Mkt 421 Marketing Plan Phase 1 Business Plan
Marketing Plan Phase #1
MKT/421
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 …show more content…
* The innovative development of a new service called Kids Corner * Best Buy is a $50 billion Fortune 100 company (Best Buy, 2009 - 2015). * Best Buy has an average of 1.6 billion visitors per year via in-store, on-line, and mobile device (Best Buy, 2009 - 2015). * Best Buy continues to experience growth via acquisitions and mergers, i.e. Magnolia Hi-Fi, Inc. and Geek Squad (Best Buy, 2009 - 2015). * Best Buy leads the way in Consumer Electronics compared to other discount stores such as Walmart and Target. Best Buys largest competitor is RadioShack Corporation. * Reorganization of the existing space in the already large Best Buy stores to make room for Kids Corner. * Use existing “sample/interactive” products, i.e. hand held video games, toys, etc. as tax write-offs. * Knowledgeable customer service and highly trained/tech savvy staff to serve the …show more content…
Best Buy is making their kids products easier to find and to purchase. With the marketing strategy, Best Buy notices a high conversion rate of children’s products, but doesn’t want to dilute their other client segments by turning the culture of Best Buy into a kid’s store. Best Buy has found a way to grow their child customer base, while making it easy and convenient for the parents, children and other customer segments.
Location of the Kids Corner will be a major part of executing this strategy. By consolidating the children’s products into a specific part of the stores globally, called the Kids Corner, it offers a better overall culture to the client segments Best Buy has identified. The parents who are looking for their children can get all their children’s needs at one, convenient place, while Best Buy continues to cross sell and up
MKT/421
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 …show more content…
* The innovative development of a new service called Kids Corner * Best Buy is a $50 billion Fortune 100 company (Best Buy, 2009 - 2015). * Best Buy has an average of 1.6 billion visitors per year via in-store, on-line, and mobile device (Best Buy, 2009 - 2015). * Best Buy continues to experience growth via acquisitions and mergers, i.e. Magnolia Hi-Fi, Inc. and Geek Squad (Best Buy, 2009 - 2015). * Best Buy leads the way in Consumer Electronics compared to other discount stores such as Walmart and Target. Best Buys largest competitor is RadioShack Corporation. * Reorganization of the existing space in the already large Best Buy stores to make room for Kids Corner. * Use existing “sample/interactive” products, i.e. hand held video games, toys, etc. as tax write-offs. * Knowledgeable customer service and highly trained/tech savvy staff to serve the …show more content…
Best Buy is making their kids products easier to find and to purchase. With the marketing strategy, Best Buy notices a high conversion rate of children’s products, but doesn’t want to dilute their other client segments by turning the culture of Best Buy into a kid’s store. Best Buy has found a way to grow their child customer base, while making it easy and convenient for the parents, children and other customer segments.
Location of the Kids Corner will be a major part of executing this strategy. By consolidating the children’s products into a specific part of the stores globally, called the Kids Corner, it offers a better overall culture to the client segments Best Buy has identified. The parents who are looking for their children can get all their children’s needs at one, convenient place, while Best Buy continues to cross sell and up