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Finance & Accounting
Pages 4 (1004 words)
Best Buy Case Analysis Name: Course: Tutor: College: Date: Best Buy Case Analysis The Best Buy Company Inc is a multinational corporation that has ventured into the electronic market in the USA and is now subject to numerous market forces that are threatening to push it out of the market…
To achieve this, an organization needs to understand their market environment, capitalize on their strengths to overcome business threats and weakness and take and take advantage of any opportunities that arise in the market. Below is a case analysis of Best Buy Company Inc and suggestion of new strategies that this firm can employ to remain profitable and successful. Roy (2011) recognizes the need for an organization to conduct as environment scanning to understand better the business market which is essential in strategic management. He identifies the Porter’s five forces Model (PFFM) as one the superior tools of environmental scanning. In this model, the five market forces include the consumer and supplier bargaining power, competitive threats from other sellers and entry of new goods, and the intensity of the competitive rivalry within a market environment. As Roy states, the ability of an organization to understand its external and internal market environment, determines its ability to develop strategies to differentiate in the market. If the word of this economist is something to go by, then Best Buy must understand its market environment to overcome its business threats. ...
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