Best buy
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Best Buy is facing challenges from a sluggish economy, increased competition, and online threats. To remain competitive, Best Buy plans to downsize by consolidating stores to reduce overhead costs and employee headcount. This strategy aims to improve the in-store experience and customer service while boosting online and mobile sales. Best Buy expects this downsizing strategy will stabilize revenues and increase profit margins over the next few years to remain competitive against retailers and online threats.
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Best buy
Best Buy's business objectives are to obtain and grow market share through international growth and connected digital solutions. It aims to be the best consumer electronics retailer through a focus on customer connectivity. Some keys to Best Buy's success have been knowledgeable staff, positive customer perceptions compared to Walmart, and acquisitions. However, it faces risks from intense competition from retailers like Walmart and Amazon, as well as economic challenges. To compete, Best Buy provides high quality customer service and aims to lead through research and development.
Showrooming at best buy
Best Buy faces competition from online retailers who can offer lower prices. While Best Buy has higher operating costs for its physical stores, it also provides a valuable in-person shopping experience. The document evaluates alternatives for Best Buy and recommends that it invest in improving its stores and online platform while focusing on customer experience rather than just price to better compete against online retailers.
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Best buy
Best Buy is an American electronics retailer headquartered in Minnesota. It operates over 1,000 stores across the US and has over $50 billion in annual revenue. However, its market share has declined due to increased competition from Amazon, Walmart, and Apple. Best Buy is working to adapt by closing some stores, focusing more on online sales and services, and improving the customer experience. It faces challenges from showrooming and must find ways to remain competitive against other retailers.
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Best Buy's business objectives are to obtain and grow market share through international growth and connected digital solutions. It aims to be the best consumer electronics retailer through a focus on customer connectivity. Some keys to Best Buy's success have been knowledgeable staff, positive customer perceptions compared to Walmart, and acquisitions. However, it faces risks from intense competition from retailers like Walmart and Amazon, as well as economic challenges. To compete, Best Buy provides high quality customer service and aims to lead through research and development.
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Best Buy faces competition from online retailers who can offer lower prices. While Best Buy has higher operating costs for its physical stores, it also provides a valuable in-person shopping experience. The document evaluates alternatives for Best Buy and recommends that it invest in improving its stores and online platform while focusing on customer experience rather than just price to better compete against online retailers.
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Showrooming is the consumer practice of visiting a brick-and-mortar store to view a product—then purchasing the product online. While many individuals still prefer buying merchandise they can see and touch, just as many will make their purchase decisions based on lower prices through online retailers. Local stores essentially become showrooms for online shoppers.
Recommendations on how Best Buy could go forward and grow its business profitably were suggested as part of the project's final presentation.
Best buy
Best Buy is an American electronics retailer headquartered in Minnesota. It operates over 1,000 stores across the US and has over $50 billion in annual revenue. However, its market share has declined due to increased competition from Amazon, Walmart, and Apple. Best Buy is working to adapt by closing some stores, focusing more on online sales and services, and improving the customer experience. It faces challenges from showrooming and must find ways to remain competitive against other retailers.
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Presentation #1 – Discussion Questions (each question must be an.docx
Presentation #1 – Discussion Questions (each question must be answered in at least two paragraphs each)
1. Consider complementary businesses and products and industry convergence. Are there times when attempting to be “all things to every customer” isn’t beneficial to the company or conducive to growth? Or should a company always try and expand offerings and services? Explain your reasoning.
2. How has the internet changed Best Buy? How has Amazon changed the way the industry approaches online sales?
3. The consumer electronics industry when analyzed through Porters Five Forces Model made the assumption that the online retailer, is not a substitute, but a competitor (i.e. Amazon to Best Buy), since Best Buy offers e-retailing now. Do you agree? Can you identify any other potential substitutes to this industry or will we have to wait for the next technological (product or service) advancement for a true substitute?
