11‚ 2009 Best Buy Case Analysis Executive Summary Best Buy Co.‚ Inc. has been in operations since 1966‚ they are based out of Minneapolis MN. They have continues to grow steadily over time through innovations. They have become customer-driven by enhancing customer enjoyment of technology. They operate over 940 retail stores across the United States and Canada. The first store in Mexico just opened up in 2009 and they are presently looking into Turkey in the near future. Best Buys current marketing
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Following are the key features of various elements of Best Buy’s Big-box retail model: Pricing(1): Recently in 2013‚ Best Buy claims to have “Everyday Low Pricing” and “Price matching” strategy to get consumers to shop during non-promotional events. Merchandising/Assortment: Focused on Consumer electronics‚ home office equipment‚ entertainment software‚ and appliances. No longer follows one-size-fits-all approach. Giving up the idea that Best Buy stores had to have similar product mixes and layouts
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BEST BUY Making Life Fun & Easy! Tiago Alves Andrew Bornstein Mae Brana Grace Tan Meredith Walters Table of Contents Business Summary 4 Vision Statement & Corporate Values 4 Rankings 4 Market Share 5 Stock Chart – 5 Year Performance 5 Financial Highlights 6 History 7 Key Executives 8 Strategy 9 Customer Centricity 9 Value-added Services Business 11 Supply Chain and IT Systems 11 New Store Openings 11 Mergers & Acquisitions 12 Employees 13 Key Competitors
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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 32 i. RadioShack
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One of the fortune 500 companies in our society is Best Buy. Best Buy is one of the largest consumer electronics retailer company in the United States and Canada. There are many products Best Buy distributes‚ such as; computers‚ computer equipment‚ video and audio products‚ refrigerators‚ coffeemakers‚ compact discs‚ video games‚ DVD and VHS movies and players‚ CD’s‚ computer software‚ cameras‚ cell phones‚ and satellite systems and so on. In addition‚ their customer service is very helpful and has
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Best Buy’s failure in China is another example of a slow‚ arrogant major international player that didn’t understand China. Their own explanation of why they failed: “China’s demand for low prices without regard for service‚” is clearly a lame excuse. By Fang Yu‚ China Entrepreneur magazine Best Buy shut down their nine stores in China on February 22nd‚ and within 48 hours fell into an unprecedented credibility crisis. Customers rushed to Best Buy stores on hearing the news and were locked
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Overview: Best Buy Co. is a specialty retailer of consumer electronics‚ entertainment software‚ home office products‚ appliances and related services. The company operates both in the domestic and the international segment. Its domestic segment consists of all Best Buy stores and online operations within the United States‚ including the brand names: Best Buy‚ Geek Squad‚ Magnolia Audio Video‚ Pacific Sales Kitchen and Bath Centers and Speakeasy. Its international business covers Canada and most
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Best Buy History Best Buy Inc was founded in 1966 as an audio specialty store called Sound of Music established by Schulze and a partner. They opened their first store in St. Paul‚ Minnesota as an attempt to capture the car stereo retail market. It opened two additional stores and had an initial yearly income of $173‚000. Four years later Schulze bought out his partner and proceeded to expand his retail chain. The company would continue to grow over the next few years‚ hitting the one
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Strengths Best Buy has been the leader in the American Market for consumer electronics. There strength lies in several sales methods‚ one being that they allow customers to browse their selection with little intrusion. Their target customer base is young adults that are tech savvy‚ and the store environment allows for general perusal with sales representative available for general inquiries. The company has sufficiently identified their targeted demographic and have positioned their marketing in
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Best Buy 1. How was competition changing in the consumer electronics retailing industry in 2004? Why was it necessary for Brad Anderson to consider a radical concept change for Best Buy? With the fast development of Technology‚ the market for electronics retailing was increasing fast during 1998-2004. And electronics-only retailers like Best Buy and Cirtuit City‚ experienced a stiffer and broader competition during that period. It was necessary for Brad Anderson to consider a radical concept
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