Question: I need help in this strategic Management assignment. please read the swot analysis and do a tows matrix. I want to minimize weaknesses by taking
I need help in this strategic Management assignment. please read the swot analysis and do a tows matrix. I want to minimize weaknesses by taking advantage of opportunities and, minimize weaknesses and avoid threats
15 design, supportive STOIS level that helped boost performance. Some weaknesses include heavy dependence on physical stores and lack of online presence, a reduced profit margin, high amount of supplier credit dependence, dependent on selling luxury items. Best buy had not realized the potential of the online market and failed to give its full effort to enter into the online world. This strategy backfired as other brands took advantage of the online industry and Best buy had to incur significant costs for the brick and mortar physical locations. The opportunities for best buy included the growing market for mobile phones, video games, smartphones, and other such products in the online market. The launch of new brands such as Samsung, Google, Apple, etc. offered free publicity for the products at Best Buy. The rising trend of smartphones and the resulting higher level of consumer interest can prove beneficial for the brand as it would probably lead to an increase in their sales in the electronics market. The rising popularity of e- commerce also served as a great opportunity for Best buy to explore the online market and also to open more physical locations to boost sales, profit margin, and share in the market. Technological developments also paved way for rising consumer interest in electronic products that would ultimately benefit Best Buy. The threats include the increasing scope of online deliveries that reduced foot traffic as companies now offered delivery in the online industry. Amazon and other online retailers posed a threat to Best buy's business plan that heavily relied on the brick and mortar locations. Brands such as Walmart, Costco, Amazon, and Target offered huge discounts on electronics that posed serious threats to the market share of Best Buy. Best Buy had become an international business with its operations spread across different countries of the world. The strengths that helped the business grow included the limited liability, economies of scale, suppliers, and brands, its rising internet sales and Napster, speakeasy, etc. In addition, Best Buy had become a well-managed and operational organization with beautiful store design, supportive investors and shareholders, employees, training that were provided to all staff level that helped boost performance. Some weaknesses include heavy dependence on physical stores and lack of online presence, a reduced profit margin, high amount of supplier credit dependence, dependent on selling luxury items Best buy had not realized the potential of the online market and failed to give its full effort to enter into the online world. This strategy backfired as other brands took advantage of the online industry and Best buy had to incur significant costs for the brick and mortar physical locations. The opportunities for best buy