Best Buy Business Strategy Case Study
Best Buy is a popular store network that specializes in the sale of electronics, software and various PC details. For many years, the company has achieved its place in the market, allowing thousands of buyers to purchase PCs and other goods at a favorable price. The corporation opened several hundreds of stores throughout the country, and it keeps expanding.If you were assigned to write a Best Buy business strategy case study, this is a great opportunity to explore this network.
Work on such an essay allows you to find out what Best Buy has done, how it stayed along with its competitors, why many customers are loyal to it. Collecting data from different sources, you get a lot of useful information for such an essay.
Objectives of the Company
The leaders of Best Buy were focused on creating a network of old habitual stores. At the same time, they can be quite large and filled with the latest devices but also convenient and informative for buyers. The network also focuses on personal acquaintance with customers who are regular customers.
This takes a lot of time. Meeting these goals has made the company popular, and now its stores are often visited.Even when the corporation has got a big customer base, they wanted to know more about their customers. So, it managed to create an innovative CRM system and tools for researching markets and for electronic mailings in order to attract and hold customers.
Tools for Achieving Goals
When in the early stages of the network it used more simple ways of gathering information and communicating with customers, later its leaders realized that this was not enough. They decided to improve the information processing system and make it more technologically advanced.
This is how the CRM system was created. It collects even more information about customers and produces results based on age, profession, interests of customers. It allows the company to remain on the market in the current competition, as other companies also use similar approaches. The system allows you to get more coverage of the audience and analyze the data more carefully.The tools of Best Buy also allow it to perform the following tasks:
- Analysis of what products are bought together to offer them to their customers;
- Research on interests and needs of clients;
- Study of segments where the corporation can provide its products to consumers.
Best Buy also resorts to cooperation with other companies that provide their services to it. This software and technology, the services of marketers help the company staying on the market and getting more profit.
Where can I Get Information for a Case Study of Best Buy?
If you have not been assigned to write an essay on a similar topic earlier, it can be a little bit difficult at first. If you give due attention, you can get much interesting information for the essay.
Open sources contain a lot of information. The basic data about the corporation, its history, and leaders can be taken from the Internet. Most of it can be found on the company’s website, a lot of information can also be found on other websites.You can also use the research of marketers, who also paid their attention to the activities of Best Buy. When working with sources, you need to check their reliability; you should also mention that sources in your essay.
Everyone can also contact the representatives of the network directly to get more information. To do this, you can use the public contact data listed on the company’s website.
What could be the Main Topic for the Best Buy Case Study?
You should ask questions that are interesting to receive answers. They should give benefit the author of the essay and those who read and listen to it at the presentation. When the questions are ready, you can proceed to plan and write an essay about Best Buy.
The corporation has been working for more than 50 years; it takes a lot of effort. There have been many changes; Best Buy has expanded its network throughout the country, so describing the entire process of company success on the pages of a small case study is quite difficult. When writing, you need to focus on certain points, which are described by the main topic of the essay and what to analyze.There can be a lot of points for analysis. Here are some examples:
- What led to the expanding of the Best Buy network in the early stages?
- How Best Buy deals with competition in the electronics market?
- What tools does the company use to research its customers?
- What decisions at various stages contributed to the success of the company?
- What strategies does the company apply to achieve its goals?