BEST BUY

Best Buy

Table of Content

Introduction1

Strategic Management1

Project Management2

Corporate level strategy2

PEST Analysis3

Political Factors4

Economical Factors6

Different Approaches For Japan And Usa Facing Global Downturn Economical Situation7

Social Factors7

Technological Factors8

Growth Strategy9

Tools and Techniques9

Culture in Electronics Best Buy12

The Market12

Financial Considerations13

Products and Services14

Market Analysis Summary15

Service Business Analysis16

Strategy and Implementation Summary16

Competitive Edge17

Project Planning18

Cost And Value Management20

Marketing Strategy20

Sales Strategy21

Sales Forecast21

Milestones23

Quality And Risk Management of Best Buy industry23

Barrier Removal24

Precepts of Quality Improvement24

Risk management process26

Sustainability And Environmental Issues of Best Buy industry27

Procurement And Supply Chain Management of Best Buy industry29

Web Plan Summary32

References34

Introduction

"Strategic management is the process of decision making which have high medium term to long term impact on activities of the Best Buy including the implementation of those decisions to create value for customers and key stakeholders and to outperform the competitors". Strategic management has three elements such as strategic analysis, strategic choice and strategic implementation. Strategic analysis gives the idea to understand the strategic position of the Best Buy. It is an ongoing activity of Best Buy. Strategic analysis gives the clear picture of the changes in the environment and how these changes affecting the Best Buy and its activities. It gives idea about the resources and competencies present and their contribution to competitive advantage and development of new opportunities. Also it produces the idea about the people and groups such as manager, shareholders, union, stakeholder etc. associated with Best Buy and their contribution for the development of Best Buy. Basically strategic analysis develops the relationship between different forces influencing the Best Buy and its choice of strategies. These forces are environment, resource and competences etc.

Strategic Management

The traditional philosophy of management in Best Buy industry, both in academia and in industry, places great emphasis on the ability to plan and execute projects. In contrast, a similar emphasis on strategic management has received less attention in the Best Buy industry. Although the pressures of project performance can often obscure the broader social, economic, and professional context in which strategic management is undertaken, it is these broad contextual areas that make strategic management an essential issue for Best Buy industry organizations. Rapidly changing social and technological issues are creating a professional environment that will look very different in the coming decades from that experienced in today's organizations. This paper introduces a study of the current strategic management practices of Best Buy industry organizations. This paper also introduces the concept of strategic management and the areas that organizations must address to compete in the global marketplace. (CIRIA Research C571 2001, 12)

Project Management

Strategic management (American, online, 03/2005, 17:35 pm) is oriented toward shaping the firm's future by anticipating changes--a stance taken in response to mounting turbulence in the business milieu. It is holistic in its perspectives--a necessary consequence of the vastly increased complexity of management's task today--and therefore considers the strategic impact of issues arising not only from within the firm, but from the full complexity of the environment without. Perhaps most definitively, the field addresses the chief concerns of top management--the mission, objectives, and strategies of the overall ...