...Executive Summary Best Buy is the #1 “big box” electronic retailer that offers a wide variety of electronic goods and products (Case Assignment: Best Buy). Since it caters to a niche consumer market there is a high demand for our products, which causes a downward pressure on prices. An opportunity for Best Buy to increase revenue would be to offer longer guarantees on products and financing options. However, natural disasters and manufacturing defects pose a great threat to maintaining our high quality inventory and image. Our leading competitor, Wal-Mart Superstores, also poses a threat as they continue to climb the electronic market share. In order for Best Buy to differentiate themselves from any other competitor, SWOT Team is investigating ways to build on its business-to-consumer success and move into the business-to-business world. SWOT Team recommends that Best Buy includes personal, door-to-door selling of products to businesses. The reasons behind this decision would be the competitive advantage over Wal-Mart Superstores. An increase in the quantity of products sold will positively increase Best Buy’s profits. The amount of revenue as opposed to the costs of implementation will result in a high return-on-investment. A major factor in this decision is the creation of personal relationships and strategic alliances with business consumers. These strategic alliances will create a cooperative agreement between Best Buy and business clients (Lamb, Hair, McDaniel...
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...Research paper Business Intelligence in the Market By Bryan Bock Dr. Traci O'Neill Business Marketing Montana Tech of The University of Montana December, 13 2012 Abstract Businesses today are working more towards predicting the future, how employees will connect with customers, any way or trend the business can find to improve sales and profit. Business Intelligence is used in the market all around the world in many different areas. Businesses are benefitted from the different types of BI methods all the time. Two of the BI methods that are beneficial are called the Market Basket Analysis (MBA) and the Decision Tree Analysis. These two BI methods are used throughout businesses in areas such as marketing, financing, Real estate, and accounting. Both of these methods help business similarly, but in their own different ways. They are two different types of methods that both help businesses make the best decisions to benefit their company. There are many methods or theories that people come up with to help with a business but these are the few that will be examined in this paper. The goal of the modeling technique market basket analysis is to find different relationships of activities that have been recorded with data through the performance of people. This method can be used on any situation where information can be recorded and identified (Pillai, 2011). The way to improve methods for...
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...Best Buy 47 of Fortune’s 500 Constance Bartram MGT 521 April 16, 2012 Louise Stelma A mutual fund manager looking to invest in Best Buy would want to know the strengths, weaknesses, opportunities, and threats (SWOT). This provides information concerning the health and stability of Best Buy. Conducting a SWOT analysis shows if the company is implementing strategies gained from a SWOT analysis. This can reveal Best Buy’s future existence and success. The mutual fund manager also needs to identify the external and internal stakeholders and how Best Buy meets the wants and needs of the stakeholders. SWOT The strengths of Best Buy include high brand recognition, affordable prices, special offers, convenient locations, and a strong online presence. Best Buy is large enough to afford marketing so that it can use prime time television and radio spots to reach its potential customers. The weaknesses of Best Buy range from impersonal customer service to costs of maintaining huge warehouses and stores. This year already Best Buy lost 1.7 billion. Recently Best Buy announced it is closing 50 of its stores and is planning to open smaller stores and work on a stronger online presence. This will help them avoid what happened to Circuit City and also help compete with Amazon (USA Today, 2012). Potential opportunities are new gadgets and electronics with the latest digital cameras, cell phones, video games, and new television models becoming more popular. If Best...
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... Introduction Best Buy is one of America’s most recognized stores, but may be the last in a dying breed of brick and mortar electronic retailers. Technology is the product which Best Buy built its products on (smart phones, tablets, laptops, computers, navigation systems, automobile sound systems, large screen televisions, wireless connections), but may also be one of the reasons the company is restructuring. “Best Buy Co., Inc. today confirmed that it has, as part of its Renew Blue transformation efforts, eliminated approximately $150 million in costs, including an approximate 400 person reduction in employee headcount at its headquarters” (VonWalter, 2013). One measure of the restructuring effort is to research the Best Buy client base to determine what is working well, and what could be improved upon. Research Problem and Purpose The purpose of this paper is not to answer the best practices for a Best Buy restructure, but to facilitate an approach to understating a demographic of Best Buys’ customer base.. The portable communications industry (laptops, tablets, smart phones) infiltrated business communities and societies around the globe in the 1990s. The technological advances associated with these devices have affected almost every aspect of daily life; social media, news media, entertainment, war, photography, personal communication, and business communication. The purpose of this paper is to understand how Best Buy can gain a competitive edge...
