C. Identify and Explain the Strengths (4 Strengths) and Weaknesses (2 Weaknesses) of Best Buy Essay Example
C. Identify and explain the strengths (4 strengths) and weaknesses (2 weaknesses) of Best Buy
They are still growing in time of recession, by building more stores in Europe and China. Best Buy remains a dominant player in the electronics industry despite major changes within the sector over the course of the year. Best Buy Co. Inc. is the largest consumer electronic goods retailer in USA and accounts for around twenty percent of the market share in the country. The company outlets are present in numerous states of United States. It maintains a strong network which helps it maintain the economies of scale and enhance the brand image. This strong networking enables the company to serve a wide range of customers to penetrate the market more effectively.
Furthermore, the company also witnessed an increase in customer satisfaction. It also manages various mobile stores in the United States which is a product of its joint venture with the various other warehouses. This relationship with the other stores and warehouses has added to the advantage to the company in helping consumers buy and use its products.
Moreover, Best Buy has its strength of a market presence which is the internal market strength for Best Buy. In the beginning of the case, Best Buy as a single location car and home stereo in 1966 then, Best Buy has grown into massive firm with 1,400 stores in North America and over 2,600 stores in Europe and China. As recently as 2007, Best Buy was seen as the team to beat, boosting a strong lead in market share over its competitors, large and consistent profits, healthy stock return, and a global expansion strategy.
The Compony’s major weakness was their inabilities to rival the convenience of new technologically run organizations such as amazon.com. Although BestBuy developed an online service, which would deliver their products, the company failed to match the low-prices of an internet-based operation. For nearly 30 years BestBuy was able to beat
They are still growing in time of recession, by building more stores in Europe and China. Best Buy remains a dominant player in the electronics industry despite major changes within the sector over the course of the year. Best Buy Co. Inc. is the largest consumer electronic goods retailer in USA and accounts for around twenty percent of the market share in the country. The company outlets are present in numerous states of United States. It maintains a strong network which helps it maintain the economies of scale and enhance the brand image. This strong networking enables the company to serve a wide range of customers to penetrate the market more effectively.
Furthermore, the company also witnessed an increase in customer satisfaction. It also manages various mobile stores in the United States which is a product of its joint venture with the various other warehouses. This relationship with the other stores and warehouses has added to the advantage to the company in helping consumers buy and use its products.
Moreover, Best Buy has its strength of a market presence which is the internal market strength for Best Buy. In the beginning of the case, Best Buy as a single location car and home stereo in 1966 then, Best Buy has grown into massive firm with 1,400 stores in North America and over 2,600 stores in Europe and China. As recently as 2007, Best Buy was seen as the team to beat, boosting a strong lead in market share over its competitors, large and consistent profits, healthy stock return, and a global expansion strategy.
The Compony’s major weakness was their inabilities to rival the convenience of new technologically run organizations such as amazon.com. Although BestBuy developed an online service, which would deliver their products, the company failed to match the low-prices of an internet-based operation. For nearly 30 years BestBuy was able to beat