Place
Location is a crucial factor in operating a successful business. Professor Dina Gerdeman, a professor at the Harvard School of Business, makes a clever analogy between geographic business strategy and board games. She believed that the location of a business should be thought of in the short-term, like a checkers match, rather than in the long term, like a chess match (Gerdeman 2012). A company must be rapidly adapting to the Global Market. Without fast reaction to the market forces, Bed Bath and Beyond will be out-competed by its competitors.
There are multiple guidelines that help determine a company's optimal location such as, the consumer’s needs, company profits, and proper resourcing tailored to the specific location. Companies need to carefully consider both the needs of the consumer and the convenience for the target market. This analysis will aid in determining if the store’s location is profitable. It must also consider, both internal and external staffing options, along with a specific location to invest in. (BBC Business Studies 2014). Considering these three factors will help determine ideal locations for new stores. …show more content…
It owns a total of 1,539 locations, 1,024 of which are under the Bed Bath & Beyond branding. It also owns 278 World Market, Cost Plus World Market, and Cost Plus stores. Along with these brands, they have an additional 107 BuyBuy Baby stores, 79 Christmas Tree Shops Brands, and 51 Harmon or Harmon Face Values banners (Hellman 2016). Bed Bath and Beyond retail stores are located in the United States, Canada, Mexico, and Puerto Rico. The company’s insular focus prevents access to billions of consumers that its competition has access to. For example, one of its main competitors Ikea taps into the European, Chinese, Australian, and Japanese markets (Interactive Map
Location is a crucial factor in operating a successful business. Professor Dina Gerdeman, a professor at the Harvard School of Business, makes a clever analogy between geographic business strategy and board games. She believed that the location of a business should be thought of in the short-term, like a checkers match, rather than in the long term, like a chess match (Gerdeman 2012). A company must be rapidly adapting to the Global Market. Without fast reaction to the market forces, Bed Bath and Beyond will be out-competed by its competitors.
There are multiple guidelines that help determine a company's optimal location such as, the consumer’s needs, company profits, and proper resourcing tailored to the specific location. Companies need to carefully consider both the needs of the consumer and the convenience for the target market. This analysis will aid in determining if the store’s location is profitable. It must also consider, both internal and external staffing options, along with a specific location to invest in. (BBC Business Studies 2014). Considering these three factors will help determine ideal locations for new stores. …show more content…
It owns a total of 1,539 locations, 1,024 of which are under the Bed Bath & Beyond branding. It also owns 278 World Market, Cost Plus World Market, and Cost Plus stores. Along with these brands, they have an additional 107 BuyBuy Baby stores, 79 Christmas Tree Shops Brands, and 51 Harmon or Harmon Face Values banners (Hellman 2016). Bed Bath and Beyond retail stores are located in the United States, Canada, Mexico, and Puerto Rico. The company’s insular focus prevents access to billions of consumers that its competition has access to. For example, one of its main competitors Ikea taps into the European, Chinese, Australian, and Japanese markets (Interactive Map