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...EXTERNAL ANALYSIS FOR BEST BUY CO. INC. Introduction Best Buy Co., Inc. is a public limited company whose stocks are listed in the New York stock exchange. It is a specialty retailer of consumer electronics in United States which accounts for about twenty percent of domestic market retail business in technology based items. It has store in 24 different locations in United States (USSEC, 2011). Apart from its operations in USA, it also carries out its operations in Mexico, Turkey and United Kingdom etc. (Boyle, 2006). As of 2010, company along with its various subsidiaries operates more than one thousand and fifty stores only in domestic markets (USSEC, 2011). It is a private listed company. The stocks of the company are listed in the New York Stock Exchange under the symbol BBY. The company was ranked as a company of the year by Forbes (Tatge, 2006). It was also ranked as a “specialty retailer of the decade” (DSN, 2001). It is currently ranked at number 45 in the Fortune 1000 companies list (One Source, 2011). It is among the primary retailers of electronic goods in the United States. During the first quarter of the fiscal year 2011, it has earned revenues over six hundred million (Best Buy, 2011). SWOT Analysis SWOT Matrix The SWOT analysis of Best Buy Co. Inc. is as follows: Strengths * Market position * Networking * Profitable growth in stores business * Alliance | Weaknesses * Limited suppliers * Lawsuits * Limited geographic concentration | ...
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...Executive Summary Best Buy Co.,Inc. is an American multinational consumer electronics corporation, the company was founded by Richard M. Schulze and Gary Smoliak in 1966. Globally, with over 100,000 employees, Best Buy was named “Company of the year” by Forbes magazine in 2004. The company achieved its early success by using low cost strategy. As a leading company in the consumer electronic retail industry, Best Buy understands the importance of high quality customer service. The company’s lead market position is attributed to its differentiation strategy, reputable brand name, and series of acquisition. The external analysis indicates that the highest competitive force in the company is the internal rivalry and risk of new competitor to enter into the market. The performance of Best Buy and other competitors in the consumer electronic retail industry really depends on macro environmental factors. The biggest threat that most industries in the global market are facing, is the threat caused by the current economic situation. The internal analysis indicates that strength of the company is their reputable brand name, size, and market presence. Best Buy built its reputation by offering consumer high quality service and new shopping experience. The company expands its business into different market through series of acquisition. The company’s biggest weakness is that company have too much long term debt , which could damage investor’s trust on the company’s performance. ...
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...Summary…………………………………………………………………………………3 1. Introduction and background of Best Buy……………………………………………………3 2. Stakeholders interested in the performance of the company……………………………..4 2.1 Employees ……………………………………………………………………………………..4 2.2 Managers ……………………………………………………………………………………...4 2.3 Competitors …………………………………………………………………………………...5 3. Three environmental factors on Best Buy…………………………………………………….5 3.1 Political factors ………………………………………………………………………………..5 3.2 Economic factors ……………………………………………………………………………..6 3.3 Social factors…………………………………………………………………………………..6 4. Three selection methods for employees………………………………………..…………….. 7 4.1 Making interview……………………………………………………………………………… 7 4.2 Check the background………………………………………………………………………. 7 4.3 Department transfer …………………………………………………………………………..8 5. Three strategic rewards to retain key employees …………………………………………......8 5.1 Relating rewards and benefits……………………………………………………………….8 5.2 Training………………………………………………………………………………………….9 5.3 Mentoring……………………………………………………………………………………......9 6. Conclusion …………………………………………………………………………………………..10 7. References …………………………………………………………………………………………..11 Executive Summary This is the final report and the chosen case study that is including the strategies of human resource management and explaining about how company’s management, productivity and efficiency are improving which is “Best Practice at Best Buy”. In this chosen case study report, what it is going to explain...
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...BUSINESS ANALYTICS Business analytics (BA) is the practice of iterative, methodical exploration of an organization’s data with emphasis on statistical analysis. Business analytics is used by companies committed to data-driven decision making. BA is used to gain insights that inform business decisions and can be used to automate and optimize business processes. Data-driven companies treat their data as a corporate asset and leverage it for competitive advantage. Successful business analytics depends on data quality, skilled analysts who understand the technologies and the business and an organizational commitment to data-driven decision making. Examples of BA uses include: * Exploring data to find new patterns and relationships (data mining) * Explaining why a certain result occurred (statistical analysis, quantitative analysis) * Experimenting to test previous decisions (A/B testing, multivariate testing) * Forecasting future results (predictive modeling, predictive analytics) * FUNCTIONS OF A BUSINESS ANALYST At a high level, a Business Analyst acts as a liaison between business people who have business problems and technology people who know how to create automated solutions. A Business Analyst serves the mission-critical function of understanding specific business needs, determining and documenting accurate requirements from business units and presenting those requirements in a manner that is agreeable, measurable and flexible enough to meet project...
