...1994, Robert Stephens, was a computer science college dropout that founded Geek Squad with $200 and a bicycle in Minneapolis, Minnesota. Dressed in white button-down shirts, too-short black pants, white socks and clip on ties, Geek Squad technicians (known as Agents) repaired computers in local businesses and in customer homes. Stephens had the idea that pulling up on a bicycle dressed like a “geek” would inspire a weird confidence in his computer repair skills. It did. Eight years later, Geek Squad was acquired by Best Buy for an undisclosed amount. Today, Geek Squad is comprised of over 20,000 highly skilled and specially trained computing Agents, home entertainment installers (GSI), Autotechs and appliance repair technicians (GSR’s) located in all U.S. Best Buy stores, at Geek Squad stand-alone locations as well as at service centers located nationwide. Geek Squad provides residential and commercial product repair, support, and installation services both in store and on site. Best Buy acquired Geek Squad to help develop a technological support system for its customers. At the time of acquisition, Best Buy sold computers but didn’t have an effective way to service them. It’s one thing to know the difference between two computers, but another to be able to effectively diagnose a wide range of problems and have the required parts to do so. This related acquisition allowed Best Buy and Geek Squad customers to get a premium level of customer service for their technology...
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...Question 1) STRENGTHS * Organisational Culture One prominent characteristic of the Geek Squad that can be identified from the video case is its clear organisational culture. From the old-school uniforms to the pin-up ties, the geek mobile to the identity inspector badges, the founder Robert Stephens fostered a corporate culture of fun. Armed with this ideology, Stephens managed to galvanise the job scope, making a typically monotonous task of repairing computer electronics more enjoyable for both his employees as well as the consumer. The glorified role of a Geek special agent allows employees to feel better about their jobs and themselves, obtaining a higher sense of accomplishment for playing a role in the overall company direction. This could also increase the loyalty of customers where they experience first-hand contact with a Geek Squad ‘Agents’, who were all ensured by the firm to be ‘well-liked’ and ‘socially interactive’. With a strong organisational culture, the Geek Squad would also be able to cultivate a sense unity among its employees who may come from various backgrounds and demographics. A shared culture would promote more communication and understanding as well as reduce conflict or any employee being left out. This would place the company in good stead in dealing with any future challenges. * Customer Service Focus The Geek Squad does not only place importance in the actual repair job, but the whole customer experience as well. According to him...
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...Robert Stephens to start the Geek Squad? The many changes in the environment that occurred were related to technology, computers, software, communications, entertainment, and social factors such as demographics and cultures, all things he came to realize during his consulting years. While Stephens was attending college and working towards earning a degree in computer science, he also worked as a consultant repairing televisions, computers, and several other items; however his main focus was computers. Through his consulting experience, he came to realize that most people needed help with technology, such as, how it works, its operating system, how to install software, and especially how to read and understand the manuals. 2) What changes in the purchasing patterns of (a) all consumers and (b) woman made the acquisition of Geek Squad particularly important for Best Buy? Changes in social factors such as demographics and culture helped make Geek Squad very popular. In the past, many manufacturers and retailers focused primarily on men. However, they found that woman were becoming increasingly more and more interested in the personal computing and home entertainment. Best Buy’s consumer research began indicating that woman will more than likely outspend men in the near future. Furthermore, Best Buy’s consumer research has proven that women tend to expect personal service during the purchasing and installation after the purchase, just what the Geek Squad is designed to provide...
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...We’ve all heard the name Geek Squad before. Most of us know what they do, maybe some have even taken advantage of the services they offer, but how did it get to be the household name it is today? Founder of the company, Robert Stephens, was, like all entrepreneurs, faced with an abundance of challenges before and after starting his business. Stephens was also given a great opportunity with the beginning of a trend toward personal computers when he started his business. In fact, Geek Squad had become so successful that it was brought to the attention of Best Buy, which purchased the company from Stephens in 2002 to combat some issues they thought that Geek Squad would be able to fix for them. Although they have been extremely successful up to this point, Geek Squad will need to stay ahead of the game to continue to do so, with the rapidly growing and ever changing technological world. When Robert Stephens was studying computer science, he also worked fixing computers for a research laboratory, and started consulting as well. While consulting he realized that most people needed help using and/or fixing their personal computer. In 1994 when Stephens started the company, it was in high demand because of the increase in the use of the personal computer (PC). The people not only wanted someone to help with their computer problems, but also be on time and help them understand what the problem really is, all while being friendly. When Best Buy purchased Geek Squad in 2002 for $3 million...
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...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 system that rewards customer purchases with gift certificates, discounts and special shopping events. The company offers services for customers such as services plans, installations and in store electronics repairs. Best buy has grown vastly in the past few years, offering 9 other brands within the Best Buy name, such as; Carphone warehouse, Best buy mobile, geek squad,...
