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Best Buy Corporate Issues/Challenges

Student’s Name:

University:

Course:

Professor’s Name

Date

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Outline

1. Problems/Opportunities

2. Potential Solutions

3. Strengths/Weaknesses

3. Recommendations

4. Implementation of recommendation

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Motivating internal employees.

Poor Time management

Diversity

Diversity

1. Problems/Opportunities

As the marketing manager, diversity, time management, and staff motivation are essential concerns that Best Buy needs to address. When effectively managed, these three elements can progress the business in several ways. Employees need to feel valued and appreciated to be motivated, but this does not always require financial rewards. Employees should receive time management training to assist them in meeting deadlines and, most essentially, finish their tasks early enough to be given new responsibilities. They will be able to generate better work as a result of being more effective and productive (Henry, 2021). Less pressure will enable them to develop in their careers and, ultimately, lower Best Buy worker turnover. When the problems are properly resolved, employees will be more satisfied with their jobs because they won't be as stressed out, increasing employee retention.

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Potential Solutions for motivating internal employees�

Providing employee enrichment programs.
Fostering transparent and straightforward communication in Best Buy.
Offering incentives.
Constant feedback.

(Henry, 2021).

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Strengths/Weaknesses�

Fostering transparent and straightforward communication in Best Buy

Strengths

Enhances existing skills
Transparent lines of connection reduces conflict
Improves public relations

Weaknesses

Information may be misrepresented.
Take more time and resources
May slow organizational processes.

(Henry, 2021)

Transparent communication in Best Buy can prevent misunderstandings and resolve conflicts with courtesy and respect. Employee participation in the business is boosted by developing communication abilities to understand and relate to. Employee motivation improves internal communications, which is essential since it fosters employees' ability to communicate with outside parties (Henry, 2021). Without clear communication, even the most gifted people can become distracted, indifferent, and unmotivated. Effective communicators themselves, managers and senior employees may anticipate bringing out the best traits in each person. However, transparent communication can lead to information being misconstrued or misunderstood. Transparent communication could delay corporate processes and demand additional time and resources (Henry, 2021). By incentivizing workers, employers may foster a high-performance culture where employees will put in their best effort to earn their reward. As a result of the increased motivation among the workforce will also help Best Buy retain its best performers and boost corporate morale.

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Cont.

Strengths

Enhances employees morale
Creates a culture of high performance
Increased productivity
Retaining top performers

Weaknesses

Employee resentment
Can increase unhealthy competition
Develops built in limitation for some departments

(Henry, 2021).

Offering incentives.

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Cont

Providing employee enrichment programs

Strengths

Learning new skills
Reduce boredom
A chance to test and see your employees' strengths and weaknesses.

Weaknesses

Increased workload
Conflcit with non-participants

(Azuka, 2018).

As their degree of responsibility increases and they are allowed to try out new responsibilities, the employees of Best Buy will inevitably pick up new skills. Employees are likely to feel fatigued due to the routine daily tasks they expect to complete, which may be a factor in employee motivation at Best Buy. Employees who participate in enrichment programs have access to more variety, which may help reduce monotony in the workplace. By participating in program enrichment, Best Buy Company will have the opportunity to review and appraise the strengths and shortcomings of its personnel. Employees that demonstrate exceptional performance while completing difficult jobs may be singled out for recognition, which may result in awards and incentives from the firm or even a promotion within the organization (Azuka, 2018).

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Cont.

Strengths

Increased employee engagement
Gives employees empowerment.
Improved performances

Weaknesses

Takes time to adapt
Some feedbacks may detrimental to employees

(Azuka, 2018).

Constant Feedback

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Potential solutions for Diversity�

Educate Managers on the Benefits of Diversity in the Workplace.
Create More Inclusive Workplace Policies.
Communicate Clearly and Create Employee-Led Task Forces.

(Syed and Ozbilgin, 2019)

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Strengths/Weaknesses

Educate managers on the Benefit of Diversity

Strengths

Creates awareness of diversity
Faster problem solving
Better decision making

Weaknesses

Social tension
Civic engagement

Create more inclusive workplace policies

Strengths

Creativity and innovation,
A strong company culture,
Improved employee performance

Weaknesses

Diversity creates too many opinions
Complaint levels often rise with a diversity initiative.

(Syed and Ozbilgin, 2019)

When managers are trained on the benefits of diversity; the knowledge will be passed among Best Buy employees which will create awareness this will enable the company to have a diverse culture which can also attract international business. Diversity fosters faster problem solving skills because employees would have gained knowledge and understanding to a certain level which will enable them to comprehend ways of solving issues promptly enable the company to be effective (Syed and Ozbilgin, 2019). When employees have understood and adopted diversity in the company it enable effective decisions to be made since everyone would have an input in the companies concerns. Through discussing different matters employees will be able to come to an agreement of a suitable solutions. The weaknesses of this opportunity is that it can create social tension. Diversity can lead to conflict if individuals fail to recognize the value of each individual's unique qualities and instead focus on similarities rather than differences (Henry, 2021). It should come as no surprise that a more diverse workforce is a stronger workforce overall (Syed and Ozbilgin, 2019). When firms embrace and value people of all backgrounds into an inclusive workplace, they enjoy the advantages in creativity and innovation, a strong company culture, enhanced employee performance, and more.

