Best Buy found in
1966 in Richfield, Minnesota. They are multinational electronics retailers, who
provide products, services and solutions in the U.S, Canada, and Mexico. In
fiscal 2017, Best Buy expected more than $39 billion in revenues with more than
1,600 stores in the entire of the world. They operate in Domestic and
International. A main element of Best Buy’s strategy is offering a full range
of service with the best levels of customer service. From there, they explore
their strategy in different actions included:
Keep track and
manage their inventory levels to match quantities with customers demand as
closely as possible.
Best Buy continuous monitoring historical and predicting of consumer demand to
adjustment of inventory receipt levels. Agreement with vendors for compensation
of cost markdown or sales incentives and agreements with vendors relating to
return privileges for certain products.
stores to maximize the customers’ satisfaction. They will
continue to optimize their store space, renegotiate leases and selectively open
or close locations to support the better operations. They opened short distance
store-to-store to allow closer vendors and provide better quality customer
experiences. Their stores create the best convenient for their customers shop
when and where they want to.
improvement to a community responsibility corporation. Manage their
environmental impacts, setting sustainability goals and advancing engery-efficient
consumer solutions create long-term value. They are continuously looking for
cost-effective solutions to minimize carbon emissions in their operations.
Offer high quality services and assistance to their customers. They are trying
to recruit, train, and engage qualities employees. By this way, they will lower
the number of turnover and unemployment rate.
There are many
different competitors, who have more growth opportunities than Best Buy such as
internet-based businesses, technology service providers, and mobile network
carriers. However, Best Buy still is a winning competitive advantage by
respected their customers value and satisfaction. Many competitors are
internet-based businesses operate with the limit taxes and international
retailers with different currencies. Otherwise, Best Buy offers their customers
quality products and customer services. In the recently, they cooperate with
different mobile network carriers and companies. By this way, their customers
have more choices and less competitors. They put their customers value on top
of the line. Their store represents an important competitive advantage. Their
customers don’t have to wait for a week or drive too far to get what they need.
Customers can pick up their orders online in any of Best Buy’s stores. They can
also come in to talk and ask about the products face-to-face experience. Returning
and buying products or services would be easy and fast for the customers. Customer
focus is the smart way to winning a competitive advantage for a long-term goal.