What do you think of this approach to external analysis? What’s good about it? Bad? Respond substantively to at least two of your fellow students’ postings.
Being the Best
Read Chapter 3, Case #3: Being the Best. Answer questions 1-5 in a 3-5 page APA style paper (excluding title and reference pages), and supported with the concepts outlined in your text and from your previous classes.
- What examples of environmental scanning do you see in this case? What role do you think environmental scanning has played in the company’s (BestBuy) evolution? What role will it need to play in the company’s future?
- Using Porter’s five-force model and the information in this case, do a brief industry-competitive analysis.
- What types of information do you think BestBuy leadership might want from each of the five general environmental sectors? (You don’t need to look up this information. Just indicate what trends they would probably keep track of.)
- BestBuy is not heavily in global sales (it does have stores in Canada). If the company expand internationally, what types of external information might it need to make such a strategic move?
- Update the information on BestBuy: number of stores, revenues, profits, and employees. Are these numbers increasing or declining? What opportunities and threats do you think are facing this industry?