Strategic Choice and Evaluation
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Running head: STRATEGIC CHOICE AND EVALUATION
Barnes & Noble Strategic Choice and Evaluation
Niska L. Soles
University of Phoenix
STR/581
Dr. Sam Sanders
Barnes & Noble Strategic Choice and Evaluation
After conducting both internal and external analysis, in order to have a complete understanding of strategic decision-making, redefining my focus was necessary. Barnes & Noble is a Fortune 500 company, and is the largest bookseller in the world. They did not get there by resting on their laurels. Having a good mission and vision statement is key. While the mission statement conveys the reason for the business, the vision statement should tell where the company is going. Giving strategic course details being taken by management and how the company will be led into the future. Barnes & Noble has a very specific direction specified in their vision statement. It is to gain a significant share of exciting new markets of digital and online sales and to place a Barnes & Noble bookstore in every reader’s pocket (Barnesandnoble.com).
Most companies seem to do nothing when faced with an eroding core business but Barnes and Noble did not take that course. Their main competitor Borders ended up in bankruptcy and later closed although they attempted to get with the sign of the times. The creation of e-books and the e-reader forever changed the way people read. Books in print declined while e-books are growing at nearly 150% year by year (Wunker, 2011). Flowing with the technology changes instead of fighting them is the only way to go. Being able to purchase, download and read books instantly is appealing. In response to the changing times B&N created their own version of the e-reader which is affectionately known as the NOOK. Then to further their relevance they purchased the Fictionwise Company in 2009. At that time, they were a leader in the e-book marketplace. With the purchase of the company they launched the world’s largest eBook store....
Barnes & Noble Strategic Choice and Evaluation
Niska L. Soles
University of Phoenix
STR/581
Dr. Sam Sanders
Barnes & Noble Strategic Choice and Evaluation
After conducting both internal and external analysis, in order to have a complete understanding of strategic decision-making, redefining my focus was necessary. Barnes & Noble is a Fortune 500 company, and is the largest bookseller in the world. They did not get there by resting on their laurels. Having a good mission and vision statement is key. While the mission statement conveys the reason for the business, the vision statement should tell where the company is going. Giving strategic course details being taken by management and how the company will be led into the future. Barnes & Noble has a very specific direction specified in their vision statement. It is to gain a significant share of exciting new markets of digital and online sales and to place a Barnes & Noble bookstore in every reader’s pocket (Barnesandnoble.com).
Most companies seem to do nothing when faced with an eroding core business but Barnes and Noble did not take that course. Their main competitor Borders ended up in bankruptcy and later closed although they attempted to get with the sign of the times. The creation of e-books and the e-reader forever changed the way people read. Books in print declined while e-books are growing at nearly 150% year by year (Wunker, 2011). Flowing with the technology changes instead of fighting them is the only way to go. Being able to purchase, download and read books instantly is appealing. In response to the changing times B&N created their own version of the e-reader which is affectionately known as the NOOK. Then to further their relevance they purchased the Fictionwise Company in 2009. At that time, they were a leader in the e-book marketplace. With the purchase of the company they launched the world’s largest eBook store....