Market development the growth strategy must first and

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Market developmentThe growth strategy must first and foremost strive to identify new markets for the supplywith existing product range provided by the organization. Best Buy Co., Inc., being a global organization, has abundant opportunities available for exploitation in the global arena. These opportunities exist even for all products including those from the competition. It is, therefore, incumbent upon every business to devise strategies for own growth and profitability. The organization must develop its market by use of this strategy by finding new customer segments in the market for the supply especially with the tablets, gaming and digital imaging that is experiencing declining sales. Driving the sale of this product will help to boost growth, as this product seems to be at the declining stage.DivestitureSelling part of an organization or subsidiary or business line to another company is referred to as divestiture. It is important to examine operational strategies and portfolios of companies to determine if divestiture solutions can be a viable action to help solve some of the immediate business issues such as declining sale of tablets and digital imaging. Best Buy Company should organize to sell its Five Star business in China. The subsidiary did not meet expectations in terms of growth and profitability. The company can, therefore, use those resources from the sale to pursue other opportunities.
Running heading: Best Buy22Long-term objectivesEven though companies tend to concentrate on the short-term goal of making profits and growth, they should not compromise this at the expense of future well being of the enterprise. To achieve in investing in owning the future, top managers should embrace a two-dimensional approach in its strategies.InnovationOn the other side, Best Buy should develop new and creative products and services to retain market position and grow the business in the global market.PartnershipsThe company should create alliances to strengthen its position and open up new markets. Best Buy should work together with partners to deliver new solutions and expand its reach into global markets. Best Buy company should design products that satisfy specific demands that exist in other markets in the world. PeopleThe company should enhance the organization’s skills and competencies so it has the resources to meet challenges. Best Buy Company relies on the skills and innovation that the employees will provide. For example, Best Buy can dedicate its Human resource management strategy on attracting and retaining staff with special skills. On the other hand, training and development should continue to strengthen skills that provide a competitive advantage and drive the company vision Daly, Chafouleas, & Skinner, (2005). Best Buy will, therefore, have a pool of expertise to enable it competes effectively in the market.
Running heading: Best Buy23Proposed new business modelBets Buy is currently in the process of a new business model with the management campaign of “Renew Blue”. The focus of the strategic change is to lower overall overhead costs

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