Preview

Best Buy

Good Essays
Open Document
Open Document
753 Words
Grammar
Grammar
Plagiarism
Plagiarism
Writing
Writing
Score
Score
Best Buy
Shana mauroner

Best Buy Co. Inc.

Resources: * International segment * Brands * Electronics * Geek Squad * Strategic partnerships with a series of acquisitions * Advertising * Supply chain * Internet Presence * Brian Dunn * Knowledgeable employees

Capabilities: * Repair services * Market resiliency * Strategic acquisitions * Installation services * Customer educating

Core capabilities: * Brands * Strategic Acquisitions * Strategic Advertising * Product services * Internet sales

Finding of fact one: How can Best Buy maintain innovative products, while facing increased competition such as Wal mart.

Best Buy saw its largest rival, circuit city, go bankrupt, However, a new archrival , Wal- Mart , was expanding into consumer electronics and stepping up competition in a price war Wal-Mart hoped to win Best Buy needed to face the competition not by lowering prices, but by coming up with something really different. Best Buy needs to determine the correct path to improve its ability to differentiate itself from competitors such as Wal-Mart, office max Etc.
First, Best Buy would need to continue to cut prices. Consumer electronics shoppers are really looking for are the lowest priced products. The company should focus on more high-end products and new interactive features to differentiate itself from the big box atmosphere at Wal-Mart. Best Buy could Meet with their Research and development team and produce their own line of electronics, like the tablet or kindle but offer certain APPS that only Best buy can offer. Best Buy should strengthen their online presence. Instead of charging shipping- they could offer Site to store orders, but don’t exclude certain products. Best buy should continue to improve their Geek squad segment. They could develop a new software product such as their own anti-virus software. Best Buy “Geek Squad”, right now offers on-line technical support
Continue Reading
View Writing Issues

You May Also Find These Documents Helpful

  • Good Essays

    Bis 320 Week 3 Assignment
    • 727 Words
    • 3 Pages

    Bis 320 Week 3 Assignment

    A company that experiences each of the market structures under one roof is Best Buy. While the company as a whole operates as a Oligopoly the various departments and items it offers may fall under different market structures. Best Buy has competitors such as Fry’s Electronics, HH Gregg, and Wal-Mart. The prices established for the technology offered is often time similar between each competitor. The amount of capital needed to open such as store is quite large. Expertise is needed to ensure it is obtaining good products to offer customers at a good price. The rate in which the technology changes is also quite rapid. It must be careful not to purchase too much of a product it cannot sell out of before the next new thing becomes available. Within the big, box store it has several different market structures. For example, a monopolistic competition exists among the sale of accessories for the various electronics such as cables, cases, and blank media. The offerings are large, the cost is low to get into the market, and the profits are high for the supplier and the retailer. At one time the service Geek Squad would have been viewed as a Monopoly. There were no other retail stores that offered such a service. Recently the market has changed and it is more of a oligopoly. When it originally launched the price of the services offered were very high, and customers that lacked knowledge had no other place to go. Media sold at Best Buy would be considered a perfect competition market. There is very little profit made from the sale of the product. Several competitors exist from specialty music stores like Virgin or Tower Records to mega, superstores like Wal-Mart. The pricing of products in the media department will vary based on various factors such as popularity and pricing at competing stores. Managers of the store spend a…

    • 727 Words
    • 3 Pages
    Good Essays
    Read More
  • Powerful Essays

    Best Buy Company Case Study
    • 2103 Words
    • 9 Pages

    Best Buy Company Case Study

    The Best Buy company has recently developed several strategic resources that support it in competing with other competitors for survival, this has therefore led to its expansion resulting to the current increased trends in the supply of its products globally. The company has several locations ranging from within the nation to the global level. Its…

    • 2103 Words
    • 9 Pages
    Powerful Essays
    Read More
  • Better Essays

    Profi Best Buy Swot Analysis
    • 1663 Words
    • 7 Pages

    Profi Best Buy Swot Analysis

    Most popular items they carry are computers, mobile phone, TV, appliances, and much more. The SWOT analysis that I did on this company is as following. Best Buy strengths are listed as following: Over two decades of brand presence, with at least one decade of extremely strong brand recognition within the US, longstanding relationship with vendors, and well-known brands. Their weakness is an area they must improve if they want to stay ahead of their competitors. For example, too many brands, poor inventory management, recent senior Leadership turnover, and weakening financial situation. Their opportunities are as following: lower overhead costs, online retailers are poised to, experimenting with, offering same-day delivery via courier, and increasing need for IT Outsourcing. The threat best buy is facing are as following: low frequency of television upgrades, cheap retailers such as Walmart, and exchange rate fluctuation. Their top competitors are Amazon, Digital River, and…

