Best Buy Company Essay
Best Buy is an Insurance company whose mission is to provide high financial products and services to our clients at a reduced risk, its dedicated in providing excellent underwriting and loss advice to their clients, The culture of our company is based on belief in integrity and fair undertakings, treating our customer with dignity and respect. Best Buy is devoted to meet the needs of the markets we operate.
It strives for excellence, our company take prudent risks and work towards achievement of this goals to assure the customer success and profitability in future, we endeavor assessed as an industry which leads in customer satisfaction, Best Buy is ever dedicated towards provision of best underwriting and prevention advice, Best Buy actuaries are knowledgeable in statistics and loss prevention hence they help commercial clients reduce losses in their working places, they are also experienced in determining accurate value of replacement, which provide customers with the right amount of coverage for their valuable property.
Opportunities and Threats
Best Buy Company is a business of its kind surrounded by a variety of opportunities around it. The new locations of our company offer opportunities of exploiting the market development, others may include continuing with our current strategy of large Insurance corporation, our operations are currently in a relatively a small region, therefore there exist a tremendous opportunities for our future business activities in expanding consumer markets such as Africa, other parts of Europe and China. Merging with other international Insurance Corporations focusing on unique markets in USA and India region
In spite of these wonderful opportunities we also face threats in our operation, though we try to minimize their effect. Best Buy Company being a multinational insurance corporation means that we are exposed to natural calamities and political problems that befell the countries of our operations, also the cost covering many clients who are easily prone to risks. Also being the best company means that you we are main target of competition both locally and globally.
Strengths and Weaknesses
Our Company’s strengths are many but to list but a few, Best Buy is a global insurance brand built upon a reputable products and services, it almost has 52 regional offices in almost 30 countries. Best Buy is a profitable organization; it earned more than $200 million in 2007.It generated revenue of more than $3500 million in the same year. Best Buy is a respected corporation which values its manpower; moreover the it has very strong ethical value. Most of our organization’s operation is strong in USA this is a weakness in itself because the situation is very risky hence need to look for portfolio of countries so as to spread the risk. Also being reputable in new product development and creativity, we remain susptible to the possibility that our innovation may fail us sometimes.
Strength Weaknesses Opportunity and Threats Matrix
Best Buy company does not necessarily practice the most rewarding opportunities; to a certain extent we have a good chance of developing a competitive benefit by selecting a well situation between our organization’s strength and the rising opportunities. In several occasions our corporation usually conquers its weaknesses so as to organize itself in pursuing a convincing opportunity. For us to model strategies which take into account our SWOT analysis, we usually develop a SWOT matrix as shown below.
|Opportunities||S-O strategies||W-O strategies
|Threats||S-T strategies||W-T strategies
- W-T strategies S-O Strategies. – They usually pursue opportunities that are good any fit for the company’s strengths.
- W-O Strategies. – They usually have overcome weaknesses to pursue opportunities.
- S-T Strategies. – Usually identify ways in which the firm can use its strengths to minimize its susptability to external threats.
- W-T Strategies. – are geared towards establishing a protective plan to prevent the firm’s weaknesses
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Leonard 2005. Applied Strategic Planning (2nd Ed.).New York