...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...
Words: 1008 - Pages: 5
...organizations from day to day business. Withougt a organization structure there the company itself will not run properly, and the company may become in danger of staying open. Organizational structure will help mangers make decisons, based on the comopany needs. When the organzitonal plans are in affect using the organizonatl structure no matter how large or how small the company is the company itself will determine the structure. The company that I choose to discuss in this paper will be Best Buy. In this paper I will compare and contrast Best Buy to other compnaies structure, and also I will eveluate the company marketing, finance, human resources, and operations etc. I will also explain the company designs such as geographic, functional, customer-based, product, service, hybrid, matrix, marketing channels, and departmentalization. Best Buy Structure Best Buy was founded in 1966 by Richard M. Schulz and Gary Smoliak. The store itself started out being the name Audio Speciality store, and when the company itself expanded the company switched ober to Best Buy in 1983. Best Buy is multi business that has expanded throughout the entire world. Best Buy has designed to have maximzed the business by providing different business situations, for different individulas and different businesses. The indivudlas who help run the organizational structure are President, Vice Presidents, Board of Directors etc. Over 2000 stores and 155,000 employes Best Buy is keys and responsible to share...
Words: 749 - Pages: 3
...Gaddist Procurement 5830: Pricing Term Paper: Best Buy Professor Douglas Mowczko December 7th, 2011 Introduction Best buy is a highly successful, consumer electronics retailer, with revenue of 8.4 billion dollars in 2010. The company has been around for decades, and is very customer centric. Back in 1966, Richard Shulze opened a small business in St. Paul, Minnesota called Sound of Music. Over the years Shulze's small store grew rapidly into a multi-million dollar megastore. In 1983, Sound of Music changed its name to Best Buy Co., Inc and opened the first superstore in Burnsville, Minnesota. With the new name, came more change, the store began carrying more name brands, appliances, VCRs and offering its own central service and warehouse distribution. During the nineties Best Buy pioneered the industry with the newest technology such as DVDs and high definition TVs. The company is one of nation’s top electronics retailers. The company has a great customer relationship marketing system and has even developed 5 segments to describe their customers. The five segments: The small business customer (Best buy for business), Buzz (young entertainment enthusiast), Barry (the affluent professional), Jill (the busy suburban mom) and Ray (the tech savvy family man). Store associates are trained to recognize customer segments and stores are stocked with products that appeal to the segments that frequent each individual store. Best buy even established reward zone, a customer reward/appreciation...
Words: 1841 - Pages: 8
...Creating a clear and concise vision is one of the most important duties for any company to perform. A vision statement provides an element of organization for a company to follow. A vision is a goal statement of a company that allows people to see the direction that the company is heading toward. This paper is designed to examine how Best Buy’s vision sets the standards of excellence for everyone to follow. The objective of this paper is to achieve three things. First, the paper will assess the value of vision and values statements of a company. Second, the vision and values of Best Buy will be described and analyzed. Third, this paper will show that Best Buy’s vision statement serves an international purpose. Vision is important for corporate management and strategy because it sets a pattern for all the activities of the company. A vision is a strategy formulation that unifies the company’s energy enabling it to function as one system. A vision provides an idea of what is in store for the future of the company. A good vision also inspires productivity and efficiency within the company. A vision statement is a reflection of what the company stands for and shows the strengths of the company. A vision is an essential source of motivation and empowerment for the employees of a company. An effective vision guides people toward creating relationships with others and their work. A vision instills a sense of pride in the employees of the company. The vision expresses the expectations...
Words: 754 - Pages: 4
...Best Buy Corporation - S. Bensen, A. El Haddi, K. Fitzsimmons, A. Hussein, H. Marotske -- UST EMBA [1] “Best Buy Corporation: Strategic Management Analysis” S. Bensen, A. El Haddi, K. Fitzsimmons, A. Hussein, H. Marotske Strategic Management University of St Thomas, College of Business Executive MBA program, Cohort 62 Abstract Best Buy’s news coverage of the last few years has been consistently negative. The company’s performance and reputation suffered greatly. Its Earnings per Share fell by more than 200% in 2012 alone. These negative events were the result of governance problems, a changing market landscape (cloud computing, music streaming, online purchasing, online gaming, etc.) and a significant leadership turnover in a period of crisis. The company’s value stream is in a state of flux and could be said to be a master of none at this time. This paper presents strategies to deal with these problems by creating a strategic road map that will first stabilize Best Buy and eventually put it on a growth path. As a result of our analysis, we recommend that the company employs new strategies that include growing its online business by capitalizing on Geek- Squad’s expertise and exploring an internal fix-it strategy with the development of a compelling mission and vision. Finally, we recommend that BB explore the formation of an alliance with its rivals and leverage opportunities presented by new markets. 1. INTRODUCTION The purpose of this paper is to examine Best...