Presentation #2 – Discussion Questions (each question must be answered in at least two paragraphs each)
1. Through online retailers and large department stores, the consumer electronics industry has become more commoditized and price-driven. What room is there for smaller service-based stores in this industry?
2. The threat of online superstores such as Amazon threatens Best Buy’s strategic positioning. Could Amazon being solely online offer a comparative advantage to Best Buy?
3. Best Buy has hundreds of stores, showrooms, a very knowledgeable sales team, and price matching. What do you think is stopping them from gaining market share from Amazon?
Case 2: Best Buy
Best Buy – Expert Service. Unbeatable Price.
Best Buy was founded by Richard Schulze in 1966 as Sound of Music.
The company changed it’s name to Best Buy in 1983.
Best Buy became a publically traded company in 1987
Best Buy has more than 1,400 locations and employs more than 125,000 people.
Best Buy had revenue of more than $40 billion in 2015
Case Overview
The Best Buy case outlines a turn-around strategy specific to Best Buy in the dynamic industry of consumer electronics.
This case will look at Best Buy’s competitive advantage and strategic positioning in the market and how these events have affected Best Buy’s recent performance.
We will analyze the rivalry among Best Buy’s competitors in the consumer electronics industry including Amazon and Walmart.
Competitive structure of the industry will be discussed including industry dynamics, industry convergence and the consumer electronics industry life cycle.
A strategic group map for the consumer electronics retailing industry has been plotted for this case. Included are details of how industry forces affect strategic groups differently in areas including profitability.
Competitive Advantage
Best Buy’s “Renew Blue” strategy focused on leadership, customers, employees, and differentiating products. Through this, they were able to gain a competitive advantage in 4 areas.
Business model
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How web stores are different from retail stores
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This document provides an overview of online and offline shopping. It defines online shopping as purchasing goods directly from sellers over the internet without an intermediary. Offline shopping involves purchasing products from physical stores. Both models provide benefits like convenience, but online shopping allows geographic and time flexibility while offline shopping offers the ability to physically see items. The document also discusses risks of online shopping like fraud and difficulties in returns. Overall it analyzes the differences and similarities between online and offline shopping experiences.
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1) The document provides current statistics on online grocery shopping in Asia Pacific, including that 63% of shoppers use social media to make purchase decisions and 53% of research time is spent on connected devices.
2) It also summarizes benefits and challenges of online grocery stores such as offering a wide range of products but difficulties ensuring quality of perishable items.
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Online shopping vs traditional shopping
This document presents research on comparing customer satisfaction between online and traditional shopping from the perspectives of young people and middle-aged people. It includes an introduction outlining the background and objectives of the research. It then reviews relevant literature on the topic and describes the research design and methodology, which involves surveys of 156 people in different age groups. The results section finds that young people prefer online shopping more for convenience, while middle-aged people still prefer traditional shopping. However, both groups agree online shopping is becoming more popular and convenient. The conclusion is that satisfaction levels vary between the two age groups and shopping methods.
Best buy in crisis
This document discusses the history and strategies of Best Buy, a major electronics retailer. It outlines Best Buy's founding in 1966 and expansion throughout the 1970s-1980s. It then describes the company's four major strategic shifts from 1983-2009 as it evolved from a service-focused to a "grab-and-go" model. Recent crises, internationalization efforts, and turnaround strategies under new CEO Hubert Joly are also summarized, including the "Renew Blue" plan focusing on vendors, stores, costs, and online sales. Suggestions for Best Buy include strengthening in-store expertise, revamping Geek Squad, and expanding target markets.
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Presentation #1 – Discussion Questions (each question must be an.docx
Presentation #1 – Discussion Questions (each question must be answered in at least two paragraphs each)
1. Consider complementary businesses and products and industry convergence. Are there times when attempting to be “all things to every customer” isn’t beneficial to the company or conducive to growth? Or should a company always try and expand offerings and services? Explain your reasoning.
