Best buy is the leading provider of electronic goods, product and service or it is tech device and service provider. It has approximate 125000 employees in North America and the annual revenue is approximately $40 billion (WRITER, 2017). Hubert Joly is Chairman and CEO of best buy and he joined best buy in 2012.
Best buy will help customers pursue their passion and enrich their lives with the help of technology. The main goal of best buy is to address the customer needs in entertainment, communication, productivity, security and health and fashion. They have not only product selling strategy, they also make their customer happy. Mr. Joly believed that Bust buy has dual purpose one making the profit and next social responsibility. For social responsibility every years they provide technology training and career path to one million youth in US. The main purpose of training is to generate skillful human resource in US. They have different other strategy
In customer focus strategy, first they segment of broad customer base into a handful of specific target. They categorize their target customer into a different group like Tech Geek, Busy Mom, Gadget Enthusiast, and Price Conscious Dad. Based on this they provide the best offer to them. The main purpose of employee training is to make perfect of their employee in each sales segment. In Tech Geek segment, they should have knowledge sales person to deal with Tech Geek. Similarly, in Best Buy Mom segment she needs personal shopping assistants to help busy Mom. For Budget Conscious dad they provide financial assistants so that they are motivating and convincing to buy a goods.
The Best Buy 2020 building the New Blue:
The New strategy of best buy is best buy 2020 building the new blue. In new blue strategy they ensure that price competitive, they improve their customer experience online, Ti - ups with various manufacturing company (Shelman, 2017). In new blue, they focus on growth improve margin and customer relationship. This strategy is not only about selling the product, it’s about changing the people life. For example, if a person is suffered from physical disabilities and he/she can’t turn ON or Turn OFF their room light. By help of best buy Assistantship, they make their life easier. The Assistant help them by developing a remote system. They can control all electronic goods/ appliances through remote. The new transformation has resulted in improvements in customer satisfaction, market share gains, revenue growth and improved margin (Gibson, 2014).
The Main strengths of Best Buy .Com are
Proven Customer centric model with greater customer loyalty.
Large global Presence
Extensive Level of Service
Tie - ups with manufactures
Successfully operating Privates levels.
** The future Opportunities of Best Buy .Com are**
More Scope for value added service
Expanding global market
Investment in employee training to enhanced customer’s experienced
Opening of stores within stores with exclusive tie - ups with brands.
References
Gibson, E. (2014). Best practices at Best Buy: a turnaround strategy. JOURNAL OF BUSINESS STRATEGY VOLUME 24, ISSUE 6 .
Best buy is the leading provider of electronic goods, product and service or it is tech device and service provider. It has approximate 125000 employees in North America and the annual revenue is approximately $40 billion (WRITER, 2017). Hubert Joly is Chairman and CEO of best buy and he joined best buy in 2012.
Best buy will help customers pursue their passion and enrich their lives with the help of technology. The main goal of best buy is to address the customer needs in entertainment, communication, productivity, security and health and fashion. They have not only product selling strategy, they also make their customer happy. Mr. Joly believed that Bust buy has dual purpose one making the profit and next social responsibility. For social responsibility every years they provide technology training and career path to one million youth in US. The main purpose of training is to generate skillful human resource in US. They have different other strategy
Customer focused strategy/ Customer satisfaction strategy
Market share gains
Revenue growth and improve margin
Employee Training
Store Atmosphere and Placement
In customer focus strategy, first they segment of broad customer base into a handful of specific target. They categorize their target customer into a different group like Tech Geek, Busy Mom, Gadget Enthusiast, and Price Conscious Dad. Based on this they provide the best offer to them. The main purpose of employee training is to make perfect of their employee in each sales segment. In Tech Geek segment, they should have knowledge sales person to deal with Tech Geek. Similarly, in Best Buy Mom segment she needs personal shopping assistants to help busy Mom. For Budget Conscious dad they provide financial assistants so that they are motivating and convincing to buy a goods.
The Best Buy 2020 building the New Blue:
The New strategy of best buy is best buy 2020 building the new blue. In new blue strategy they ensure that price competitive, they improve their customer experience online, Ti - ups with various manufacturing company (Shelman, 2017). In new blue, they focus on growth improve margin and customer relationship. This strategy is not only about selling the product, it’s about changing the people life. For example, if a person is suffered from physical disabilities and he/she can’t turn ON or Turn OFF their room light. By help of best buy Assistantship, they make their life easier. The Assistant help them by developing a remote system. They can control all electronic goods/ appliances through remote. The new transformation has resulted in improvements in customer satisfaction, market share gains, revenue growth and improved margin (Gibson, 2014).
The Main strengths of Best Buy .Com are
Proven Customer centric model with greater customer loyalty.
Large global Presence
Extensive Level of Service
Tie - ups with manufactures
Successfully operating Privates levels.
** The future Opportunities of Best Buy .Com are**
More Scope for value added service
Expanding global market
Investment in employee training to enhanced customer’s experienced
Opening of stores within stores with exclusive tie - ups with brands.
References
Gibson, E. (2014). Best practices at Best Buy: a turnaround strategy. JOURNAL OF BUSINESS STRATEGY VOLUME 24, ISSUE 6 .
Shelman, J. (2017). Best Buy 2020 overview. Blog, corporate.bestbuy.com/best-buy-inv...
WRITER, S. (2017). Best Buy Investor Day Details ‘Best Buy 2020: Building The New Blue’ Growth Strategy. Best Buy Blog .