...and success. The mutual fund manager also needs to identify the external and internal stakeholders and how Best Buy meets the wants and needs of the stakeholders. SWOT The strengths of Best Buy include high brand recognition, affordable prices, special offers, convenient locations, and a strong online presence. Best Buy is large enough to afford marketing so that it can use prime time television and radio spots to reach its potential customers. The weaknesses of Best Buy range from impersonal customer service to costs of maintaining huge warehouses and stores. This year already Best Buy lost 1.7 billion. Recently Best Buy announced it is closing 50 of its stores and is planning to open smaller stores and work on a stronger online presence. This will help them avoid what happened to Circuit City and also help compete with Amazon (USA Today, 2012). Potential opportunities are new gadgets and electronics with the latest digital cameras, cell phones, video games, and new television models becoming more popular. If Best Buy can stay ahead of the market and offer the latest gadgets at competitive prices they can have an advantage and boost profits. Threats include the environment with many competitors that undercut Best Buy prices and an economic recession that limits the money customers have available for electronic purchases. Stakeholders Internal and external stakeholders of Best Buy include...
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...Kraft announced takeover of Cadbury’s, it announced job losses. TWE do you agree that mergers and takeovers are not always in the best interests of their stakeholders (40) A stakeholder is a group or organisation/institution that has an interest in or is affected by the success of a business. Many stakeholders would argue that takeovers/mergers are not in their best interests because the new ownership will usually cut jobs to reduce costs. This is because the new ownership are likely to have their own HR department, operations, management etc, therefore roles such as middle managers will be regarded as surplus to requirements. Cutting jobs would be supported by shareholders such as shareholders/higher management but opposed by employees and the local community as the firm would not be fulfilling their social responsibility. After cutting jobs, the firm will then transfer production overseas as another method of cutting costs which will be supported by management and customers (since the firm may reduce prices), however it will be opposed by the local community because of the job losses and impact on the economy incurred. However if a firm decides not to transfer production overseas they may introduce more capital intensive labour and replace human workers as a method of reducing long term costs which will be favoured by customers and shareholders but opposed by employees. However whilst most takeovers will favour the cutomer, the firm taking ownership may rise prices to improve...
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...Chapter 01 What Is Strategy, and Why Is It Important? Multiple Choice Questions 1. | Keeping in mind Apple's competitive advantage, which of the following products was introduced by Apple in 2007? A. | iPad | B. | iPhone | C. | iPod | D. | iTunes | | 2. | _____ is best described as an integrative management field that combines analysis, formulation, and implementation in the quest for competitive advantage. A. | Supply chain management | B. | Integrated technology management | C. | Strategic management | D. | Inventory management | | 3. | _____ is best described as a set of goal-directed actions a firm takes to gain and sustain superior performance relative to competitors. A. | Behavior modification | B. | Strategy | C. | Credo | D. | Competency management | | 4. | Which of the following stages of the strategic management process involves an evaluation of a firm's external and internal environments? A. | Strategy analysis | B. | Strategy implementation | C. | Strategy formulation | D. | Strategy control | | 5. | In _____, a firm frames a guiding policy to address the competitive challenge. A. | strategy control | B. | strategy implementation | C. | strategy formulation | D. | strategy analysis | | 6. | Through _____, a firm puts its guiding policy into practice by employing a set of coherent actions. A. | strategy control | B. | strategy implementation...
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...Answer: F Page: 4 4. The stakeholder theory of the firm argues that a firm’s sole purpose is to create value for its shareholders. Answer: F Page: 6 5. The instrumental argument for the stakeholder theory of the firm says that companies perform better if they consider the rights and concerns of multiple groups in society. Answer: T Page: 6 6. The normative argument for the stakeholder theory of the firm says that the stakeholder view is simply a more realistic description of how companies really work. Answer: F Page: 7 7. Nonmarket stakeholders are those that engage in economic transactions with the company as it carries out its primary purpose of providing society with goods and services. Answer: F Page: 8 8. Market stakeholders include nongovernmental organizations and the media. Answer: F Page: 8 9. Government can be considered both a market and nonmarket stakeholder. Answer: T Page: 10 10. The interests of different stakeholders often coincide. Answer: T Page: 14 11. Stakeholders involved with one part of a company often may have little or no involvement with another part of the company. Answer: T Page: 15 12. Some scholars have suggested that managers pay the most attention to stakeholders possessing the least salience. Answer: F Page: 16 13. Urgency refers to the extent to which a stakeholder’s actions are seen as proper or appropriate by the broader society. Answer: F Page: 16 14. A stakeholder map is a useful tool, because...