Words: 4483 - Pages: 18
...competition cannot be managed in such industries. In order to be outstanding in the fierce competition, every company should take appropriate measures. Business strategy should be right instituted and implemented to improve the core competence of the organization. It seems that strategy of supply chain is the most important part of business strategy. The strategy of supply chain always makes contributions to reduce cost and gain best benefits. Hewlett-Packard, one of the world’s best companies, the experience of its printer division showed us successful supply chain management in a constantly changing market environment. This paper emphasis on exploring and analyzing the changes that HP’s printer division made to beat back the competition. 1.1 Background Compared with its competitor, HP’s inkjet printers had attained a significant penetration in the market. In spite of the excellent sales, Antonio Perez, general manager of HP’s Inkjet Products Group, realized that small business market preferred laser printers with low prices. In such a case, he decided to orient the laser printers as a consumer product. Obviously, the target market had changed through the influence of this decision. And then it further affected its business processes, R&D, manufacturing, distribution marketing and sales. Thus it impacted directly on the strategy of supply chain. In section 2, I will pay attention to the changes in its target market. The impact of the changes on the supply chain would be shown...
Words: 2247 - Pages: 9
...Mix Marketing mix is a set of controllable marketing tactics used by business to promote their product and achieve its marketing objectives. (L. Lake, 15 June 2017) Marketing mix is also called the 4Ps which consist of Promotion, Place, Product and Price. (M. J. Baker, 2001, p.54) 6.1.1 Product A product is the item that business makes with aim to fulfil the needs and wants of customers. It is also the item that business actually sold to the customers. For our company, our product is the ice cream. (Talloo, 2007, p.154) 6.1.1.1 Product Design- features and quality Our company has designed our products according to the features and quality that all range of customer desires. Our ice cream is made from natural fruits such as...
Words: 1497 - Pages: 6
...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...
Words: 1591 - Pages: 7
...“isolate true enthusiasm and believe in the Apple products” (Jason Colquitt, 2011). Black cards 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. Apple has also come out with a “store within a store” idea. 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. Now, is their new black card strategy ethical or unethical? Should Apple offer a different training method for its employees recruited through their new black card strategy? Is there a difference in an employee’s motivation at Best Buy selling a Mac than an employee at Apple selling a Mac? Black Card: Ethical or Unethical When it comes to certain situations or practices being ethical or unethical, there are many different views and definitions. Ethics are complicated, for example, the difference between medical ethics and business ethics. In the case about the Apple Corporation we are talking about business ethics. According to Ferrell, “Ethics is not only a “philosophy of morality”, but is considered to be a basis on which...
Words: 1260 - Pages: 6
...Organizational Structure Paper Martin Villarreal MGT230 November 7, 2012 Quinton Murphy All Businesses must have an organizational structure in order to function efficiently and correctly. Whether the business is big or small, organization is one of the major keys to success. Organizational structures may come in all shapes and sizes. Best Buy Co. is a great example of a large business that has a solid organizational structure and it shows how being organized can take your small mom and pop type business and grow it into the retail giant it is today. When you first examine the organizational structure of Best Buy Co. it can be a bit confusing. Though the company is one big organization, it has many smaller sub organizations, for example Geek Squad and Best Buy Mobile. Though they are one company Geek Squad offers computer repairs as well as computer and home theater installations and trouble shoots, and Best Buy Mobile offers cell phones, while Best Buy as a store sells electronics. The Best Buy Co. organizational structure appears to be a hybrid of a functional and a divisional structure. The store is setup with different departments and each department has a lead or a supervisor that is in charge of meeting sales and financial goals. Above the department supervisors, there is a sales manager and then a general manager that is in charge of everything and everyone in that retail location. That is the part that is more of a functional structure. The divisional...
Words: 1047 - Pages: 5
...CONSUMER BEHAVIOR PAPER Consumer Behavior Paper University of Phoenix Consumer Behavior MKT435 Dustin Youngdahl July 19, 2011 Consumer Behavior Paper The main role of the marketing function is to anticipate and satisfy customer needs and wants. This sound easy to do, but the true is that to achieve this goal organizations need to make understand very well its customer behavior, needs, and believes. This paper the subject to discuss is the concept of customer behaviors and its relationship with marketing. It also explain the impact that the different element of the marketing mix will have in the purchase decision. Consumer Behavior According to Hawkins−Mothersbaugh−Best the meaning of consumer behavior “ is the study of individuals, groups or organizations and the processes they use to select, secure, use, and dispose of products, services, experiences, or ideas to satisfy needs and the impacts that these processes have on the consumer and society.” Awareness of consumer behavior is critical for companies that want to be successfully in the marketplace because it will help with the understanding of the process consumers follow to make a purchase decision. It also help the organization to identify which elements of customer experience are important or relevant and which ones have very little impact in buying a specific product or service. This include areas such as the psychology about the feelings, believe, thinking, motivations, and reasons to choose...
