Best Buy - the Importance of Organizational Culture and Change

In: Business and Management

Submitted By SoadDahdal
Words 3510
Pages 15



MGMT422 – 1202A - 02



Table of Contents

I. Table of Contents……………………………………………………………….2

II. Executive Summary……………………………………………………………..3

III. Introduction …………………………………………………………………….4

IV. Business Description…………………………………………………………….5

V. Description of Proposed Product………………………………………………..6

VI. Definition of the Market…………………………………………………………7

VII. Organization and management descriptions………………………………….8

VIII. Marketing Strategies………………………………………………………….11

IX. Financial Management……………………………………………………………12

X. Appendixes…………………………………………………………………….12

XI. Plan Updating Check List………………………………………………………15

Executive Summary

Find Your Gadget, Inc. is the name of the new S corporation I started to introduce my invention product “Ring – in Finder” to market. The industry is huge and the market is big and after researching the market, I found that there is a big demand for this type of product. Being difficult to fund the start – up my business; my best choice is to look for venture capitalists to adopt the idea and support my business financially and help me with the best management strategies advice to reach my goals and succeed with my venture. Convincing venture capitalists requires a solid business plan to be presented with an educated request for funding supported by backing evidence that my idea is marketable, a study of target market and target customers showing their acceptance to the idea.

I started my business plan with the description of my business, description of the company’s structure including how many managers and how many number of employees, description of my product idea, a study about the…...

Similar Documents

How Do You Change an Organizational Culture

...Leadership 7/23/2011 @ 6:09PM |50,364 views How Do You Change An Organizational Culture?+ Comment now Changing an organization’s culture is one of the most difficult leadership challenges. That’s because an organization’s culture comprises an interlocking set of goals, roles, processes, values, communications practices, attitudes and assumptions. The elements fit together as an mutually reinforcing system and combine to prevent any attempt to change it. That’s why single-fix changes, such as the introduction of teams, or Lean, or Agile, or Scrum, or knowledge management, or some new process, may appear to make progress for a while, but eventually the interlocking elements of the organizational culture take over and the change is inexorably drawn back into the existing organizational culture. Changing a culture is a large-scale undertaking, and eventually all of the organizational tools for changing minds will need to be put in play. However the order in which they deployed has a critical impact on the likelihood of success. In general, the most fruitful success strategy is to begin with leadership tools, including a vision or story of the future, cement the change in place with management tools, such as role definitions, measurement and control systems, and use the pure power tools of coercion and punishments as a last resort, when all else fails. Frequent mistakes in trying to change culture include: * Overuse of the power tools of coercion and underuse of......

Words: 2517 - Pages: 11

Best Buy

...BEST BUY After long thought of deciding which company to write about I have decided to go with a company I use often and I like the way things operate there. Best Buy is my company of choice; they have the latest in technology and can provide terms which are convenient for us the customers. Most recently this summer I purchased a 50inch TV for $387 before taxes, it was the last and only display model left; 5 months later I still feel I got a steal. They make it easy for the customer to finance products; as I did this summer with 12 months financing at no interest which will allow me to pay $25/month minimum and almost pay it off. These financing programs make things affordable for students and low income families. Another reason I like Best Buy is there customer incentive programs, with the card you receive points and they will email coupons for $5 off , $10 off, etc……As I continue with my own personal experiences I like the accessibility of Best Buy and the online friendly platform that so many customers use. Last Christmas while I was gone on military training I was able to purchase my fiancé a Kindle nook, services that are somewhat overlooked because everything is “online” now but they do a great job of using today’s technology tools. According to their website is one of the top ten retail websites in the United States. Ethical and Social Responsibilities Now to get to the grits and facts of best buy and the business world, after reviewing some of......

