Best Buy and Service-Oriented Retail Essay

Pages: 9 (2150 words)  ·  Bibliography Sources: 7  ·  File: .docx  ·  Level: Master's  ·  Topic: Business  ·  Written: August 9, 2018

SAMPLE EXCERPT . . .


Challenges

External and internal challenges persist: the economy may yet take another downturn in the coming years. Currently, the tech sector is enjoying an incredible boom. Tesla, Facebook, Google, Apple, Amazon and Microsoft are just a few of the companies that have seen their market caps rise since the Great Economic Crisis of 2008. However, with interest rates rising and consumer debt at all-time highs, Best Buy has to find ways to keep prices down for cost-conscious consumers.

At the same time, Best Buy must manage its debt and show investors that it has turned the corner. If revenues drop over the coming years, the market will take it as a sign that the company has lost its edge. Best Buy must do everything in its power to increase brand loyalty—and that will come through the continued application of its customer centric model and by finding ways to provide the kind of services consumers need in today’s Digital Era.

Greatest Risks Moving into the Era of Connectivity

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The greatest risk moving into the Era of Connectivity are that Best Buy’s staff will lack the expertise and know-how to stay relevant as more and more consumers go all-in on Apple products or Amazon products or Google products—all of which are leaders in the connectivity sector. By selling products and offering services related to this sector, Best Buy can distinguish itself as a company that provides all product brands and has expert knowledge of each one. That is something the Apple Bar employees cannot give—as they provide services only for Apple products. Amazon and Google are e-commerce online, and Walmart is more product-focused than service-focused at this point—which leaves Best Buy to fill the gap. The risk is that Walmart may move into the service sector to stay relevant as well.

Conclusion

Essay on Best Buy and Service-Oriented Retail Assignment

Best Buy has rounded the bend and recreated itself to be appealing to consumers in the 21st century. After focusing on pricing strategy in the 1990s, Best Buy found itself losing ground to online competitors and to Walmart as prices began dropping everywhere. Understanding that the brick and mortar retailer could still offer something that Amazon and Walmart could not—expert specialized assistance and service—it revamped its strategy to be service-oriented rather than product-oriented. It applied the customer-centric model to its retail stores, allowed managers to apply the results only approach with its sales reps, and increased its online presence so as to stay relevant in the Age of the Internet. Best Buy’s chances of staying relevant in the future years are good, so long as its Geek Squad and staff members say abreast of the latest trends in technology and continue to offer great customer service.

References

Hoffman, A. (2010). Best Buy Co., Inc.: Sustainable Customer Centricity Model?.

Retrieved from https://repub.eur.nl/pub/38686/

Kelly, E. L., Ammons, S. K., Chermack, K., & Moen, P. (2010). Gendered challenge,

gendered response: Confronting the ideal worker norm in a white-collar organization. Gender & Society, 24(3), 281-303.

Lee, T. (2013). Best Buy Bets Big on Store-within-store Concepts.” Retrieved from

http://www.startribune.com/best-buy-bets-big-on-store-within-store-concepts/215301161/

Reagan, C. (2017). Best Buy CEO sees growth. Retrieved from

https://www.cnbc.com/2017/09/19/best-buy-ceo-weve-fixed-what-was-broken-now-focus-is-on-growth.html

Roose, K. (2017). Best Buy’s secrets for thriving in the Amazon age. Retrieved from

https://www.nytimes.com/2017/09/18/business/best-buy-amazon.html

Shapiro, R. (2016). Best Buy’s Competitive Strategy to Beat Amazon: Educate

Consumers. Retrieved from https://www.business2community.com/trends-news/best-buys-competitive-strategy-beat-amazon-educate-consumers-01600643

Stevenson, S. (2014). Don’t go to work. Retrieved from

http://www.slate.com/articles/business/psychology_of_management/2014/05/best_buy_s_rowe_experiment_can_results_only_work_environments_actually_be.html

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