Hailey Analysis 2 pages

Hailey Analysis 2 pages - The issue Best Buy has is to...

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The issue Best Buy has is to maintain their customer base, instead of following Circuit City down the road of demise, but rather meet and exceed customer needs. This is a strategic analysis and plan to increase the sale of products and services that Best Buy offers; not only with flat screen T.V’s but also with the other products and services that could increase the overall sells. The issue is the loss of consumer loyalty due to competition, can be opposed this gaining market share when meeting market needs. This loss is due to the prices wars on flat screen T.V’s. the consumers moved to a competitor for the same products and quality for a lower price. Which means that the consumer doesn’t just want the t.v. with all of its gismos and gages. They want the t.v with the price that fixes the functions and capabilities it comes with. Do to this want the consumer loyalties would naturally decline because best buy did not step up to the war on prices fast enough. External Environment Threat of New Entry : Startup capital needed is costly due to the need for ready products to sell and services to maintain what’s sold. Wards went public in 1961 to raise money for expansion, acquired more operations to expand and then changed its name to “Best Buy”. Innovative means to maintain market share can be in meeting needs of customers, employees and developing what’s new. Finding suppliers who will support Best Buy’s rise in the market like Target partnered with Amazon to increase their online sales. Along with the time and cost of a great strategic marketing plan. A quality advertisement that builds and publicizes a winning reputation. Acquisitions to maintain a competitive edge in pulling in customers. The research, development and knowledge to
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