Words: 735 - Pages: 3

Best Buys

...Best Buy Corporation - S. Bensen, A. El Haddi, K. Fitzsimmons, A. Hussein, H. Marotske -- UST EMBA [1] “Best Buy Corporation: Strategic Management Analysis” S. Bensen, A. El Haddi, K. Fitzsimmons, A. Hussein, H. Marotske Strategic Management University of St Thomas, College of Business Executive MBA program, Cohort 62 Abstract Best Buy’s news coverage of the last few years has been consistently negative. The company’s performance and reputation suffered greatly. Its Earnings per Share fell by more than 200% in 2012 alone. These negative events were the result of governance problems, a changing market landscape (cloud computing, music streaming, online purchasing, online gaming, etc.) and a significant leadership turnover in a period of crisis. The company’s value stream is in a state of flux and could be said to be a master of none at this time. This paper presents strategies to deal with these problems by creating a strategic road map that will first stabilize Best Buy and eventually put it on a growth path. As a result of our analysis, we recommend that the company employs new strategies that include growing its online business by capitalizing on Geek- Squad’s expertise and exploring an internal fix-it strategy with the development of a compelling mission and vision. Finally, we recommend that BB explore the formation of an alliance with its rivals and leverage opportunities presented by new markets. 1. INTRODUCTION The purpose of this paper is to examine Best...

Words: 4483 - Pages: 18

Organizational Culture and Subsequent Change

...Organizational culture and change. Based on my evaluation of Shaw communication, its organizational culture is open and driven by its customers. it concentrates more on how consumers enjoy using its products and how consumers will be delighted by its quick and accurate customer services. (Shaw culture, 2013) Shaw communication is one of the largest and unique culture-oriented companies in Canada, and it has maintained its special techniques to retain loyal customers and attract new customers because its organizational culture is matching with what consumers had anticipated. Shaw communication has tons of stores across Canada, and its active regional activities and sponsorships with regional communities have demonstrated that it attempts to attend any events that are beneficial and sustainable for the prosperity of the local communities. Shaw communication tries to counterbalance consumers’ perspectives of internet and home electronic services so it can provide quick and accurate services at a speedy time. Shaw communication also has its own consideration of its employees because it cares about the environments where its employees work, so it usually gets its employees involved in events that it conducted in local communities (shaw culture, 2013). Shaw communication also provides employees with intriguing and practicable events during the training processes, so employees in its company enjoy working and communicating with each other.By utilizing this approach,......

Words: 827 - Pages: 4

Best Buy - the Importance of Organizational Culture and Change

...Best Buy - The Importance of Organizational Culture and Change Organizational cultures that can be a liability to an organization include those that create barriers to change, create barriers to diversity or barriers to mergers and acquisitions. (Robbins, S. P. 2011) Organizational cultures are also good for change and revitalization of a company. This paper will provide background information on Best Buy and the ROWE (Results-Only Work Environment) Program. This paper will describe the culture of Best Buy. This paper will also discuss the approach to organizational change that the ROWE program illustrates. This case has sources of stress and this paper will discuss the sources that are apparent in the case. Changes have occurred and this paper will discuss whether the organizational culture has helped with the change. Describe the culture of Best Buy Best Buy’s culture has changed. The old culture embraced long hours. Managers rewarded those employees who were first in the building and the last to leave the building with tokens of appreciation. One employee earned a bonus and a vacation when he stayed up three days in a row to complete a report that was suddenly due. Yet, he was hospitalized due to the stress. The new culture revitalized Best Buy and changed how most employees view work. Employees thanked the organizers for allowing them to have a better home-work life balance. One employee was considering resigning after the birth of her child, but with the......

