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
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3 2. Situation Analysis 4 a. Company 4 i. History 4 ii. Best Buy Today 7 iii. Best Buy’s New Leadership 8 iv. Organizational Structure 10 b. Best Buy’s Industry 18 c. Best Buy’s SWOT Analysis 19 i. Porter’s Five Forces 20 d. Capabilities and Processes 22 3. Customers 23 4. Products and Services 27 5. Industry Context 30 6. Best Buy Competitors 32 a. S.W.O.T. Analysis of Competitors
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Best Buy Context Analysis Best Buy Co.‚ Inc. is a specialty retailer of consumer electronics in the United States‚ accounting for 19% of the market. It also operates in Mexico‚ Canada‚ China‚ Turkey and the United Kingdom. The company’s subsidiaries include Geek Squad‚ Magnolia Audio Video‚ Pacific Sales‚ and in Canada operates under both the Best Buy and Future Shop label (Dual Branding). Together these operate more than 1‚150 stores in the United States‚ Puerto Rico‚ Canada‚ China‚ Mexico‚ and
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Although Best Buy is an electronic consumer’s dream‚ they are facing two major threats: 1) The increasing number of competitors and‚ 2) The strong emergence of online retailing. I recommend that to address these issues Best Buy should close several “Brick and Mortar” stores and move to more of an online based strategy. Due to the low cost of online retailing‚ discount retailers such as Amazon‚ Wal-Mart and Target have been able to gain significant market share. Unlike Best Buy‚ Amazon does not
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Questions………………………………………………………………11 Evaluations………………………………………………………………….……13 Company overview Best Buy is one of the world’s largest multinational consumer electronics retailers with stores in Canada‚ China‚ United States and Mexico. Richard M. Schulze and Gary Smoliak founded Best Buy in 1966‚ but it was established as a company in 1983. The company’s stores offer video products‚ audio products‚ musical instruments‚ mobile electronics‚
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key to success is to please the customer consistently. The societal marketing orientation took this one step further by not only to satisfy customer’s wants and needs and to meet organizational objectives but also to preserve or enhance the society’s best interests in the long-run. The societal marketing orientation believes that businesses should market products that are less toxic; contain reusable materials and more durable than the norm. For example‚ the 2010 winter Olympic medals contained metal
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EXTERNAL ANALYSIS FOR BEST BUY CO. INC. Introduction Best Buy Co.‚ Inc. is a public limited company whose stocks are listed in the New York stock exchange. It is a specialty retailer of consumer electronics in United States which accounts for about twenty percent of domestic market retail business in technology based items. It has store in 24 different locations in United States (USSEC‚ 2011). Apart from its operations in USA‚ it also carries out its operations in Mexico‚ Turkey and United
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Executive Summary Best Buy Company‚ Inc. is the multinational retailer of consumer electronics in the United States. Together with its subsidiaries‚ which include Geek Squad‚ Magnolia Audio Video‚ Pacific Sales and Future Shop‚ the company has approximately 4‚000 stores located in the United States‚ Canada‚ Mexico‚ China‚ and Turkey. Best Buy considers their value added approach to customer service‚ by creating positive experiences during the initial purchase and afterward‚ to be the contributor
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Best Buy was founded in 1966 by the current CEO Richard M. "Dick" Schulze. Based out of Eden Prairie‚ Minnesota the corporation currently has 446 stores and earned over 83 million in total revenue last year. Best Buy carries a wide variety of products consisting of Major Appliances‚ video and audio equipment‚ computers‚ software‚ music‚ and wireless technology. When analyzing this corporation it is important to pay close attention to its current and future services and products‚ any problems with
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In recent years and under the direction of past CEO‚ Brad Anderson‚ Best Buy has seen year over year growth. The issue is the need for maintaining future growth of Best Buy. Is the tried and tested customer-centric model that kept the organization afloat‚ even during the 2007-08 financial crisis‚ enough? The problem in this case can be seen when the customer-centric model is placed under the microscope. Best Buy has an effective model to get the right product into the right customer’s hands‚
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