For this assignment, a mini strategic audit will be conducted for two companies with an overall goal to compare how each company differs in the strategy management and implementation, while identifying the importance of strategic management.
Conduct a mini Strategic Audit on e-company Tigerdirect.com and Best Buy, Visit the each company’s website at Tiger Direct at http://www.tigerdirect.com/ and Best Buy at www.bestbuy.com. After conducting research, identify key strategies that each company has in common. List a brief introduction of each company, to include the Mission Statement and compare key aspects of each company. Identify the importance of strategic management based on your research. Be sure to include the concepts identified in the readings for this week's topics.
Submit your answers in a 1000 word, APA style paper. Include a title sheet and 2-3 references. Only one reference may be found on the internet. The other references must be found in the Grantham University online library. Only the body of the paper will count toward the word requirement. Please see rubric below.
Mission Statement Analysis
For this discussion activity, you will research a company's of your choice and locate the company's most current mission statement. In order to evaluate the effectiveness of the chosen company's statement you will use the following criteria for evaluating a Mission Statement.
Use the following questions to evaluate the selected mission statement.
Use a score of 1 point for each criteria/question that the mission statement meets.
1. Is our mission statement focused on satisfying customer needs rather than being focused on the product?
2. Does our mission statement tell who our customers are?
3. Does our mission statement explain what customer needs our company is trying to satisfy?
4. Does our mission statement explain how our company will serve its customers?
5. Does our mission statement fit the current market environment?
6. Is our mission statement based on our core competencies? (A core competency is a company strength.)
7. Is our mission statement motivating and does it inspire employee commitment?
8. Is our mission statement realistic?
9. Is our mission statement specific, short, sharply focused and memorable.
10. Is our mission statement clear and easily understood?
11. Does our mission statement say what we want to be remembered for?
Once you have completed the evaluation of the missing statement, address the following questions:
• How many points would the mission statement earn? What is the significance of the score in relation to how well the company's is currently operating?
• Are all of the questions equally important? Should some be dropped and others added? Why?
Be sure to post the chosen company "Name", Mission Statement, Results of Evaluation, and Responses to the Closing questions.
These solutions may offer step-by-step problem-solving explanations or good writing examples that include modern styles of formatting and construction of bibliographies out of text citations and references. Students may use these solutions for personal skill-building and practice. Unethical use is strictly forbidden.TigerDirect
Mission Statement: “Through an efficient and diversified multi-channel marketing system, we provide customers a unique shopping experience by offering the best prices and service on a broad range of products and services” (Systemax, n.d.).
Tiger Direct is a leading e-commerce store and Systemax subsidiary that offers every possible electrical product imaginable (TigerDirect.com, 2015). They deal in the sale of a wide variety of electronics including computers, phones, tablets, note books among others. It is an online based business that relies on the internet to carry out most of its operations. In the process of normal operations, the company comes across different challenges that need to be overcome in order for business to continue as normal. The company also enjoys some opportunities that it utilizes to make sure that it stays ahead of its competitors. It is upon the effort of the management team to make sure that the best strategies are applied.
The segment integration for Tiger Direct is one in which it focuses mostly within specified zip codes for purposes of orders' deliveries. The segment interaction can be said to relate to online shoppers located within the US as a primary focus for the company. In addition to the segment interaction from a geographical aspect, their product offering also gives a segment interaction based on the needs and wants of consumers who need any electronics products.
Growth rate for the Tiger Direct e-commerce website is evident from their advertisement on them opening a new store every month. Their store locations are most likely based off the number of online orders they receive from a certain location that is deemed to have a high potential for walk-in clients....
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