SWOT analysis is a tool for auditing an organization and its environment, how well it is doing and what needs to be improved. It is the initial stage of planning and helps marketers to focus on key issues that are vital to the company. SWOT stands for strengths, weaknesses, opportunities, and threats. Strengths and weaknesses are internal factors and are found within the company. Strength could be an advantageous location or quality products. A weakness could be lack of experienced employees or bad public reputation. Opportunities and threats are external factors and only include things that affect the company from its external environment. An Opportunity could be investing in new markets; much like Canada and a threat would be high gas prices. Even though Best Buy has been a very profitable company, profits are not everything and even a corporation such as Best Buy can stand for improving and after careful planning threats and weaknesses can turn into strengths and opportunities.
After careful analysis, strengths found within the Best Buy Corporation are high levels of community service and local involvement, Best Buy is rapidly growing and scores high in customer service. Weaknesses of Best Buy include too much bureaucracy, undifferentiated products or services, and complicated shipping schedules as Best Buy must coordinate many suppliers from many different countries. There are many opportunities for a company such as Best Buy like expanding into Canada and further global expansion such as China. Also, Best Buy can expand their service industry for example as they with Geek Squad and merge with other companies like they did with Future Shop. There are also threats to Best Buy; a few examples would be their competitors and the continually shrinking cost of technology.
A few methods we have decided upon for Best Buy's improvement would be for their strengths, work on continuing to improve their market share and profit while... [continues]
Cite This Essay
(2008, 03). Best Buy Swot Analysis. StudyMode.com. Retrieved 03, 2008, from http://www.studymode.com/essays/Best-Buy-Swot-Analysis-134008.html
"Best Buy Swot Analysis" StudyMode.com. 03 2008. 03 2008 <http://www.studymode.com/essays/Best-Buy-Swot-Analysis-134008.html>.
"Best Buy Swot Analysis." StudyMode.com. 03, 2008. Accessed 03, 2008. http://www.studymode.com/essays/Best-Buy-Swot-Analysis-134008.html.