Best Buy Situation Analysis
Best Buy Situation Analysis
Company Overview Best Buy Inc. is a United States based multinational organization that operates as a consumer electronics retail store. It was founded in Richfield Minnesota in 1966 originally under the name Sound of Music Inc. The name was changed in 1986 in order to focus on consumer electronics. Best buy conducts business activities in retail stores, online, and call centers. It has 1,968 stores worldwide located in the United States, Canada, China, Puerto Rico, and Mexico. In general, the company specializes in selling electronics, home office products, entertainment products and software, business programs and software, home appliances, and much more technology related products. Best Buy has earned the reputation as one of the top consumer electronics retailers and a leader in the industry. Its total revenues are $42,410,000,000, it employs 140,000 workers, and has a market capitalization of 11.26 billion. The company is a publicly traded corporation on the New York stock exchange under the signal- BBY. It has gained many product and service brands that are recognized worldwide, such as Geek Squad, an in house repair service, which has been one of the company’s main competitive advantages throughout its existence. “The primary target market customer is in the 16-35 age range, with 18-24 being the primary target because on average 40% are in college. Primary targets consist of businesses, both genders, middle class families and up. The secondary target is 36-50 age groups mostly made of parents, new and small businesses, and price concerned consumers. The age group for the core audience is 25-54 consumers 54% male 42% female and has an average household income of $75,000 (Khan, A).”
Mission: The mission of Best Buy is to be the number one retailer of consumer electronics with a focus on providing a wide selection of high quality products at premium low prices while offering personable customer
Company Overview Best Buy Inc. is a United States based multinational organization that operates as a consumer electronics retail store. It was founded in Richfield Minnesota in 1966 originally under the name Sound of Music Inc. The name was changed in 1986 in order to focus on consumer electronics. Best buy conducts business activities in retail stores, online, and call centers. It has 1,968 stores worldwide located in the United States, Canada, China, Puerto Rico, and Mexico. In general, the company specializes in selling electronics, home office products, entertainment products and software, business programs and software, home appliances, and much more technology related products. Best Buy has earned the reputation as one of the top consumer electronics retailers and a leader in the industry. Its total revenues are $42,410,000,000, it employs 140,000 workers, and has a market capitalization of 11.26 billion. The company is a publicly traded corporation on the New York stock exchange under the signal- BBY. It has gained many product and service brands that are recognized worldwide, such as Geek Squad, an in house repair service, which has been one of the company’s main competitive advantages throughout its existence. “The primary target market customer is in the 16-35 age range, with 18-24 being the primary target because on average 40% are in college. Primary targets consist of businesses, both genders, middle class families and up. The secondary target is 36-50 age groups mostly made of parents, new and small businesses, and price concerned consumers. The age group for the core audience is 25-54 consumers 54% male 42% female and has an average household income of $75,000 (Khan, A).”
Mission: The mission of Best Buy is to be the number one retailer of consumer electronics with a focus on providing a wide selection of high quality products at premium low prices while offering personable customer