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Best Buy focused essays odysseus consumer electronics in and experienced growth along the way, adapting its product offering and changing its big-box sales style, however, with changes in technology and the retail environment itself, Best Buy is experiencing a stagnation in sales.
This report will review the case study and tactics of Best Buy, and in particular, the strengths of this electronics retailer as well as the threats that have emerged that endanger its financial well-being. From the information provided in this case, defensive and offensive plans of action will be suggested and analyzed in order for Best Buy to remain competitive in this industry. By utilizing both types of these recommendations, Best Buy will be able to lower its expenses, increase its revenues, and maintain its current market share as well as attracting new customers in order to achieve the growth the firm once saw.
Issue at Hand In a changing electronics retail environment, how can Best Buy survive financially and remain profitable? Best Buy is an electronics chain superstore that employs marketing segmentation and target marketing to more effectively increase sales.
This population is important because of their perceived preference for discriminating tastes and their exposure to a wider range of products and services due to their college education. Not having children is also an important factor as they can potentially have more disposable income to spend on themselves Smith, Psychographics The psychological variables for this demographic population is that they tend to seek immediate gratification, are prepared to make immediate purchases, and tend to not want sales person interactions unless needed Smith, Best Buy has responded to this mind set by having more inventory on the shelves and available for purchase immediately.
The customer does not have to wait to get it delivered from a central warehouse. The company has also made the salespeople non-commissioned so as to make a more relaxed shopping experience possible. If the customer does not want to have interactions with a salesperson, that is fine.
The salesperson is not under pressure to make a sale in order to get a commission Wikipedia-Best Buy, Instead of looking for great salespeople who have a great track record of using sophisticated technology Apple has decided to do it differently.
They look for people who love their product and enjoy using it. Black term paper on best buy are the new invention at this company.
Apple has a new strategy to have their people hand out black cards t employees at other organizations. These cards have the apple emblem and have something written on each side. On the front of the card it has a compliment and tells them they should talk to Apple.
On the back side it says how they have good customer service ideals and how if they are unhappy with their job they should contact Apple. They have set up shop inside Best Buy and have consultants to go to the stores and train employees about their brands and all others.
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