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Best Buy Retailing Analysis - Term Paper Example

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Best Buy Introduction Best Buy is one of the most renowned retailing companies in the United States and in the world. It is in line with this that there is a need to analyze this organization particularly on its customer centricity program that has made it well known in its industry…
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Best Buy Retailing Analysis
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Download file to see previous pages Based on this idea, Best Buy was able to come up with a customer centricity program that aims to develop more emphasis on excellent customer service. The customer centricity program has to function in a way that stores, buyers and segment organizations have to work out together for the success of the implementation process of the said program. Best Buy is a profit organization and in as much as possible it has to operate with substantial profit in the end. This is the reason why Best Buy had to find for more profitable customers and product segments. Best Buy focused on these areas that is why it was able to come up with five major profitable customer segments. Understanding customers’ needs was the first step that Best Buy performed under its customer centricity program. The next step performed was to identify profitable segments both for customers and products. This is a matter of finding focus and eventually Best Buy is good at this that resulted to finding the right vision that has to be imparted to the team. This is the reason why Best Buy was able to come up with strategic support for team so as to fully execute the vision. Customer associates for instance had to be empowered in order to effectively satisfy the customers in line with the customer centricity program. They have to necessarily apply scientific approach in dealing with and attending to the needs of customers. In this case, the value proposition was clearly defined and fully executed through store managers and all of the sales associates with clear picture of the vision. This is what exactly Best Buy had undertaken and eventually the idea of Brad Anderson to go for customer centricity was indeed imperative for its success. However, the success was not achieved right away; Best Buy had to go for market trials in order to put the entire idea of customer centricity to the test. Eventually, the company was able to come up with a marketing oriented approach in dealing with the issue of improving customer service and satisfaction. Customer centricity’s lackluster performance The customer centricity program is a matter of aggressive implementation. The model by itself sounds good for both the customers and Best Buy. However, there is going to be a problem when it comes to implementation or execution especially that the said program requires the stores, buyers and segment organizations to work in unison accordingly and harmoniously. There was a needed adjustment particularly among segment leaders due to aggressive rollout of 144 new centricity stores. Best Buy has to maintain its competitive advantage and the existence of new centricity stores threatened this potential market power. Thus, Best Buy had to initiate necessary adjustments. Within these adjustments, Best Buy needs to necessarily align the potential contributions of stores, customers and segment organizations for effective system transformation. The Best Buy’s missed out third quarter earnings per share on December 13, 2005 was due to the impact of necessary adjustments it needed to implement in order to perform better than its competitors that were applying the same customer centricity program (Lal, Knoop and Tarsis 154). Thus, the problem is not exactly about the centricity model or even the lag between implementation and results because customer centric ...Download file to see next pagesRead More
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