Words: 1061 - Pages: 5
...Ortiz III Strayer University English 215 Dr. Jeffrey Ebberson January 16, 2013 Abstract The main objective of this paper is to show how accurate fingerprint analysis really is. What are the standards that are being used? Have scientific studies been conducted to come up with a universal standard for every lab to use. Keywords: Introduction Best Buy is an electronics retailer based out of Richfield, Minnesota specializing in consumer electronics. The company’s products include in home-office equipment, entertainment software, appliances and mobile products as well as support for all their products. Best Buy has a global presence having operations in Europe, Mexico, China and Turkey (Datamonitor, 2011). The firm has successfully differentiated itself from other firms within this market by using a customer-centric approach having a focus on customer service. This approach has allowed Best Buy to take advantage of the high growth in China as well as sustain growth in the more mature markets in the United States and Europe (Datamonitor, 2011). How Best Buy differentiates itself Best Buy utilizes an overall customer-centric marketing approach using local demographics to tailor products and services. This creates customer loyalty and attracts more affluent customers that need advice as well as setup which cannot be offered by a discount online site. Best Buy has a technically savvy sales staff that can suggest products and services including bundling products and offering lucrative...
Words: 2186 - Pages: 9
...TO DR. FRANCIS PIROH Explain The Differences Between A Standardized And Localized Strategy. Which Are The Advantages And The Disadvantages Of Each One? Explain The Differences Between A Corporation With An Ethnocentric, Polycentric, And Geocentric Orientations. How The Concept Of Competitive Advantage Can Be Applied In International Marketing? This paper is submitted in the partial fulfilment of Marketing Management course By FRANCES GRACEY DADZIE March 2013 SCHOOL OF MANAGEMENT TO DR. FRANCIS PIROH Explain The Differences Between A Standardized And Localized Strategy. Which Are The Advantages And The Disadvantages Of Each One? Explain The Differences Between A Corporation With An Ethnocentric, Polycentric, And Geocentric Orientations. How The Concept Of Competitive Advantage Can Be Applied In International Marketing? This paper is submitted in the partial fulfilment of Marketing Management course By FRANCES GRACEY DADZIE March 2013 Standardization marketing strategy is typically applied to discussion of global businesses and a means to market a solution with uniform consistency throughout the marketing mix. This is an opposite approach to a localized strategy, under which multinational companies differentiate their product and adapt it to fit the unique needs of countries.Localization as defined by the business dictionary is where by a business operates in a number of countries, adjusts its products and practices in each at a high...
Words: 2290 - Pages: 10
...in Best Buy I have been employed with Best Buy Mobile, which is the cell phone part of Best Buy. We are a part of Best Buy but we do not participate in how the rest of the store is run. There are several best buy mobile standalone stores all over the country. I have been a part of the mobile team for a little bit over 2 years and would like to share my knowledge with you on how the business is run. I will touch on subjects from the book and link it to my job. Well it wouldn’t be right to start my paper off without telling you what operation management is. Operation management is the design, execution, and control of operations that convert resources into desired goods and services and implement a company’s business strategy. The first topic I would like to talk about is forecasting. Forecasting is the process by which companies and organizations analyze data and graphs to determine how to proceed with business decisions in the future. To link this up to best buy mobile. I would like to talk about the iPhone (4) launch for verizon.IT was February of 2011. The company was forecasting a big day. Some business decisions BestBuy had to make was how many iPhones to order. Don’t want to order too little and lose business. With apple products I have learned you can’t over stock your inventory. APPLE sells itself! Remember it like it was yesterday. We opened the store 2 hours early thinking the place was going to be rocking. We had three Verizon reps and 5 best buy...
Words: 1044 - Pages: 5
...and other consumers as well know that National Bookstore offers products of good quality and of affordable prices that are of great benefit to the consumers. National Bookstore also offers branded school supplies like Staedler, Stabilo, Cattleya, and et cetera. However, National Bookstore also offers their own product line named Best Buy which is more affordable than other brands. In effect, National Bookstore gives the option to its consumers to choose the products and brands that suit their tastes and that fit in their wallet. National Bookstore products have become a necessity for students and office workers. So much so, that Filipinos equate and refer to bookstores as National, like how photocopying is equated to Xerox and marker to Pentel. Filipinos rely so much on National Bookstore providing them quality products that Filipinos no longer look at other bookstores in the market and instead, focus only on National Bookstore. National Bookstore has thus become a huge and integral part of the Filipinos’ lives. Price Affordable pricing is one objective that National Bookstore has – every product is of the best quality at the best price.1 National Bookstore wants that...
Words: 1470 - Pages: 6
