Marketing Plan Phase 1

Topics: Best Buy, Marketing, Magnolia Audio Video Pages: 6 (2057 words) Published: February 27, 2013
Marketing Plan Phase #1
Lydia Davis, Robert Jackson, John Livingston, Jeannie Smith, Amy Thompson February 11, 2013
Linda Kulka,

Marketing Plan Phase 1

Marketing increases awareness of an organization’s products and services. In the current technology driven market, organizations must constantly develop and promote new products and services to meet customer needs. The following plan outlines a proposed Kids’ Area for Best Buy. Company Overview

Best Buy is a growth company focused on better solving the unmet needs of our customers, and we rely on our employees to solve those puzzles” (Best Buy, 2009-2015). In 1966 Robert Schulze and his business partner James Wheeler opened Sound of Music Inc. in an effort to produce a share of the home and car stereo retail market. In 1970 Schulze decided to buy out his partner and continued to develop his retail chain. Schulze began to realize that he needed to alter the direction that his company was going in, so he attended a seminar that brought him to turn the possibilities into a reality. The first change was to expand the offerings of the organization that would include VCR’s, and appliances, which would ultimately bring in more revenue for the company, about 9.3 million for the year to be exact. In 1983 Sound of Music changed their name to Best Buy, and aimed toward a broader more comfortable customer base. As of today Best Buy has more than a dozen brand names, operates on four continents, in over 3000 stores (Best Buy, 2009-2012). Best Buy’s mission is to continue to profit and grow as a team by providing their customers with exceptional value and a great shopping experience (Best Buy, 2009-2012). Service Proposal

Kids Corner will give parents a valuable service who have the desire to get in and out of Best Buy without acquiring the hassle of going from place to place to find items for their children. Kids Corner comes as a benefit to parents and their children who want to buy the hottest games and other little gadgets for their children. This particular area is a place where parents and children can find the electronics and accessories that kids want in one location instead of running all over the store to find what they need. Another added perk of Kids Corner is the online features and service that will give children the opportunity to play online games, parents can evaluate different products and modify their online profiles. Kids Corner will be separated according to age groups ranging from: 3-17 year olds. Grouping according to age is how Best Buy will decide what products go where. The three to five year old sections will consist of mostly educational and some electronic games, kid’s movies and dvd’s. This area will add an extra touch with decorated pictures of Disney, marvel, and educational characters. For the six to ten10 year old area it will feature educational games, software, video games, music and dvd’s. The 11-14 year olds (pre-teens) will have music, dvd’s, gaming accessories, educational games and software, cell phones, and cameras. The 15-17 year olds (teens) area will consist of music, music accessories, video games and accessories, dvd’s computers, cell phones, and other gadgets. Marketing Approach

Approaching marketing research for the idea of a Kids Corner for Best Buy would need to include different fundamentals, such as consumer analysis for demographics, psychographics, behavioral patterns, including buying habits, and geographical scenarios. The goal of marketing a Kids Corner for Best Buy is to make Best Buy widely known and recognized for promoting a kid friendly environment. Another important aspect for research is the competition of competing with other electronics stores that offer the same service. Researchers perform psychographic research by engaging the consumers to say yes or no to activities, personal interests, and personal opinions about the marketing research conducted. When research has been completed the results...
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