research paper

Submitted By allairekwebster
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Pages: 3
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Best Buy Co., Inc. is a leading retailer of consumer electronics in the U.S. and Canada with nearly 4,000 stores worldwide. Among the extensive range of products marketed, are mobile phones, televisions, gaming systems, appliances and computers, along with all of their components and accessories. The company pursues a differentiation strategy based on excellent customer service, no commission, highly informed sales staff, and a plethora of end-to-end services. Best Buy was started in 1966, and has acquired seven companies in the path of its growth, all of which either provide a complementary service and/or additional products for its customers.
The goal of Best Buy is to make life fun and easy for its consumers. In order to achieve this, they started applying the customer-centric model in some of its stores around the US. They gathered information about their customer and their buying habits, developed a database making them better understand existing customers; identify new consumer segments, etc. The application of the model made a good impact in terms of profitability, therefore making it an effective step despite the negative effect of the conversion costs it requires which is only a one-time expense and will be recovered over a span of time.
Internal analysis demonstrates there are several strengths in favor of the company. They include providing a no-commissions sales staff, employing the “customer centricity model” as their differentiation strategy, broad market coverage both geographically and product-wise, as well as offering multiple product lines. The weaknesses examined are their high-debt, low cash financial situation, increasing pricing pressures in the industry, specific legal issues, and short product life cycles.
One of the most comforting things for a customer who is contemplating purchasing an item is to know that the sales team is not going to pressure them into buying something due to the fact that they will receive commissions on the sale. This can leave customers with a bad experience if they realize the product does not meet their needs, was never needed in the first place, or was too costly for their budget. Best Buy employs non-commissioned sales staff that are knowledgeable about the products. Customers can shop and ask questions without being pressured. This tactic can build a level of trust, per se, which Best Buy hopes will develop brand loyalty and maintain customer satisfaction.
The external analysis identifies several opportunities.The threats recognized are the growth of the Internet in terms of consumers shopping online for products, the realities of their big competitors, and developments in government regulation regarding extending credit to consumers.
The company website presents four key values held by the organization (Best Buy, 2013). They include:
1) Have fun while being the best
2) Learn from challenge and change
3) Show respect, humility and integrity
4) Unleash the power of our people
It is clear that they wish to inspire their employees to
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