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Communicate Clearly and Create Employee-Led Task Forces.�

Strengths

Innovation
Enhances team building
Growth

Weaknesses

Time consuming
Conflicts among employees

(Henry, 2021)

Cont.

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Potential Solutions for Poor Time management

Time Management

(Azuka, 2018)

Prioritizing

Cut off distractions

Planning

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Strengths and Weaknesses

Planning

Strengths

Clear daily goals.
Improved focus.
Reaching goals faster
More confidence

Weaknesses

Monotonous

Cut off distractions

Strengths

Improves the focus on tasks
Enables time to relax

Weaknesses

Boredom

Prioritizing

Strengths

Reduces stress
Keeps employees motivated
Avoid procrastination
Weaknesses
Reduction of efficiencies

(Azuka, 2018)

Planning to help solve the time management in Best Buy can help employees set clear daily goals which should be attainable with the duration indicated this will also help in reducing frustration as sometimes employees may overwhelm themselves with several tasks and limited time. In marketing time is very important because if targeting specific seasons of the year allows businesses to appeal to an audience at a time when the audience is paying the most attention, which in turn enhances engagement, leads, and sales (Azuka, 2018). Planning will enable Best Buy reach goals faster creating an improved focus and build confidence among workers. The downside of planning is that it can become monotonous to the employees to a point it can decrease active participation. Cutting off distractions is also a potential strategy in poor time management since it improves focus and enables an employee to finish work on time and have enough time to rest. The weakness of this strategy is that after sometime the employees can become bored with it. Prioritizing will enable Best Buy employees to reduce stress as they will be dealing with tasks according to deadline. Prioritizing will keep employees motivated and avoid procrastination. The downside of this strategy is that it can reduce efficiency with time due to boredom.

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Recommendations

Planning is the chosen strategy for Best Buy since it will;

Provide transparent and clear communication.
Give Best Buy a plan to tackle the dynamic nature of the marketplace.
Create More Inclusive Workplace Policies.

(Azuka, 2018; Henry, 2021)

I would recommend planning in Best Buy because in particular, planning will help the organisation analyze its goals to see if they are realistic. Azuka (2018), also affirms that planning facilitates decision-making and permits a time frame by forecasting when the organization can reach its goal. It also describes how to monitor success against the specified goals and whose responsibility it will be which gives employees a clear indication of every person’s role. An organisation will clear goals and duties makes it easy for other internationalisation organisations to partner with them because they will not have to deal with planning.

Create More Inclusive Workplace Policies: One of the most essential factors that contributes to employee retention is inclusion in the workplace. Employees will eventually leave an organization if they do not believe that their presence, thoughts, or contributions are truly valued or treated seriously by the business in which they are employed. Also diversity will equip IBM towards familiarizing and effectively integration with global businesses.

Providing transparent and clear communication in the organisation: In order to solve even the most challenging problems, it is necessary to engage in critical thinking, which can be facilitated by facilitating transparent communication not only with the customers but also internally. Establishing a clear hierarchy in the company and making sure that everyone is aware of their own responsibilities is one of the things that can help transparency get off to a good start(Henry, 2021).

My chosen strategy is planning because in our current world it is always difficult to successfully manage through change, the unpredictability of the future poses a significant threat to the viability of businesses. No business can control the economic and competitive climate; consequently, the capacity to anticipate issues and have contingency plans in place is the best alternative.

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Implementation of Planning

I will implement Planning through;

Studying the overall technology industry.
Completing a SWOT analysis on Best Buy.
Defining Best Buy business goals.
Developing departmental goals.
Setting short-term objectives for Best Buy.

Identifying staffing, budgeting and financing needs for the company.
Identifying which KPIs Best Buy will track.
Identifying the needs of customers.
Bringing all employees on board through training and rewards.

(Henry, 2021)

When conducting the planning strategy Best Buy will need to research its competitors performances and strategies. They also need to determine what tactics their competitors are using in their approach; this gives them the knowledge of what works and what does not (Azuka, 2018). A SWOT analysis will help Best Buy see how it stands out in the marketplace, how it can grow as a business, and where they are vulnerable. The planning strategy will enable Best Buy to define its goals to realize its mission and vision statements. It will further enable the development of departmental goals. Best Buy will be able to identify staffing, budgeting, and financing need; this will enable the company to consider how it will raise funds or adjust the goals to be more attainable to its current business development. The planning strategy will enable the company to identify KPIs Best Buy will track for effectively reaching its goals and objectives. It will also give the company a platform to assess its consumers' needs and bring all employees on board with its undertakings (Henry, 2021). This will also show that employees are given proper incentives and training to manage their delegated tasks successfully.

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References

Azuka, E. B. (2018). Entrepreneurship education in Nigeria: Issues, challenges and strategies. Nigerian Journal of Business Education (NIGJBED), 4(2), 1-12.

Henry, A. (2021). Understanding strategic management. Oxford University Press.

Syed, J., & Ozbilgin, M. (2019). Managing diversity and inclusion: An international perspective. Sage.