Internal and External Factors Within Best Buy Essay

Words: 2184
Pages: 9
Open Document
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…
They also protect all information pertaining to customer’s cell-phones, digital cameras, and computers with a security team that monitors all such involved. The education of technology and standards doesn’t end or begin with employees; it also extends to the customer. Employees are trained to dispense all sorts of information. One in particular is the switch from television analog to digital. Material is available both in stores by word of mouth, online, and even on customer receipts. The Geek Squad (an in home tech-support agency) also distributes information and know-how about DTV transitions, basic computer miss-haps and all around technology problems. In support of the Entertainment Software Rating Board (ESRB), education is also available pertaining to game ratings in the form of guides explaining the rating system. Best Buy also works closely with congress, state legislature, governors, and state attorney general’s with a board of government relations. With public policy at the disposal, Best Buy can stay abreast with federal standards and research. When monitoring innovation is concerned, Best Buy relies mainly on their employees. Special attention is paid to them in the form of internal news sites and online forums in which they can rate and discuss products and services. Best Buy can track retention and turn over resulting in improvement under both measures. At Best Buy’s
Show More

Related Documents: Internal and External Factors Within Best Buy Essay

Rip Curl Business Plan Essay

BUSINESS STUDIES - RIP CURL BUSINESS REPORT SYNOPSIS Rip Curl have been operating in Australia since 1969 dealing in surfing products and accessories. Over the years consumer tastes have constantly changed and other surfing brands have moved into the market forcing Rip Curl to diversify their products and marketing strategies to remain one of Australia’s most successful businesses BUSINESS STRUCTURE Situational analysis Rip curl was born in 1969 when Brian Singer and Doug Warbick started…

Words 2866 - Pages 12

Initial Marketing Plan Essay

0872759 February 13, 15 At Gazelle, we make computers that appeal to the average individual. Computers today can be expensive, and majority of the working population are unable to buy one. Our main objective is to deliver quality computers with an affordable price tag. By focusing our efforts primarily on the computer’s internal components, we guarantee that our computer’s potential can be fully maximized by our customers. For this vision to occur, we came up with different strategies for production.…

Words 1092 - Pages 5

BSBMKG501B Presentation 1 V2 Essay

presentation At the end of this session, you should be able to analyse information on markets and business needs to identify opportunities. Key discussion:  information systems  market research  evaluation of data  information systems  environmental factors  opportunity and threat analysis  assessment of markets  customer and consumer trends. Purpose of this presentation (cont.) Key discussion:     Pareto principle analysis techniques research methods 4 Market strategies  calculating break…

Words 2687 - Pages 11

Employment and Pay Structure Essay

the method of administering its pay philosophy. The two leading types of pay structures are the internal equity method, which uses a tightly constructed grid to ensure that each job is compensated according to the jobs above and below it in a hierarchy, and market pricing, where each job in an organization is tied to the prevailing market rate . A company must establish job descriptions for all jobs within the organization so employees know where their jobs begin and end with in the organization chart…

Words 1444 - Pages 6

Management and Business Essay

from a range of factors which could affect any company operations. these factors are more commonly divided into two categories internal and external. MNSI is an internal business environment due to the fact the the manager has control over internal influences. This will be evident in my S.W.O.T analysis ****The business environment consists of “the surrounding conditions in which the business operates. It can be divided into two broad categories: internal and external”. The internal environmental…

Words 2563 - Pages 11

Questions On Consumer Behavior

(Business Buyer Behavior) Dr. Rebecca Reczek Autumn 2014 What is Consumer Behavior? • Consumer buyer behavior: the buying behavior of final consumers, individuals and households, who buy goods and services for personal consumption Model of Consumer Behavior Characteristics Affecting Consumer Behavior Factors Influencing Consumer Behavior Characteristics Affecting Consumer Behavior: Culture • What is culture? LEARNED set of meanings, rituals, norms, and traditions that are shared among members…

Words 1355 - Pages 6

Pest Analysis Of Mcdonalds

similar to SWOT, in that once a start has been made it is difficult to stop. I used a copy of their 2011 Annual Report as the basis for the analysis, this did make things difficult in term of economic factors as the report was mainly financial information and based towards shareholders use. The best I could come up with was exchange rate fluctuations which affect the business being the global enterprise it is, also income affecting customers. Too little and they stop eating out,…

Words 2118 - Pages 9

Implications of Intellectual Capital on Human Resources Management Essay

pg. 3 3. Preserving Intellectual Capital pg. 4 4. The Importance Of Implementing Intellectual Capital Processes pg. 4-5 5. The Value Factor pg. 5 6. Employee and Management Training & Development pg. 5 -6 7. Capture Process…

Words 3212 - Pages 13

Strategic Audit of Harley Davidson Essay

Harley Davidson We have decided to address problems and causes within the Harley Davidson Company by using a strategic audit which will explain past, present and future trends within this organization. I. Current Situation A. Current Situation Excellent financials, low debt load, 2001 was the 16th consecutive year with record performance. Price/earnings ratio is positive. • World wide retail for 4th quarter 12.9% growth over year 2000. • Forbes named Harley-Davidson its "Company of the…

Words 5289 - Pages 22

Corporation and Stock Price Essay

wealth. 6. Explain why ethics is an appropriate topic in the study of corporate finance. I. Chapter Outline 1.1 The Role of the Financial Manager A. It’s All about Cash Flows The financial manager is responsible for making decisions that are in the best interest of the firm’s owners. A firm generates cash flows by selling the goods and services produced by its productive assets and human capital. After meeting its obligations, the firm can pay the remaining cash, called residual cash flows, to the…

Words 7094 - Pages 29