Hailey Analysis revised final paper v1

Hailey Analysis revised final paper v1 - Hailey Hedspeth...

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Hailey Hedspeth The BB Analysis 22 March 2016 There are many key issues in the electronics industry. Driven by growing demands in both emerging and mature markets, electronics are in increasingly high demand. Coupled with intense competition for the lowest price and an ever shortening product life cycles many companies face huge challenges as they vie for higher market share of the industry. One such strategic issue Best Buy faces is how to maintain their customer base by meeting and exceeding customer needs through their offerings and solutions. This strategic analysis offers insight to the solution that Best Buy employs to increase the sales of product and services offerings. The loss of consumer loyalty due to competition is an issue that can be corrected by meeting market needs thus gaining market share. The loss is due to price wars on flat screen televisions. Consumers migrated to competitors offering the same products and quality for a lower price. This means that consumers value competitive pricing and high quality service as well as high tech televisions with rich features. Startup capital needed is costly due to the need for ready products to sell and services to maintain what’s sold. To raise money for expansion, a company may need to acquire more operations to expand and even change its name to gain attention needed. Innovative means to maintain market share can be in meeting customer needs, more employees for service as well as develop what’s new. Finding suppliers to support a rise in the market by additional partners chosen to increase online sales. Quality advertisement can build and publicize a winning reputation. Acquisitions to maintain a competitive edge in pulling in additional customers. The research, development and knowledge to obtain on new innovative technical devices, products and services. The barrier is high because of the investment needed.
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