...Best Buy Competitor: hhgregg Executive Summary Company Best Buy (“BBY”, or the “Company”) specializes in consumer electronics. They are one of the largest specialty retailers operating as an e-commerce and physical retailer across the United States, Europe, Canada, and China. BBY stores offer video products, including televisions, e-readers, navigation devices, digital cameras, digital camcorders, DVD and Blu-ray players. The Company also offers audio products, such as MP3 players and accessories, home theater audio systems and components, musical instruments, and automobile electronics like car stereos and satellite radios. Each store also carries a variety of computing and mobile phone products, such as notebook and desktop computers, tablets, monitors, and mobile phones, together with the related subscription service commissions, hard drives and other storage devices. BBY outfits offices with the necessary networking equipment, office supplies and printers. The Company also caters to a recreational market with their various entertainment products, including video gaming hardware and software, DVDs, Blu-rays, CDs, digital downloads, and computer software. BBY provides customers with services in addition to merchandise; the Company offers delivery and installation services for home theaters and mobile audio and appliances, service contracts, extended warranties, product repair, and even offers snacks and beverages. BBY operates retail stores and call centers, as...
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...Below are the potential problems/issues that the CPA firm might encounter in this audit with Lakeside Company, in order from one to seven, with one being the most important to the audit: 1. There appears to be a going concern for the industry that the Lakeside company is in. In 2005, Lakeside was in trouble, but has somewhat made a turnaround in 2010 and 2011; however, there are companies similar to Lakeside that are still going out of business. Within the last six months, and audio equipment company within the Richmond area went bankrupt. Also, while Roger’s distributorship business is growing, it seems that the remainder of his business is stagnant. In addition, it appears that Rogers has strayed from his original retail store operation into a new product market that may not be strong enough to support. With a failed product line in connecting with a weak market and continuous expansion on the basis of debt, this is a concern for the audit as an entity’s ability to remain a going concern and the potential for management fraud to inflate earnings and growth. 2. Rogers’ refusal to comply with his previous auditors request to report the companies sixth store with a write down in value to assess impairment, because Rogers believed no impairment existed. This argument led to the issue of a qualified opinion. The sixth store is located in an unsuccessful shopping center and has been underperforming. The company has not even come close to breaking-even and the failures of...
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...years they have seen a decline in profits and are forced to close fifty stores in an attempt to restructure. In an attempt to understand the competitive forces that Best Buy must overcome and determine their strategic position in the electronic marketplace I will utilize the Porter six forces framework. Porter’s Six Forces | | SupplierPower:MODERATE to HIGH * Panasonic * Sony * Samsung * Vizio | Threat of Substitution: LOW | Threat of Entry:MODERATE to HIGH * E-commerce * Amazon * QVC | IndustryRivalry: HIGH * Wal-Mart * Sears * Radio Shack * Hhgregg * Apple | | | BuyerPower: LOW | Complements: NONE | | Industry Rivalry Industry rivalry is the most significant force of Porter’s six forces; the electronics retail industry ranking very high in rivalry. There are several major companies that sell predominately electronic products and several specific niche markets; hhgregg, Sears, and Radio Shack are among the major players. Unfortunately companies like Wal-Mart and Target who are considered companies outside the electronics industry and are discount retailers prove to be significant competition in an already competitive market. The ability to shop elsewhere at little or no cost contributes to the high competition. Best Buy does not offer differentiated products; their products can be purchased at all electronic stores and retail chains like Wal-Mart. Because of the lack of differentiated products the competition can wage a price battle and...
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...On March 9, 2009, Best Buy became the largest electronics retail store in the eastern United States, after smaller rival Circuit City went out of business. Fry's Electronics remains a major competitor in the western United States, while hhgregg remains competitive in the eastern United States. The company is dealing in electronic items i.e. Entertainment software, Office products and other electronic products. It’s capturing a big market share in the financial world. From 1983 the company is operating in United States as well as in Canada. In last few years they expanded their business and made it globalize through launching it in the market of China. With the passage of time as the Market grew, the profits of the company have also been accelerated. Best has over 1,100 stores which employ 140,000 employees and gross around $25.9 billion in revenue which greatly surpasses their rivals. They sell consumer electronics such as computers, video games, music, cameras, and home appliances in non-commissioned sales. Best Buy stores also do car audio installation and have a Geek Squad for computer repairs and warranty services. In attempts to keep growing as a company and finding better ways to service their customers Best Buy’s customer centricity campaign was created. Customer-centric is defined by the business dictionary as; “creating a positive consumer experience at the point of sale and post-sale” a customer-centric approach can add value to a company by enabling...