Words: 1099 - Pages: 5

Best Buy

...Corporate Culture at Best Buy Lydia Rosebush Strayer University March 13, 2011 Describe the culture at Best Buy. Best Buy is actively trying to change the culture of the company by implementing the “Results-Only Work Environment” program or ROWE for short. Prior to the implementation of ROWE, the culture at Best Buy was one of very high turnover, and employee dissatisfaction. “The company culture used to embrace long hours and sacrifice” (Hellriegel & Slocum, 2010, p. 553). Employees often felt as if they had to stay and work until all problems were solved and solutions were in place. It was a culture of work, work, work and more work. Colleagues judged each other on how they spent their time. Employees felt like they were required to choose work over family in order to move up in the company (Hellriegel & Slocum, 2010). Best Buy implemented the optional ROWE program in 2003. In 2009 about 75 percent of the 4,000 employees at Best Buy’s corporate headquarters had decided to participate. The program stresses flexibility and results. One of the key principles of the ROWE program is, “as long as work gets done, employees do whatever they want whenever they want” (Hellriegel & Slocum, 2010, p. 553). Employees now feel like they have the freedom to schedule work around their life at home. After some skepticism by the company’s top executives, the culture at Best Buy is changing to one that focuses more on the results that are achieved than the......

Words: 1276 - Pages: 6

Best Buy

...ROWE Program at Best Buy Yvette Hunter Strayer University In partial of the requirement for BUS 520 Professor Danette O’Neal December 7,2011 Abstract Competitive businesses face the challenge of being docile and successful organizations. The tasks are multifaceted when attempting to comprehend and accomplish organizational change. Employees have to adjust rapidly and leaders have to be proficient in order to be successful. The demands for change are important in the success or failure of an organization. The globalization of markets, technology advancement, increased developments of social networks, and generational differences are the most important reasons. The cultures of organizations help determine their need for change. However, the employees have to acknowledge that there is a need for change. The resistance to change may occur, if so the causes need to be recognized. Best Buy has taken an organizational change for the improvement of its employees’ productivity. This paper will discuss Best Buy’s culture, the ROWE program implemented and the resistance to the change as a result of the ROWE program. This paper will also discuss the stress that occurred and whether or not the organizational culture has helped with the change. ROWE Program at Best Buy Describe the culture of Best Buy. Best Buy culture has changed tremendously. The company’s culture was once to embrace long hours and sacrifice, now the culture is more relaxed. The employees......

Words: 503 - Pages: 3

Best Buy Culture

...Assignment #5 – “ROWE Program at Best Buy” BUS – 520 – Organizational Behavior Name – Vyas Ankit Instructor’s name – Dr. Yin Date – 06/12/2011 Question – 1 Describe the culture of Best Buy Answer – 1 Best Buy culture has changed tremendously. The company’s culture was once to embrace long hours and sacrifice, now the culture is more relaxed. The employees are now really able to run their own schedule as well as their own work progress. Before the ROWE program was introduces to the Best Buy employees would have to work until they found a solution. That means staying at work all night and day if the job or situation requires it.   For example the book talks about one employee that was given a plaque for staying up and at work for three days to right a report that was due.   He made a sacrifice for his job that made him end up in the hospital. The ROWE program which stands for Results-Only Work Environment program is a way that employees can still work whether in the office, at home, or coffee shop as long as they finish the job. This program has changed the culture of Best Buy as well as the performance. Question – 2 discuss the approach to Organizational change that the ROWE program illustrate Answer – 2 Instead of launching a work-life balance program, Best Buy rethought the very concept of work. Under the Results-Only Work Environment program or ROWE, employees can work when and where they like, as long as they get the job done. The ROWE program is based on...

Words: 1060 - Pages: 5

Best Buy

...The culture of Best Buy, one of the leading electronic retail stores in America, embraces long work hours, sacrifice, and dedication to duty. The culture was so obvious that the company was said to give a plaque to an employee “who turns on the lights in the morning and turns them off at night”. There was also a story of a former Best Buy employee who stayed up for three days in a row and ended up in a hospital. This culture overworked Best Buy employees and lacked a balanced approach to work live. Best this culture by implementing a work program it referred to as Results-Only Work Environment (ROWE). The basic construct of ROWE is that employees can work when and where they like provided they get the work done. The primary rules of the ROWE program and culture require that employees do whatever they want, whenever they want, as long as the work is done. Hence some basic work requirements such as schedules, meetings, and in person services were considered optional. It was all about results and getting the work done no matter what it takes. ROWE started in 2003 and had been introduced to its 150,000 employees in retail stores as of 2009. The ROWE process started quietly and spread like wild fire. It made total flexibility available to everyone that wants it, improved employee morale, and eliminated meetings that were rather unnecessary, Above all, participation was voluntary and no one was forced into it. The early results ROWE in the first six to nine months of its......

