Policy and Strategy

Topics: Strategic management, Best Buy, Strategic planning Pages: 4 (1033 words) Published: February 25, 2014
Mini Strategic Audit comparison between Best Buy and TigerDirect With the present and the future of our society using the internet for everything from gathering information to shopping, retail giants and other companies like Best buy and TigerDirect.com are flooding the internet with their products and services. With the competition to be the number one rated online retailer, the companies mentioned above and many others like it are constantly improving how to gain new customers. The purpose of this assignment is to provide a mini strategic audit of the two companies above, showing how they differ in strategy management and implementation while simultaneously identifying the importance of strategic management. Let us begin with a brief history of both companies. Best Buy Mission Statement:

Best Buy’s vision is to make life fun and easy for consumers. The company‟s stated mission is to treat customers as unique individuals, meeting their needs with end-to-end solutions, and engaging and energizing its employees to serve them, while maximizing overall profitability.

Best Buy is the world’s largest multi-channel consumer electronics retailer with stores in the United States, Canada, China, and Mexico. This company was founded by Richard Schulze in 1966, and was originally known as the Sound of Music. The name was changed to Best Buy in 1983. The company’s value is almost $50 billion annually. More than 145 thousand people are employed globally. Best Buy has over 14 thousand stores and locations in the United States, including large-format and Best Buy Mobile stores. This company also has about 1 billion visitors shopping online and 600 million shoppers visiting their conus stores annually. BestBuy.com is among the top ten retail websites in the United States and its has the number one customer loyalty program of its kind. TigerDirect Mission Statement:

TigerDirect’s vision is to take care of every customer like they are a member...
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