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...Digital and Physical Spaces D. Johnson BUS: 620 Managerial Marketing Pamela Gordon April 03, 2012 Digital and Physical Spaces Having a digital and a physical presence for an organization is necessary in order to reach potential market segments. Theoretically, organizations must determine if the need for internet or new-economy based strategy is necessary. While some organizations may need to establish a physical presence, others may choose to offer their products online due to availability of new economy marketing strategies. Economy Based Marketing Strategies The availability of new economy based marketing strategies allows organizations (who are location based) to create an online presence. Fortunately, this allows them to adapt to changes in the way organizations communicate with customers. For instance, Apple first started out with retail stores and eventually created app stores. One article states: Apple Stores/iTunes come in at No. 7 this year. Nationwide brand recognition and devout customer loyalty for its line of mp3 players, smart phones, computers and tablet devices has helped boost both in-store and online hardware and download sales. Apple Stores/iTunes' sales grew 32.3 percent in 2010 (Anonymous, 2011, para. 7). Communicating with Customers Like Apple, many organizations opt to create an online presence. Creating an online presence makes communicating with customers easier. For example, new applications allow organizations...
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...Best Buy Annual Report Project Summary and Conclusions 1. Company’s Performance: Profitability: (Gross Margin, Profit Margin, Return on assets, Return on shareholder’s equity, Return on Market Equity) * In recent years , Best Buy Co., Inc. has seen revenues shrink from $50705M USD to $45085 USD, and the company‘s net income from $1317USD to -441M USD. * Activity: * Poor Inventory Management * Total assets turnover is 2.99 in 2013, total assets management of the company is seems higher than Store competitors Radioshack, hhgregg , Aaron’s, Inc. * Inventory Turnover is turn down year to year 7.19 to 6.08 * Low Account Receivable Turnover ratio implies, the company should re-assess its credit policies in order to ensure the timely collection of imparted credit that is not earning interest for the company.(2009 to 2013 recespectvely;37.35 to 19.62) Solvency: Liquidity Enhanced Quick Ratio: The amounts of cash equivalents at February 2, 2013, and March 3, 2012, were $740 million and $343 million, respectively, * Declining Liquidity Cash Flows: Goodwill Impairment, Restructuring Charges, Interest Expenses, Loss from Discontinued Operations, Net Earnings from non controlling interest Increasing label of inventory year after year (more investment on inventory) 2. Company’s Strength/Doing well and Improving Areas: * Geek Squad expertise and knowledge, * Total assets management, assets turnover is improved continuously since...
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...Identify at least three challenges when setting up a business. Explain why they are challenges. Three challenges a business owner would face when setting up a business are visualizing possible risks, low ambition, and inadequate revenue. Starting a business in itself, is a huge risk. A business owner has to take into account the rewards of a business, but more importantly potential setbacks. The fact that business owners create the mindset that things may not always go the way they plan, will aid them in bouncing back from any setbacks they may incur. If business owners plan on succeeding and not preparing for any hindrances, they will be far less likely to succeed and be able to bounce back from any stumbling blocks. With visualizing risks, you also have to take low ambition into play. If a business owner has any issues with the business, they may start to lack ambition, and it will affect anyone else that is involved with the business. Inadequate revenue stems from business owner basically setting goals based on what they are accustomed to. When you go into business for yourself, you have to realize that you may not make as much as you made before the transition into becoming a business owner. Economic conditions play a major part in this, so you need to make sure you have sufficient fall back money if you are unable to net the income you need in order to maintain your current lifestyle. Define what a “niche” product is. Give at least three examples...
