BEST PLACE FOR TECHNOHOLICS????

AMERICAN MULTINATIONAL CONSUMER ELECTRONICS CORPORATION.

THE COMPANY WAS FOUNDED BY RICHARD M. SCHULZE & GARY SMOLIAK on 22 AUG 1966 AS AN AUDIO SPECIALITY STORE.

TO GIVE OUR CUSTOMERS GREAT EXPERIENCES WHETHER THEY ARE SHOPPING FOR CONSUMER ELECTRONICS, HOME OR OFFICE PRODUCTS,ENTERTAINMENT SOFTWARE AND APPLIANCES, OR USING THOSE PRODUCTSAND RELATED SERVICES IN THEIR HOMES AND OFFICE.

BRANDS SHOPPED AT BEST BUY.

MAJOR DIVISIONS AT:

CANADA & EUROPE

1,631 BEST BUY STORES ALL

OVER THE WORLD.

RICHARD SCHULZE NAMED RETAILER OF THE YEAR FOR 3 CONSECUTIVE YEARS BY CONSUMER ELECTRONICS AND AUDIO VIDEO INTERNATIONAL MAGAZINES.

MEMBER OF TOP 100 STORE RETAILERS ONCE.

MEMBER OF TOP-50 LIST OF LARGEST GREEN-POWER PURCHASER AT U.S ENVIRONMENTAL PROTECTION AGENCY.

MILESTONES….

GREEN TOGETHER

•RECYCLABLE PACKAGING.

•PROPER DISPOSAL OF ELECTRONICS COMPONENTS.

STRENGTH

• Sales.• Niche Marketing.• Strong Returns.

WEAKNESS

• Reliance on domestic sales.• Website isn’t as

user friendly as it could be.

OPPORTUNITY

• Globalization.• Expansion of PC market.• Craze for gadgets

THREATS

• Intense Competition.• Rental Retailers.• Lack of long-term contracts.

SWOT ANALYSIS:

MARKETING DECISIONS TO BE TAKEN….

TARGET MARKET.

PRODUCT ASSORTMENT.

SERVICES PROVIDED TO CUSTOMER.

STORE ATMOSPHERE AND EXPERIENCE.

USING MARKETING STRATEGY THAT COULD

INFLUENCE MAXIMUM NUMBER OF TARGET CUSTOMERS.

COMPETITORS:

AMAZONWALLMARTCOSTCO

HOW ELSE CAN BEST BUY COMPETE AGAINST RETAIL COMPETITORS LIKE WALMART ANDCOSTCO AS WELL AS ONLINE COMPETITORS LIKE AMAZON.COM?

•BETTER IN-STORE AND AFTER PURCHASE SERVICE TO CUSTOMERS.•EFFICIENT USER-FRIENDLY WEBSITE.•SOLVING CUSTOMER COMPLAINTS AND QUERIES.•EFFICIENT PROMOTION OF BRAND BY ADS OR SOCIAL MEDIA.

WHAT WERE THE KEYS TO BEST BUY’S SUCCESS? WHAT ARE THE CHALLENGES IT FACES IN TODAY’SRETAIL ENVIRONMENT?

•BETTER SERVICES TO SATISFY CUSTOMERS.•STORE DESIGN AS PER CUSTOMER CONVINIENCE.•SERVICES.

•COMPARISON IN PRICES.•PROMOTION STRATEGY.

RECOMMENDATIONS:

•MORE USER-FRIENDLY SITES.•PROPER TRAINING FOR NEW EMPLOYEES.•PROPER SERVICES TO CUSTOMERS.•INSTATNT REPLY OF QUERIES AND COMPLAINTS.•EFFICIENT ADVERTISEMENTS.

SUMMARY:

ABOUT BEST BUY.SWOT ANALYSIS.MARKETING DECISIONS.MARKETING STRATEGY TO INFLUENCE TARGET CUSTOMERS.COMPETITORS.RECOMMENDATIONS.

CREATED BY MAMTA SAROJ, NIT SURAT, DURING A MARKETING INTERNSHIP UNDER PROF. SAMEER MATHUR, IIM LUCKNOW.