Expert answer:Review Benefits and Critique review

Expert answer:Develop a maximum 700-word synopsis summarizing what is the benifit of the review and discussion as a team. Also review the attached paper Please to include specific recommendations for the submitted paper. Make sure you check for grammar, APA format guidelines, review the attached paper an make sure its according to the following requirements listed below. (minimum 700 words of your review and critique about the attached paper, also give recommendations to improve the paper if its needed). The attached paper’s requirements are as followed; (check the following with the attached paper to see if the student followed all the points listed below)Assignment Steps Resources: Strategic Planning Outline and Week 3 textbook readingsConduct an internal and external environmental analysis for your proposed new division and its business model.Develop a SWOTT table summarizing your findings. Your environmental analysis should consider, at a minimum, the factors below.For each factor, identify the one primary strength, weakness, opportunity, threat, and trend, and include it in your table. Include the SWOTT table in your submission.External forces and trends considerations:Industry ChangesLegal and regulatoryGlobalEconomicTechnologicalInnovationSocialEnvironmentalCompetitive analysisInternal forces and trends considerations:StrategyStructuresProcesses and systemsResourcesGoalsStrategic capabilitiesCultureTechnologiesInnovationsIntellectual propertyLeadershipCompose a maximum of 1,400-word synopsis in which you analyze relevant forces and trends from the list above. Your analysis must include the following:Identify economic, legal, and regulatory forces and trends.Critique how well the organization adapts to change.Analyze and explain the supply chain of the new division of the existing business. Share your plans to develop and leverage core competencies and resources within the supply chain in an effort to make a positive impact on the business model and the various stakeholders.Discuss the primary internal organizational considerations for the development of a strategic plan.Identify the major issues and/or opportunities the company faces based on your analysis. Format your assignment consistent with APA guidelines.
wk3_strategic_plan.doc

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Conn’s Strategic Plan
Johnny’s paper
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The term SWOT stands for Strengths, Weaknesses, Opportunities, and Threats. When a company
decides to make a major move to push them forward they use this idea to determine if the risk is
worth the reward. They do this by analyzing the different area that were previously mention. For
instant the proposal for Conn’s to buy out Best Buy. What are my limitation if we as a company
decides to push forward with this? What techniques will I have to use to pull the customers from
best buy to the new and better Conn’s? What is my transportation net work now and what do I
have to do if any thing to make it more compatible to the real-world needs? These are just a few
of the question that would need to be answered when companies consider buying out other
companies or look at making huge deals in the future. SWOT does this in a lot more, this is why
it is one of the company’s primary tools for considering mergers in business.
The Plan
The plan is to remove Best Buy as a competitor all together. Best Buy sells has continued
to fall over the past five years. People are blaming this on the lack of a strategy plan, but when
you look at the big picture customers are still buying from them and not Conn. Why is this?
After doing my research into this company and polling personnel it was determine that people
still shop her because of one specialty care. Meaning they felt that they could go and talk to
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someone and get the answer that they need. On whatever device that was in the store that gave
them peace of mind. Another big winner for them is the fact that they have a repair facility with
warranty on site. So, if your computer of any software goes bad you have a capable source their
to fix it. But the number one thing that everyone kept coming back too was customer service.
Our idea to buy out and replace Best Buy must have these three ideas in our plan and
implement them in such a way that we don’t lose one customer and in many ways, continue to
gain more customer that would other wise go to some other computer base store. Solving
external and internal forces and trends. For our SWOTT to work we must identify what is our
external and internal forces that needs to be corrected or improve to help us get to where we need
to be. External forces or easy to see but in many cases harder to control because you have no
control over them you are at the mercy of how the cards drop. As the industry fluctuate so does
the business of retail, but this we can control in the store by giving sell on equipment that is not
moving as fast as we would like. Since the industry fluctuate we can buy out other companies
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that may not be able to sustain during hard times.
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Over the past five to ten years Conn’s has been steadily climbing to the top while Best
Buy has been steadily declining. Some believe that this is because Best buy has refused to
change their idea’s and method on how they approach the industry. Best Buy customer consist of
the elderly who do not or wish not to use the business of online purchase where now Conn’s has
meagered with Amazon to sell their products through online resources plus at the local store.
Along with many others that has affected their sells Best Buy has now failed to the back of
Conn’s to the point now that they are on the verge of losing everything.
I believe I first step should be to add a new division to Conn’s that consist of one of the
very important factors that keep best buy customers coming back. That is the need for a onsite
repair shop with reward and warranties. This shows our new customers that even though we are
buying out Best Buy we are keeping the customer at mind. Second thing that will need our
attention is to look at our supply routes and look at how we can add more retails to our store to
supplement the loss of Best Buy stores. We may even need to purchase the Best Buy name on
the stores and leave them their and slowly fade them out with Conn’s names on all the stores.
This way people still feel they are buying from Best Buy but in reality, they are buying Conn’s
products.
Now that we have a plan in place of how we wish to approach the customers and supply
issues, we now need to approach the stake holders in the Best Buy chain and make sure they
understand that we still need them because they are a part of the investment into the store. We do
not want them to take their money elsewhere. We will show them the stats of how Conn’s has
steadily gain for the pass ten years and that our profits have double. We will show that we are
constantly opening stores every other month in a different location. I know with this knowledge
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they will continue to invest in our stores to make Conn’s one of the strongest if not the strongest
retail store in the land.
Our plan for success should be based around the customer and our stake holders. If we
can not get them onboard especially the customer we will fail. So, we have to be very careful on
how we one approach our plan and two on how we project our thought to the community with
the customer on our mind. Like I mention earlier, the people that goes to best buy is normally the
ones who don’t want to go online and purchase anything. We would need to keep that in mind as
we make our plan for success. The stake holder is the next internal part that would have to be
address they are there to help with investing and so for. If we don’t address their concern they
may pull out on us and go some where else to do business. The lost of either of these two would
be a huge blow to the success of the merger.
The biggest plus to this merger or buy out is that growth potential is very high. This is
mainly because the like of competition that would be present. If we can get the customers to
follow the Conn’s idea by adding their ideas of what they like about Best buy we will be a huge
success. After all they will be the main reason on rather or not this merger will succeed or it will
fail. Needless to say, the removal of Best Buy would be happening rather or not the merger
succeed or fail. The only problem is with it failing is that we lose money that we were counting
on make back because of the merger with Best Buy. So that lost of Revenue would have a
trickle-down affect to the point where personnel may have to be laid off. We at Conn’s would
have to go back and review where we went wrong and then implements plans to help recover
from that loss.
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Conclusion
SWOTT stands for Strength, Weakness, Opportunities, Trends, and Threats. Companies
used this analysis to determine if it beneficial to invest in a company that is losing money or
invest into a new division within their on company. When looking at this process from a whole
you can determine if the strength out weighs the weakness and if the opportunities out ways the
trend and threats. SWOTT is broken down into two parts, it will be internal, or it will be external
each plays a different role on how the company approach a decision. If it is moving on building
and a new division within the company. A lot of the decision will be based on the internal well
being and vice versa if they were buying out side of the company.
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References
https://phoenix.vitalsource.com/books/9781323431481/epubcfi/6/162[;vnd.vst.idref=P700049918
4000000000000000001EAD]!/4/2[P7000499184000000000000000001EAD]/2/2[P7000499184000
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