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...We would also like to thank our colleagues, who often helped and gave us support at critical junctures during the completion of this project. * Contents Contents 3 1 Introduction 4 2 Stakeholders of Tri-State Telephone Company 5 2.1 Internal stakeholders of the Tri-State 5 2.2 The Tri-State external stakeholders 6 3 The key stakeholders of the Tri-State 7 4 The critical trends in Tri-State environment 8 5 Reasons for Tri-State customers become upset 9 6 What should John Godwin do? 10 7 Recommendations 11 8 References 12 * Introduction Tri-State Telephone is a telecommunications company that provided the telecommunications of the residents of three US States. Currently customers of Tri-State Company pay a monthly flat rate for the service they used. Now the management of Tri-State wants to change the pricing system from monthly flat rate to a new pricing system. However, the customers are not in a position to accept the new pricing system.Hence, they do not allow the company to launch the new pricing system. In this case, they begin to march in to protest against Tri-State Company with the help of consumer federation of America and congress of consumer organization. Stakeholders of Tri-State Telephone Company * Stakeholder means a party that has an interest towards the organization. There are mainly two types of...
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...For this task I will be ranking the stakeholders for Tesco in order of influence. I will also give reasons to explain why I believe the stakeholders at the top of my list are more important than the ones on the bottom. Stakeholders have a variety of different influences on how a business is run. And they can all play a part in the success of a business in one way or another. 1- Customers- The stakeholder that I believe has the most influence on Tesco and its success is the customers, the reason for this is that the customers are the ones who buy the products that Tesco sell. Therefore if Tesco did not have any customers then their business would not work as they will have no one buying their goods. 2- Employees- The stakeholder I would put in second would be the employees, as they also play a big influence in the success of a business. This is because they carry out day to day jobs within Tesco, such as stacking shelves and making sure everything is suited to the customers’ needs. Employees also play a big impact on Tesco’s aims as without employees they would not be able to operate. Therefore it is important that Tesco take care of their internal stakeholders, as if there internal stakeholders are happy they can then tell their friend/family about the company. 3- Shareholders Shareholders have a direct influence on an organisations aims and objectives. This is because shareholders want the business to increase the profits or the growth as it means that...
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...Stakeholder Analysis Organizations must focus on purposeful communication to stakeholders to stay competitive in the marketplace. A critical aspect of sustaining success is built by committed leaders who have a solid foundation of listening, communication, trust, respect, and belief in the creative potential of each employee (Darling, Beebe, 2007). These assets are vital as Best Production determines and executes a solution to solve a business problem. Best Productions Scenario Best Production is a large video game company that develops new video games. They are working on a new video game for release during the holiday season, which is one-month away. Customers are anticipating the game’s release and the company expects to make a significant profit. Marketing displays have been in stores for weeks. Pre-sales game reviewers found a bug in the software that affects game quality. The game can be played but the defect decreases the quality. This game is a sequel to several previous games, and customers expect the same quality gaming experience. Plans are underway to develop the next sequel. The company’s executives need to decide to either; ignore the bug and release the video game on time or delay the game’s release to January to fix the software defect. Internal and External Stakeholders Stakeholders are individuals or entities that have an interest in the organization. This can be internal stakeholders; employees, internal customers, or management. External...
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...responsible manner for each of the three situations in this scenario. I will also explain three ways I think Company Q can bolster its attitude towards social responsibility to improve its positive impact on all its stakeholders and the community it operates within. Each situation in the scenario has a component of merit and detriment to its stakeholders, but to me, I believe the attitude towards social responsibility by company Q is negative at the core. Company Q appears to be following more of a shareholder model, in which it is placing most of its emphasis on the shareholder and increasing profits without much consideration for its other stakeholders. For example, in situation 1, Company Q closed two stores in a major metropolitan area suffering from high crime rates due to a consistent loss of money. While this decision was beneficial to the shareholders, it will also put all of those stores employees out of work and eliminates a source of groceries for its communities. Situation 2 shows the emergence of a limited health-conscious/organic products section in the stores after years of requests from customers. But these items are all high margin items, maximizing profits for the company. These offerings serve the shareholders but not truly helping the customers due to the high cost. In situation 3, a local food bank has made a request to obtain the entire store’s day old food. This request was denied, citing worries over lost revenue from possible fraud and theft...
