D.

Stakeholder Analysis

This case explores Corie Barry's leadership as Best Buy's new CEO, with an emphasis on the
company's COVID-19 pandemic adaptation efforts in 2020. The case traces the history of
Best Buy's strategy and administration, as well as changes between the company's founder
and the next four CEOs. The professional path of CEO Corie Barry, in particular, is discussed
at great length. The case describes Best Buy's response to COVID-19, including the
temporary suspension of all shops followed by the quick construction of curbside pickup
process management at about 1,000 store locations across the United States ( Sawhney, et al.,
2017). Stakeholder assessment is the technique of recognizing these individuals before the
project starts, categorizing them as per their stages of involvement, interest, and impact in the
project, and selecting how to effectively include and inform each of these different
stakeholders during the plan (Goodpaster, 2016).

Customers, employees, and other investors are all major stakeholders in this case. Customers
have a right to receive high-quality, worthwhile goods and services. Customers at Best Buy
have access to a large range of electronics. Employees at Best Buy have a direct financial
stake in the firm and are entitled to salary and job security. Even if they are not very skilled,
Best Buy personnel or workers operate on a commission system. With the use of a
Stakeholder analysis matrix, the evaluation of stakeholders is done in the following manner.
 Stakeholder Analysis

High

Keep Satisfied Manage Closely

Shareholders Employees

Power

Monitor Keep Informed

(Minimum Effort)
Customers,
Suppliers government &
communities
Low

Low Interest High

 High power, interested people: These are the folks with whom the corporation must
engage wholeheartedly and make every attempt to gratify. Shareholders provide funds
to a firm in order for it to continue to develop and expand. Shareholders are also
encouraged to express their views on the company's strategic direction. It is very
essential for Best buy company to keep them highly satisfied as these people have a
high interest in business operations (Yoo, 2021).

 High power, less interested people: The corporation put in sufficient effort with
these individuals to keep them pleased, but not so much that their message bores
them. The talents and devotion of a company's employees are crucial to its success.
They are the front-line employees that engage with customers on a regular basis and
work directly with the company's products. Their excellent service and understanding
play a significant part in attracting customers and generating revenue for the
 company. Employees have high power but are less interested in business operations
and decisions. It is very important for Best buy company to adopt effective strategies
for its employees so that they work with great efficiency.

 Low power, interested people: The company should keep these individuals well-
informed and communicate with them to ensure that no serious difficulties arise.
These individuals can frequently assist you with the finer points of the job. Customers
and governments are vital to a business's survival and success. Consumer purchases
are the only way to ensure the company's longevity. The presence or sales figures also
give information that helps Best Buy enhance its service and product. Customer and
government interest in the company can help in enhancing its profits and sales in the
desired manner. The government should be informed about the strategies or practices
adopted by Best Buy to reduce future issues.

 Low power, less interested people: The firm should keep an eye on these
individuals, but avoid over-communicating with them. Best Buy is reliant on its
suppliers to deliver on schedule. The firm is reliant on the prompt replenishment of
things, as well as suitable pricing and quality of the offered products. If a popular item
is not available, the company's entire schedule will be disrupted, and its customers
will be dissatisfied (Hess, 2017).
References

Goodpaster, K. E. (2016). Business ethics and stakeholder analysis. In The Corporation and
Its Stakeholders (pp. 103-124). University of Toronto Press.

Hess, E. D. (2017). Best Buy Co., Inc. Darden Business Publishing Cases.

Sawhney, M., Goodman, P., & Keerthivasan, G. (2017). Best Buy: Creating a winning
customer experience in consumer electro-nics. Kellogg School of Management Cases.

Yoo, D. (2021). Stakeholder Tokens: A constructive method for value sensitive design
stakeholder analysis. Ethics and Information Technology, 23(1), 63-67.