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Best Buy
| katty Best Buy CaseMission:Vision: 1. External - What are Best Buy's opportunities and threats?Best Buy opportunities and threats are related with the continuing growth of the electronic retail industry.Best Buy’s opportunities are: * Increase in the demand for consumer electronics, due to the migration of the population from cities to suburbs, creating the need for retail centers. * The birth of online retailing, with allows Best Buy to have potential growth with online sales. * Inorganic growth through acquisitions. Best Buy saw the opportunity to grow by purchasing other companies to extend its market, which allowed reaching more customers. * The need for innovation. This can prompt the company to create new or better products (services) in order to growth. * The collapse of Circuit city, where Best Buy saw the opportunity to increase its market share.Best Buy’s threats are: * The increase and intense competition by mega retailers and online rivals like Amazon, Wal-Mart, Target, and Apple aggressively change Best Buy traditional control of the electronic retail market. * The continuing decreases in the cost of technology, which pushes the company to keep up with new trends in order to reach customers. * Cheap electronics from new online sources, and substitute products. Best Buy was being the showroom for the costumers who later will buy the products online from the competition, which is hurting Best Buy sales. 2. Internal - what are Best Buy's strengths & weaknesses?Best Buy’s strengths are: * Customer-centricity strategy, focusing in specific customers needs and behaviors. * Five private labels: Insignia, Dynex, Init, Rocketfish, and geek squad. Each of these labels focus in specific tasks. * Ability to reach customers trough Bestbuy.com and Best buy mobile. * International expansion becoming a global market leader * Strong brand name, which allows recognition among customers * Annual sales likewise increased,
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