Best Buy Case Study Essay Example for Free

Best debase Case Study EssayBest Buy is a multinational toilet with over 4,000 locations nationwide. Circuit City was Best Buys only main competition for some course of instructions until it took over and ran Circuit City appear of business. Best Buys market sh are increased afterwards that however, other large retailers as puff up as e-tailers entered into the market. Amazon, Target, Wal-Mart and Apple became Best Buys new competition that caused a decrease in market sales in 2010. They all had the same thing in common after the Circuit City collapse and that was to increase electronics. They all had their own strategies to out- twinkling Best Buy. Although Best Buy acquired some more competition in a 2010 sketch consumers still said Best Buy is the first of all to come to mind when they think about buying 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. Due to their strategy which focuses on three areas node-centricity, employment policies and exclusive branding, they are bearing up with the competition. Best Buys strategies may serve up them a majority of the time nevertheless they could change their strategies just a midget bit. They should turn in what Wal-Mart does and price match ads with other stores so that way they are still getting the profits and keeping customers. In my opinion, Best Buy could meliorate their strategy 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 working out good for them and it shows in their rankings amongst other competitors.Consumer electronics is considered a mature industry because of the new trends. This industry hits record sales during the holiday se asons but still says rather well throughout the year as well. All companies associated with this industry try to keep up so they make their own products. However, due to manufactures piece of assnibalizing their products their product life cycle has decreased. Manufactures started doing this to try to keep their consumersloyalty. When prices start to fall for technology products this opens a bigger demographic however by time the prices fall for the products they take in come up with better products. In order to recapture the produce 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 people plant out that they could get electronics of all kinds online. Also Amazon has an advantage over Best Buy because with Am azon there is free shipping on products, well on most products. I think if Best Buy tried to adapt some of Amazons strategy 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 help their customers around the world save some mor e money by using less energy. I think with Best Buy becoming more sustainable they are more able to maintain the interest 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 conclusiveness to incorporate a sustainability strategy. I think this was a good move on their part because it states they were uncertain 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 company is a good t hing.In conclusion, I believe Best Buy is a great company but can become a better one if they were to do some modifications with their strategies. With the constantly changing economy they need to adapt their strategies to the changes. Im not truism 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 believe they will receive even better results for the company as well as the consumers.