WHY BEST BUY HAS BEEN SUCCESSFUL

Why Best Buy has been successful

Why Best Buy has been successful

BEST BUY

BEST BUY

Introduction

With the increase in competition the objective of firms to survive in the market has become very challenging, companies need to be more creative and innovative now with their ideas to capture a larger market share and satisfy the needs of its customers by offering products that provides them a delightful experience. However the task to target these customers is not an easier one, competitive strategy need to be adapted and implemented by the organization to accomplish its goals. To remain successful in a business it is significant for the entrepreneurs to understand how crucial it is to have a successful business strategy that would enable the firm to meet its goals that have been set out. In the following section it will be discussed, how the Best Buy has been able to achieve its objectives what are the factors that have contributed to its success, the strategy that was adopted by the business to compete its rivals in the industry. Best Buys is considered to be one of the best consumer electronics outlet in the US, the company uses three different channels to sell its products to the customers that is; retail stores, online and call centers. Best Buy faces intense competition from other companies in the industries, that is Wal-Mart, Amazon and Target, however its major direct rival was the Circuit City which was forced to leave the industry due to bankruptcy, ever since then Best Buy did not have any direct competition, but yet strives to have an competitive advantage over other businesses operating in the industry by renewing its strategy to target the customers (www.Forbes.com) (Abraham, 2012).

Discussion

It would be discussed how the company Best Buy has been able to remain successful in the industry despite of facing intense competition from the rivals (Abraham, 2012).

Competition

As discussed earlier it has become essential for the companies to develop strategy for competitive advantage that would enable them to have an edge over others in the market and provide them with an opportunity to survive successfully and expand its operations for growth, companies today operate in a world that is very uncertain, needs and wants of consumers are rising rapidly but there is lack of resources that are required for the production hence making the job of an entrepreneur even more difficult, they need ...