2. How has the internet changed Best Buy? How has Amazon changed the way the industry approaches online sales?
3. The consumer electronics industry when analyzed through Porters Five Forces Model made the assumption that the online retailer, is not a substitute, but a competitor (i.e. Amazon to Best Buy), since Best Buy offers e-retailing now. Do you agree? Can you identify any other potential substitutes to this industry or will we have to wait for the next technological (product or service) advancement for a true substitute?
Presentation #2 – Discussion Questions (each question must be answered in at least two paragraphs each)
1. Through online retailers and large department stores, the consumer electronics industry has become more commoditized and price-driven. What room is there for smaller service-based stores in this industry?
2. The threat of online superstores such as Amazon threatens Best Buy’s strategic positioning. Could Amazon being solely online offer a comparative advantage to Best Buy?
3. Best Buy has hundreds of stores, showrooms, a very knowledgeable sales team, and price matching. What do you think is stopping them from gaining market share from Amazon?
Case 2: Best Buy
Best Buy – Expert Service. Unbeatable Price.
Best Buy was founded by Richard Schulze in 1966 as Sound of Music.
The company changed it’s name to Best Buy in 1983.
Best Buy became a publically traded company in 1987
Best Buy has more than 1,400 locations and employs more than 125,000 people.
Best Buy had revenue of more than $40 billion in 2015
Case Overview
The Best Buy case outlines a turn-around strategy specific to Best Buy in the dynamic industry of consumer electronics.
This case will look at Best Buy’s competitive advantage and strategic positioning in the market and how these events have affected Best Buy’s recent performance.
We will analyze the rivalry among Best Buy’s competitors in the consumer electronics industry including Amazon and Walmart.
Competitive structure of the industry will be discussed including industry dynamics, industry convergence and the consumer electronics industry life cycle.
A strategic group map for the consumer electronics retailing industry has been plotted for this case. Included are details of how industry forces affect strategic groups differently in areas including profitability.
Competitive Advantage
Best Buy’s “Renew Blue” strategy focused on leadership, customers, employees, and differentiating products. Through this, they were able to gain a competitive advantage in 4 areas.
Business model
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Best buy
- 1. Best Buy : Downsizing To Remain Competitive Presenters:- Abhijit Chakraborty Ajinkya Shirsat Akshay Patil Amit Mishra Ankit Singh Dilip Vishwakarma
- 3. Problems for BEST BUY Sluggish economy Competition from retailers Online threats Price comparison Launching of Apple sores Poor customer service
- 4. How will the strategy work to remain in competition The factors include experience, convenience and price Store Experience Convenience for servicing Locking in customers Boosting sales Studio Model additional revenue Consolidation of stores Lower overheads Employee reduction
- 5. Advantages and Disadvantages (Brick & Mortar and Online Business) Instant Gratification Shipping Cost Location Based Marketing Higher startup cost Pricing, Convenience & Availability
- 6. How Best Buy is gaining market shares Largest seller of Windows and Apple notebooks More online sales Smartphone sales increased Market share up in MP3 and Headphones Intel experience
- 7. Future for Best Buy Including gift cards Reopening of former future shops Going to invest $200 million Large formats 26 kiosks in Canada
- 8. Future Estimation 2012 2013 2014 2015 2016 Revenue $50,705 $51,681 $50,131 $49,630 $49,630 Revenue Growth 2% 2% -3% -1% 0% Gross Profit (75%) $12,592 $12,834 $12,533 $12,407 $12,407 SG&A $(10,242) $(10,439) $(8,522) $(7,444) $(7,444) Operating Income $2,350 $2,395 $4,010 $4,963 $4,963 Operating Profit Margin 4.6% 4.6% 8.0% 10.0% 10.0% Interest Expense $(134) $(134) $(198) $(165) $(132) Restructuring Costs $(58) $(250) $(400) $(400) $(400) Net Profit $(1,231) $(1,193) $(2,239) $(2,880) $(2,902) Net Profit Margin -2% 2% 4% 6% 6%