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Hire Writer Best Buy has had good and bad times just like most businesses. Inthe company scooped Forbes award for the best company of the year. Inthe company was ranked by Fortune as one of the most admired firms in the US. In addition, the company was also ranked among top ten most generous companies by Forbes in The company was the sole supplier of electronics in both online and brick and mortar after Circuit City filed for bankruptcy and went out of business.
Best Buy offers both in-store pickup and online marketing. An analysis of the strengths, weaknesses, opportunities and threats facing the company is crucial as it makes understanding the future of the enterprise. In terms of strengths, the company has shown willingness to adopt multiple approaches and solutions.
Such a move is critical as technology and economy climate are always changing. The company operates on a decentralized structure and therefore branch stores do not have to wait for decisions from the central management. This fastens the decision making process and hence creating a better management.
The company has also managed ti create local market familiarity. In cities such as Chicago, certain products are found i. Another major strength of the company is that it has up to date information on distribution and logistics from its wholesale businesses.
Best Buy also has the capability and capacity to create supply chains across the US. Best Buy also has a variety of store brands and regional banners and therefore customers have a wide range Abhijeet, Best Buy lacks shopper data for targeted market programs or local insights.
This can be a big hindrance as customer communication is critical in satisfying their needs. Best Buy also has an underdeveloped marketing expertise Abhijeet, Online marketing has proven to be the most common in modern day with the current technological advancement.
Best Buy also faces challenges in alignment of the divisions of the organization. The retail systems are poorly integrated. The company also experiences difficulties due labour expertise in short supply experienced in the store operations.
The company also has high overhead costs and consequently may go out of business. Best Buy has a leverage card program for its loyal clients. Such a program attracts more customers as they provide shoppers with deeper insight of the company. Such ventures can result in increased sales.
Best Buy can also benefit from centralization of its operations.
Centralization will lead to better coordination of the activities of the company Abhijeet, There is also a potential of increased sales if the company was to focus on higher-margin retail business. Some of the other departments the company can concentrate on organics.
Best Buy can also create national banners as a way of improving its marketing strategy. The company can also benefit from the leverage acquired from the acquisition of Albertsons in West Coast, and, therefore, expanding the scope of its operations. History has it that companies with great leverages have higher levels of fixed costs.Affordablepapers is a reliable writing service with a great reputation.
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