Best Buy Executive Summary
Place
The Best Buy website do not currently need any major changes. The website as it is, is already easy to use and has an appealing interface. I suggest that the website add a new tab for all new available products to attract technology savvy customers to their website. To stay competitive online, Best Buy should offer at least free shipping whenever is possible. Such a perk should be offered for all new customers, for those who buy new products and all products priced over a a certain price ($200).
Best Buy Big Box retail stores were build for a different era and different lines of products. It’s imperative that the company start to seriously think about downsizing the 1000+ Big Box stores and open more of their smaller version mobile stores. Research showed that by downsizing their stores by just 10% will save the company $70 to $80M a year. The new smaller stores would look a lot like the current Apple stores where sales associates interact with customers and help them make the right decision that will fit their needs and entertainment goals. While opening up more mobile stores in the city is a much more cost affective strategy, Best Buy could and should expand more towards the suburb where most of their Angel customer base is located. The Barry and Jill segment are likely to live in the suburb and make their purchases on the weekend so it makes sense to formulate a place strategy that will take into consideration their living location. Also renting space in the suburb is always cheaper and will add more savings to the company income statement. …show more content…
* Broadcast commercials that emphasize the customer-blue shirt interaction that take place in Best Buy
The Best Buy website do not currently need any major changes. The website as it is, is already easy to use and has an appealing interface. I suggest that the website add a new tab for all new available products to attract technology savvy customers to their website. To stay competitive online, Best Buy should offer at least free shipping whenever is possible. Such a perk should be offered for all new customers, for those who buy new products and all products priced over a a certain price ($200).
Best Buy Big Box retail stores were build for a different era and different lines of products. It’s imperative that the company start to seriously think about downsizing the 1000+ Big Box stores and open more of their smaller version mobile stores. Research showed that by downsizing their stores by just 10% will save the company $70 to $80M a year. The new smaller stores would look a lot like the current Apple stores where sales associates interact with customers and help them make the right decision that will fit their needs and entertainment goals. While opening up more mobile stores in the city is a much more cost affective strategy, Best Buy could and should expand more towards the suburb where most of their Angel customer base is located. The Barry and Jill segment are likely to live in the suburb and make their purchases on the weekend so it makes sense to formulate a place strategy that will take into consideration their living location. Also renting space in the suburb is always cheaper and will add more savings to the company income statement. …show more content…
* Broadcast commercials that emphasize the customer-blue shirt interaction that take place in Best Buy