Best Buy

January 28, 2018 | Author: Anonymous | Category: Social Science, Sociology, Globalization
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Dillon Brandt Tyler Heidecker Rodney Hofstad Cole Lewis

Overview • • • • • •

History Competitors Industry SWOT Analysis Geek Squad Recommendations

History • • • • • • •

Richard M. Schulze sound of music 1966 St. Paul MN Products Best Buy 1983 BestBuy.com 2000 Future Shop Canada China 2003

Competition • Main competitors against Best Buy are – Wal-Mart – Dell – Circuit City

How Best Buy beats the competition

Industry • Consumer electronics is a very large industry and keeps growing in today's world • Best Buy is # 1 in consumer electronics – Account for 17% of sales in this industry

• They are also # 2 in home office and entertainment software industry

SWOT Analysis • Strengths – Sales – Niche Marketing – Strong Returns

• Weaknesses − Reliance on domestic sales − Website isn’t as user friendly as it could be

SWOT Analysis cont’d… • Opportunities – Globalization – Expansion of PC market

• Threats −Intense Competition −Rental retailers −Lack of long-term contracts

Geek Squad • Based from Best Buy, but also have their own stores • Will fix nearly any computer problem you could have. • Come to you 24/7/365 • Provide one-on-one training

Recommendations • Short Term – More user friendly website – Further training for new employees

Recommendations cont’d… • Long-Term – Globalization – Long-Term contracts with major suppliers

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