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Retailer of consumer electronics, home office products, entertainment software, appliance and related services.
CLICKS-AND-MORTAR business model. 940 retail stores in US and Canada. Operation include Best Buy, Future Shop, Geek Squad, Magnolia Audio Video and outlet store in e-bay.
ACCOLADES:-
Fortune 500, Global 500, Most Admire and Global Most Admired List.
BUSINESS STRATEGY:Customer centric. Efficient enterprise. Win with service. Win with entertainment.
SECOND: THIRD:
Expanding and strengthening service such as Geek Squad and home installation.
FOURTH:
Boosting employee retention in order to deliver better customer experience while increasing productivity.
BEST BUY
DEALERS, WHOLESALE CLUB, RETAILE STORE
MASS MERCHANT (WAL MART AND TARGET) HOME IMPROVEMENT SUPERSTORE (LOWES AND HOME DEPOT)
TO OUT DO COMPETITORS BY MEANS OF:1. Working hard to stock more products 2. Offer unique services.
MARKET SHARE
2003
2005
2. REWARD ZONE.
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Customer loyalty program grew up to 6 million members. Additional data analysis is gather which give an understanding its customers.
Engage with Larry Selden, professor at Columbia Universitys GSB. She classify customers into 2 categories.
1. ANGEL
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Customer who bought without waiting for markdown or rebates. 5 type of angel:1. small business customers 2. Young entertainment enthusiasts (BUZZ) 3. Affluent professionals (BARRY) 4. Busy suburban moms (JILL) 5. tech-savvy family men (RAY)
2. CONVERTED STORES
Sales
10.00% 8.00% 6.00% 4.00% 2.00% 0.00% Converted 8.20% 1.90% Non Converted
6% 19%
32%
Improve services through increase Geek Squad agent by 5,000 people. Reward Zone program grew 20% to 7.2millions customers. 36% customers regards excellent performance.
2. ORGANISATIONAL ISSUES
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Traditional product focus could not meet changes required by customers. Overestimate capacity and moves to fast for establishment of new business model. Its found that most stores although success implementing changes, but none success in all areas.
Encourage staff to work flexible hours at any locations. Increase productivity. Create an incentive system for store employees. Happier employees lead to satisfying customer experiences.
3. EXPANSION
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4. PROFITABILIY
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Estimate earn $34 to $35 billion for 2007, that is additional 10%13% in 2006. Revenue growth 3% to 5%