Best Buy Case Study Essay

vanquish deprave is a multinational peck with over 4,000 locations nationwide. Circuit metropolis was crush sullys just main competition for some years until it took over and ran Circuit City out of business. Best Buys market sh be maturation after that however, former(a) large retailers as tumefy as e-tailers entered into the market. amazon, Target, Wal-Mart and apple became Best Buys new competition that caused a light in market sales in 2010. They all had the same subject in common after the Circuit City collapse and that was to increase electronics. They all had their own strategies to out-beat Best Buy. Although Best Buy acquired some more competition in a 2010 survey consumers lock in said Best Buy is the first to come to mind when they hypothecate about acquire electronics. However, even though Best Buy is the first that comes to mind against the other competitors, depending on what the product is they will go to Amazon to buy it instead. payable to their sc heme which focuses on three atomic number 18as client-centricity, employment policies and exclusive branding, they are guardianship up with the competition. Best Buys strategies may stand by them a majority of the cartridge holder but they could change their strategies just a elfin bit. They should turn in what Wal-Mart does and price match ads with other stores so that way they are still getting the pro get goings and keeping customers. In my opinion, Best Buy could improve their dodge when it comes to prices because they are on the higher end of prices. As a consumer myself, I do look at Best Buy first for my electronics but I usually go somewhere else because the prices are usually cheaper. Other than their prices I actually think their strategies are motioning out good for them and it shows in their rankings amongst other competitors.Consumer electronics is considered a mature manufacturing because of the new trends. This intentness hits record sales during the holiday seasons but still says rather wholesome throughout the year as well. All companies associated with this industry try to keep up so they make their own products. However, payable to manufactures tin cannibalizing their products their product life cycle has decreased. Manufactures started doing this to try to keep their consumersloyalty. When prices start to scratch for technology products this opens a bigger demographic however by time the prices fall for the products they perplex come up with better products. In rove to recapture the ontogeny of Best Buy they should try to fix the prices to fit a bigger demographic. I think if they at least try to work with the consumers with the prices they would gain more customers. The problem is the fact that consumers go elsewhere when they see the prices and do a price match. Amazon became popular with electronics because hoi polloi found out that they could get electronics of all kinds online. Also Amazon has an emolument over Best Buy because with Amazon there is free shipping on products, well on most products. I think if Best Buy tried to adapt some of Amazons outline they can out beat them in the electronics department. If they could be like Amazon and have a limitless inventory online rather than just have their amount of availability on the showroom. If they did this I think they would see growth in their company. They pride their selves in having the most respected name brands in the consumer electronics industry so if they matched the prices with their pride in their brands I see a definite growth in their company. With Best Buy being a well-known company and is the first that comes to mind when talking about electronics, if they had a bigger choice when it came to the products than they might gain some more growth as well to go along with their already loyal customer base.At Best Buy, they offer a selection of energy-efficient products. These products were designed to assist their customers around the world save some more money by using less energy. I think with Best Buy decorous more sustainable they are more able to maintain the elicit of the stakeholders. With these products the shareholders play a big role in influencing their overall sustainability strategy. The stakeholders help with modeling Best Buys annual sustainability reports. So with them adding this strategy and allowing the stakeholders to get the chance to have a part in the strategy they are gaining their interest. Best Buy actually takes the recommendations from their stakeholders and they try to communicate with them in efforts to keep their interest in their decision to incorporate a sustainability strategy. I think this was a good move on their part because it states they were indistinct about Mr. Dunns five year growth strategy. The stakeholderswere worried about Best Buys cash position and about if these strategies would work or not. Anytime when stakeholders have the opportunity to have a so in a c ompany is a good thing.In conclusion, I conceptualise Best Buy is a great company but can become a better one if they were to do some modifications with their strategies. With the always changing economy they need to adapt their strategies to the changes. Im not saying they would have to always change their strategies but I think they should always try their best to make their strategies fit the customers as well as help the success of the company. With that being said I view they will receive even better results for the company as well as the consumers.