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...BEST BUY After long thought of deciding which company to write about I have decided to go with a company I use often and I like the way things operate there. Best Buy is my company of choice; they have the latest in technology and can provide terms which are convenient for us the customers. Most recently this summer I purchased a 50inch TV for $387 before taxes, it was the last and only display model left; 5 months later I still feel I got a steal. They make it easy for the customer to finance products; as I did this summer with 12 months financing at no interest which will allow me to pay $25/month minimum and almost pay it off. These financing programs make things affordable for students and low income families. Another reason I like Best Buy is there customer incentive programs, with the card you receive points and they will email coupons for $5 off , $10 off, etc……As I continue with my own personal experiences I like the accessibility of Best Buy and the online friendly platform that so many customers use. Last Christmas while I was gone on military training I was able to purchase my fiancé a Kindle nook, services that are somewhat overlooked because everything is “online” now but they do a great job of using today’s technology tools. According to their website www.bestbuy.com is one of the top ten retail websites in the United States. Ethical and Social Responsibilities Now to get to the grits and facts of best buy and the business world, after reviewing some of the...
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...store is more geared to the everyday man with more financing options available. A “Barry” store may not need these additional financing offers, as they are more able to afford higher-end quality. I do feel that the approach Best Buy has taken is a successful one. Best Buy offers a variety of technological goods. Most of which can be found in everyday households. However, the amount of these products and the quality can vary between these households. Technology is constantly changing and being upgraded. Some people spend countless hours keeping up with the changes, but others may prefer to stick with the more simplified products. The consumers keeping up with the most advanced product trends would not require a personal shopper or need of a Geek...
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...First off I want to say that this was a very interesting read because I actually saw Geek Squad in An Los Angles over the Christmas break inside a Best Buy and was very curious to what it was. Basically Geek Squad a group of highly trained technology agents that can you can bring electronics to be fix or they can come to you. They can now be found in some Best Buys and ware becoming very popular in our technology based society. The founder of Geek Squad Robert Stephens wanted to figure out a way to keep up with the fast pact advancement that our society is facing with technology in fact he called it “chaos”. When you think about it he has a good point. In our society now everything is technology based and with that being the case there are ways things that needs fixing or installed or something to that nature. Which is in fact why he created Geek Squad, he wanted to find away to off set the chaos caused by innovation. With innovation comes change and that effects not only is but our environment also. There are several environmental changes that helped open the door for Geek Squad to arise such as : the rise in broadband usage, viruses, maintenance management, social factors(demographics and culture), limited competition, the rise of our economy (more discretionary income) and many more. The changes in patterns in all consumers has had very big effect on why Best Buy wanted buy Greek Squad and also the impact of women purchasing patterns also made it a must do deal for Best...
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...full usage of our senses.” (Excerpt from the article ‘Let’s Not Forget the Store: Why Brick and Mortar Still Matter in a Multichannel World’, 2012). No. 1 Electronics Retailer – Best Buy Co, Inc. is the largest consumer electronics retailers in the US holding 20% market share in 2011 and is ranked no. 5 on Interbrands Best Retail Brands 2012. (Interbrand.com, 2012) Knowledgeable Personnel – Best Buy understands the need to recruit, train and retain qualified personnel in order to create the service experience that customers have come to expect. Their end-to-end customer service is what differentiates Best Buy from discount electronics retailers and online retailers. Smart Acquisitions - In FY03 Best Buy Co Inc. acquired Geek Squad, Inc. in an effort to offer more...
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...Is Best Buy the Best? Is Best Buy the Best? Best Buy is one of the leading retailers in electronics and electronic services. With the growing popularity of online shopping, some retail stores are experiencing less physical business and more e-commerce. Best Buy has adapted to this trend and is still able to maintain many stores throughout the nation. The company simultaneously provides an easily navigated website to reach all of its client preferences. To maintain a structure as this, a company must have superior management and functionality. There are four basic fundamentals that encompass the management of a successful business such as Best Buy. The traditional functions are planning, organizing, leading, and controlling. These functions are affected by several external and internal factors such as globalization, technology, innovation, diversity, and ethics. Five Common Factors In 2010, Best Buy separated itself as a company into three divisions; the Americas, Asia and Europe. Each division was created with an executive vice-president running each area who would report to the Chief Executive Officer (Ernst & Young Global Limited). When the company planned this out, it created a self-paced region instead of the entire company proceeding as a whole. In other words, Asia can progress at a different pace then the Americas in all aspects. This plan enabled all regions and the Chief Executive Officer (CEO) to use their brains and ideas from clients to develop more efficient...
