Best buy analysis bullet point - Hailey Hedspeth The BB...

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Hailey Hedspeth The BB Analysis 22 March 2016 The strategic issue Best Buy faces is : how to maintain their customer base by meeting and exceeding customer needs through their offerings and solutions. Industry: Electronic External Environment: Barriers to entry: startup capital, advertisement, development of strategic management and planning, understanding of technological devices, research and development, Innovation of products and services, store locations that provide visibility, easy to find convenience for customers in the area, economies of scale, appealing brand name and logo, recognition of people in the area, finding suppliers to support a rise in the market and acquisitions to maintain a competitive edge. Barrier or entry is high Power of Suppliers: negotiations on prices for ready made products based specifications, detail enhancements and raw material cost, the media exposure given to their product offerings can determine if the market is viable, and long lasting life cycle or if there’s a need to try another location. Power of suppliers is Medium Power of buyers: Buyers make decisions on the functions and capabilities of the products and services they want. Because the information pipeline is instantaneous, consumers use a variety of on-line Social Media to discuss and rate products and services according to their buying experiences, which in turn impact retailer reputation, product reliability and buying trend data. This influences how well the product plays in the market. The life cycle turns out to be long or short by the consumer influence on each other thru social media thereby making impulsive decisions about the products they are interested in, the consumers can also influence companies to change their prices, polices and strategic planning in order to gain a better quality product Power of buyers is high Substitutes: indoor substitutions such as: books, board games or puzzles, indoor physical games, building a fort with cardboard boxes and blankets, cardboard boxes mazes, blanket/hamper-basket sliding down the stairs, playing with toys, using imagination to make up games like charades or pretending to be adventures or lava ground games, social conversations, social pillow fights, social makeup and hair design, outdoor substitutions
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  • Fall '13
  • DUFFY
  • Management, The Bible, external environment, Geek Squad, new products, Hailey Hedspeth, BB Analysis

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