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Electronic Retailers - Best Buy
Transcript of Electronic Retailers - Best Buy
price tag represents the good deals they try to maintain
emphasizes the company name
simple, clean, organized
yellow can represent positivity, happiness, optimism etc.
usually is highlighted on top of a blue background
Characteristics of an Entrepreneur
Electronic Retailers - Best Buy
Product: Computers, Tablets, TV, Stereos, Wires,Gaming Consoles, Home Appliances, Mobile Phones etc.
The Product (Mix)
EXAMPLE: NINTENDO 3DS SOLD AT BEST BUY
Product Life Cycle
EXAMPLES: PRODUCTS SOLD AT BEST BUY
Richard M. Schulze
Built from technical experience, retail and distributor sales, management over Best Buy
Worked 6 years as independent manufacturer's representative, was enthusiastic
Initiative: Founded Sound of Music (Best Buy's previous name) in 1966
Forms of Businesses
Pricing: Standard, but strive for lowest
Place: Mostly in United States, Canada, Mexico, China, Puerto Rico
Promotion: Flyers, Online Banners, TV commercials, Social Media, Mobile App
Core: portable entertainment
Actual: Nintendo, 3D display, double screen, sleek design, shiny surface
Augmented: Exchange services(new one for old one), warranty, free shipping
No international shipping service but allows for international customers to order through e-commerce, and the products are shipped to a U.S. address or retail for pick-up.
[International Store Operations]
Future Shop and Best Buy offers similar products:Consumer electronics, Computing and Mobile
Differs in brand and depth
Future Shop Services called 'Connect Pro', Best Buy Services called Geek Squad
5 Star stores include the product categories of: Appliances, Consumer Electronics, Computing and Mobile Phones and Services
Hire vendor employees,full-time sales associates
Have 6 product categories: Consumer Electronics, Computing and Mobile Phones, Entertainment, Appliances, Services and Other
Proceed operations in a similar way to the U.S. stores
EXAMPLE: MONSTER DNA HEADPHONES SOLD AT BEST BUY
Box has magnetic closure
Box carries and contains all parts and accessories (extra cords, complementary bag)
Box is hardcover
Strong and sturdy surface
Has plastic structure of headphone set, tight and concealed well
indicates all headphone components and complementary accessories: extra cords, bags
headphone type: on ear design, noise isolation
compatibility with music players: IPod, IPhone, IPad
functions of product: pure sound, toned colours, pillow soft, noise isolation, sharable music, tangle free cables
English and French
UPC located at the bottom
warnings and copyright information
distributor and manufacturer name, address: Monster Technology International, Ltd., Balleymaley, Business Park, Gort Road, Ennis, Co., Clare, Ireland
Depending on product colour, box reflects it
font represents the company's innovative designs: simple and new
logo is placed on most sides
box shape is unique which leaves impression on customers
main colour is black: mysterious, elegant, sleek
box is recyclable and reusable
promotes how to access them through social media
website URL and QR code are provided for further company-consumer connection
company goal and message: talks about their innovative design and immersive music projection
Example: Samsung to Best Buy
Economic System: Mixed Economy
has placed restrictions and limits in regards to the disposal of technology
concern for the environment
Change in Supply
"Our success depends on our vendors' and our ability to successfully introduce new products, services and technologies to
. The level of success we achieve is dependent on, among other factors, the frequency of product and service innovations, how accurately we predict consumer preferences, the level of consumer demand, the availability of merchandise, the related impact on the demand for existing products and the competitive environment. "
New York Stock Exchange
Registered Under in 1987:
Common Stock: par value $0.10 per share
Preferred Stock: par value $1.00 per share
1966: Richard M. Schulze and a partner establish Sound of Music, Inc., a home and car stereo store in St. Paul, Minnesota.
Company changes its name to Best Buy Co., Inc.
1985: Company goes public
Highest price paid on January 15:
Lowest price paid on January 15:
Highest price paid in 52 week range:
Lowest price paid in 52 week range:
Previous closing price:
Has gone down from closing price on previous day:
40 590 094
Types of Industries
Mining company extract raw metals from the earth
The raw metals are delivered to a manufacturing company
Manufacturing company processes the metals and assembles into a computer
Computers are sent to brand company for distribution
Distributes to Best Buy: Sales and services are provided for consumers
By: Julia Tsai 2015
builds customer relation
opportunity to connect
Change in Quantity Demanded
The prices for Geek Squad services decrease
"Our performance is highly dependent on attracting and retaining qualified employees, including our senior management team and other key employees. Our strategy of offering high quality services and assistance for our customers requires a highly trained and engaged workforce. Factors that affect our ability to maintain sufficient numbers of qualified employees include employee morale, our reputation, unemployment rates, competition from other employers and our ability to offer appropriate compensation packages."
They value their employees, whether experienced or new
"At the end of fiscal 2014, we employed approximately 140,000 full-time, part-time and seasonal employees worldwide."
"Best Buy" reflects the company goal: to retail products at the best price for customers
Current one on website: "Expert services. Unbeatable prices."
Again, reinforces their original company goal of striving for the best prices and services
Cars: makes transportation more convenient, also a mobile promotion
Electrical Tools: portable, easy to power, fast, clean job
The stores within Best Buy will range in size from 1,500 square feet to 2,200 square feet
Autocratic: The manager of one of their retail stores always tells his workers what areas of the store they must stay at for their shift
Laissez-Faire: A newly hired Geek Squad director just watches and observes his team's abilities
Democratic: An experienced sales clerk analyzes inexpericend employees and suggests advice to them
SCENARIO: BEST BUY IS EVALUATING IF "JOHN SMITH" SHOULD BE GRANTED A "MY BEST BUY CREDIT CARD"
Age: 27 years old
Martial Status: Divorced
Dependents: 1 son
Residence: Rents an apartment
Time at Residence: 2 years
Type of Job: Professional animator
Monthly income: He earns $4017
Debt: $150 a month
Previous Credit History: One good credit reference at TD Bank
Bank Accounts: $282 000 in savings, $34 000 in chequings
Points: 1+0+1+1+0+3+4+2+1+6 =19
He has an average chance of obtaining the the credit
Best Buy offers sales on credit
Company and Retail Store Cards
Example: Samsung Sells Through E-commerce (Direct Channel)
"Our Domestic and International segment purchase merchandise from a variety of suppliers. In fiscal 2014, our 20 largest suppliers accounted for approximately 70% of the merchandise we purchased, with 5 suppliers – Apple, Samsung, Hewlett- Packard, Sony and LG Electronics – representing approximately 45% of total merchandise purchased."
Suppliers and Inventory
Scenario: Sony's stereo shipment was delayed by a storm