Swot Analysis For Best Buy

Every company has a set of strengths, weaknesses, opportunities, and threats. Even Foot Locker with its dismal situation in the United States still has strengths and opportunities. When doing any type of company analysis these categories need to be considered for they can be a clear indicator if this particular organization has a possible future. SWOT analysis involves specifying the objective of the business venture

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.

I would suggest to a company to use the SWOT technique to find their strengths, weaknesses, opportunities and

A SWOT analysis is crucial in allowing businesses to plan how they are going to market and promote their product. A SWOT has four key components: strengths, weaknesses, opportunities, and threats. The strengths and weaknesses of an organization are the internal evaluations. This could better be explained as what the organization does and does not do well. The opportunities and threats are the external evaluations. This is how we look at the organization from an outside perspective and see how it can grow or fail in a market. For my SWOT analysis, I am going to break down the Gatorade Company, Inc. I will discuss multiple strengths and weaknesses that the company has, and provide the opportunities and threats that Gatorade may face.

Best Buy is electronic retailer that has brand names under 11 brand names in the United States. The company also has services in Canada, China, Europe and Mexico. It specializes in selling technology and entertainment products and services. The company became successful by using a low cost strategy and high cost customer service practices. The company has a lead market position because of its differentiation strategy, its brand names that are reputable and the many series of acquisitions.

“A SWOT Analysis is the most used tool for audit and analysis of the overall strategic position of the business and its environment. Its principal purpose is to identify the strategies that will create a firm-specific business model. The plan aligns the organization’s resources and capabilities to the requirements of the environment in which the firm operates. The analysis is to evaluate any potential and limitations and the probable/likely opportunities and threats from the external environment. The results provide the positive and negative factors inside and outside the firm that affect the success.” A SWOT analysis is conducted to determine the strengths, weaknesses, opportunities, and potential threats to the organization. ("SWOT

(Amazon.com, Inc.) And lately, Amazon just introduced their newly invented product, Kindle Fire, the most-advanced tablet providing a fully-integrated and end-to-end service for customers. (Amazon.com Inc.) They also started renting thousands of college textbooks to college students with a recently launched service called Amazon Textbook Rental. (Amazon.com Inc.) Amazon’s wide range of product offerings gives them a good chance of future financial growth. (Amazon.com Inc.)

Walmart is known as powerful retail brand. It has notoriety for value of cash, comfort, and an extensive variety of items across the board store. Sam Walton 's unique vision to run a successful chain of extensive rebate and retail chains has come true. Walmart 's most prominent strengths are the customer conception of low costs, their market clout, their capability in data innovation, and their wide store and dissemination netwrok. These strengths – joined with a few others, are what make Walmart the achievement that it has progressed toward becoming today.

With a market capitalization of over $10 billion, Best Buy is the dominant player in this industry. Competition in this industry is high primarily because there is little to no switching costs if a buyer chooses to shop somewhere else. Likewise, products are not set apart: buyers can get comparable products at almost all of the different electronic stores. As a result, companies like Best Buy have to compete on prices and non-tangibles, such as customer service and friendliness.

In order to grow the business, I have completed a SWOT analysis table, looking at the headings of the HRM, accounting and finance and the marketing departments as all of the findings need to be taken into account when making any business decisions. Below I have shown my swot analysis table. This is used to ensure that I have taken all aspects of the business into account before I analyse where the strengths and weakness of the company lie.

The SWOT analysis is a tool that is used to identify and understand the internal strengths and weaknesses in an organization and the external threats and opportunities in the market environment the organisation is operating in. Ferrell & Hartline (2011), state that it helps an organization chart a niche that is sustainable in a particular market. It helps the organisation identify a growth pattern or path that would best exemplify its good values and opportunities for the benefit of the shareholders.

According to Kotler, P. & Keller, K.L, Best Buy is the world’s largest consumer electronics retailer, with $34.2 billion in sales in fiscal 2009. Thanks to its expansion and risk decision, Best Buy was able to increase sales. One example is putting staff on salary instead of commission pay. With this decision, the results created a friendlier atmosphere and low-pressure shopping. Moreover, Best Buy faced new competition like Costco and Walmart. What made Best Buy distinguished from the new competitors was the implementation of a selling product services. Focusing on providing customer services, and offering personal services like installation and at-home delivery.

Wal-Mart has grown into one of the largest discount retail stores in the world and has proven that the type of operation that they have is successful and effective. Although they are the industry leader, in the recent years their sales growth rate has not experienced such of an increase. The decrease of the slowing growth rate from their previous double-digit growth has begun to develop problems and serious concern for the company. They are now faced with the attempt to understand the symptoms and causes of the problem and how to regain their growth strength.

The strength of the SWOT analysis comes derives from the way that it can be used for a wide range of business situation and in industries. And SWOT analysis weakness is that it needs clear thinking and good decision making ability to get any real qualities from using it. The best ways to achieve this is to concentrate on internal and external strengths and weaknesses. The strength is something that has positive effect on your business and it gives your organisation a competitive advantage. It includes your unique selling point, products, resources and what you

Best Buy is an international, American based, consumer electronics company, based in Richfield, Minnesota. Best Buy is largely concentrated in the United States, but has stores also in Canada, China, Puerto Rico, and Mexico. For many Americans, when they need to buy products from as large as a television, to as small as a DVD, Best Buy is the one stop shop. Like any large company, to stay successful, Best Buy needs to stay up with the times and continuously innovate. If Best Buy just sits on their success without paying attention to the competition, they will fall behind, and not be profitable. This paper will go through what Best Buy