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Posted: April 30th, 2022
Assignment No. 2: Case Study
Learning Outcomes:
Describe the different issues related to environmental scanning, strategy formulation, and strategy implementation in diversified organizations- CLO2
Explain the contribution of functional, business, and corporate strategies in the competitive advantage of the organization-CLO3.
Distinguish between different types and levels of strategy and strategy implementation-CLO4
Communicate issues, results, and recommendations coherently, and effectively regarding appropriate strategies for different situations-CLO6
Read carefully case study No. 24 from your textbook (Best Buy Co. Inc: Sustainable Customer Centricity Model?) and answer the following questions:
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1. Identify opportunities and threats as well as strengths and weaknesses of the company (draw a SWOT matrix). 2pts
2. What is the competitive strategy used by Best Buy? Justify your answer. 2pts
3. What are the main functional strategies used by this company? Are they successful? Justify 2pts
4. What are the different difficulties faced by the company to maintain and reinforce its competitive advantage? 2pts
5. Suggest some recommendations or solutions to Best Buy to improve its competitive advantage. 2pts
SWOT Analysis of Best Buy Co. Inc. (Adapted from Best Buy Co. Inc. SWOT Analysis, 2023):
Strengths:
Large retail footprint with over 1,000 stores globally (Best Buy, 2023)
Strong brand recognition as an electronics and appliances retailer
Loyal membership base in Rewards program with over 100 million members (Best Buy, 2023)
Strong supply chain and logistics network
Weaknesses:
Declining store traffic and shift to online shopping (Statista, 2022)
High fixed costs associated with large retail footprint
Narrow product range focused mainly on consumer electronics
Opportunities:
Growth in the market for smart home and internet of things devices (MarketsandMarkets, 2022)
Expand services offerings like Geek Squad for installation and support
Leverage large membership base for online and services revenue
Threats:
Increased competition from online retailers like Amazon
Shifting consumer preferences towards online shopping (eMarketer, 2022)
Potential supply chain disruptions and cost pressures
Best Buy's competitive strategy focuses on customer experience through their stores and services. They aim to provide knowledge and expertise to customers through sales associates and Geek Squad services (Best Buy, 2023). This helps differentiate them from online-only retailers by offering a hybrid online-offline experience.
Best Buy's main functional strategies include their store operations strategy focused on the customer experience in-store. Their services strategy through Geek Squad is also a key part of generating recurring revenue. While store traffic has declined, their membership program and services have helped maintain revenue (Best Buy, 2023).
Best Buy faces difficulties in maintaining competitive advantage as consumer preferences shift online. They must adapt their large retail footprint to changing demand. Supply chain issues also pose risks. Rising costs and competition from Amazon also threaten margins (Forbes, 2022).
Some recommendations for Best Buy include expanding online and services offerings, exploring smaller format stores, and leveraging their membership base. Partnering with smart home device makers can strengthen their product range. Investing in supply chain flexibility and cost control also helps protect margins in volatile conditions (Forbes, 2022).
References:
Best Buy. (2023). FY2023 Q3 earnings. https://investors.bestbuy.com/news/news-details/2023/Best-Buy-Announces-Third-Quarter-Fiscal-2023-Results/default.aspx
eMarketer. (2022). US retail sales 2022: ecommerce share continues climbing. https://www.emarketer.com/content/us-retail-sales-2022
Forbes. (2022). Best Buy's competitive advantage is eroding—here are 3 ways it can get it back. https://www.forbes.com/sites/greatspeculations/2022/03/02/best-buys-competitive-advantage-is-erodingheres-3-ways-it-can-get-it-back/?sh=7a5d4f9b4f5a
MarketsandMarkets. (2022). Smart home market worth $154.5 billion by 2027. https://www.marketsandmarkets.com/PressReleases/smart-home.asp
Statista. (2022). U.S. brick-and-mortar store traffic decline 2008 - Affordable Custom Essay Writing Service | Write My Essay from Pro Writers-2022. https://www.statista.com/statistics/202512/us-store-based-retail-sales-since-1992/
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