Best Buy Company - Case Study Example

 It can also be identified as the behavior that the consumers exhibit in planning, purchasing, and using goods as well as services. The knowledge of consumer behavior implemented by Best Buy Company has helped it in securing consumers a process known as consumer royalty. To attain this, the company started by making consumer profiles. The company then trained its employees to focus on specific customers, rather than product and modify them to the needs of the customers. This understanding of consumer behavior helped the company.

The implementation of this model helped the company get better feedback on what the consumers really need. The company started to target their products to consumers by analyzing how their purchase decisions are made. Through “customer-centricity,” the company is able to identify different customers, and groups of people depending on their desires, roles, and lifestyles. This enabled the company to focus on the consumers’ needs. Through the knowledge of consumer behavior, the company understood the customer as the most important asset of the company.

They, therefore, drove forward to ensure their consumers obtained optimal satisfaction with the products that they developed. This move created a great impact on Best Buy Company to make it the largest electronics retailer.One of the advantages that “customer-centricity” brought about to the Best Buy Company is that it brought knowledge to the company of the decisions and their needs. This helped improve best buys revenues by offering different and better services making the purchase more convenient and easier.

For example, the company implemented the installation and repair services. In addition, through customers’ segmentation, the company understood consumers’ behavior through the different groups of people.However, the company got a disadvantage through consumer behavior. This occurred in that the company incurred a greater expense and became less profitable. This made the company to use more time and money to adapt to the “customer-centricity” in each store.Men and Women are different in their consumer behavior in that woman as a more convenient process of buying.

The company realized the women represented a greater percentage of purchases and brought large revenues to the company. However, they noticed that women liked to get a more vivid understanding of the products and services. Contrariwise, men were usually more acquainted in terms of technology than women were. This provided a challenge in that the company had to incorporate these women to the “customer-centricity” groups and adapt better by remodeling the stores in less male-oriented appearance (Kerin et al, 2010).

One of the challenges that the company is facing is to satisfy all the consumer's demands. Different consumers have different needs, which are insatiable that poses a major challenge to the company. Another major challenge posed is the increase in expenses that the company uses to implement consumer behavior.