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Transcript of BEST BUY
"Making Technology work for you!"
Tangible & Intangible assets
▀ Best Buy core competency :
▀ Has let “its customer-service
▀ More Geek Squads, more
educated and trained
▀ New organization, new
concepts for the stores
Political: There are not many political factors that affect Best Buy’s sales. If anything, the sales tax put into place by the political parties can affect Best Buy’s sales.
Economic- Most people know that our economy right now is trying to bounce back from our recent recession. According to many articles, Best Buy has continued to report losses each quarter but is working on many ways to change that.
Sociocultural- This may well be Best Buy’s biggest problem. Most of the younger generations, and much of the older ones also, are switching to to internet for shopping. Websites like Amazon and Ebay, as many people know, has been the hot spot to buy almost everything online. This creates a major problem for stores like Best Buy because they are losing revenue in the stores to people shopping on the internet.
Technological- As the world moves toward a society based largely on technology, this should be a good thing for a business that sells all technology products. In reality, it is not helping them. Like what I said in Sociocultural, everyone is moving to the internet to shop and that is not helping best buy at all. Customers do have the option of purchasing from Best Buy’s website, but most of the time Amazon is a little bit cheaper.
Ecological- There is not too much in the natural environment that can affect Best Buy as a company. Some small thing like the weather or having “Eco-friendly” boxes that could have an affect of their sales, but they would be very miniscule in the big picture
Legal Factors-Best Buy has had to deal with two legal issues. The first being the CEO, Brian Dunn, stepping down due to carrying out and “inappropriate relationship.” The second was a class-action lawsuit dealing with job discrimination costing the company around 10 million dollars.
Strength: Very large and well known company; top of the line and in high demand ; Geek Squad ; ..
Weakness: become more of a “help center” and less of a retailer; many repeated quarterly losses; high staff turnover
Opportunities: electronics market is always expanding; saving money by cutting stores and employees may end quarterly loss; late store hours
Threats: other firms such as Wal-Mart and Amazon have lower prices; the shopping of much of America done online and no longer in stores; people cut back on luxuries such as iPods, and big flat screen TV’s