Turnaround Business Strategy Group Paper

3121 Words13 Pages
Gavriel Stark
Mordechai Linfield
Ben Barel
Turnaround Business Strategy Group Paper

Best Buy

Best Buy is an international, American based, consumer electronics company, based in Richfield, Minnesota. Best Buy is largely concentrated in the United States, but has stores also in Canada, China, Puerto Rico, and Mexico. For many Americans, when they need to buy products from as large as a television, to as small as a DVD, Best Buy is the one stop shop. Like any large company, to stay successful, Best Buy needs to stay up with the times and continuously innovate. If Best Buy just sits on their success without paying attention to the competition, they will fall behind, and not be profitable. This paper will go through what Best Buy
…show more content…
Best Buy’s goal was to have customers constantly returning and purchasing the “new” product, as well as the other many accessories and technologies Best Buy sells. Best Buy began to achieve real success financially because of the number of people who would walk into their stores and make purchases. Throughout the history of Best Buy’s existence, they have constantly been working on their stores to manipulate people to stay for as long as possible. This method of having customers in the store for a long period of time would ultimately have people considering a purchase for a longer period of time, and they would ultimately buy more items. One method that was used, was their in-home theater, which they displayed and which allowed people to imagine themselves having these items in their home. Another psychological tactic that was used with their store layout was having most of their electronics and other products as a demo, in order for customers to use and touch the merchandise before making a purchase. Consumers would walk into the stores and use the electronics on display and would often be more connected to the particular item, simply because of the sense of touch. Once again, many other stores, especially in the electronic industry began to adopt certain cultures that Best Buy entailed within their stores and company. Although there are many elements to a successful company, Best Buy solely believed that the power of their people would uplift the
Get Access