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...Is Wal-Mart's stated vision aligned with the needs of their stakeholders? Melissa Stacy MGT 499 MOD 1 Wal-Mart, the world largest and most successful corporation, also has the unflattering reputation of being so uncaring that it now symbolizes corporate social irresponsibility in the eyes of many Americans. Wal-Mart's problems with its own employees are not just perceptual but fundamentally due to the company's targeting and positioning choice: the delivery of always low prices to customers has meant that such stakeholder groups as employees have had to be squeezed. How did a company heralded as a hero as recently as in 2000 become a corporate monster only a few years later? The company's current predicament was not only foreseeable, but a logical consequence of its strategic choices, through its unbalanced approach to stakeholder commitment. Wal-Mart views its shareholders, consumers, and the community as their most important group of stakeholders, while employees are its second most important one. Wal-Mart has recently begun focusing on providing an explanation related for the company's poor performance with its self-declared second most important stakeholder group: its employees. Wal-Mart is being sued for what some workers say is widespread bad practice in forcing workers to do extra work "off the clock"- unpaid. Wal-Mart's policies forbid the practice, but managers under intense pressure to cut costs have allegedly resorted to it in order...
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...True False The stakeholder theory of the firm argues that a firm's sole purpose is to create value for its shareholders. True False The instrumental argument for the stakeholder theory of the firm says that companies perform better if they consider the rights and concerns of multiple groups in society. True False The normative argument for the stakeholder theory of the firm says that the stakeholder view is simply a more realistic description of how companies really work. True False Nonmarket stakeholders are those that engage in economic transactions with the company as it carries out its primary purpose of providing society with goods and services. True False Market stakeholders include nongovernmental organizations and the media. True False Each stakeholder group has only one source of power in relation to a firm. True False 5. 6. 7. 8. 9. 10. The interests of different stakeholders often coincide. True False 11. Stakeholders involved with one part of a company often may have little or no involvement with another part of the company. True False 12. Some scholars have suggested that managers pay the most attention to stakeholders possessing the least salience. True False 13. Urgency refers to the extent to which a stakeholders actions are seen as proper or appropriate by the broader society. True False 14. A stakeholder map is a useful tool, because it enables managers to see quickly how stakeholders feel about an issue and whether salient stakeholder tend to be in...
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...produced a short informal report to help you understand Original Travels external environment. I have identified the different stakeholders attached to Original Travel and briefly explored their concerns and contributions. ‘The concept of stakeholders is important for two reasons. First, it emphasises that stakeholder groups have different interests; second it illustrates the relationship between businesses and their external environments’. (Cited in The Open University B120 What is business? 2006, P.25). This can be further explored by using a STEEP model. (Cited in The Open University B120 What is business? 2006, P.17). By using a STEEP model and viewing the different types of stakeholders attached to Original Travel it should provide you with an accurate understanding of the external environment in which your company operates. A STEEP model considers five factors, which I have listed below and given examples. * Sociological factors-changes in age, patterns of work, gender roles, patterns of consumption, culture changes and country developments. * Technological factors-developments in technology and the effects on your business. * Economic factors-economic growth/shrinkage, interests rates, exchange rates, energy prices and levels of employment. * Environmental factors-how your business has an effect of the environment and how your customer base views this effect. * Political factors-local and world legislation governing trade as well as the influences of other...
