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Best Buy External Analysis Paper

1215 Words5 Pages

Michael George BUSA 4185 External Environment Analysis for Best Buy 27 Feb. 2017 This External Analysis will look at Best Buy and provide a complete external scan to provide the tools necessary to identify Best Buys strengths and weaknesses. Additionally, this analysis will determine the companies competitive positioning and its chances of growth. Best Buy is a specialty retailer that specializes in consumer electronics. Its financial hub is in the United States; however, Best Buy does have locations in Mexico, Turkey, and The United Kingdom etc. Currently, Best Buy is one of Fortune 1000 top companies and is one of the primary retailers of electronic goods in the United States. Task Environment: Over the last few years …show more content…

And in correlation with those groups Best Buy is having to deal with pressure from environmental watchdogs and the EPA who have created strict guidelines on environmental laws. Recently laws were set in place requiring large corporations to decrease their carbon footprint. Best Buy got caught up in a “scandal” where they were blamed for unethical deforestation in Canada. However, since that incident Best buy has taken steps and launched a program called Greener Together to increase energy efficacy in its products and to reduce their waste by using more recyclable goods. They even started collecting people’s old electronics that they were trashing and used those for new …show more content…

Thus, providing people with the very best product the present day can offer. Expansion of Product lines: By continuing to improve name brands and well known products Best Buy can ensure customer retention by carrying new and update products, such as new apple iPhone. Acquisition of Rivals: By consuming their rivals, Best Buy keeps the threat of other companies low. Global Expansion: Reaching out to new markets and potential customers can help secure Best Buy as a global power house of technology sales. Online growth: With the constant push towards less brick and mortar companies and more online stores Best buy can further reach more customers by appealing to their needs. Threats: Internet based and brick and mortar competitors: Best buy has low competition as far as these are concerned due to their domination of the market. Economic downturn: Best buy should continue to take steps in the case of economic slowdown to ensure the companies stability, such as what they did by lowering their number of employees. Overview and

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