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Best Buy (SWOT Analysis)

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“SWOT is an acronym for the internal Strengths and Weaknesses of a firm and the environmental Opportunities and Threats facing that firm. SWOT analysis is a widely used technique through which managers create a quick overview of a company’s strategic situation. The technique is based on the assumption that an effective strategy derives from a sound “fit” between a firm’s internal resources (strengths and weaknesses) and its external situation (opportunities and threats). A good fit maximizes a firm’s strengths and opportunities and minimizes its weaknesses and threats. Accurately applied, this simple assumption has powerful implications for the design of a successful strategy.”

Best Buy

 

Best Buy is consumer electronics and appliances retailing company engaged in retailing consumer electronics and home-office products, and entertainment software and related services. Best Buy is North America's largest specialty retailer of consumer electronics, personal computers, entertainment software and appliances. The company's large scale of operations has increased its bargaining power with consumer electronics vendors. In addition, strong retail network also enables the company to serve a wide customer base and penetrate the market more effectively. However, increasing competition from other consumer electronics retailers, specialty home-office retailers, mass merchants and home-improvement superstores could reduce the company's margins.

Strengths, Weaknesses, Opportunities and Threats (SWOT)

Location of Factor

TYPE OF FACTOR

Favorable

Unfavorable

Internal

Strengths

  • Strong market presence
  • Strong financial performance
  • Strategic international acquisitions

Weaknesses

  • Dependence on few suppliers
  • Lawsuit

External

Opportunities

  • Agreement with Carphone
  • Growing global computer and electronics retail sector
  • New stores

Threats

  • Competition
  • Rising labor wages
  • Soaring consumer price
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