Best Buy Case Study: Baldridge Award Criteria (Customer Focus)

Companies around the world are facing growing staff turnover problem, and Vietnam is not the

International business meshes across multiple domains most notably market entry strategies and sociocultural variances. Factoring in those two critical aspects and giving them the right amount of attention is the separating line between success and failure. Terralumen, Blue Ridge, and Delta are all successful companies; However, by not observing the basic requirements of

If the centricity concept is being blamed for not meeting earnings and the decline in Best Buy’s stock price and market capitalization, the question becomes was there a need for this change to the company’s strategy, was the strategy poorly implemented, was there a delayed market response to the change, or was the launch an overly aggressive action of a newly appointed CEO? The Best Buy leadership team first needed to evaluate whether there truly was a need for a (drastic) change and if so, was centricity the appropriate response to the market.

Customers in every retailer are the most important aspect to every business. The more customers a company has, the more profits they make. Without customers, a retailer could easily lose business and eventually go bankrupt. Most companies, such as WalMart, strive to bring in more customers with their low prices being their number one concern. WalMart is able to meet or exceed other retailers in providing everyday low prices for their customers due to their relationships with suppliers. WalMart demands their suppliers lower their costs each year. If they do not comply, WalMart will not use them nor carry their brand (Ferrell, Fraedrich, & Ferrell, 2013). Effects on the associate, as WalMart does not use the term employee, also can affect the customer’s interest at WalMart. If an employee is not happy at work, it often reflects onto the customers. To keep prices low for their customers, WalMart does not provide health insurance to more than 60 percent of their employees, offer higher wages, and requires little to no skills for certain positions

When the board of directors relieved Market Basket President Arthur T. Demoulas, nearly 20,000 employees walked out and customers quickly followed suite with a boycott. What Mr. Demoulas created within his company was a feeling of a family and a relationship of trust. Employees are not just an expense to him, but seen as a member of the team. They live and breathe it every day. As stated by Mr. Goodnight, happy employees deliver excellent customer service, which leads to happy customers. Customers return more often, they buy more, and they tell more people, which continues the natural growth of the company.

They have the highest percentage of revenues absorbed by cost. This would clearly suggest that their focused differentiation strategy has been giving them the position of being able to remain profitable in the industry of consumer electronics. We have calculated the profit margins, Table 4, and compared them in our analysis. Table 4 Profit Margin 1/31/2017 1/31/2016 1/31/2015 Best Buy 3.12% 2.27% 3.06% Walmart 2.81% 3.05% 3.37%

Consumer behavior is defined in a variety of ways such as “the dynamic interaction of affect and cognition, behavior and environmental events by which human beings conduct the exchange aspects of their lives.” by the American Marketing Association. (2008). In a simpler form, consumer behavior can be explained as the actions of consumers and the different approaches a person may take to decide what to buy and the decision making process. The decision making process can be effected by many factors all related to a person or persons lifestyle. Determining that behavior can be confusing and

Globally-integrated firms also do not suffer the financial drain of trying to be 'all things to all people' on a country-by-country basis: their strategies are effective in a wide variety of environments even though they do adapt locally to specific market needs. "Global integration expectations are

The business problem analyzed is how Wal-Mart’s high employee turnover rate affects how associates treat customers, which ultimately lowers Walmart’s customer satisfaction rating. Maultbay (2014) stated that, “Turnover at Wal-Mart is 44% a year.” This may be less than half of the employees hired per year; however, it is

There are numerous theories as to why turnover in our industry is so high, and there are many factors that attribute to the issue. In a research study conducted by Roderick D. Iverson of the University of Melbourne, Australia, (1997), Iverson presented a turnover model that he developed outlining variables that contribute to the turnover culture of an organization within the hospitality industry. In his study, Iverson (1997) accredited three different variables including pre-entry, structural, and environmental variables to be those that attribute to an employee’s intent to leave. Within the model structure, Iverson (1997) further broke down each variable and defined specifics that positively or negatively sway a person’s decision to stay at, or leave, an organization. Most noted are the negative forces that attribute to employee turnover.

Ashford International has a huge staff turnover that might affect the services of their company. The major turnover would affect the productivity and performance level of the company and lower the moral of their working staff that will directly affect the revenue and satisfaction level of their consumers. The level of staff turnover would further affect the marketing strategy of the company that might affect the business of the company (Yoo & Bai, 2013).

The success of corporate sector is the critical element for the sustained growth and prosperous economy of any nation. In today’s tough competitive market environment, organizations strive to differentiate themselves from the rest by offering the most innovative product and services to the consumers. Organizations that offer solutions beyond the current needs of the market are the ones that stay ahead of the competition and grow organically. At the same time, globalization of economies presents vast opportunities to organizations to expand their geographic boundaries globally.

This report aims at providing an overview to the challenges posed to organizations that are intending to extend their operations into both the regional and global markets. A major reason why most organizations fail in the pursuit of globalization is not necessarily due to the strong competition experienced by other established multinationals but rather the lack of foresight on the bottlenecks present in participating within these markets. As such, they fail to incorporate means of solving or going around such

Most people are aware and have an open eye on global markets as they are witnessing the passion that is surrounding emerging economies, including China's economic achievement and India's thriving technology sector. However in spite of the clear potential chances, numerous businesses still appear to

This provides a broad cross sample of the global CEO population. Insightful interviews have been collected, which contain lessons from both the brawny companies that have been forced to reinvent themselves, as well as from some of the brainy upstarts that needed to be rather unconventional to gain access to the global playing field. CEO 's of top world corporations tell how they handle globalization, customer service, motivation, leadership and other management issues.