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...Richard Shultze and the original name of the company was Sound of Music. The companies name was changed to Best Buy in 1983. They had almost $50 billion dollars in revenue during 2013 with 145,000 plus employees and over 1,400 stores across the U.S and internationally (finance.yahoo.com). Their loyalty program is one of the largest in the U.S. which has more members than hotel, airline and other retailer programs and they continue to have the largest share of the electronics and appliances segment. In 2000 Best Buy decided to give Geek Squad a trial run. The Geek Squad gives computer help online, by phone, they are located in many of the stores and even make house calls to make repairs. In 2002 Best Buy merged with Geek Squad. In 2006, they created the largest repair site ever. They called it Geek Squad City and it is located in Louisville (geeksquad.com). The facility is located on nearly four acres and houses the largest concentration of Geek Squad Agents anywhere. Those that are located in this facility would include the technicians that do the repairs on all of the different types of computer equipment people may have. Best Buy is proud of its recycling program because they are the only ones that have actually made a pledge “To recycle one billion pounds of consumer electronics and appliance by the end 2014” (2014 International CES Green Guide). On average the stores can collect a little over 400 pounds of electronics every minute they are open. At the moment they...
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...Brandon Arechavala BUAD 455 Dr. Ghoreishi Best Buy: Strategic Audit June 8, 2015 Current Performance: Best Buy’s historical advantage has always been pricing. However, now that other specialty electronics retailers have dropped out of the market with the fall of Tweeter and Circuit City, Best Buy now must compete with discount retailers such as Kmart, Wal-Mart, Target, Sam’s Club, Costco, as well as online retailers like Amazon. Consumers no longer have to go to Best Buy to purchase DVDs because buyers can get them through dozens of online sellers or stream them online via NetFlix or Amazon. You can buy a Blu-ray player or camera at a discount online. Televisions and appliances are the two products Best Buy sells that many people are less likely to purchase online because of their size and prohibitive shipping costs. If Best Buy wants to continue to be the number one seller of electronics and electronics related accessories such as games, DVD's, and electronic wiring, Best Buy needs to focus on shoring up television and appliance dominance to ensure sufficient foot traffic. Best Buy must also address the phenomenon of 'show rooming', which is the practice of shopping for merchandise in a brick-and-mortar store and later buying online at lower prices. In the past, Best Buy has provided only one week training sessions for new hires. However, as a first step...
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...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 Buy’s (BB) strategies using SWOT, TOWS and value stream analysis. It proposes business strategies that can mitigate BB’s current organizational problems and improve its competitiveness. Founded in 1966, BB is a retail consumer electronics business that owns 1150 big box and over 100 express stores around the globe. Its holdings include CinemaNow, Geek Squad, Magnolia Audio Video, MindShift and...
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...Shana mauroner Best Buy Co. Inc. Resources: * International segment * Brands * Electronics * Geek Squad * Strategic partnerships with a series of acquisitions * Advertising * Supply chain * Internet Presence * Brian Dunn * Knowledgeable employees Capabilities: * Repair services * Market resiliency * Strategic acquisitions * Installation services * Customer educating Core capabilities: * Brands * Strategic Acquisitions * Strategic Advertising * Product services * Internet sales Finding of fact one: How can Best Buy maintain innovative products, while facing increased competition such as Wal mart. Best Buy saw its largest rival, circuit city, go bankrupt, However, a new archrival , Wal- Mart , was expanding into consumer electronics and stepping up competition in a price war Wal-Mart hoped to win Best Buy needed to face the competition not by lowering prices, but by coming up with something really different. Best Buy needs to determine the correct path to improve its ability to differentiate itself from competitors such as Wal-Mart, office max Etc. First, Best Buy would need to continue to cut prices. Consumer electronics shoppers are really looking for are the lowest priced products. The company should focus on more high-end products and new interactive features to differentiate itself from the big box atmosphere at Wal-Mart. Best Buy could Meet with their Research and development...
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...Elements of a Marketing Plan Penny Martin MKT/421 April 11, 2016 Michael Gaither Elements of a Marketing Plan Pacific Steel & Recycling, Inc. formerly known as Pacific Hide & Fur Depot, has grown from it humble beginnings in 1885 as a buyer of animal pelts, to a company that recycles ferrous scrap metal, paper, cars, aluminum, copper and also sells new steel to the public. The company is has branches in 9 western states, with headquarters in Great Falls, MT, and 1 branch in Alberta, Canada. (Pacific Steel & Recycling, 2015) Key environmental forces: Pacific Steel & Recycling strives to pursue practices that will lead to environmentally friendly decisions and ecological responsibility. Making decisions and creating lifestyles that will help protect the environment while also protecting natural resources is one of the key elements driving the company. One practice supporting this vision is to keep material that is recyclable out of the solid waste streams, making a more responsible use of landfills and turning valuable scrap materials into new products. The company has developed a partnership with the community through trade relationships and the people the company serves. (Pacific Steel & Recycling, 2015) Changes in purchasing patterns: As with oil, steel and scrap prices fluctuate on a regular basis, with the last two years dealing with very low prices scrap markets. As a result the company kept a keen eye on the market and was very careful...
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