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...HUAWEI COMPANY Group 2 Student name: Maggie,Tim,Viet Subject: Business strategy Tutor's Name: Elliot Pfebve CONTENT LO1: Understand the process of strategic planning 1.1 Explain strategic planning, explain strategic contexts and technology ‐ missions, visions, objectives, goals, core competencies 1.2 Review the issues involved in strategic planning 1.3 Explain different planning techniques LO2: Be able to formulate a new strategy 2.1 Produce an organizational audit for a given organization 2.2 Carry out an environmental audit for a given organization 2.3 Explain the significance of stakeholder analysis LO3: Understand approaches to strategy evaluation and selection 3.1 Analyse possible alternative strategies relating to substantive growth or retrenchment 3.2 Select an appropriate future strategy for a given organization LO4: Understand how to implement a chosen strategy 4.1 Compare the roles and responsibilities for strategy implementation 4.2 Evaluate resources requirements to implement a new strategy for a given organization 4.3 Discuss target and timescales for achievement in a given organization to monitor a given strategy LO1: Understand the process of strategic planning 1.1 Explain strategic planning, explain strategic contexts and technology ‐ missions, visions, objectives, goals, core competencies ...
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...1. Using the stakeholder typology model, identify and describe the important stakeholders for PCA in relation to the privacy issue. What is the nature of their claim? Discuss whether and how the company chooses to respond to these claims. Introduction: it has been proved that it is crucial for organisations to communicate with their stakeholders that could develop and protect their reputation. And managers need to think very strategically about their business overall and how they can effectively communicate with their stakeholders, such as customers, investors, employees, members of communities in which the organization operates (Cornelissen, 2011). To the Peanut Corporate of American (PCA), which produced blanched, split, granulated, roasted peanuts and also peanuts butter and so on, sell peanut products to other manufacturers rather than consumers directly, its stakeholders could be customers who buy the peanut products, investors who invest on PCA, for example, shareholders, employees who work for the company and suppliers who provide materials that company needs, government political groups who set regulations on the company trade associations who are related to trade issues. The following figure is the model of stakeholders in strategic management. Governments investors political groups Suppliers organization customers Trade associations employees communities The stakeholder management recognizes the mutual dependencies...
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...approach Strategy infographic 03 04 05 06 07 08 Stakeholder engagement Key issues 09 10 11 Click on page links Transparency and accountability Bigger Picture 2014 Sustainability Report 2 Sustainability at Telstra About us ABOUT US Our business Telstra is Australia’s leading telecommunications and information services company, offering a full range of communications services and competing in all telecommunications markets. We employ close to 32,000 people directly, facilitate access to more than 1,900 points of presence across the globe and have one of Australia’s largest shareholder bases, with 1.4 million shareholders. We have a diverse range of customers, including consumers, small business, large enterprises and government organisations, and we strive to put them at the centre of everything we do. In Australia, our services are offered through 362 Telstrabranded retail stores, 90 Telstra Business Centres, 127 Telstra business and enterprise partners and are distributed by over 15,000 retail points of presence managed by our partners. In Australia we provide 16 million mobile services, 7.5 million fixed voice services and 3.7 million fixed data services. Telstra’s international businesses include Telstra’s global networks and managed services business and Telstra’s China-based search and advertising business, Autohome Inc. We understand our customers want technology and content solutions that are simple and...
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...sagepub.com/journalsReprints.nav Permissions: http://www.sagepub.com/journalsPermissions.nav Citations: http://jmk.sagepub.com/content/29/4/392.refs.html Downloaded from jmk.sagepub.com by Celia McKoy on September 15, 2010 Market Responsiveness to Societal Interests Tracy L. Gonzalez-Padron1 and Robert W. Nason2 Journal of Macromarketing 29(4) 392-405 ª The Author(s) 2009 Reprints and permission: http://www. sagepub.com/journalsPermissions.nav DOI: 10.1177/0276146709344954 http://jmmk.sagepub.com Abstract The authors provide evidence that firms can enhance their own objectives by internalizing the objectives of most stakeholder groups. This suggests that society’s objectives, as defined by stakeholders to the firm, can be augmented by the self-interest motivation at the heart of a market system. Specifically examined was the impact of stakeholder responsiveness on innovativeness. The second objective of this study was to explore the impact of compliance-based versus strategic-based regulation approaches on firm innovation and overall corporate social responsibility (CSR). Findings suggest that regulatory responsiveness decreases innovation when firms expend resources only on compliance. Firms adopting strategic-based approaches, such as voluntary regulatory...
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