Marketing Mix of Walton Group of Bangladesh

Why are Some Nations Rich and Others Poor? Introduction Over the years, a nation’s economy will change drastically and, due to a large variety of factors, there are now countries who are significantly wealthier than others. These factors range from lack of education, to lack of natural resources and all of them notably effect the economy of a country.

But why is Marketing Mix so important? How does it impact a business and its strategies?

 Fernando was thrilled to find out that his company had just decided to invest a great deal of money in the product he was managing. He knows that even with its recent high rate of growth and the fact that it dominates its market, he would need more money to establish it firmly. Using the BCG portfolio analysis, his product would be classified as a(n):

Best Buy Co., Inc. is currently the world’s largest retailer for consumer electronics. The company has 1,400 brick and mortar stores and is a popular online retailer as well. The stores serve as display room for various online retailers. Best Buy consumers can purchase electronic products such as mobile, corded and cordless phones, televisions, cameras, personal computers, laptops, appliances and more (David & F.R., 2015). Today’s society relies on convenience and technology, forcing companies to implement new ideas and projects in an effort to maintain their ability to compete with other companies. For continued success the company must look at the internal and external issues the company may face as well as their competitors and their best practices that are contributing to their success.

The analysis was made on the annual report for the year ended 30 June 2009, of the company “JB Hi-Fi Limited” which is one of the largest retailer chain groups for home consumer products such as consumer electronics, electrical goods, software including music, games and movies. The company is operating with 123 stores (106 Branded JB Hi-Fi) spread across Australia and New Zealand, who’s head office is in Chadstone VIC 3148, Australia.

Threat from Buyers Consumers hold much power today due to the economy but I forecast no negative issues in this category. A large majority of Company G’s buyers are repeat customers who place great value on our products, our service, and our reputation. As long as Company G continues to produce quality products with features that appeal to current customers as well as potential customers we will succeed in the small appliance market as we have done with our other electronics.

Best Buy is the world’s largest consumer electronic retailer with over $40 billion in revenue, 1,300 stores and 150,000 employees at the end of 2008 with a US market share of 21% (1). Best Buy’s humble beginnings go back to 1966 in Saint Paul Minnesota where a small audio specialty store named The Sound of Music was opened. Over the course of the last 43 years the world of consumer electronics have changed tremendously, but the one thing that has been successful in the growth of the company is Best Buys approach to meeting the consumer’s needs.

"To provide and offer value to the customers by guaranteeing high-tech products that are user-friendly and offer maximum satisfaction that no other brand can ensure." The proposed business will concentrate on delivering best quality products to the customers to the extent of achieving delighting to its clients. This will be realized through extensive networks of consumer markets, competent and experienced marketing agents and the resourceful entrepreneur skills from the business owner.

choice was essentially the only option in the first place? At first this may appear to prohibit a

3. Why do you believe it was necessary for the SEC to provide this detailed guidance beyond basic concepts?

Best Buy is the largest consumer electronics retailer in the United States, averaging 25% of market share. Founded in 1966, Best Buy now contains over 1,500 stores and generates around 40 billion in annual revenue. The corporation’s values are split between its internal core values and its “Unique Customer Promise” (Best Buy). The business pledges to “unleash the power of its people”, “show respect, humility, and integrity” as well as “having fun while being the best” (Best Buy). The promise to customers is to offer “latest devices and services, all in one place”, “competitive prices”, and “support for the life of your products”.

The substitute products, that may take a portion of the market share away from the consumer electronics retail industry, do not create a huge or direct hazard. Today’s society and culture place a big emphasis on technology and it is highly reliant on electronics. The bargaining power of buyers for electronic products is extremely low because the buyers primarily consist of a weak and divided group of individuals, and technology has became a vital need for most people.

That Bangladesh today is considered an economic competitor in terms of international garment manufacturing by other countries of the region and beyond is the country since gaining independence in 1971. It appears much of the socio-economic development in the first decade of the twenty-first century for Bangladesh and its approximately 1.5 million women workers depends on the continuing success of the RMG industry.

iii. Threat of new entrants-There has been the same companies in the market for several years now. With electronics, people tend to stick with one brand if they have a good experience with it. This makes it hard for others to enter the market.

The industry has grown very rapidly in the last decade due to intense competition and was exposed to immense technological advancement possibilities as well. Considering the growth rate and current market state; the telecommunications of Bangladesh has the following implication of Porter’s diamond model, which is further explained below in details: