Best Buy Co., Inc. is a multinational retailer of consumer electronics, home office products, entertainment software, appliances and related services. 2. Do you agree with the strategy Best Buy has adopted to respond to its competitors? Why or why not?
Yes, I agree to the strategy that Best Buy has adopted to respond to its competitors. If I wanted to buy something as simple as a toaster I would go to Wal-Mart, but when it comes to buying high technical multi-function printer, I would consider going to Best Buy. Even though they are planning on selling upscale and higher margin merchandise, they do have highly trained sales “consultants” to help with the complex expensive purchase. In order for Best Buy to stay on top of the market, they have to provide the extra service with the best quality merchandise. 3. Describe the six components of Best Buy’s retailing mix. Is there anything you would change? Explain.
The six components of Best Buy retailing mix are:
First component, they offer array of different products (it stores have nearly 25,000 separate items) at affordable prices. They also offer installation on some of the products you buy, plus maintenance service technical support, and subscription on cell phones and internet services.
Second component is the proper location. Best Buy stores are usually located in a small to medium size outdoor shopping centers.
The third component is their promotion strategy. Best Buy’s television commercials use the slogan, “Thousand of Possibilities. Get Yours.” They send out flyers, and email customers who gave their emails to Best Buy, and weekly ads.
Fourth component is the prices. Their prices range varies depending on what you buy, from low cost merchandise to high cost merchandise. Best Buy retail stores price match guarantees that if you find a lower advertised price on the same available brand and model prior to your purchase or during the exchange and return