Board (ESRB), they were able to involve themselves with rating systems assigned to games. Taking a step further, Best Buy took the initiative to control the selling of m-rated games and banning adult-only games, promoting a family atmosphere. Best Buy also considers themselves the leader in establishing policies and standards concerning protecting customer and employee privacy.
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