Best Buy: Largest Consumer Electronics Retailer
The industry that I am familiar with is Best Buy. Best But is one of the biggest consumer electronics retailers in the world. Best Buy headquarters is in Richfield, Minnesota. Richard Schulze the founder of best Buy and founded the company in 1966 in Minnesota. Best Buy’s subsidiaries are Geek Squad, pacific Sale, and many more. The company owner should be aware of supply and demand of what the consumers are wanting the most. And should keep eye on the economy because if the economy goes up than people will have more money to spend and if the economy goes down people will have less money to spend due to a lost job. The owner of the company keep up with technology. Best Buy is a retail in electronics so they have to be up to date with the technology.
Keeping up with the technology the consumers are going to be happy also because they don’t have waste masses time waiting in line because the computers are slow. But some companies don’t want to spend money on the technology because it’s too much. All companies should have demographic characteristics the consumers want to see companies have different race/ethnicity, gender, and age. This affect the company because all people aren’t the same, for example an old lady isn’t going to buy the same produce as a teenagers. So company has to offer different products for all the ages. The owner of the companies have to know the laws and regulations so, they won’t get in trouble if the consumers out play them and get all of money. In order for Best Buy to have well develop industry they will need customers that like they are selling and to have a welcoming sale staff. Best Buy has competitors that sell products and services to customers. Competitors of Best Buy are Walmart, Apple, Amazon, and many other electronic stores. Best Buy need to keep good relationship with its supplier even through there competitors are Apple. Best Buy’s top suppliers are Apple, Samsung electronics, Hewlett Packard company, Sony, and LG electronics. Industry regulation doesn’t affect Best Buy because there prices of the products aren’t going to change massively. Best Buy isn’t affected by advocacy group because they are not in the political, religious, and moral industry. The only way they are affect is in commercial and they said something wrong that the public didn’t liked.
Keeping up with the technology the consumers are going to be happy also because they don’t have waste masses time waiting in line because the computers are slow. But some companies don’t want to spend money on the technology because it’s too much. All companies should have demographic characteristics the consumers want to see companies have different race/ethnicity, gender, and age. This affect the company because all people aren’t the same, for example an old lady isn’t going to buy the same produce as a teenagers. So company has to offer different products for all the ages. The owner of the companies have to know the laws and regulations so, they won’t get in trouble if the consumers out play them and get all of money. In order for Best Buy to have well develop industry they will need customers that like they are selling and to have a welcoming sale staff. Best Buy has competitors that sell products and services to customers. Competitors of Best Buy are Walmart, Apple, Amazon, and many other electronic stores. Best Buy need to keep good relationship with its supplier even through there competitors are Apple. Best Buy’s top suppliers are Apple, Samsung electronics, Hewlett Packard company, Sony, and LG electronics. Industry regulation doesn’t affect Best Buy because there prices of the products aren’t going to change massively. Best Buy isn’t affected by advocacy group because they are not in the political, religious, and moral industry. The only way they are affect is in commercial and they said something wrong that the public didn’t liked.