Marketing Strategy of Best Buy
Syed Raheem
Dr. Sonja Pollard-Mitchell
MKT 301: Principles of Marketing
3 March 2010
Marketing Strategy at a Big Box Electronics Store: BEST BUY Consumer behavior is defined in a variety of ways such as “the dynamic interaction of affect and cognition, behavior and environmental events by which human beings conduct the exchange aspects of their lives.” by the American Marketing Association. (2008). In a simpler form, consumer behavior can be explained as the actions of consumers and the different approaches a person may take to decide what to buy and the decision making process. The decision making process can be effected by many factors all related to a person or persons lifestyle. Determining that behavior can be confusing and marketers need to use research techniques to understand the consumer. Understanding the intent to buy, buying process and post purchase issues from a marketing perspective raises many questions and is an in-depth process. “The basic marketing concept hold’s that firms exist to satisfy consumers’ needs.” (2004, Solomon). Once that basic concept is understood, an organization can focus on key goals to achieve a competitive advantage. Marketing strategies are used to gain better understanding of the market, consumers, environment, supply and demand and competition. The behaviors of consumers such as personality, emotions, attitudes, learning style, and perception of the consumer helps companies design their marketing techniques. External influences are also need to be studied and factors such as culture and sub-culture, demographics, social status, and family structure helps understand the decision making process of the consumer’s behavior. For marketing strategy to succeed, the insight to the consumer’s decision-making process is a good starting point. One of the many tools used for knowing consumer behavior are the four P’s of marketing, the product, place, price and promotion. By knowing the concepts of the four P’s
Dr. Sonja Pollard-Mitchell
MKT 301: Principles of Marketing
3 March 2010
Marketing Strategy at a Big Box Electronics Store: BEST BUY Consumer behavior is defined in a variety of ways such as “the dynamic interaction of affect and cognition, behavior and environmental events by which human beings conduct the exchange aspects of their lives.” by the American Marketing Association. (2008). In a simpler form, consumer behavior can be explained as the actions of consumers and the different approaches a person may take to decide what to buy and the decision making process. The decision making process can be effected by many factors all related to a person or persons lifestyle. Determining that behavior can be confusing and marketers need to use research techniques to understand the consumer. Understanding the intent to buy, buying process and post purchase issues from a marketing perspective raises many questions and is an in-depth process. “The basic marketing concept hold’s that firms exist to satisfy consumers’ needs.” (2004, Solomon). Once that basic concept is understood, an organization can focus on key goals to achieve a competitive advantage. Marketing strategies are used to gain better understanding of the market, consumers, environment, supply and demand and competition. The behaviors of consumers such as personality, emotions, attitudes, learning style, and perception of the consumer helps companies design their marketing techniques. External influences are also need to be studied and factors such as culture and sub-culture, demographics, social status, and family structure helps understand the decision making process of the consumer’s behavior. For marketing strategy to succeed, the insight to the consumer’s decision-making process is a good starting point. One of the many tools used for knowing consumer behavior are the four P’s of marketing, the product, place, price and promotion. By knowing the concepts of the four P’s
Cited: Solomon, M.R (2004). Consumer Behavior: Buying, Having and Being sixth edition. Upper Saddle River, N.J.: Prentice-Hall. (2008). Marketing Power. Retrieved June 30, 2008, from American Marketing Association Web site: http://www.marketingpower.com/Pages/default.aspx (2007). The Marketing Mix, the four P 's of Marketing. Retrieved June 28, 2009, from Net MBA Web site: http://www.netmba.com/marketing/mix Great Ads. (2008) Best Buy Inc. Commercial etc. Retrieved Nov. 29th, 2008. http://great-ads.blogspot.com/2008/11/best-buy-funny-commercial-2008-holiday.html BEST BUY LOGO www.thedailygreen.com/.../cD/best_buy_logo.jpg