External/Internal Factors External and internal factors come in many forms that can impact a business in different ways. Assessing external and internal factors that an organization may face can be vital to the planning function of management. As with any organization, there are always four functions of management. These functions are planning, organizing, leading, and controlling (Bateman & Snell, 2009, p. 19). Within the organization, Best Buy, which is known to be an electronics store, has their own external and internal factors. Founded in 1966 as Sound of Music and incorporating in 1983 to become Best Buy, Inc. (Ask.com, 2010, para. 1), accounting for 19% of the market (Metaweb, 2010, para. 1), has become one of the
They also protect all information pertaining to customer’s cell-phones, digital cameras, and computers with a security team that monitors all such involved. The education of technology and standards doesn’t end or begin with employees; it also extends to the customer. Employees are trained to dispense all sorts of information. One in particular is the switch from television analog to digital. Material is available both in stores by word of mouth, online, and even on customer receipts. The Geek Squad (an in home tech-support agency) also distributes information and know-how about DTV transitions, basic computer miss-haps and all around technology problems. In support of the Entertainment Software Rating Board (ESRB), education is also available pertaining to game ratings in the form of guides explaining the rating system. Best Buy also works closely with congress, state legislature, governors, and state attorney general’s with a board of government relations. With public policy at the disposal, Best Buy can stay abreast with federal standards and research. When monitoring innovation is concerned, Best Buy relies mainly on their employees. Special attention is paid to them in the form of internal news sites and online forums in which they can rate and discuss products and services. Best Buy can track retention and turn over resulting in improvement under both measures. At Best Buy’s