Executive Summary Best Buy is one of the best electronic retailers in the North America and the leading name in the electronics industry. Best Buy has more than 4000 stores within U.S., Mexico, Canada, Turkey and China (Hoffman, 2010). Best Buy practices differentiation strategy by using customer centricity model that provides end-to-end service. Best Buy was first established in 1966. They changed their name from “Sound of Music” to the “Best Buy” in 1983. Globally, Best Buy has made great business…

Assignment: Best Buy Business Strategy Introduction and Background Overview of Company Best Buy stores offer a wide variety of consumer electronics, home office products, entertainment products, appliances and related services. These include, Best Buy Mobile which offers a wide selection of mobile phones, accessories and related services. Geek Squad provides residential and commercial computer repair, support and installation services. Magnolia Audio Video Stores offer high-end audio, video…

To understand Best Buy’s strategy, a SWOT analysis was prepared to study the strengths, weaknesses, opportunities, and threats that the company must prepare for. According to Hubert Joly, the CEO of Best Buy, the strength of the company comes down to the people who work there. Interviewed in late 2013 for the consumer electronics trade magazine TWICE, Joly states from the outset that he was “amazed by (Best Buy’s) assets, strong traffic levels, great stores… a large and loyal customer base, and…

Following are the key features of various elements of Best Buy’s Big-box retail model: Pricing(1): Recently in 2013, Best Buy claims to have “Everyday Low Pricing” and “Price matching” strategy to get consumers to shop during non-promotional events. Merchandising/Assortment: Focused on Consumer electronics, home office equipment, entertainment software, and appliances. No longer follows one-size-fits-all approach. Giving up the idea that Best Buy stores had to have similar product mixes and layouts…

Best Buy “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.” Who is Best Buy? Best Buy’s corporate office is located in Richfield, Minnesota and was founded by Richard Schulze in 1966. Originally, Best Buy was known as Sound of Music before changing its name in 1983. Best Buy is one of the largest big box retail electronics providers in the world generating over $40…

March 2010 Marketing Strategy at a Big Box Electronics Store: BEST BUY 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…

Executive Summary: Established in 1966, Richfield, Minnesota-based Best Buy Co. is the largest consumer electronics retailer in the world. As of 2012, the company occupies about a quarter of the market share followed closely by Wal Mart and Amazon. Through the years Best Buy has managed to outperform competitors constantly by adapting its business strategy to consumer needs.(Exhibit 1: Full SCEQ analysis) Complication: Best Buy’s problem lies in the fact that although it still has the largest…

Executive Summary Best Buy Company, Inc. is the multinational retailer of consumer electronics in the United States. Together with its subsidiaries, which include Geek Squad, Magnolia Audio Video, Pacific Sales and Future Shop, the company has approximately 4,000 stores located in the United States, Canada, Mexico, China, and Turkey. Best Buy considers their value added approach to customer service, by creating positive experiences during the initial purchase and afterward, to be the contributor…

Best Buy’s top three executives are Hubert Joly as the Chairman and Chief Executive Officer, Sharon McCollam as the company’s Chief Administrative Officer and Chief Financial Officer, and Shari Ballard as President, U.S. Retail and Chief Human Resources Officer. Best Buy was founded in 1966 by the founder Richard M. Schulze. During its first year of opening Best Buy had earned a sales reach of $173,000 dollars. Four years after it opened Schulze decided to partner and expand his company to new heights;…

functioning. Best Buy is the specialty retailer of the decade. When it comes to customer satisfactory surveys, Best Buy is the head of the retail class-its price is lower than 10%. It has created niche segmentation to each store making the profit of the company grow bigger because diverse target markets in each location and it offers a wide market mix of services. Hereinafter, I will go through the analysis of four basic management functions to explain the competitive strategy of Best Buy. Basic functions…