Consequences of Best Buy's Strategies Essay

Consequences of Best Buy's Strategies Essay

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4. Researchers believe that there is opportunity within the competitive landscape to target specific segments of the consumer electronics and appliances industry [Exhibit 2]. Specifically, we believe that Best Buy can follow predicted trends within the industry and focus on selling products that focus on mobile and Internet technology. Best Buy has already created Best Buy Mobile, which does provide a comprehensive assortment of mobile phones and accessories, but they can create a competitive advantage by focusing more on their mobile department and by adding on more Internet-based technology options such as different types of tablets. Currently, they have 409 Best Buy Mobile stores compared to their 1,056 regular Best Buy stores (see endnote ii). They should increase the percentage of Best Buy Mobile and even place more Mobile sections within their regular stores. Although some competitors such as Apple may already provide cellphones and tablets, Best Buy can offer a wider product range that includes multiple brands if they increase their focus on these electronics. In addition, other competitors, such as large retailers, may sell similar product lines, but by once again focusing more on this specific product group, Best Buy can offer a more comprehensive product assortment. Essentially, by moving towards mobile and Internet technology, Best Buy creates a competitive advantage by addressing its competitors’ emphasis on their own single brand or on competitors’ shallow depth in their product assortment.

Furthermore, researchers also believe that prices for large electronics and product lifecycles within the industry will continue to drop along with technology catering to early adopters [Exhibit 2]. Best Buy can exploit this ch...


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... the level of scope in terms of a variety of brands and electronic products. This makes Best Buy unique in type, which we feel could be utilized to make it a one-of-a-kind store for all your technological needs. This could bring about a major turnaround for the firm, creating value for shareholders.

Finally, we feel that Best Buy is making valued progress in terms of bringing about their own turnaround. From their 10-K annual report, it becomes clear that they are very aware of, not only their own situation, but the changes in the environment and industry as well. Their thorough investigations and awareness give us hope that they will continue to improve in the future. This has led us to conclude that investing in Best Buy would be a sound and beneficial decision, as we feel that they are on the edge, just beginning their big comeback into profitability and growth.

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