I need 3-4 slides answering question 5 ONLY!
bwilly
UPDATEDSLIDES.pptx
Barnes & Noble adjusting to the future
Online and digital books
Amazon is taking over sales
Continued loss in revenue
Closing stores and cutting staff
Why does Barnes & noble need a change?
Mission Statement: to operate the best omni-channel specialty retail business in America, helping both our customers and booksellers reach their aspirations, while being a credit to the communities we serve.
Barnes & Noble Core Values: Customer Service, Quality, Empathy, Respect, Integrity, Responsibility, and Teamwork
Strategy: Act Like an Indie Bookseller
Three Subsystems
Institutional Ownership: 66.49%
Insider Ownership: 18.23%
General Public Ownership: 14.55%
Three Stakeholders
Barnes and Noble strategy needs change.
The company needs to incorporate technology and focus more on artificial intelligence.
Technology will help the company obtain completive advantage and boost revenue.
Barnes & noble Subsystem that needs change
Incorporating use of technology in Barnes and Noble will enable the company venture into e-books, which is the most preferred method of purchasing books in the current technology area. Similarly, the company will tap into ever increasing online customers. Finally, technology will lower operation costs of the business (Sherry, 2020).
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Amazon has utilized the strategy of using technology so as to obtain a competitive edge.
It is utilizing kindle books that sales more books than paperback books.
Amazon has invested heavily on online channels because modern customers prefer e-books
Comparison with a successful organization
Amazon reported in 2011 that Amazon.com was selling more kindle books than paperback books for instance, for every 100 paperback books Amazon has sold, the company sold 115 kindle books. Kindle apps are currently available on Apple iOS, Android devices and on PCs as part of a “ Buy Once, Read Anywhere” proposition which Amazon has developed. This technology has really marketed Amazon.
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The effect on core values
As this page shows, there is no difference between the core values of the company with the old mission statement and the core values of the company with the new mission. Although the vision of the company may change, the values and standards to which the company holds remain the same. The customers will always be the highest priority while the quality of service and products that Barnes and Noble produces will always be superior. Bringing the company back to simpler times will still require empathy, integrity, responsibility and of course teamwork as the it transitions to the new normal. Many things may change along the way, but the values found at the core of the organization and its staff will remain unphased.
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Former Core Values:
Customer Service, Quality, Empathy, Respect, Integrity, Responsibility, and Teamwork
New Core Values:
Customer Service, Quality, Empathy, Respect, Integrity, Responsibility, and Teamwork
The effect on strategy
The new mission statement aligns with the current strategy being implemented by the new CEO of Barnes and Noble. This is the best time if any to make significant changes to the organizational foundation. He has taken the bookstore giant is trying to bring it back to its roots. Changing the mission statement will help all of these changes make sense and fall in to place. This mission statement is more closely aligned with the vision of where Barnes and Noble is trying to be rather than where is was when it got lost in big retail.
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The current strategy is to make the stores seem like an indie bookstore by humanizing the big-box bookshop.
Changing the mission to focus on cultivating an atmosphere that is inclusive of all cultures and a “home away from home” brings the “human” aspect to the forefront of the organization.
“If you apply normal retailing discipline to bookstores, you wind up with something huge and full of books, but they don’t have soul.”
–James Daunt
Focus on the main goal of the individual subsystems ensuring they can operate independently
Determining how each subsystem is connected to each other and how they work in unison to reach target goal
Ensure there is no contradictions or friction among the subsystems
Communicate the new direction from the top down to and embracing feedback
Realigning the total system
Claire, C.M. & Julie, B. (2011). E-books outsell print books at Amazon. New York Times.
Jun, Q. (2011). Evaluating the kindle DX e-book reader: Results from amazon.com customer reviews. Performance Measurement and Metrics.
Luis, O., Guillermo, L., & Gustavo, R. (2020). Quality Evaluation of E-bookstore Sites.
Sherry, X.W. (2020). Adaptation to online competition: Equilibrium Effects on Brick-and-Mortar Bookstores.
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