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BestBuy - - Case Study Example

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The company has adopted unique marketing strategies that have enabled the company to become the leader in the special audio retail. This…
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BestBuy - Case Study
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Best Buy Company Best Buy Company is a specialty company that has been the largest specialty retail company in the country since its inception in the1980s. The company has adopted unique marketing strategies that have enabled the company to become the leader in the special audio retail. This has been achieved through willingness to risk and experiment. It has seen the company expand into numerous subsidiaries across and among continents, which provide consumer electronic products and services. The company has adopted the use of “customer centricity” whereby the company’s effort is intended to bring into line their targets and potential client’s needs.
Best Buy Company has made it a priority to center their marketing and trade operations by better recognizing and identifying the consumer approach dynamics to electronic retail purchasers. Consumer behavior are those acts of individual consumers that directly involve obtaining and using economic goods and services including decision that are determined in this acts. 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 the consumer behavior helped the company.
The implementation of this model helped the company get a better feedback in what the consumers really needed. The company started to target their products to the 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 in Best Buy Company to make it the largest electronics retailor.
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 women like 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 the 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 consumers demand. Different consumers have different needs, which are insatiable that poses a major challenge to the company. Another major challenge posed is the increase in expense that the company uses to implement the consumer behavior.
Reference
Kerin et al. (2010). Marketing: The Core. 4th edition. London: McGraw-Hill Companies, Inc. Read More
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