Best Buy Swot Analysis
Strengths.- Brand loyalty and reputation as well as Brand recognition is extremely valuable as corporations vie for customers. Best buy uses a trusted and proven branding techniques that Americans identify with as a trusted brand in the electronics industry. Their blue and yellow logo is identified throughout America and is one of the first destinations for big and small durable good. s Reengineering its marketing approach via digital advertising helps Best Buy’s customers identify it as an internet retailer and proven beneficial in-ecommerce sales. Best Buys sales are growing at a 16.7 % sales a year with 3.5Billion generated by online sales activity. Not all is rosy as best Buys Europe venture was terminated and Best Buys exited the Chinese market the year before. The company's’ strengths remain in the American, Canadian and Mexican markets where there exist almost 200 stores throughout these territories.
Weaknesses.- With more and more competition entering the market place store sales, Best Buys core business, continues to struggle and initiatives which boasts in store sales have been created. The Geek Squad, Connected Store are in house Kiosses created to boost in store sales. Operating costs and profit margins are stuck in the single did get numbers forcing a review of the concepts and in some instances …show more content…
DVD’s and players are being replaced with new entries into the retail industry like Fit Bit, GoPro adding new devices to the market place. Smart appliances Laptops next generation TV’s will add to the In –demand products compelling Best Buy customers to make their purchases there instead of the completing retailer. With new products being introduced the market place continues to be volatile with the ever changing Retail scene. The challenge is of course making sure customers go the best buys to purchase products then to use other
Strengths.- Brand loyalty and reputation as well as Brand recognition is extremely valuable as corporations vie for customers. Best buy uses a trusted and proven branding techniques that Americans identify with as a trusted brand in the electronics industry. Their blue and yellow logo is identified throughout America and is one of the first destinations for big and small durable good. s Reengineering its marketing approach via digital advertising helps Best Buy’s customers identify it as an internet retailer and proven beneficial in-ecommerce sales. Best Buys sales are growing at a 16.7 % sales a year with 3.5Billion generated by online sales activity. Not all is rosy as best Buys Europe venture was terminated and Best Buys exited the Chinese market the year before. The company's’ strengths remain in the American, Canadian and Mexican markets where there exist almost 200 stores throughout these territories.
Weaknesses.- With more and more competition entering the market place store sales, Best Buys core business, continues to struggle and initiatives which boasts in store sales have been created. The Geek Squad, Connected Store are in house Kiosses created to boost in store sales. Operating costs and profit margins are stuck in the single did get numbers forcing a review of the concepts and in some instances …show more content…
DVD’s and players are being replaced with new entries into the retail industry like Fit Bit, GoPro adding new devices to the market place. Smart appliances Laptops next generation TV’s will add to the In –demand products compelling Best Buy customers to make their purchases there instead of the completing retailer. With new products being introduced the market place continues to be volatile with the ever changing Retail scene. The challenge is of course making sure customers go the best buys to purchase products then to use other