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...Company G 3-Year Marketing Plan Assessment Code: MKT1 Student Name: Student ID: Date: 03/05/2011 Mentor Name: Table of Contents Introduction 3 Mission Statement 3 Market Objectives 3 Target Market 3 Product Objective 3 Price Objective 3 Place Objective 4 Promotion Objective 4 Competitive Situation Analysis 4 Consumer Product Classification 4 Analysis of Competition using Porter’s 5 Forces Model 4 SWOT Analysis 5 Strengths 5 Weaknesses 6 Opportunities 6 Threats 6 Marketing Strategies 6 Product Strategies 7 Price Strategies 7 Place Strategies 7 Promotion Strategies 7 Tactics and Action Plan 7 Product Action Plan 7 Price Action Plan 8 Place Action Plan 8 Promotion Action Plan 8 Monitoring Procedures 8 Introduction Companies G is wholesale appliance business focusing elite urban singles and couples; affluent retires in sunbelt cities; sophisticated townhouse couples; upscale urban singles and couples who are looking to upgrade their traditional top-end washer and dryer to the newer front-end washer and dryer appliances by Frigidaire. Mission Statement Company G will provide the highest quality Frigidaire brand products, superior customer service and cost-effective solutions to our customers, resulting in sales, profit and a mutually long-term relationship with our suppliers and customers. Market Objectives Target Market Our ideal customer are elite urban singles and couples, affluent retires in South and Southeast cities,...
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...subsidiaries include Geek Squad, CinemaNow, Magnolia Audio Video, Pacific Sales, and, in Canada operates under both the Best Buy and Future Shop label. Together these operate more than 1,150 stores domestically and internationally. In addition, the company operates over 100 Best Buy Express Automated Retail stores or "ZoomShops", operated by Zoom Systems, in airports and malls around the U.S. The company is headquartered in Richfield, Minnesota, United States. On March 9, 2009, Best Buy became the largest electronics retail store (online and bricks and mortar) in the eastern United States, after smaller rival Circuit City went out of business. Fry's Electronics remains a major competitor in the western United States, while Hhgregg remains competitive in the eastern United States. Many locations feature in-store pickup, which can be arranged through the company's website. As of December 28, 2008, the company operated 1,010 Best Buy Stores, 13 Magnolia Audio Video Stores (specializing in high-end electronics), 7 stand-alone Geek Squad stores, 3 Audio Visions Stores, 13 Best Buy Mobile Stores (standalone) and 17 Pacific Sales Stores (in Southern California, Arizona, and Nevada), all through its U.S. retail subsidiary. They also operate 51 Best Buy and 140 Future Shop stores throughout Canada. In 2003, the company opened its first international global procurement office in Shanghai, and also operates sourcing offices in Beijing and Shenzhen, primarily to reduce...
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...Company G 3-Year Marketing Plan Assessment Code: MKT1 Student Name: Student ID: Date: Mentor Name: Table of Contents Introduction 3 Mission Statement 3 Market Objectives 3 Target Market 3 Product Objective 3 Price Objective 3 Place Objective 4 Promotion Objective 4 Competitive Situation Analysis 4 Consumer Product Classification 4 Analysis of Competition using Porter’s 5 Forces Model 4 SWOT Analysis 5 Strengths 5 Weaknesses 6 Opportunities 6 Threats 6 Marketing Strategies 6 Product Strategies 7 Price Strategies 7 Place Strategies 7 Promotion Strategies 7 Tactics and Action Plan 7 Product Action Plan 7 Price Action Plan 8 Place Action Plan 8 Promotion Action Plan 8 Monitoring Procedures 8 Introduction Companies G is wholesale appliance business focusing elite urban singles and couples; affluent retires in sunbelt cities; sophisticated townhouse couples; upscale urban singles and couples who are looking to upgrade their traditional top-end washer and dryer to the newer front-end washer and dryer appliances by Frigidaire. Mission Statement Company G will provide the highest quality Frigidaire brand products, superior customer service and cost-effective solutions to our customers, resulting in sales, profit and a mutually long-term relationship with our suppliers and customers. Market Objectives Target Market Our ideal customer are elite urban...