    • 1663 Words
    • 7 Pages
    Better Essays
    Read More
  • Powerful Essays

    Best Buy Analysis
    • 12713 Words
    • 51 Pages

    Best Buy Analysis

    According to the Best Buy’s corporate website, the company’s “unofficial” mission statement is simple, “We’re a growth company focused on better solving the unmet needs of our customers.”1 Upon reviewing this statement, our team was motivated to construct a unique plan that expands Best Buy brand and influences new target markets, while also continuing to provide growth and development in Best Buy’s products and services. Our initiative is to develop smaller stores that feature a condensed selection of consumer electronics, these stores will be strategically placed in areas where customers have unmet needs. The products, services, and staff offered will, high quality and knowledgeable service. These condensed stores will focus on the…

    • 12713 Words
    • 51 Pages
    Powerful Essays
    Read More
  • Powerful Essays

    Qrb-501 Week 2 Team Assignment
    • 2054 Words
    • 59 Pages

    Qrb-501 Week 2 Team Assignment

    Best Buy is the largest consumer electronics store in the world. Each year it increases its presence in the market share and distances itself from others in the industry. Best Buy is headquartered in the Twin cities area of Minnesota, where it handles all main business functions and the leadership that manages its 180,000 employees and 4,000 stores across the globe (Best Buy, 2010). During the previous fiscal year, Best Buy accumulated nearly 50 billion in revenues and 2.2 billion in operating revenue. They also reported that they possess 18.3 billion in total assets and 6.3 billion in total equity.…

    • 2054 Words
    • 59 Pages
    Powerful Essays
    Read More
  • Better Essays

    Critical Analysis 1
    • 1154 Words
    • 5 Pages

    Critical Analysis 1

    When Best Buy first opened it was an event that an electronics store could hold such a variety of products, have knowledgeable employees, and offer competitive prices at the same time. Although in 2012 it was reported that revenues for Best Buy increased, the company still fell victim to the problems of having a decrease in net income and operating cash flow. “The company reported revenues of (U.S. Dollars) USD 50,705.00 million during the fiscal year ended March 2012, an increase of 1.93% over 2011. The operating profit of the company was USD 1,085.00 million during the fiscal year 2012, a decrease of 54.30% from 2011. The net loss of the company was USD 1,231.00 million during the fiscal year 2012, as against a net profit of USD 1,277.00 million during 2011 (Strategic Analysis 1).” It is obvious by these numbers that Best Buy, a company that has been historically successful, has been running into some recent troubles. In this report I will identify all of the potential reasons for Best Buy’s recent poor performance, as well as offer my opinion for the primary reasons for Best Buy’s recent sub-par performance.…

    • 1154 Words
    • 5 Pages
    Better Essays
    Read More
  • Good Essays

    Best Buy Case
    • 465 Words
    • 2 Pages

    Best Buy Case

    Yes, I agree to the strategy that Best Buy has adopted to respond to its competitors. If I wanted to buy something as simple as a toaster I would go to Wal-Mart, but when it comes to buying high technical multi-function printer, I would consider going to Best Buy. Even though they are planning on selling upscale and higher margin merchandise, they do have highly trained sales “consultants” to help with the complex expensive purchase. In order for Best Buy to stay on top of the market, they have to provide the extra service with the best quality merchandise.…

    • 465 Words
    • 2 Pages
    Good Essays
    Read More
  • Satisfactory Essays

    Best Buy
    • 648 Words
    • 3 Pages

    Best Buy

    allowing each division to tailor its policies and practices to fit the specific region in which…

    • 648 Words
    • 3 Pages
    Satisfactory Essays
    Read More
  • Good Essays

    WHOLE FOODS MARKET
    • 689 Words
    • 3 Pages

    WHOLE FOODS MARKET

    Expansion to locations the Wild Oats Market was the one and only whole food supermarket.( acquiring new clients)…