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...balance. Alan Wurtzel who is the son of Circuit City founder Sam Wurtzel outlined in his book “Good to Great to Gone” that he believe the CEOs that preceded him did a poor job with adjusting to change. Best buy on the other hand has faced the same issues in the market and still came up on top because their leadership, though ever changing, had kept the same syntax for the leadership model. They did not try and change the makeup of the company and were better able to cope with the external factors of change because of that. The purpose of both the companies is the same; to sell electronic goods to the customer. Best Buy and Circuit City were ranked 2nd and 3rd biggest big box retailers in the US for electronic goods with Wal-Mart being number 1. Both Best Buy and Circuit City also were in the service sector as well since they provided installation, troubleshooting, and repair services. The structure for Circuit City was very hierarchical. For example from personal opinion I remember when I use to go to Circuit City and ask for something in particular, the representative would point me in the direction of another representative that was supposed to be in charge of the area, even if that person was already fielding questions and concerns from other patrons. At Best Buy when a representative doesn’t know the details because they are from another section of the store they wait with you and make sure that someone who knows what they are talking about gets to you. If everyone...
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...marketconsensus.com/news/walmart-stock-good-buy-sell-or-hold-2013 Jump to navigation FacebookTwitterGoogle+ * Log In * Create a New Account * Forgot your password? ------------------------------------------------- Top of Form Search form Search for Articles Search Bottom of Form MarketConsensus Smart Insights - Reviews & Analysis Main menu * Home * Market and Business News * Reviews (Banks & Online Brokers) * Personal Finance * Entrepreneurs * Contact Us * About Us Is Walmart Stock a Good Buy, Sell or Hold in 2013? Share on facebookShare on Facebook Share on twitterShare on Twitter Share on printPrint Created by Stock Analysis Desk (New York) on 6/02/2013 6:54 PM Walmart Stock Analysis - Is WMT a Good Stock to Buy, Sell or Hold? Wal-Mart (Stock: WMT) recently reported a 1.4% decline in its U.S. comparable (or comp) same-store-sales in Q1 2013. This is the first such decline in 6 quarters of Walmart reporting comp increases. Based on a recent report published by Bloomberg, it appears Wal-Mart is struggling to keep its stores stocked with items that consumers are seeking. As seen in the below chart, Walmart’s tock, WMT, has been lagging behind its main competitors, Costco (COST) and Target (TGT). Given the weakness in global economies, and cautious consumer spending in the U.S. (WMT's biggest market), investors might be wondering whether Walmart stock is a good buy, sell or hold. Does WMT stock still make...
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...1.0 Executive Summary 1 1.1 Section I. 2 1.2 A) Company History 2 1.3 Strategies and Tactics used by Best Buy 3 1.4 B) Mission Statement (implied).……….……………………...……………………………………...4 1.5 Analysis of the Mission 4 1.6 C) Objectives 5 1.7 Analysis of the Objectives 5 2.0 Section II …………………...……………………..…………………………………….……………6 2.1 Financial Analysis...………………………………………………………………….…..…………...6 2.2 A) Ratio Analysis………..…………………………………………………………………………...6 2.3 B) Evaluation of the Income and Balance Sheet…………………………………..........................…6 3.0 Section III …………………….………………………………………………………………………7 3.1 A) Strenghts.………………………………………………………………………………….……….7 3.2 B) Weaknesses…..……………………………………………………………………….……………7 4.0 Section IV…………………………………………………………………………………………......8 4.1 C) Opportunities………………………………………………………………………………………8 4.2 D) Threats 8 5.0 Section V 9 5.1 A)Strategic concern 9 6.0 SectionVI…………………………………………………………………………………………….10 6.1 Salient Strategic Concern…………………………………………………………………………….10 7.0 SectionVII……………………………………………………………………………………………11 7.1 Strategic Alternatives…………………..……………………………………………………….……11 8.0 Section VIII……………….………………………………………………………….………………12 8.1 Recommendation 12 9.0 Section IX 13 9.1 A)Implementation Plan 13 9.2 B)Time lines 13 9.3 C)Budget 13 9.4 Evaluation and Control 14 10.0 Section X……………………………………………………………………………………………15 10.1 Bibliography…………………...…………………………………………………………………...15 10.2 Appendices…………………….……………………………………………………………………16 Table: Balance...
