Today, Best Buy advertises using a “Low Price Guarantee” (Best Buy, 2013). They will match prices on qualifying products if the consumer finds a lower price elsewhere (Best Buy, 2013).
Best Buy Strategy Analysis Essay
Best Buy claims to be the “world’s largest multi-channel consumer electronics retailer with store in the U.S., Canada, China and Mexico” (Best Buy, 2013). Get someone to write your essay. That being said, they are the 10th largest online retailer in the U.S. And Canada (Best Buy, 2013). Their loyalty program, Best Buy Reward Zone, is ranked among the best of its kind (Best Buy, 2013). Best Buy has over 145,000 employees worldwide (Best Buy, 2013). In Best Buy’s 2013 Annual Report, they company discusses its current International Segment (Best Buy, 2013). In 2009, Best Buy acquired the remaining 25% interest of Five Star (Best Buy, 2013).
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Best Buy Strategic Analysis
In 2013, they introduced the Best Buy Mobile concept in China (Best Buy, 2013). After success in its Canadian stores, they now offer the store-within-a-store experience in select Five Star stores (Best Buy, 2013). Best Buy’s strength as a company comes from its innovative nature. They took their salespeople off commission to provide a different, informal buying experience for their customers (Ferrell & Hartline, 2011). The company also specializes in repairs through its Geek Squad division, which is an innovation that sets them apart from competitors (Ferrell & Hartline, 2011). Best Buy’s weakness is its ever-growing competition in the CE retail market (Ferrell & Hartline, 2011). The online retailers are simply outpacing them.