And high income is depended on good economy. They are socially responsible. Wal-Mart, Target, and Carrefour are few of the companies that are already known in the market for providing products in discounted prices.
The catalog will sell computers, cables, and accessories as well as a smattering of consumer electronics. Where the company is enjoying healthy profits, there the company is also facing intense competition. Recently Best buy company opened there outlet in China. So at this point the company can lose the profits.
Threats Competition has been the greatest threat in the marketplace. Based on the company information for Best Buy, as well as the industry analysis a SWOT Strengths, Weaknesses, Opportunities, and Threats Analysis was created to summarize key items that the company should address.
These forces are important to evaluate the company. Brand recognition Cost of operating large stores Extended portfolio of products and services Recent negative press regarding departure of upper management Geek Squad Disconnect in regards to pricing between stores and website Opportunities External Factors: The company focused solely on a market niche for affordable products, neglecting the niche that demands for high end items.
Best Buy is able to effectively manage the flow of its inventory that helps them complete the important task of having the right merchandise on its shelves for customers to buy.
In addition to improving customer service at Best Buy the company should also focus on reinventing their customer rewards program. There is a huge opportunity for Best Buy to really focus on redesigning their website, in an effort to compete with the online-only retailers. Because of its large operation, the company is able to capture the market and supply the products on spirited prices.
Situation Analysis The electronics retail industry that Best Buy operates in is one that is constantly evolving as technology and customer preferences change. There always been ups and downs in the economy.
Entertainment software, Office products and other electronic products. The company is headquartered in Richfield, MN and currently hasemployees. Mostly they do business-to-business marketing for their business.
The company has developed a strategic plan which enables the company to relocate the store shelves of Best Buy based on the behavior of the market. When customers shop at a Best Buy store the company has an opportunity to personalize the technology experience for them.
If the GNP is higher in the economy the income also increases and people can spend their incomes on different items. One type of retailer are those that offer electronics in stores, such as Best Buy, Wal-Mart, and Target.
This reputation helps the company maintain a solid market share in the industry.
There are few factors which can effect the company i. Like, they should also offer their products online as other companies are doing. This SWOT analysis will help guide Best Buy as they look to implement a new marketing plan that will hopefully lead to a successful future.
This figure is much more then the average rate in the same fiscal year. Cengage Learning McGuigan, J. Consumers then have an option of having the product shipped to their home or picking it up at a local Best Buy store. In order to truly capitalize on their stores, Best Buy should consider investing more in customer service training for their employees.
Applications, Strategy, and Tactics.Best Buy Company is a leading company with branches in America, Canada, China, and Turkey. It deals with electronics retail consumptions. Its vision is to be a. Relationship emarketing is one of the key elements in the business success.
It is focused on creating stong ties with the existing customers based on the four types of bonds: financial bonds, social bonds, customization bonds and structural bonds (Robert Ackerman, ). Best Buy Co., Inc. is a.
Free Essay: Best Buy Marketing Strategies in a Difficult Retail Environment Jayne Diaz BUS Managerial Marketing Professor David Kalicharan January Essay about Best Buy Case Study - Today, Best Buy advertises using a “Low Price Guarantee” (Best Buy, ).
They will match prices on qualifying products if the consumer finds a lower price elsewhere (Best Buy, ). Marketing Strategy at a Big Box Electronics Store: BEST BUY Consumer behavior is defined in a variety of ways such as “the dynamic interaction of affect and cognition, behavior and environmental events by which human beings conduct the exchange aspects of their lives.” by the American Marketing Association.
Best Buy Marketing Paper Words | 26 Pages. Best Buy Inc. Best Buy Inc. has been performing business and providing customers with products and services in the United States for over forty-three years.Download