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...Company Description Close Buy is a new personal shopping and fashion consultant service located in Geneva, Illinois. Close Buy will offer individuals with personal shopping services, locating their desired items at the lowest possible price, and will provide fashion consulting services by accompanying individuals on shopping excursions. Currently, Geneva is home to about 25,000 people with a median income of $86,790 a year. The residents of Geneva are mainly busy professionals that would choose to spend their free time pursuing interests other than spending the time looking for a specific item. In the time these busy professionals do spend shopping, they can utilize the fashion consultant service to ensure that they are following current fashion trends. Close Buy believes that customers will find value in the time and financial savings offered by utilizing its services. For a low charge, the service will allow people to obtain custom items with minimal interruption into their day and life. Close Buy will strive to establish close ties with the clients to ensure repeat business, encourage customer feedback to enhance further customized service, and promote word-of-mouth marketing. Strategic Focus and Plan This section of the marketing plan focuses on the strategic planning of Close Buy to make it a successful business. There are three aspects of corporate strategy that will be discussed: mission statement, goals, and competitive advantage...
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...Executive Summary Currently Best Buy maintains the distinction of being the largest big box electronic retailer in the United States. The company has a top-ranked internet retail website and the number one customer loyalty program of its kind. Best Buy has more than 1 billion visitors to their websites and 600 million visits to their stores each year. Although this would seem to carry a significant market advantage, consumer purchasing practices has evolved from a direct contact, feel and touch experience to a remote, internet based method of research and shopping. The Consumer Electronics market has seen a steady decrease in revenue over the last three years. It has only been maintained in the margins by Smartphone and Tablet sales. The shrinking market and loss of market share to online retailers such as Amazon has taken its toll on Best Buy’s bottom line. Best Buy hopes to change this by making their sales associates and Geek Squad agents the authority on consumer electronics, delivering unbiased, knowledgeable advice hundreds of millions of times a year and offering unmatched support for the lifetime of the products they sell. These are all portions of Best Buy’s efforts to Renew Blue. This marketing plan also recommends two additional opportunities to increase market share. Developing an All in One system that allows Best Buy customers to receive system integration similar to Apple products for any product purchased from Best Buy, regardless of manufacturer. Additionally...
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...Best Buy Research Part III Team B RES351 September 6, 2012 Dr. Bill Business Research Best Buy Co, Inc. SWOT Analysis; Feb2012, p1-12, 12p Company Report 2012 Bernoff J. (April, 09, 2012). Proof that Facebook fans are worth more to brands. Retrieved August, 4, 2012 from, http://forrester.typepad.com/groundswell/strategy/ Best Buy Research Design In today’s market a company in the retail business has to be able to adapt quickly and efficiently to be able to grow with the every changing world of electronic goods. Best Buy is no exception to this, and in the recent it has shown how unprepared this company has been in this area. For years now the company has seen a decline in sales, and as well as profits. While the company has implemented several strategies as how to increase profitability, but still online retailers remain a strong competitor for Best Buy and its subsidiaries worldwide. So as Best Buy goes through a restructure process of its operations, maybe there are questions that should be asked, variables to be considered, hypothesis to research on, and above all if this is all being done ethically to bring Best Buy to where it use to be in profits and revenues. One of Best Buy’s strengths is that they are one of the largest specialty electronic retailers with a strong track record of sustaining downturns and they have a strong supporting infrastructure (SWOT Analysis 2012). Their potential weaknesses however, are that recalls...
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...Case study on Best Buy Submitted to; Mr David Valdes Submitted by; Ouvais Aslam ub 30110356 Naveed Waqas 2014 Executive summary Best buy is one of the leading electronics retail store in USA. It has made multiple attempts to enter in international arena. It had been successful in a few countries but a failure was waiting in the European market. Best buy entered UK by a joint venture with carphone warehouse. Initially company had planned to open up more than 200 stores but due to unsatisfactory performance it had to roll back the 11 launched stores. Along with many small reasons the major causes for this failure seem to be poor choice of country, underestimating the competition in the market, blunders in the location of stores and failing to recognize the changing behavior of the target consumers. The trends in electronic retail are changing all around the world. People now go for online purchasing, so the whole structure of stores should be reviewed. A complete analysis of country should be made before targeting it. The competitive forces should be analyszed properly. Many data and marketing companies provide consumer and competitor behavior details, these services should be applied every time a new big international investment is made. Best buy a case study Best Buy Inc. is an American multinational and multibillion retailer that deals with the consumer electronics. The headquarter...
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