Swot Analysis Of Best Buy

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Recommended: Customer relationship management and customer loyalty

Best Buy opened it’s doors in 1966 by the name of “Sound of Music”, it wasn’t until 1986 that it proceeded to change it’s name to what it is recognized today. Best Buy is the top retailer in the nation’s (USA) consumer electronic retail industry. What makes Best Buy unique is that they sell electronics and appliances used for home and office, they provide customer service and business support through their Geek Squad Technical Support System, and they offer major tech brands and their products such as Apple and Windows in house. According to The New York Times, the computer and electronics industry consists of companies engaged in the retailing of computers and peripherals, consumer electronics and other technology products. The industry includes household appliances, audio and video equipment, consumer software, digital cameras, cell phones and components and other electronic goods.” Like many top leaders, Best Buy has not been immune to issues in regards to maintaining its status in the market. Some of the issues the company faces include, loss in stock value, loosing the retention of it’s customers, and being out-competed by e-commerce companies in the same industry such as, Amazon. All of this can be classified as a marketing problem Best Buy faces.

Strengths
The team is currently working on their marketing strategies to better suit their market and increase sales growth. As per Forbes.com “Best Buy is focusing on evolving its marketing strategy to more targeted, personalized and relevant customer communication, including the continuing to shift away from traditional TV advertising to more relevant digital marketing.” Best buy is also working on ways to strengthen its relationship with its customers and target their customers directly with special offers and its programs. Experts at Forbes.com share

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