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 entire of the world. They operate Domestic and
International. A main element of Best Buy’s strategy is offering best levels of
customer service and a full range of service to complement the products they
offer. From there, they explore their strategy in different actions included:
Ø Keep track and manage their inventory levels to match
quantities on hand with customers demand as closely as possible. Best Buy
continuous monitoring of historical, projected consumers demand to adjustment
of inventory receipt levels. Agreement with vendors relating to reimbursement
for the cost of markdown or sale incentives and agreements with vendors
relating to return privileges for certain products.
stores to maximize the customers. They will continue to optimize their
stores space, renegotiate leases and selectively open or close location to
support operations. They opened vendor store-within-a-store concepts 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.
Ø Continuous improvement to a community responsibility corporation.
their environmental impacts, setting sustainability goals and advancing
engery-effcient consumer solutions create long-term value. They are
continuously looking for cost-effective solutions to minizine carbon emissions
in their operations.
Ø 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.
Beside Best Buy,
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. They could not
offer lowest prices to their customers because many competitors are
internet-based businesses operate with limit taxes and international retailers
with different currencies. Otherwise, Best Buy offers their customers quality
products and customer services. In recently, they corporate 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 stores represent 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. Returning and
buying products or services would be easily and fast for the customers. Customers
focus is the smart way to winning a competitive advantage for a long-term goal.