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This paper will first provide a concise summary of Best Buy’s business position in prevalent economic conditions and will then throw light over strategic recommendations and the relevancy and benefits associated with the implementation of the proposed strategies and business…
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Download file to see previous pages... The corporation was initially facing stiff competition with Circuit City; however, the failure of Circuit City (a former electronics dealer) in 2009 after deep economic recession and subsequent decrease in both domestic and international demand of electronic equipments, accessories and machinery has enabled the corporation to freely play in the market and gain additional market share. Its operational stores are more than 1,000 in USA and Canada besides online presence, whereas sales in 2010 remained over $40 billions. This is an evidence of Best Buy’s financial strength, resources and abilities. In addition, the company has solid brand recognition, consumer acceptance, an established supply chain and chain network followed by a large pool of loyal (plus satisfied) consumers who have an inclination to purchase Best Buy products. Also, the consumers are inclined towards electronics and gadgets perhaps because of their fast life and heavy exposure to media that portray innovations. It must be highlighted that Best Buys has already introduced and has adopted various customer and partner relationships improvement strategies such as focusing on after-sales services, product installation (home theatres, computer configuration etc.), product warranties, and others etc. These were not adopted in past, but have now been a major part of firm’s strategy to entice customers, improve their perceived loyalty and value, and to gain a competitive edge over its rivals something it has done better in the past than any national electronics retailer. It is also expected that it would increase the sales of company in both short and long run.
However, the economic recession, reduction in households’ real incomes and purchasing because of poor employment prospects is a threat that could hinder the growth of this industry in the short run, but the recovery of economy from recession, improvement in business outlook, certainty and security in job market will improve the ...Download file to see next pagesRead More
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