Strategic Planning and Marketing Assignment

Strategic Planning and Marketing Assignment - This case...

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This case assignment is based off Jena McGregor’s article “At Best Buy, Marketing Goes Micro”, in the May 26, 2008 issue of Business Week. The article describes how the large national consumer electronics retailer Best Buy has decided to forego its typically rigid, broadly based, top-down planning marketing strategy for one it considers more “hyperlocal,” in the hopes of generating an outsize impact on overall sales growth. In general, marketing strategy decisions are made by the highest levels of management, often at the organization’s home base of operations in Minneapolis, and then carried out on a national scale. For Best Buy this includes all its standard operating procedures, negotiated shelf-space deals, and headquarters-generated floor plans. This new “hyperlocal” move is the latest step in Best Buy’s four-year-old “customer centricity” strategy, which assigned each store to one or more categories and gave each of its 900 stores more leeway in setting their own tailored sales strategies, inventory levels, and product mixes, based on the observations and insights of local store employees and management. In the article, the author gives three examples of individual stores that employed the “customer centricity” strategy and identified niche target markets in their community that probably would have remained unnoticed at Best Buy’s highest corporate level. The examples include Eastern European workers in Baytown, Texas, soldiers set to deploy or recently return from deployment in Savannah, Georgia, and a group of retirees named the Golden Boys in Mooresville, North Carolina. Identify the elements of Best Buy’s strategic plan. The elements of a strategic plan include the organization’s mission, objectives, and SWOT analysis. When looking at the organizational mission it must be achievable, motivational to employees, and specific. Best Buy’s strategic plan is its four-year-old “customer centricity” strategy which places an emphasis on decreasing the amount of
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This note was uploaded on 12/15/2011 for the course MKTG 1050 taught by Professor Smith during the Spring '11 term at American.

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Strategic Planning and Marketing Assignment - This case...

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