BEST BUY

Best Buy

Best Buy

Introduction

Best buy is a consumer oriented electronics and appliances organization. The foundation of the company was laid when Ricahrd Schulze established Sound of Music, a Minnesota car stereo outlet. After a few years he expanded the chain by adding more chains of store. He expanded the target market by adding older people to their marketing strategy. Their strategy was designed on selling VCR's and home appliances. During the period of 1984-87, Best Buy grew rapidly by expanding from eight stores to 24 and the sales of the company increased by a very high amount. The company operates its retail stores and websites under the brand name Best buy. Best buy's basic operations are divided into two regions, domestic and international. Its basic product line includes consumer electronics, office products, home products, many entertainment software's, and appliances. One of the special things about the company is, best buy has many brands under is name. Brands like Best Buy, Magnolia, Audio Video, The Carphone, Five Star Appliances, Geek Squad, Best Buy Mobile, Audio vision. The company operates in china, Canada, and UK. The main goal or the mission of the company is to become the biggest electronic retailer in the world. Further, the company operates through its mobile stores. Napster was a part of Best Buy until October 2011(Market Line, 2012).

Best buy operates in United States, Columbia district, Puerto Rico, Canada, China and Mexico. The company's US operations include products like video products, audio products, navigation products, digital cameras, digital camcorders, DVD players and Blu-ray players in every country Best Buy operates, it has a different product strategy. Due to their customer, focused orientation the company has different line of products in different nation. (Market line, 2012).

Product strategy

Product section of marketing mix can be defined and elaborated by asking the following questions

What product are we offering to the customer?

The dream of best buy is to become the largest specialist retailer in the world. This dream is not a dream anymore and it is becoming a real day by day. Best buy follows a customer centric approach with focus to high performance of service and support offered to the consumer. Through store formats tailored to local markets and preferences. The company provides in store geek-squad technical services and this makes them unique in the retailing industry. Unlike other retail, business Best buy does not compete on price or cheap sales proportion. All the coupon-based system is getting old day by day. The fundamental focus of the company is using new technology to enhance the customer service by adding the most advance online shopping system. Best Buy also offers full home based technical support service and installation service. The product strategy of this certain electronic retailer is based on providing the highest level of customer satisfaction and technical support service. The name of the model is called customer centric model (Gulati, 2010).

What is the target personality?

Target market is a person or a group who wants every electrical and home appliance in ...