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Analyzing and Recommending Best Buy in Crisis - Case Study Example

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Best Buy, as an organization dealing with the supply of consumer electronics, possesses one of the best characteristics required by a firm in the industry in order to prosper. With its good culture of invention in its products, the organization has all the avenues of achieving…
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Analyzing and Recommending Best Buy in Crisis Case
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Download file to see previous pages Again, consumers will acquire the information only with a well-designed marketing strategy.
If innovation of the products goes together with improved marketing plan then no doubt the company will gain high reputation and loyalty from consumers. In addition, apart from retaining its current customers it will have the potential of attracting new customers which will finally enable the company to benefit from large economies of scale. For example, the consumer centricity plan drove the sales higher even without any other change in the products or operations of the company (Wells and Danskin 3). This therefore provides a proof to the benefits of a good marketing strategy.
With the highly innovated products, Best Buy international division failed to produce good results, which lead to a failure (Wells and Danskin 7). This necessitates the need of improving the means of monitoring the behavior of international markets to come up with the best method of marketing most appropriate in each region. The same products that perform well at the home country should also be able to perform in another country; the only difference is the communication language that best suits each region that the organization has to know.
To be able to come up with the best marketing strategies most appropriate in the modern world of consumer electronics, Best Buy has to understand the marketing challenges it faces. From the challenges, it is easier to identify the opportunities and take advantage out of them. The company faces the following challenges,
The product promotional design features should directly reflect to the consumers. There is need to communicate the exact information about the product. Consumers always make purchasing decisions based on the information they have. This calls for the need to pass all the important details about the ...Download file to see next pagesRead More
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