Lessons for Strategic Initiative Leaders Here are some lessons and insights that you might find from this tentative analysis of Renew Blue: As I always, my purpose is to describe useful insights and tools that will benefit strategic initiative leaders. Our time was well spent in planning for my professional future and improving my organizational and time management skills.
I continue to use the tools and techniques that I learned from Mary both at work and at home. Best Buy will also need to continue to deploy the Best Buy vending machines found at Airports and major hotel chains. Best Buy expects to achieve this by simplifying its business processes. Mary was the Contractor for this project and I was very impressed with her analytical approach to records management and critical eye for business requirements.
The evidence to support the in-store reinvigoration is visible in Best buy implementation plan redesign of the retail outlet.
It will be interesting to follow this story. At our meetings, Mary candidly Best buy implementation plan typical impediments to effective job performance including how cluttered or poorly managed physical space and time management can be a hindrance to job performance.
For me, the value of this project has extended beyond Best buy implementation plan my office at work. This is on top of all the other things that she does in her professional and personal life.
This included discussing and implementing an ideal physical office space layout that greatly enhanced the efficiency of workflow and created an atmosphere of calm.
BBY is the market leader in the shrinking space of big-box electronic retailing. I met with Mary on numerous occasions to work on various aspects of my office environment. In addition, the skills that I learned also transported seamlessly to my personal life.
Other promotion needs to be TV, radio, newspaper, magazines, online, and social media. Only the coming months will tell if Renew Blue is successful. Best Buy currently utilizes TV, Newspaper, radio, internet, and social media advertising. It may well be that Renew Blue is a holding action to stabilize the situation until a new strategy and business model can emerge.
Second, BBY benchmarks itself against Lowes, Sears, and Starbucks for customer satisfaction and loyalty; but Lowes and Starbucks are not seeing their basic business model being destroyed by Amazon.
Drive cost reduction and efficiencies. Another example is the recently launched Geek Squad app. I also learned to separate items that belonged in my office from those that belonged at home.
The entire project, from initial contracting through to final recommendations was within budget, timely, and of real value to the organization. Competitors are starting to gain the advantage for consumer electronic sales, and are starting to associate these retail chains as the place to purchase products that Best Buy sells.
That includes four years together on the Council of the Institute of Certified Management Consultants of BC and, for the past two years, as a former member of Council and a Fellow of the Institute while Mary was the Institute President.
Over the course of the year, we believe that more compelling phone launches can fuel renewed growth in the category.
She not only offered suggestions on how to work through elements that were impeding efficient and effective handling of workflow, but she also showed us how to get a handle on our work environment both physical and electronic. In addition to updating the Administrative Records Classification System, Mary was also involved in writing records descriptions that incorporated information and privacy considerations when this concept was still in its infancy in BC.
The company also is addressing its cost structure, moving away from the traditional big box business model especially for its low-performing stores and toward a market and store footprint that is more in line with market needs.
And consistent with the mission of this blog, I will report and analyze the presence or absence of leadership practices within the initiative itself. In this regard, Mary Colak was hired to assist me with implementing best practices, including improving my organizational and time management skills.
Indeed, its future as a publically-traded company is doubtful; as an entity it may go the way of its vanquished competitor, Circuit City bankrupt and liquidated in In e-commerce, Best Buys plans to build out new digital capabilities, prioritizing the customer shopping experience on phone and tablet devices.
Mary readily took on the challenge; with her professional and pragmatic approach — always with integrity — met all milestone deadlines and successfully implemented the program within budget.
If BBY has a winning online strategy, they are keeping it to themselves. Turnaround efforts have been underway for some time, so Renew Blue may not be so much of an initiative the start of something new as a branding device intended to organize past and ongoing actions into a more coherent and recognizable set of policies.
In recent years, BBY has floundered; the result being precipitous declines in earnings and stock prices. Two of them are the intentions to reinvigorate the in-store shopping experience and to reinvigorate the on-line shopping experience.
Best Buy sees ongoing growth opportunities around key product categories, as well as from increasing share of wallet with existing customers and acquiring new customers who are passionate about technology and need help with it.
Its brand is globally recognized, and has box stores located throughout the United States, Europe, Japan, Canada, and Mexico. BBY is making progress, but is it quick enough?Jul 23, · Best Buy’s return on equity, which is a widely used indicator of a company’s profitability, stood at a negative 8% at the end of While other similar companies went bankrupt, Best Buy.
Best Buys organizational structure puts its Marketing Management at the second tier of its organizational structure. This symbolizes the importance of marketing to Best Buy as a corporation. Current situation · Best Buy is the current leader in sales of consumer electronics in the United States.
Its brand is globally recognized, and has box stores.
Renew Blue is the name of a strategic initiative intended to reverse the competitive decline of Best Buy. This article analyzes the initiative's strategy and raises questions about the correctness of the situation diagnosis.
It examines the Renew Blue vision & strategic pillars, and concludes with a list of 7 learnings for leaders of strategic. Best Buy Co. was established in the year and situated in Richfield, Minnesota. Earlier, it was called by the name of Sound of Music, Inc. In the yearits name was changed to Best Buy Co.
Best Practices for Effective Implementation Plans I am often asked about best practices for effective implementation plans. This is a good question, since implementation is a key element of any program. At its heart, Best Buy's brick-and-mortar problem is that it needs to give shoppers a reason to actually come to its stores (aside, of course, from testing products and buying them elsewhere).Download