    • 689 Words
    • 3 Pages
    Good Essays
    Read More
  • Better Essays

    Whole Foods Market
    • 1462 Words
    • 4 Pages

    Whole Foods Market

    A. SIC/NAICS #’s - The SIC number for Whole Foods Market, Inc. is 5411, which implies grocery stores. The NAICS number for Whole Foods is 445110, which means supermarkets and other grocery (except convenience) stores. (Mergent Online)…

    • 1462 Words
    • 4 Pages
    Better Essays
    Read More
  • Powerful Essays

    Professional Challenges Paper
    • 3577 Words
    • 15 Pages

    Professional Challenges Paper

    More companies are starting to infuse their water with vitamins and electrolytes. Glaceau Vitamin Water is a new product that is starting to become more popular. It is similar to Gatorade because it does contain plenty of electrolytes, but it does not contain high fructose corn syrup, and Gatorade does. My new product idea will be Mellow an addition to Glaceau Vitamin Water’s product line. Mellow featured ingredients will be L-theanine and Melatonin. L-theanine is a natural relaxant found in green tea which reduces stress, improves the quality of sleep, diminishes normal symptoms of PMS, heightens mental acuity…

    • 3577 Words
    • 15 Pages
    Powerful Essays
    Read More
  • Best Essays

    Whole Foods Market
    • 4019 Words
    • 13 Pages

    Whole Foods Market

    Whole foods Market is one of the leading grocery stores in natural and organic food industry. It is the first national “Certified Organic” grocer and has specifically positioned itself in the natural and organic foods supermarkets segment. John Mackey, founder of the company, started SaferWay Natural Foods in Austin, Texas. The company operated in 1978 and opened the first Whole foods market after merging SaferWay with Clarksville Natural Grocery in 1980. The company’s mission is to promote the vitality and well-being of all individuals by supplying the highest quality, most wholesome foods available (Whole foods market, Inc, 2014b). The company’s product selection ranges are grocery, meat, seafood, prepared foods and catering, bakery, coffee, tea, wine, beer, cheese, vitamins, nutritional supplements, body care, and lifestyle products including pet products, books, and household products (Whole foods market, Inc, 2014a). As of September 28, 2014, the company operated 399 stores in the United States, Canada, and the United Kingdom. The average customer visits per week is over 7.7 millions (Whole foods market, Inc, 2014b).…

    • 4019 Words
    • 13 Pages
    Best Essays
    Read More
  • Better Essays

    Swot IBM
    • 889 Words
    • 3 Pages

    Swot IBM

    1. First mover in cloud computing solutions for enterprises. IBM has moved to cloud computing in 2007 with its “Blue Cloud” program, which was designed to offer hardware and software solutions for enterprises that were willing to have their own private cloud. Since then the company has become the first reference point for enterprise cloud solutions in the cloud market. Unlike many other companies in the cloud market, the company has been offering the broadest range of software and services in one place.…

    • 889 Words
    • 3 Pages
    Better Essays
    Read More
  • Good Essays

    Best Buy Valuation
    • 592 Words
    • 3 Pages

    Best Buy Valuation

    Best Buy Co.,Inc. (BBY) is one of the leading retail stores in the United States. It was founded in 1966, and its headquarter is located in Richfield, Minnesota. It operates in both domestic and international segments (Canada & Mexico). Best Buy is a multinational specialty retailer that includes six main revenue categories: 32% consumer electronic, 46% computing and mobile phones, 8% entertainment, 8% appliances, 5% services, and 1% others. Best Buy has maintained a steady growth rate over the past years despite the unpredictable market. As of today, Best Buy generates over 39 billion in revenue in the 2016 fiscal year. They are always looking for opportunities to improve and grow by building their business model and…

    • 592 Words
    • 3 Pages
    Good Essays
    Read More
  • Good Essays

    Best Buy Implementation Plan
    • 408 Words
    • 2 Pages

    Best Buy Implementation Plan

    Implementation of Best Buys new approach begins with the proper training of all employees, being able to capture the sale from a consumer when they are still in a Best Buy. Price matching and a stream lined supply chain will allow Best Buy to stay more competitive with Amazons Prime shipping and…

    • 408 Words
    • 2 Pages
    Good Essays
    Read More

Related Topics