Essay about Best Buy Marketing Plan

11148 Words Nov 5th, 2012 45 Pages
2012

4/26/2012

Marketing Plan

The Micro Environment
The Company:
Best Buy’s mission statement is “Our formula is simple: we’re a growth company focused on better solving the unmet needs of our customers—and we rely on our employees to solve those puzzles. Thanks for stopping.” Their company perspective is the following “Our vision is to make life fun and easy. Our business strategy is to bring technology and consumers together in a retail environment that focuses on educating consumers on the features and benefits of technology and entertainment products, while maximizing overall profitability. We believe our stores offer consumers meaningful advantages in store environment, product value, selection and service, all of which
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But they also have a weakness for their customer service. Many times you can go into the store and never be helped by one of the employees. Then when you find one, they are uneducated on many of the products. RadioShack is similar to Best Buy since they both engage in the retail sale of electronic products and services. Some products include home entertainment systems, scanners, GPS products, digital camera, and many others. “As of March 31, 2011, the company operated 4,467 company-operated retail stores under the RadioShack brand name in the United States; and 1,304 kiosks located in Target and Sam’s Club stores.” Their market cap is a total of 732.80 M, compared to Best Buy’s market cap of 8.88 B. RadioShack recently launched a new low price guarantee on mobile phones in order to attract customers and show them that they are offering the best deals. It is also has a Trade and Save program which allows customers to trade in their used mobile phones and other electronic devices for immediate credit toward their next purchase. The company also has a new Mobile Product Support which provides customers with free specialist support to help them resolve any of their mobile phones or other device-related issues at no additional cost. RadioShack is currently undergoing a plunge in their stock price due to the significant growth of the online retail market, such as eBay and Amazon. Corporate partners review and channels: Best Buy is an electronic retail store,

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