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...c02AFurtherLookatFinancialStatements.qxd 7/27/10 9:39 AM Page 46 chapter 2 A FURTHER LOOK AT FINANCIAL STATEMENTS ● the navigator ● ● ● ● ✓ Scan Study Objectives Read Feature Story Scan Preview Read Text and Answer Do it! p. 52 p. 53 p. 62 p. 68 Work Using the Decision Toolkit Review Summary of Study Objectives Work Comprehensive Do it! p. 72 Answer Self-Test Questions Complete Assignments Go to WileyPLUS for practice and tutorials Read A Look at IFRS p. 96 study objectives After studying this chapter, you should be able to: 1 Identify the sections of a classified balance sheet. 2 Identify and compute ratios for analyzing a company’s profitability. 3 Explain the relationship between a retained earnings statement and a statement of stockholders’ equity. 4 Identify and compute ratios for analyzing a company’s liquidity and solvency using a balance sheet. 5 Use the statement of cash flows to evaluate solvency. 6 Explain the meaning of generally accepted accounting principles. 7 Discuss financial reporting concepts. ● ● ● ● ● ● ● INSIDE CHAPTER 2… 46 c02AFurtherLookatFinancialStatements.qxd 7/27/10 9:39 AM Page 47 feature story Few people could have predicted how dramatically the Internet would change the investment world. One of the most interesting results is how it has changed the way ordinary people invest their savings. More and more people are striking out on their own, making their own investment decisions. Two early pioneers...
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...Ex Kaplan University Graduate School of Business and Management GB530 Marketing Management: Brand Extension Marketing Plan John S. Gumbs Jr. 31st January, 2012 Brand Extension Marketing Plan 1.0 Executive Summary Apple Inc. is currently known for its renowned operating systems that provide outstanding computing and gaming for its users. The organization has a vast list of multimedia productivity products and hardware units. Some of the multimedia products include iTunes, iWorks, and iLife. In the coming months of 2012 Apple Inc. will be announcing a reveal of a new multi-functional refrigerator; this new revolutionary product will be named the iFridge. When it comes to marketing the iFridge, Apple Inc. will gather information based on industry trends, consumer demands, revolutionary Apple technology, and four P’s, Price Promotion, Placement, Product. In addition the iFridge will have the well known characteristic that many have grown to know and love about Apple products. The iFridge will be sold domestically and then modified to fit the European and Asian market based on the market demands. The consumer can order the appliance via Apple Inc. and certified Apple distributers. Apple may choose to sell the appliance on an online retailer’s website. The reason for having the appliance sold in the North American market first is that American homes are better equipped for large household appliances. The iFridge will be a truly revolutionary and most productive...
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...NYSE Listed Eligible Options by Symbol Eligible Options by Symbol as of 25 Oct 2010 Symbol A AA AAI AAN AAP AAPL AATI AAV AAWW AB ABAT ABAX ABB ABC ABFS ABK ABMD ABT ABV ABX ACAD ACAS ACC ACCL ACE ACGL ACGY ACH ACI ACL ACM ACN ACOM ACOR ADBE ADI ADLR ADM ADP ADS ADSK ADTN ADY AEC AEE AEIS AEM AEO AEP AER Name Agilent Technologies Inc. ALCOA, INC AirTran Holdings, Inc. Aaron's, Inc. ADVANCE AUTO PARTS INC Apple Inc. Advanced Analogic Technologies, Inc. Advantage Oil & Gas LTD. Atlas Air Worldwide Holdings, Inc. AllianceBernstein Holding, L.P. Advanced Battery Technologies, Inc. Abaxis Inc ABB Ltd. AmerisourceBergen Corp. Arkansas Best Corp AMBAC Financial Group Abiomed Inc Abbott Laboratories AmBev Compamhia De Bebidas Das Ame Barrick Gold Corp. Acadia Pharmaceuticals Inc. American Capital Ltd American Campus Communities, Inc. Accelrys, Inc. ACE Limited Arch Capital Group Ltd Acergy S.A. Alum Corp of China Limited Arch Coal, Inc. ALCON Aecom Technology Corporation Accenture PLC Ancestry.com, Inc. Acorda Therapeutics, Inc. Adobe Systems Inc Analog Devices, Inc. Adolor Corp Archer-Daniels-Midland Co Automatic Data Processing Alliance Data Systems Autodesk Inc Adtran Inc AMERICAN DAIRY INC Associated Estates Realty Ameren Corporation Advanced Energy Industries Inc Agnico-Eagle Mines Ltd. American Eagle Outfitters American Electric Power Aercap Holdings N.V. NYSE Arca Lead Market Maker UBS SECURITIES, LLC MORGAN STANLEY & CO CITADEL SECURITIES LLC CITADEL SECURITIES LLC...
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