Words: 566 - Pages: 3

Organizational Culture & Change Management

...extraordinary workplace is "organizational culture." We define organizational culture as the set of shared beliefs, truths, assumptions, and values that operate in organizations. Organizational culture has been described as "How people behave when no one is looking." We spend more than 8 hours at work each day. Most of us spend more time at work than we do with families. Everyone needs an enjoyable, meaningful and engaging work environment. A strong organizational culture will attract many talented people. Organizational culture is the first thing that prospective employees consider when assessing an organization. The talent market is tighter and those looking for a new organization are more selective than ever. Talented people not only needs good salary and benefit, but also a good environment that they can enjoy and succeed in. What’ more, a strong organizational culture will help you to solve a tough problem when facing a crisis. For example, Toyota found some potential safety hazard of their cars, but they didn’t recall these cars because of enormous repair costs. Unfortunately, many people died in an accident due to this potential safety hazard. If Toyota has a strong organizational culture, they will recall these defective cars as soon as possible without regard to the repair costs. And what would they got is “public praise”—the most important thing for a company. There is no doubt that organizational culture is very important. The organizational culture will urge you......

Words: 1172 - Pages: 5

Best Buy

...Abstract In this paper we will be reviewing a program called Rowe or Results-Only Work Environment. This program was first used in 2003 by Best Buy. The system was a success. The basic concept of Rowe is to take some of the pressure off the employees by relieving the stress from over working and allowing the employees to create their own work schedules. By doing this the company improved morally, decreased turnover and reduced stress. The ROWE program allows employees to work on their own time and from anywhere they were most comfortable. It gave employees the freedom to work as many and as little hours as they wanted as long as the job was complete and it reached the targeted goals. Before this program was implemented, employees tended to work long hours and were burnout, which caused the high turnover. Best Buy faced many challenges while implementing the ROWE program. Challenges included meeting the prerequisites for the company’s success. In this paper I will also discuss Best Buy being able to implement the policy in all their locations and the pros and cons of that decision. "ROWE Program at Best Buy" Culture of Best Buy Best Buy has implemented the Result-Only Work Environment or ROWE which was established by Jody Thompson. Before the ROWE system, Best Buy employees were known for working long hours and a substantial amount of overtime. The employees were over worked which affected the company as a whole. With this system in place employees have......

Words: 1910 - Pages: 8

Rowe Program at Best Buy

...Assignment #5: “ROWE Program at Best Buy” BUS/520 Nadine Gilles September 3, 2011 Dr. Dominique Sweeting 1. Describe the culture of Best Buy. Jody Thompson helped to pioneer the Results-Only Work Environment (ROWE) at Best Buy Corporation. The creation of this program was fundamental in the introduction of the Culture Rx Concept. Organizational culture is made up of the ideas and values shared by the employees of an organization. In the Best Buy organizational culture, there was a minimal amount of values being shared. The negative environment at Best Buy prevented the employees from bonding. There was not that much time available for employees to interact with each other. A survey was conducted to know the attitude of employees participating in ROWE. It was found that they felt pressured and felt they had to work hard. Employee’s lack of time to manage their work and consult with coworkers hindered the growth in all the divisions of Best Buy. Before ROWE was implemented at Best Buy, employee morale was very low and the turnover rate was very high. Employees were called to last minute meetings by management and were assigned to complete last minute reports with little or no notice. Most employees did not get to spend much time with their families and worked from home as well as in the office. The culture prior to ROWE was work at all times and make sacrifices for your job. With Rowe in place, employees had flexibility to work from home or the office, as long as the......

