Assignment1 vivek mathai_iitkgp
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You have received a gift card to access a presentation on Best Buy. Best Buy is a large consumer electronics retailer founded by Richard Schulze with over 1150 stores in the US, Canada, China, and Mexico. The presentation discusses Best Buy's keys to success including its strong brand image and association with consumer electronics, large store presence, and pleasant shopping experience. It also notes risks such as increased competition from online retailers and need to strengthen its online presence to engage new customers. The presentation provides strategies for Best Buy such as expanding product categories, improving staff training, growing its Geek Squad services, and testing an in-home consulting service.
Assignment1 vivek mathai_iitkgp
- 1. CONGRATULATIONS! You can cash in this gift card to gain free access to my Presentation on Best Buy!
- 2. OVERVIEW • Founder: Richard Schulze • Consumer Electronics Retailer • More than 1150 stores, in the US, Canada, China & Mexico
- 4. WHAT ARE THE KEYS TO BEST BUY’S SUCCESS? WHAT ARE THE RISKS GOING FORWARD?
- 5. Strong Brand Image • Strong association consumer electronics industry • Large number of brick and mortar shops • Use of many captivating ads, in the newspaper and on TV. • Pleasant shopping environment and enjoyable experience
- 6. A Symbol of Trust • Very good service • Replacement Guarantee • Customers assured of quality by issuing Warranties
- 7. Attractive options for Buyers • Regular discounts • Daily , weekly offers • Offer payment options like installments.
- 9. How Do Best Buy truly convince customers to make the “Best Buy”
- 10. BEST BUY’S CORPORATE STRATEGY: CUSTOMER CENTRICITY
- 12. How Can Best Buy compete against other competitors like Walmart and Online Companies?
- 13. Cut Prices • Consumer electronics shoppers are looking for are lowest priced products • Walmart has enough clout to be able to source electronics at low prices • Amazon and online retailers gain market share by lowering prices • Price-match ads with other stores so that volume increase makes up for marginal revenue decrease
- 14. Strengthen Online Presence • There is an urgent need for Best Buy to reinvigorate growth by reconnecting with today's customers and building pathways to the next generation of consumers • The company needs to wake up to the fact that customers are buying more media products digitally.
- 15. Expansion in retail category • Figuring out additional products that could be sold in Best Buy stores • Offering something exclusive that customers can’t get anywhere else.
- 16. Staff Training • Consumer Electronics: Lot of advice needed, people must match the specs to their needs • Competent staff, with a genuine interest in technology should be employed
- 17. Scaling up GeekSquad • Technology in homes is on the rise • Consumers will welcome a branded, trusted service from Best Buy to make sense of this emerging tech.
- 18. Inventory and Logistics • Need to improve inventory turnover , due to rapid changes in the products’ market • Have to compete with online marketplaces which have very low Overheads • Double up stores as distribution centres • Option of Store Pickup for online shopping
- 19. Expanding to become in-house Tech Consultants • Testing in a handful of markets a new in-home consulting service. • Adviser helps customers troubleshoot issues and can also recommend a whole host of products throughout the home.
- 20. Submitted by VIVEK JACOB MATHAI IIT KHARAGPUR
Editor's Notes
- #3: Best Buy is an American multinational consumer electronics corporation headquartered in Richfield, Minnesota he company was founded by Richard M. Schulze and Gary Smoliak in 1966 as an audio specialty store. In 1983, it was renamed and rebranded with more emphasis placed on consumer electronics. It operates in the United States, Mexico, and Canada, and is one of the most respected companies worldwide, according to Forbes.
- #4: Just to give you a quick idea of the wide range of products offered, here’s a screenshot from the Bestbuy website
- #5: Moving on, to the crux of this presentation, let’s ask the big questions. …..
- #6: Aptly named, best Buy has positioned itself in such a way that it is the first name that pops inot the mind of a consumer electronics shopper Their often humorous ads draw in the audience.
- #8: Best buy offers its buyers a number of attractive
- #10: With the mind-boggling range of choices available in consumer electronics,customers need to do a great deal of study before making a purchase Best buy facilitates buying using In-shop expert help, product demos, and through buying guides.
- #11: Thus, we see that it it the customer centric approach which has helped best buy retain its large customer base. Best Buy did not have the resources to beat its competitors through lower prices, so it focused instead on providing a better experience
- #18: Presently GeekSquad operates to help customers with tech support. However, this field has great potential for growth as people respect Best buy experts’ opnions.