Words: 978 - Pages: 4

Rowe Program at Best Buy

...BUS520 Assign 5 ROWE Program at Best Buy Abstract The work force has become a stressful place to work. Employees have found it hard to balance jobs and personal life. Employees have been looking for businesses that promote a balance of work and personal life. To the same token Employers are realizing that turnovers are costing them money also. Employers are looking for ways to improve morale within their company and reduce turnover. Best Buy has implemented a program that will treat their employees with a perfect balance of work and personal life. Background Best Buy corporate culture was to solve problems no matter how many hours it took to finish the problem or project. The employees were expected to work long hours and a sacrifice their personal life, for the benefit of the company. In 2003 Best Buy adopted a new work environment policy called Results-Only Work Environment ROWE. Describe the culture of Best Buy Best Buy has had two types of cultures. The first culture of Best Buy was working their employees without giving interest to the employees’ personal life. Best Buy would give assignments with deadlines to their employees without regard for the amount of hours that it took for completing the job. Best Buy understood that this was not the best way for the company to survive in keeping their seasoned employees. The second culture of Best Buy was Results-Only Work Environment program, or ROWE. Best Buy decided to change their culture to a more personal......

Words: 1258 - Pages: 6

Best Buy

...Section 6 Lecture Notes for Chapter 1 325 Chapter 1 Strategy and the Quest for Competitive Advantage Chapter Summary Chapter One explores the concepts surrounding organizational strategy. It begins with an explanation of the term strategy and offers a basis for how to identify a company’s particular strategy. Next, it explores the importance of striving for competitive advantage in the marketplace and examines the role strategy plays in achieving this advantage. The chapter then explores the idea that strategy is partly proactive and partly reactive. This is followed by a close look at the relationship between a company’s strategy and its business model. The chapter proceeds forward with a look at what makes strategy a winner and then presents reasons for why crafting and executing strategy are important. The chapter concludes with thoughts on the equation: good strategy + good strategy execution = good management. Lecture Outline I. The Importance of Managing Strategically 1. Three questions must be answered by managers of all types of organizations: a. Where are we now? b. Where do we want to go? c. How are we going to get there? 2. “Where we are now?” prompts managers to evaluate industry conditions and competitive pressures, the company’s current performance and market standing, its resource strength and capabilities and its competitive weaknesses. 3. “Where do we want to go?” this lies within managements vision of the company’s future direction. It pushes...

Words: 3287 - Pages: 14

Apple Inc.-Organizational Culture and Change

...Introduction WestJet was born in Calgary 15 years ago. Today it is one of the most profitable airlines in North America with the total revenue of $ 2; 3 billion in 2009. Leaders of the company believe that the core to their success is care.” Handle with care” is the company credo and not only that. It is everyday reality and the way how the company does the business. Other two key elements contributing to the success are low–cost structure and company’s culture, which is unique in the airline business. WestJet was awarded four times as one of Canada’s Most Admired Corporate Culture and in 2010 survey as one of the best employer in Canada. Company History History of the company started with successful businessmen Clive Beddoe from Calgary. In 1994 he bought Western Concord Manufacturing Ltd., which brought him to the flying business. He bought small cabin plane and flew it himself, in order to save money on company’s executives’ high air travel expenses. Later he leased the plane to other businesses via local charter operation Morgan Air Service Co Ltd.Beddoe saw an opportunity in offering cheap flights which could afford everyone. Tim Morgan, the president of Morgan Air Service Co and two others investors liked Beddoe’s idea about starting their own discount airline. Together they approached other investors and in 1995 the accumulated more than $8, 5 million dollars for starting new airline. The company was officially founded in May 1995 under name West Jet Airlines Ltd....

Words: 3286 - Pages: 14

Anima Yell! | chapel(30-50cm along the floor) | Perception